State of Tennessee, Department of Treasury
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), State of Tennessee, Department of Treasury reported 1,737 stock positions worth $27.6 billion. Its top holding was Apple (AAPL) at 5.0% of the portfolio, followed by Nvidia (NVDA, 4.3%) and Microsoft (MSFT, 4.1%). Compared with Q3 2024, it opened 92 new positions, sold out of 74, added to 405 and reduced 1,213. The biggest buy was a new position in iShares 20+ Year Treasury BD (TLT) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001587973
- Portfolio Value
- $27.6B (Q4 2024)
- SEC Filing
- 0001587973-25-000001 ↗ filed Feb 13, 2025
Holdings Value
Holdings 1,737 stocks · $27.6B
| AAPL Apple Inc. | 4.95% | 5,449,904 | $1.4B | Reduce -2.5% |
| NVDA Nvidia Corp. | 4.35% | 8,923,787 | $1.2B | Reduce -3.9% |
| MSFT Microsoft Corp. | 4.08% | 2,667,400 | $1.1B | Reduce -4.3% |
| EWT iShares MSCI Taiwan ETF | 2.94% | 15,630,420 | $809.0M | Add +1.5% |
| AMZN Amazon.com Inc. | 2.66% | 3,339,368 | $732.6M | Reduce -4.4% |
| INDA iShares MSCI India ETF | 2.04% | 10,675,031 | $561.9M | Reduce -2.7% |
| META Meta Platforms Inc. Class A | 1.68% | 788,341 | $461.6M | Reduce -5.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.67% | 1,587,460 | $460.1M | Reduce -36.2% |
| MBB iShares MBS ETF | 1.61% | 4,833,636 | $443.1M | Add +45.5% |
| TSLA Tesla Inc. | 1.43% | 978,628 | $395.2M | Reduce -5.7% |
| GOOGL Alphabet Inc. Class A | 1.43% | 2,077,719 | $393.3M | Reduce -6.0% |
| AVGO Broadcom Inc. | 1.41% | 1,671,194 | $387.4M | Reduce -5.4% |
| EWY iShares MSCI South Korea ETF | 1.36% | 7,381,402 | $375.6M | Reduce -3.6% |
| VCLT Vanguard Long-Term Corp. Bond | 1.23% | 4,525,479 | $338.4M | Add +15.6% |
| GOOG Alphabet Inc. Class C | 1.22% | 1,761,248 | $335.4M | Reduce -6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.07% | 649,845 | $294.6M | Reduce -4.2% |
| VCIT Vanguard Int-Term Corporate | 1.01% | 3,459,378 | $277.7M | Reduce -11.8% |
| VOO Vanguard S&P 500 ETF | 1.01% | 515,009 | $277.5M | Reduce -5.3% |
| SRLN SS Blackstone Sr Loan ETF | 0.90% | 5,938,464 | $247.8M | Add +55.9% |
| JPM JPMorgan Chase & Co. | 0.89% | 1,022,304 | $245.1M | Reduce -5.5% |
| INDY iShares India 50 ETF | 0.87% | 4,737,647 | $240.9M | Reduce -2.9% |
| VEA Vanguard Ftse Developed ETF | 0.81% | 4,676,636 | $223.6M | Reduce -23.9% |
| LLY Eli Lilly & Co. | 0.79% | 281,720 | $217.5M | Reduce -5.7% |
| TLT iShares 20+ Year Treasury BD | 0.71% | 2,230,569 | $194.8M | New |
| V Visa Inc. Class A | 0.68% | 591,621 | $187.0M | Reduce -3.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.67% | 2,330,908 | $183.3M | Add +67.7% |
| XOM Exxon Mobil Corp. | 0.66% | 1,686,298 | $181.4M | Reduce -5.1% |
| PLD Prologis Inc. | 0.63% | 1,637,278 | $173.1M | Reduce -0.7% |
| EWZ iShares MSCI Brazil ETF | 0.62% | 7,562,605 | $170.2M | Reduce -2.5% |
| UNH Unitedhealth Group Inc. | 0.59% | 319,835 | $161.8M | Reduce -4.3% |
| MA Mastercard Inc. Class A | 0.57% | 296,028 | $155.9M | Reduce -4.2% |
| ANGL Vaneck Fallen Angel High YLD | 0.53% | 5,129,285 | $147.1M | Add +4.0% |
| COST Costco Wholesale Corp. | 0.52% | 155,467 | $142.4M | Reduce -4.3% |
| HD Home Depot Inc. | 0.51% | 362,371 | $141.0M | Reduce -4.7% |
| PG The Procter & Gamble Co. | 0.51% | 839,355 | $140.7M | Reduce -6.6% |
| NFLX Netflix Inc. | 0.51% | 156,465 | $139.5M | Reduce -9.0% |
| WMT Walmart Inc. | 0.51% | 1,541,964 | $139.3M | Reduce -8.2% |
| LIN Linde PLC | 0.48% | 315,942 | $132.3M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.46% | 871,637 | $126.1M | Reduce -3.3% |
| VNQ Vanguard Real Estate ETF | 0.45% | 1,391,952 | $124.0M | Reduce -40.2% |
| CRM Salesforce Inc. | 0.45% | 369,418 | $123.5M | Reduce -6.5% |
| EZA iShares MSCI South Africa Et | 0.42% | 2,754,119 | $115.4M | No change |
| RACE Ferrari NV | 0.41% | 267,797 | $114.4M | Reduce -10.0% |
| ABBV Abbvie Inc. | 0.41% | 642,373 | $114.1M | Reduce -5.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 2,426,152 | $106.6M | Reduce -4.2% |
| RY Royal Bank of Canada | 0.36% | 813,769 | $98.1M | Add +0.6% |
| VGIT Vanguard Intermediate-Term T | 0.35% | 1,666,581 | $96.7M | New |
| ORCL Oracle Corp. | 0.35% | 574,348 | $95.7M | Reduce -3.3% |
| KO The Coca-Cola Co. | 0.34% | 1,486,684 | $92.6M | Reduce -4.1% |
| MRK Merck & Co. Inc. | 0.34% | 929,554 | $92.5M | Reduce -4.2% |
| JPST JPMorgan Ultra-Short Income | 0.33% | 1,806,758 | $91.0M | New |
| SPGI S&P Global Inc. | 0.32% | 178,611 | $89.0M | Reduce -3.9% |
| CSCO Cisco Systems Inc. | 0.32% | 1,484,948 | $87.9M | Reduce -2.6% |
| WFC Wells Fargo & Co. | 0.31% | 1,233,705 | $86.7M | Reduce -5.7% |
| CVX Chevron Corp. | 0.30% | 568,234 | $82.3M | Add +3.5% |
| ACN Accenture PLC Class A | 0.29% | 230,011 | $80.9M | Add +8.1% |
| NOW ServiceNow Inc. | 0.29% | 74,462 | $78.9M | Reduce -15.1% |
| ADBE Adobe Inc. | 0.29% | 176,756 | $78.6M | Reduce -6.8% |
| SHOP Shopify Inc. Class A | 0.28% | 736,502 | $78.3M | Add +3.3% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 149,288 | $77.7M | Reduce -4.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 670,829 | $74.7M | Reduce -1.2% |
| PEP Pepsico Inc. | 0.27% | 487,881 | $74.2M | Add +2.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 332,406 | $73.1M | Reduce -3.0% |
| PM Philip Morris International | 0.26% | 595,117 | $71.6M | Reduce -3.8% |
| GS Goldman Sachs Group Inc. | 0.26% | 124,744 | $71.4M | Reduce -12.0% |
| CP Canadian Pacific Kansas City | 0.25% | 964,645 | $69.8M | Add +0.5% |
| TXN Texas Instruments Inc. | 0.25% | 367,713 | $68.9M | Reduce -6.3% |
| MCD McDonald's Corp. | 0.25% | 236,600 | $68.6M | Reduce -15.3% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 410,614 | $68.5M | Reduce -13.4% |
| ISRG Intuitive Surgical Inc. | 0.25% | 129,705 | $67.7M | Reduce -5.2% |
| AMD Advanced Micro Devices | 0.25% | 560,056 | $67.6M | Reduce -7.5% |
| ABT Abbott Laboratories | 0.24% | 596,877 | $67.5M | Reduce -4.3% |
| BKNG Booking Holdings Inc. | 0.24% | 13,301 | $66.1M | Reduce -4.2% |
| CAT Caterpillar Inc. | 0.23% | 178,513 | $64.8M | Reduce -4.2% |
| CNI Canadian Natl Railway Co. | 0.23% | 634,225 | $64.4M | Reduce -0.1% |
| AXP American Express Co. | 0.23% | 216,892 | $64.4M | Reduce -8.6% |
| INTU Intuit Inc. | 0.23% | 101,372 | $63.7M | Reduce -5.8% |
| EWM iShares MSCI Malaysia ETF | 0.23% | 2,553,284 | $62.6M | Add +0.6% |
| T AT&T Inc. | 0.23% | 2,744,039 | $62.5M | Add +1.1% |
| RTX RTX Corp. | 0.22% | 534,786 | $61.9M | Reduce -0.5% |
| THD iShares MSCI Thailand ETF | 0.22% | 989,298 | $59.8M | Add +1.1% |
| HON Honeywell International Inc. | 0.22% | 264,087 | $59.7M | Add +9.2% |
| QCOM Qualcomm Inc. | 0.21% | 384,780 | $59.1M | Reduce -1.7% |
| VZ Verizon Communications Inc. | 0.21% | 1,474,930 | $59.0M | Reduce -5.3% |
| MS Morgan Stanley | 0.21% | 465,438 | $58.5M | Reduce -2.5% |
| DHR Danaher Corp. | 0.21% | 250,010 | $57.4M | Reduce -4.2% |
| SE Sea Ltd.-ADR | 0.21% | 535,136 | $56.8M | Reduce -1.4% |
| CNQ Canadian Natural Resources | 0.20% | 1,821,174 | $56.2M | Add +1.0% |
| EIDO iShares MSCI Indonesia ETF | 0.20% | 2,982,354 | $55.1M | Reduce -11.4% |
| PFE Pfizer Inc. | 0.20% | 2,070,607 | $54.9M | Reduce -7.2% |
| TD Toronto-Dominion Bank | 0.19% | 999,782 | $53.2M | Add +0.2% |
| C Citigroup Inc. | 0.19% | 755,402 | $53.2M | Reduce -0.6% |
| ENB Enbridge Inc. | 0.19% | 1,252,304 | $53.1M | Add +0.6% |
| AVB Avalonbay Communities Inc. | 0.19% | 240,113 | $52.8M | Reduce -0.8% |
| CMCSA Comcast Corp. Class A | 0.19% | 1,379,435 | $51.8M | Reduce -4.5% |
| BA The Boeing Co. | 0.19% | 290,124 | $51.4M | Add +36.2% |
| NEE Nextera Energy Inc. | 0.18% | 707,080 | $50.7M | Reduce -12.7% |
| PGR Progressive Corp. | 0.18% | 209,572 | $50.2M | Reduce -4.2% |
| AMGN Amgen Inc. | 0.18% | 191,760 | $50.0M | Reduce -4.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 410,342 | $49.6M | Reduce -4.2% |
Portfolio Sells Q3 2024 → Q4 2024
| VTI VG Morningstar TS MKT ETF-US | Reduce -36.2% | 1.67% | −0.81 |
| MINT PIMCO Enhanced Short Maturit | Sold out | 0.00% | −0.39 |
| EWY iShares MSCI South Korea ETF | Reduce -3.6% | 1.36% | −0.36 |
| VNQ Vanguard Real Estate ETF | Reduce -40.2% | 0.45% | −0.35 |
| VEA Vanguard Ftse Developed ETF | Reduce -23.9% | 0.81% | −0.33 |
| INDA iShares MSCI India ETF | Reduce -2.7% | 2.04% | −0.22 |
| EWZ iShares MSCI Brazil ETF | Reduce -2.5% | 0.62% | −0.19 |
| VCIT Vanguard Int-Term Corporate | Reduce -11.8% | 1.01% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -5.7% | 0.79% | −0.14 |
| MSFT Microsoft Corp. | Reduce -4.3% | 4.08% | −0.14 |
| AMD Advanced Micro Devices | Reduce -7.5% | 0.25% | −0.10 |
| PLD Prologis Inc. | Reduce -0.7% | 0.63% | −0.10 |
| EWC iShares MSCI Canada ETF | Reduce -53.2% | 0.09% | −0.10 |
| UNH Unitedhealth Group Inc. | Reduce -4.3% | 0.59% | −0.10 |
| INDY iShares India 50 ETF | Reduce -2.9% | 0.87% | −0.09 |
| XLK SS Technology Select Sector | Reduce -74.0% | 0.03% | −0.09 |
| RACE Ferrari NV | Reduce -10.0% | 0.41% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -5.1% | 0.66% | −0.07 |
| ELV Elevance Health Inc. | Reduce -20.9% | 0.10% | −0.07 |
| EIDO iShares MSCI Indonesia ETF | Reduce -11.4% | 0.20% | −0.07 |
| GE General Electric | Reduce -13.4% | 0.25% | −0.07 |
| LIN Linde PLC | Reduce -2.0% | 0.48% | −0.06 |
| ADBE Adobe Inc. | Reduce -6.8% | 0.29% | −0.06 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.06 |
| ABBV Abbvie Inc. | Reduce -5.5% | 0.41% | −0.06 |
| KLAC KLA Corp. | Reduce -30.2% | 0.08% | −0.06 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.1% | 0.28% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -12.7% | 0.18% | −0.06 |
| KO The Coca-Cola Co. | Reduce -4.1% | 0.34% | −0.06 |
| JNJ Johnson & Johnson | Reduce -3.3% | 0.46% | −0.06 |
| XLI SS Industrial Select Sector | Sold out | 0.00% | −0.06 |
| ADI Analog Devices Inc. | Reduce -26.1% | 0.13% | −0.05 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -25.8% | 0.12% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -4.2% | 0.34% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -15.1% | 0.13% | −0.05 |
| MCD McDonald's Corp. | Reduce -15.3% | 0.25% | −0.05 |
| UBER Uber Technologies Inc. | Reduce -7.0% | 0.17% | −0.05 |
| REGN Regeneron Pharmaceuticals | Reduce -4.3% | 0.10% | −0.05 |
| DHR Danaher Corp. | Reduce -4.2% | 0.21% | −0.05 |
| AMGN Amgen Inc. | Reduce -4.0% | 0.18% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -22.3% | 0.10% | −0.04 |
| LEN Lennar Corp. Class A | Reduce -24.2% | 0.06% | −0.04 |
| AMAT Applied Materials Inc. | Reduce -2.4% | 0.18% | −0.04 |
| HCA HCA Healthcare Inc. | Reduce -13.0% | 0.08% | −0.04 |
| NKE Nike Inc. Class B | Reduce -15.8% | 0.11% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -6.6% | 0.51% | −0.04 |
| CI The Cigna Group | Reduce -9.2% | 0.11% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -23.5% | 0.11% | −0.04 |
| LDOS Leidos Holdings Inc. | Reduce -42.3% | 0.04% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -6.3% | 0.25% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| TLT iShares 20+ Year Treasury BD | New | 0.71% | +0.71 |
| MBB iShares MBS ETF | Add +45.5% | 1.61% | +0.49 |
| VGIT Vanguard Intermediate-Term T | New | 0.35% | +0.35 |
| SRLN SS Blackstone Sr Loan ETF | Add +55.9% | 0.90% | +0.34 |
| JPST JPMorgan Ultra-Short Income | New | 0.33% | +0.33 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +67.7% | 0.67% | +0.27 |
| PLTR Palantir Technologies Inc. Class A | Add +62.8% | 0.17% | +0.12 |
| VCLT Vanguard Long-Term Corp. Bond | Add +15.6% | 1.23% | +0.11 |
| WDAY Workday Inc. Class A | New | 0.10% | +0.10 |
| SHOP Shopify Inc. Class A | Add +3.3% | 0.28% | +0.08 |
| BA The Boeing Co. | Add +36.2% | 0.19% | +0.07 |
| FALN iShares Fallen Angels ETF | New | 0.06% | +0.06 |
| APO Apollo Global Management Inc. | New | 0.05% | +0.05 |
| HON Honeywell International Inc. | Add +9.2% | 0.22% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +7.9% | 0.15% | +0.03 |
| SPOT Spotify Technology SA | Add +1.0% | 0.15% | +0.03 |
| CAH Cardinal Health Inc. | Add +43.6% | 0.08% | +0.03 |
| FPE FT-Preferred Secur & Inc. ETF | New | 0.03% | +0.03 |
| AON Aon PLC Class A | Add +15.4% | 0.16% | +0.03 |
| PANW Palo Alto Networks Inc. | Add +14.7% | 0.15% | +0.03 |
| ACN Accenture PLC Class A | Add +8.1% | 0.29% | +0.03 |
| ANET Arista Networks Inc. | Add +2.3% | 0.16% | +0.03 |
| DOCU Docusign Inc. | New | 0.03% | +0.03 |
| LUV Southwest Airlines Co. | Add +266.6% | 0.04% | +0.03 |
| EMR Emerson Electric Co. | Add +8.0% | 0.12% | +0.03 |
| KEYS Keysight Technologies Inc. | Add +59.6% | 0.06% | +0.02 |
| AIZ Assurant Inc. | Add +126.4% | 0.04% | +0.02 |
| AEE Ameren Corporation | Add +218.3% | 0.03% | +0.02 |
| ANGL Vaneck Fallen Angel High YLD | Add +4.0% | 0.53% | +0.02 |
| CTVA Corteva Inc. | Add +80.8% | 0.05% | +0.02 |
| CPRT Copart Inc. | Add +24.1% | 0.08% | +0.02 |
| DAL Delta Air Lines Inc. | Add +8.8% | 0.09% | +0.02 |
| SNPS Synopsys Inc. | Add +36.7% | 0.09% | +0.02 |
| FLEX Flex Ltd. | New | 0.02% | +0.02 |
| TPR Tapestry Inc. | Add +108.8% | 0.03% | +0.02 |
| PCAR Paccar Inc. | Add +49.0% | 0.05% | +0.02 |
| EWT iShares MSCI Taiwan ETF | Add +1.5% | 2.94% | +0.02 |
| WBD Warner Bros Discovery Inc. | Add +87.9% | 0.03% | +0.02 |
| LULU Lululemon Athletica Inc. | Add +1.4% | 0.06% | +0.02 |
| IT Gartner Inc. | Add +111.4% | 0.04% | +0.02 |
| HWM Howmet Aerospace Inc. | Add +20.2% | 0.07% | +0.02 |
| BSX Boston Scientific Corp. | Add +1.4% | 0.18% | +0.02 |
| MSCI MSCI Inc. | Add +31.5% | 0.06% | +0.02 |
| WMB Williams Cos Inc. | Add +25.1% | 0.05% | +0.02 |
| ROK Rockwell Automation Inc. | Add +103.6% | 0.03% | +0.02 |
| FICO Fair Isaac Corp. | Add +54.5% | 0.05% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +0.3% | 0.15% | +0.02 |
| CME Cme Group Inc. | Add +12.5% | 0.09% | +0.02 |
| EXE Expand Energy Corp. | Add +61.4% | 0.03% | +0.02 |
| T AT&T Inc. | Add +1.1% | 0.23% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,721 | $33.7B | NVDA, AAPL, EWY, MSFT, EWT |
| Q1 2026 | 1,721 | $29.8B | NVDA, AAPL, MSFT, EWY, AMZN |
| Q4 2025 | 1,727 | $31.3B | NVDA, AAPL, MSFT, EWT, EWY |
| Q3 2025 | 1,727 | $30.0B | NVDA, MSFT, AAPL, EWT, AMZN |
| Q2 2025 | 1,722 | $28.0B | NVDA, MSFT, AAPL, EWT, INDA |
| Q1 2025 | 1,719 | $26.1B | AAPL, MSFT, NVDA, INDA, EWT |
| Q4 2024 | 1,737 | $27.6B | AAPL, NVDA, MSFT, EWT, AMZN |
| Q3 2024 | 1,716 | $28.4B | AAPL, MSFT, NVDA, EWT, VTI |
| Q2 2024 | 1,712 | $27.2B | MSFT, AAPL, NVDA, EWT, AMZN |
| Q1 2024 | 1,685 | $27.0B | MSFT, AAPL, NVDA, EWT, AMZN |