State of Tennessee, Department of Treasury
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), State of Tennessee, Department of Treasury reported 1,719 stock positions worth $26.1 billion. Its top holding was Apple (AAPL) at 4.5% of the portfolio, followed by Microsoft (MSFT, 3.8%) and Nvidia (NVDA, 3.7%). Compared with Q4 2024, it opened 55 new positions, sold out of 75, added to 475 and reduced 649. The biggest buy was iShares MSCI India ETF (INDA, shares +46%) and the biggest sale an exit from iShares India 50 ETF (INDY).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001587973
- Portfolio Value
- $26.1B (Q1 2025)
- SEC Filing
- 0001587973-25-000002 ↗ filed May 13, 2025
Holdings Value
Holdings 1,719 stocks · $26.1B
| AAPL Apple Inc. | 4.53% | 5,312,042 | $1.2B | Reduce -2.5% |
| MSFT Microsoft Corp. | 3.80% | 2,640,718 | $991.3M | Reduce -1.0% |
| NVDA Nvidia Corp. | 3.66% | 8,801,542 | $953.9M | Reduce -1.4% |
| INDA iShares MSCI India ETF | 3.09% | 15,629,329 | $804.6M | Add +46.4% |
| EWT iShares MSCI Taiwan ETF | 2.91% | 15,981,064 | $758.8M | Add +2.2% |
| AMZN Amazon.com Inc. | 2.42% | 3,317,589 | $631.2M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 1.76% | 796,581 | $459.1M | Add +1.1% |
| VTI VG Morningstar TS MKT ETF-US | 1.75% | 1,661,421 | $456.6M | Add +4.7% |
| MBB iShares MBS ETF | 1.72% | 4,780,464 | $448.3M | Reduce -1.1% |
| EWY iShares MSCI South Korea ETF | 1.54% | 7,423,955 | $401.2M | Add +0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.30% | 637,217 | $339.4M | Reduce -1.9% |
| GOOGL Alphabet Inc. Class A | 1.22% | 2,056,088 | $318.0M | Reduce -1.0% |
| AVGO Broadcom Inc. | 1.10% | 1,718,262 | $287.7M | Add +2.8% |
| GOOG Alphabet Inc. Class C | 1.04% | 1,734,063 | $270.9M | Reduce -1.5% |
| SRLN SS Blackstone Sr Loan ETF | 1.04% | 6,569,534 | $270.2M | Add +10.6% |
| TSLA Tesla Inc. | 1.01% | 1,013,198 | $262.6M | Add +3.5% |
| JPM JPMorgan Chase & Co. | 0.94% | 1,001,982 | $245.8M | Reduce -2.0% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.91% | 3,014,868 | $237.8M | Add +29.3% |
| VEA Vanguard Ftse Developed ETF | 0.91% | 4,673,818 | $237.6M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.87% | 274,394 | $226.6M | Reduce -2.6% |
| VCIT Vanguard Int-Term Corporate | 0.81% | 2,586,357 | $211.5M | Reduce -25.2% |
| V Visa Inc. Class A | 0.79% | 589,959 | $206.8M | Reduce -0.3% |
| VCLT Vanguard Long-Term Corp. Bond | 0.79% | 2,720,623 | $206.5M | Reduce -39.9% |
| TLT iShares 20+ Year Treasury BD | 0.77% | 2,218,569 | $202.0M | Reduce -0.5% |
| XOM Exxon Mobil Corp. | 0.75% | 1,641,836 | $195.3M | Reduce -2.6% |
| EWZ iShares MSCI Brazil ETF | 0.74% | 7,438,667 | $192.3M | Reduce -1.6% |
| PLD Prologis Inc. | 0.74% | 1,718,505 | $192.1M | Add +5.0% |
| VNQ Vanguard Real Estate ETF | 0.71% | 2,052,898 | $185.9M | Add +47.5% |
| UNH Unitedhealth Group Inc. | 0.66% | 326,310 | $170.9M | Add +2.0% |
| MA Mastercard Inc. Class A | 0.60% | 283,295 | $155.3M | Reduce -4.3% |
| LIN Linde PLC | 0.58% | 325,636 | $151.6M | Add +3.1% |
| VOO Vanguard S&P 500 ETF | 0.58% | 294,150 | $151.2M | Reduce -42.9% |
| NFLX Netflix Inc. | 0.58% | 161,815 | $150.9M | Add +3.4% |
| COST Costco Wholesale Corp. | 0.55% | 152,410 | $144.1M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.54% | 823,014 | $140.3M | Reduce -1.9% |
| JNJ Johnson & Johnson | 0.53% | 826,994 | $137.1M | Reduce -5.1% |
| WMT Walmart Inc. | 0.52% | 1,532,729 | $134.6M | Reduce -0.6% |
| EZA iShares MSCI South Africa Et | 0.51% | 2,754,119 | $132.6M | No change |
| ABBV Abbvie Inc. | 0.50% | 626,074 | $131.2M | Reduce -2.5% |
| HD Home Depot Inc. | 0.49% | 351,950 | $129.0M | Reduce -2.9% |
| RACE Ferrari NV | 0.48% | 292,989 | $124.1M | Add +9.4% |
| KO The Coca-Cola Co. | 0.39% | 1,427,032 | $102.2M | Reduce -4.0% |
| CRM Salesforce Inc. | 0.39% | 376,307 | $101.0M | Add +1.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 2,413,250 | $100.7M | Reduce -0.5% |
| RY Royal Bank of Canada | 0.36% | 826,207 | $93.1M | Add +1.5% |
| PM Philip Morris International | 0.36% | 584,440 | $92.8M | Reduce -1.8% |
| CVX Chevron Corp. | 0.35% | 546,088 | $91.4M | Reduce -3.9% |
| SPGI S&P Global Inc. | 0.34% | 176,330 | $89.6M | Reduce -1.3% |
| WFC Wells Fargo & Co. | 0.34% | 1,240,636 | $89.1M | Add +0.6% |
| CSCO Cisco Systems Inc. | 0.34% | 1,417,027 | $87.4M | Reduce -4.6% |
| ABT Abbott Laboratories | 0.31% | 616,165 | $81.7M | Add +3.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 326,011 | $81.1M | Reduce -1.9% |
| MRK Merck & Co. Inc. | 0.31% | 893,652 | $80.2M | Reduce -3.9% |
| GE General Electric filed as GE AEROSPACE | 0.30% | 390,901 | $78.2M | Reduce -4.8% |
| ORCL Oracle Corp. | 0.29% | 547,703 | $76.6M | Reduce -4.6% |
| FALN iShares Fallen Angels ETF | 0.29% | 2,846,209 | $76.2M | Add +387.6% |
| GS Goldman Sachs Group Inc. | 0.29% | 137,611 | $75.2M | Add +10.3% |
| TMO Thermo Fisher Scientific Inc. | 0.29% | 151,032 | $75.2M | Add +1.2% |
| T AT&T Inc. | 0.28% | 2,544,419 | $72.0M | Reduce -7.3% |
| SHOP Shopify Inc. Class A | 0.27% | 741,888 | $70.6M | Add +0.7% |
| RTX RTX Corp. | 0.27% | 527,531 | $69.9M | Reduce -1.4% |
| ACN Accenture PLC Class A | 0.27% | 222,374 | $69.4M | Reduce -3.3% |
| JPST JPMorgan Ultra-Short Income | 0.26% | 1,360,100 | $68.9M | Reduce -24.7% |
| CP Canadian Pacific Kansas City | 0.26% | 970,348 | $68.1M | Add +0.6% |
| SE Sea Ltd.-ADR | 0.26% | 515,239 | $67.2M | Reduce -3.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.26% | 677,330 | $66.9M | Add +1.0% |
| PLTR Palantir Technologies Inc. Class A | 0.25% | 784,851 | $66.2M | Add +26.5% |
| ADBE Adobe Inc. | 0.25% | 170,127 | $65.2M | Reduce -3.8% |
| CNI Canadian Natl Railway Co. | 0.25% | 665,936 | $64.8M | Add +5.0% |
| ISRG Intuitive Surgical Inc. | 0.24% | 128,413 | $63.6M | Reduce -1.0% |
| UBER Uber Technologies Inc. | 0.24% | 857,284 | $62.5M | Add +11.5% |
| MCD McDonald's Corp. | 0.24% | 197,041 | $61.5M | Reduce -16.7% |
| INTU Intuit Inc. | 0.23% | 99,569 | $61.1M | Reduce -1.8% |
| QCOM Qualcomm Inc. | 0.23% | 395,952 | $60.8M | Add +2.9% |
| CAT Caterpillar Inc. | 0.23% | 182,900 | $60.3M | Add +2.5% |
| TXN Texas Instruments Inc. | 0.23% | 335,063 | $60.2M | Reduce -8.9% |
| AMGN Amgen Inc. | 0.23% | 192,374 | $59.9M | Add +0.3% |
| TD Toronto-Dominion Bank | 0.23% | 997,813 | $59.8M | Reduce -0.2% |
| NOW ServiceNow Inc. | 0.22% | 73,408 | $58.4M | Reduce -1.4% |
| PGR Progressive Corp. | 0.22% | 206,016 | $58.3M | Reduce -1.7% |
| AMD Advanced Micro Devices | 0.22% | 562,850 | $57.8M | Add +0.5% |
| BKNG Booking Holdings Inc. | 0.22% | 12,535 | $57.7M | Reduce -5.8% |
| AXP American Express Co. | 0.22% | 213,581 | $57.5M | Reduce -1.5% |
| EWM iShares MSCI Malaysia ETF | 0.22% | 2,455,519 | $56.7M | Reduce -3.8% |
| UBS UBS Group AG-Reg | 0.22% | 1,863,086 | $56.6M | Add +29.1% |
| CNQ Canadian Natural Resources | 0.21% | 1,813,572 | $55.8M | Reduce -0.4% |
| ENB Enbridge Inc. | 0.21% | 1,254,747 | $55.5M | Add +0.2% |
| UNP Union Pacific Corp. | 0.21% | 234,836 | $55.5M | Add +10.2% |
| VZ Verizon Communications Inc. | 0.21% | 1,195,422 | $54.2M | Reduce -18.9% |
| PFE Pfizer Inc. | 0.21% | 2,128,297 | $53.9M | Add +2.8% |
| MS Morgan Stanley | 0.20% | 456,791 | $53.3M | Reduce -1.9% |
| AVB Avalonbay Communities Inc. | 0.20% | 246,094 | $52.8M | Add +2.5% |
| SPOT Spotify Technology SA | 0.20% | 94,972 | $52.2M | Add +1.7% |
| EIDO iShares MSCI Indonesia ETF | 0.20% | 3,171,924 | $51.7M | Add +6.4% |
| BA The Boeing Co. | 0.20% | 298,079 | $50.8M | Add +2.7% |
| C Citigroup Inc. | 0.19% | 714,873 | $50.7M | Reduce -5.4% |
| FISV Fiserv Inc. | 0.19% | 229,005 | $50.6M | Add +1.0% |
| PEP Pepsico Inc. | 0.19% | 335,321 | $50.3M | Reduce -31.3% |
| BSX Boston Scientific Corp. | 0.19% | 497,869 | $50.2M | Reduce -9.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 410,218 | $50.0M | Reduce -0.0% |
Portfolio Sells Q4 2024 → Q1 2025
| INDY iShares India 50 ETF | Sold out | 0.00% | −0.87 |
| NVDA Nvidia Corp. | Reduce -1.4% | 3.66% | −0.69 |
| ANGL Vaneck Fallen Angel High YLD | Sold out | 0.00% | −0.53 |
| VCLT Vanguard Long-Term Corp. Bond | Reduce -39.9% | 0.79% | −0.44 |
| VOO Vanguard S&P 500 ETF | Reduce -42.9% | 0.58% | −0.43 |
| AAPL Apple Inc. | Reduce -2.5% | 4.53% | −0.43 |
| VGIT Vanguard Intermediate-Term T | Sold out | 0.00% | −0.35 |
| MSFT Microsoft Corp. | Reduce -1.0% | 3.80% | −0.28 |
| AMZN Amazon.com Inc. | Reduce -0.7% | 2.42% | −0.24 |
| GOOGL Alphabet Inc. Class A | Reduce -1.0% | 1.22% | −0.21 |
| VCIT Vanguard Int-Term Corporate | Reduce -25.2% | 0.81% | −0.20 |
| GOOG Alphabet Inc. Class C | Reduce -1.5% | 1.04% | −0.18 |
| PEP Pepsico Inc. | Reduce -31.3% | 0.19% | −0.08 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.07 |
| JPST JPMorgan Ultra-Short Income | Reduce -24.7% | 0.26% | −0.07 |
| NOW ServiceNow Inc. | Reduce -1.4% | 0.22% | −0.06 |
| DAL Delta Air Lines Inc. | Reduce -46.2% | 0.04% | −0.05 |
| HON Honeywell International Inc. | Reduce -24.2% | 0.16% | −0.05 |
| ORCL Oracle Corp. | Reduce -4.6% | 0.29% | −0.05 |
| UAL United Airlines Holdings Inc. | Reduce -43.0% | 0.04% | −0.05 |
| SRE Sempra | Reduce -37.5% | 0.05% | −0.04 |
| IR Ingersoll-Rand Inc. | Reduce -69.3% | 0.01% | −0.04 |
| ADBE Adobe Inc. | Reduce -3.8% | 0.25% | −0.03 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.03 |
| VLTO Veralto Corp. | Reduce -63.1% | 0.02% | −0.03 |
| CAH Cardinal Health Inc. | Reduce -49.5% | 0.05% | −0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -4.3% | 0.10% | −0.03 |
| MSI Motorola Solutions Inc. | Reduce -36.6% | 0.05% | −0.03 |
| BX Blackstone Inc. | Reduce -1.8% | 0.15% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -3.9% | 0.31% | −0.03 |
| ACN Accenture PLC Class A | Reduce -3.3% | 0.27% | −0.03 |
| AIZ Assurant Inc. | Reduce -68.7% | 0.01% | −0.03 |
| THD iShares MSCI Thailand ETF | Reduce -3.5% | 0.19% | −0.03 |
| EXE Expand Energy Corp. | Reduce -80.1% | 0.01% | −0.03 |
| SW Smurfit Westrock PLC | Reduce -53.6% | 0.02% | −0.03 |
| EIX Edison International | Reduce -35.2% | 0.03% | −0.02 |
| MAR Marriott International Class A | Reduce -15.1% | 0.08% | −0.02 |
| ON On Semiconductor | Reduce -30.3% | 0.02% | −0.02 |
| ALLE Allegion PLC | Reduce -71.5% | 0.01% | −0.02 |
| WDC Western Digital Corp. | Reduce -35.1% | 0.02% | −0.02 |
| WAB Wabtec Corp. | Reduce -36.0% | 0.04% | −0.02 |
| LEN Lennar Corp. Class A | Reduce -33.0% | 0.03% | −0.02 |
| TGT Target Corp. | Reduce -3.0% | 0.08% | −0.02 |
| PPG PPG Industries Inc. | Reduce -50.5% | 0.02% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -13.7% | 0.17% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -8.9% | 0.23% | −0.02 |
| EMR Emerson Electric Co. | Reduce -9.8% | 0.10% | −0.02 |
| GM General Motors Co. | Reduce -13.2% | 0.08% | −0.02 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -11.7% | 0.09% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| INDA iShares MSCI India ETF | Add +46.4% | 3.09% | +1.05 |
| VNQ Vanguard Real Estate ETF | Add +47.5% | 0.71% | +0.26 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +29.3% | 0.91% | +0.25 |
| FALN iShares Fallen Angels ETF | Add +387.6% | 0.29% | +0.24 |
| EWY iShares MSCI South Korea ETF | Add +0.6% | 1.54% | +0.18 |
| SRLN SS Blackstone Sr Loan ETF | Add +10.6% | 1.04% | +0.14 |
| PLD Prologis Inc. | Add +5.0% | 0.74% | +0.11 |
| LIN Linde PLC | Add +3.1% | 0.58% | +0.10 |
| DASH DoorDash Inc. Class A | New | 0.09% | +0.09 |
| META Meta Platforms Inc. Class A | Add +1.1% | 1.76% | +0.09 |
| PLTR Palantir Technologies Inc. Class A | Add +26.5% | 0.25% | +0.08 |
| VTI VG Morningstar TS MKT ETF-US | Add +4.7% | 1.75% | +0.08 |
| NFLX Netflix Inc. | Add +3.4% | 0.58% | +0.07 |
| UBER Uber Technologies Inc. | Add +11.5% | 0.24% | +0.07 |
| ABT Abbott Laboratories | Add +3.2% | 0.31% | +0.07 |
| UNH Unitedhealth Group Inc. | Add +2.0% | 0.66% | +0.07 |
| RACE Ferrari NV | Add +9.4% | 0.48% | +0.06 |
| MRSH Marsh & McLennan Cos | Add +26.5% | 0.17% | +0.06 |
| UBS UBS Group AG-Reg | Add +29.1% | 0.22% | +0.06 |
| IJR iShares Core S&P Small-Cap E | New | 0.05% | +0.05 |
| EXC Exelon Corp. | Add +219.3% | 0.07% | +0.05 |
| AJG Arthur J Gallagher & Co. | Add +49.7% | 0.11% | +0.05 |
| SCZ iShares MSCI Eafe Small-Cap | Add +30.3% | 0.17% | +0.05 |
| DE Deere & Co. | Add +20.6% | 0.17% | +0.05 |
| SPOT Spotify Technology SA | Add +1.7% | 0.20% | +0.05 |
| AMGN Amgen Inc. | Add +0.3% | 0.23% | +0.05 |
| KLAC KLA Corp. | Add +39.3% | 0.13% | +0.05 |
| FPE FT-Preferred Secur & Inc. ETF | Add +142.0% | 0.08% | +0.05 |
| MMM 3M Co. | Add +33.4% | 0.13% | +0.05 |
| VRTX Vertex Pharmaceuticals Inc. | Add +5.5% | 0.18% | +0.05 |
| ELV Elevance Health Inc. | Add +16.2% | 0.14% | +0.04 |
| WCN Waste Connections Inc. | Add +5.3% | 0.19% | +0.04 |
| WEC WEC Energy Group Inc. | Add +111.9% | 0.06% | +0.04 |
| APO Apollo Global Management Inc. | Add +105.9% | 0.08% | +0.04 |
| UNP Union Pacific Corp. | Add +10.2% | 0.21% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +9.9% | 0.19% | +0.03 |
| WM Waste Management Inc. | Add +14.4% | 0.12% | +0.03 |
| CME Cme Group Inc. | Add +12.5% | 0.13% | +0.03 |
| COR Cencora Inc. | Add +68.6% | 0.06% | +0.03 |
| ORLY O'reilly Automotive Inc. | Add +3.2% | 0.13% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +5.5% | 0.18% | +0.03 |
| DD Dupont DE Nemours Inc. | Add +93.6% | 0.06% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +10.3% | 0.29% | +0.03 |
| SYK Stryker Corp. | Add +8.9% | 0.18% | +0.03 |
| MCK McKesson Corp. | Add +2.5% | 0.13% | +0.03 |
| KR Kroger Co. | Add +28.2% | 0.08% | +0.03 |
| SYY Sysco Corp. | Add +72.2% | 0.06% | +0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +16.4% | 0.13% | +0.03 |
| WFC Wells Fargo & Co. | Add +0.6% | 0.34% | +0.03 |
| HWM Howmet Aerospace Inc. | Add +9.5% | 0.10% | +0.03 |
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 |