State of Tennessee, Department of Treasury
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), State of Tennessee, Department of Treasury reported 1,727 stock positions worth $30.0 billion. Its top holding was Nvidia (NVDA) at 5.3% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Apple (AAPL, 4.4%). Compared with Q2 2025, it opened 71 new positions, sold out of 65, added to 607 and reduced 551. The biggest buy was a new position in Franklin Ftse India ETF (FLIN) and the biggest sale iShares MSCI India ETF (INDA, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001587973
- Portfolio Value
- $30.0B (Q3 2025)
- SEC Filing
- 0001587973-25-000010 ↗ filed Nov 14, 2025
Holdings Value
Holdings 1,727 stocks · $30.0B
| NVDA Nvidia Corp. | 5.28% | 8,500,258 | $1.6B | Reduce -0.4% |
| MSFT Microsoft Corp. | 4.47% | 2,594,281 | $1.3B | Add +0.7% |
| AAPL Apple Inc. | 4.38% | 5,164,296 | $1.3B | Reduce -0.8% |
| EWT iShares MSCI Taiwan ETF | 3.46% | 16,310,393 | $1.0B | Add +1.9% |
| AMZN Amazon.com Inc. | 2.42% | 3,309,279 | $726.6M | Add +1.6% |
| INDA iShares MSCI India ETF | 2.03% | 11,738,943 | $611.1M | Reduce -25.1% |
| EWY iShares MSCI South Korea ETF | 1.93% | 7,226,554 | $578.8M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 1.85% | 756,599 | $555.6M | Reduce -0.7% |
| AVGO Broadcom Inc. | 1.82% | 1,653,109 | $545.4M | Reduce -0.2% |
| VTI VG Morningstar TS MKT ETF-US | 1.72% | 1,572,449 | $516.0M | Reduce -5.0% |
| GOOGL Alphabet Inc. Class A | 1.61% | 1,989,943 | $483.8M | Reduce -0.2% |
| TSLA Tesla Inc. | 1.44% | 971,473 | $432.0M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 1.35% | 1,670,605 | $406.9M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 1.06% | 1,004,872 | $317.0M | Add +3.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 625,730 | $314.6M | Reduce -0.1% |
| SRLN SS Blackstone Sr Loan ETF | 0.91% | 6,600,978 | $274.5M | Add +2.4% |
| PLD Prologis Inc. | 0.88% | 2,303,023 | $263.7M | Add +15.5% |
| VEA Vanguard Ftse Developed ETF | 0.87% | 4,356,687 | $261.1M | Reduce -0.2% |
| VCIT Vanguard Int-Term Corporate | 0.76% | 2,725,901 | $229.3M | Add +2.9% |
| EWZ iShares MSCI Brazil ETF | 0.76% | 7,337,548 | $227.5M | Reduce -0.8% |
| VCLT Vanguard Long-Term Corp. Bond | 0.74% | 2,876,267 | $223.3M | Add +1.7% |
| MBB iShares MBS ETF | 0.74% | 2,338,900 | $222.5M | Add +3.1% |
| VNQ Vanguard Real Estate ETF | 0.73% | 2,401,823 | $219.6M | Add +13.8% |
| V Visa Inc. Class A | 0.69% | 609,803 | $208.2M | Add +1.7% |
| LLY Eli Lilly & Co. | 0.68% | 268,001 | $204.5M | Reduce -3.7% |
| FLIN Franklin Ftse India ETF | 0.65% | 5,213,024 | $194.4M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.62% | 2,298,563 | $186.6M | Reduce -16.6% |
| NFLX Netflix Inc. | 0.61% | 151,926 | $182.1M | Add +0.9% |
| XOM Exxon Mobil Corp. | 0.60% | 1,610,101 | $181.5M | Add +0.9% |
| VOO Vanguard S&P 500 ETF | 0.60% | 293,171 | $179.5M | Reduce -0.3% |
| EZA iShares MSCI South Africa Et | 0.59% | 2,754,119 | $176.5M | No change |
| MA Mastercard Inc. Class A | 0.54% | 284,238 | $161.7M | Add +0.1% |
| WMT Walmart Inc. | 0.51% | 1,491,303 | $153.7M | Add +0.7% |
| ORCL Oracle Corp. | 0.51% | 546,166 | $153.6M | Add +4.5% |
| LIN Linde PLC | 0.51% | 320,034 | $152.0M | Reduce -0.9% |
| JNJ Johnson & Johnson | 0.50% | 804,482 | $149.2M | Reduce -3.6% |
| ABBV Abbvie Inc. | 0.47% | 611,706 | $141.6M | Reduce -6.8% |
| HD Home Depot Inc. | 0.47% | 348,314 | $141.1M | Add +0.4% |
| COST Costco Wholesale Corp. | 0.46% | 150,125 | $139.0M | Reduce -0.2% |
| PLTR Palantir Technologies Inc. Class A | 0.44% | 721,792 | $131.7M | Add +5.8% |
| RACE Ferrari NV | 0.42% | 259,201 | $125.4M | Add +2.3% |
| RY Royal Bank of Canada | 0.40% | 818,597 | $120.7M | Reduce -0.9% |
| PG The Procter & Gamble Co. | 0.40% | 780,796 | $120.0M | Reduce -6.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 2,310,448 | $119.2M | No change |
| UNH Unitedhealth Group Inc. | 0.39% | 341,483 | $117.9M | Add +0.2% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 388,572 | $116.9M | Reduce -0.2% |
| SHOP Shopify Inc. Class A | 0.36% | 719,403 | $106.9M | Reduce -3.0% |
| CVX Chevron Corp. | 0.35% | 675,413 | $104.9M | Add +25.3% |
| CSCO Cisco Systems Inc. | 0.34% | 1,475,771 | $101.0M | Add +6.8% |
| PM Philip Morris International | 0.33% | 605,314 | $98.2M | Add +7.5% |
| WFC Wells Fargo & Co. | 0.32% | 1,159,632 | $97.2M | Add +0.6% |
| SE Sea Ltd.-ADR | 0.32% | 543,203 | $97.1M | No change |
| KO The Coca-Cola Co. | 0.32% | 1,442,944 | $95.7M | Add +3.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 333,628 | $94.1M | Add +5.8% |
| GS Goldman Sachs Group Inc. | 0.30% | 114,089 | $90.9M | Reduce -1.7% |
| AMD Advanced Micro Devices | 0.29% | 534,825 | $86.5M | Reduce -3.9% |
| CRM Salesforce Inc. | 0.29% | 361,997 | $85.8M | Reduce -1.6% |
| SPGI S&P Global Inc. | 0.28% | 173,123 | $84.3M | No change |
| ABT Abbott Laboratories | 0.27% | 614,838 | $82.4M | Reduce -1.3% |
| RTX RTX Corp. | 0.27% | 488,741 | $81.8M | Add +6.3% |
| UBER Uber Technologies Inc. | 0.27% | 829,240 | $81.2M | Add +14.0% |
| MRK Merck & Co. Inc. | 0.27% | 951,314 | $79.8M | Add +11.5% |
| CAT Caterpillar Inc. | 0.27% | 167,296 | $79.8M | Add +1.1% |
| TD Toronto-Dominion Bank | 0.27% | 995,613 | $79.6M | Reduce -0.2% |
| UBS UBS Group AG-Reg | 0.26% | 1,931,380 | $78.9M | Add +1.3% |
| MCD McDonald's Corp. | 0.26% | 255,167 | $77.5M | Add +2.8% |
| T AT&T Inc. | 0.26% | 2,736,081 | $77.3M | Add +7.5% |
| CP Canadian Pacific Kansas City | 0.25% | 990,423 | $73.8M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 620,893 | $71.1M | Reduce -3.8% |
| FALN iShares Fallen Angels ETF | 0.24% | 2,546,500 | $70.7M | Reduce -25.7% |
| MU Micron Technology Inc. | 0.23% | 415,375 | $69.5M | Add +8.2% |
| MS Morgan Stanley | 0.23% | 435,369 | $69.2M | Reduce -1.6% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.23% | 1,597,400 | $69.2M | New |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 141,398 | $68.6M | Reduce -5.0% |
| CNI Canadian Natl Railway Co. | 0.23% | 716,537 | $67.6M | Reduce -0.2% |
| C Citigroup Inc. | 0.22% | 657,535 | $66.7M | No change |
| AXP American Express Co. | 0.22% | 198,778 | $66.0M | No change |
| NOW ServiceNow Inc. | 0.22% | 71,711 | $66.0M | Add +2.2% |
| BKNG Booking Holdings Inc. | 0.22% | 12,211 | $65.9M | Add +1.6% |
| ENB Enbridge Inc. | 0.21% | 1,252,347 | $63.2M | Reduce -0.2% |
| SPOT Spotify Technology SA | 0.21% | 89,465 | $62.4M | Reduce -9.8% |
| BA The Boeing Co. | 0.21% | 285,573 | $61.6M | Reduce -4.3% |
| VZ Verizon Communications Inc. | 0.20% | 1,396,393 | $61.4M | Reduce -1.8% |
| INTU Intuit Inc. | 0.20% | 88,757 | $60.6M | Reduce -9.1% |
| PGR Progressive Corp. | 0.20% | 245,436 | $60.6M | Add +20.9% |
| AVB Avalonbay Communities Inc. | 0.20% | 312,984 | $60.5M | Add +20.8% |
| EWM iShares MSCI Malaysia ETF | 0.20% | 2,330,559 | $60.4M | Reduce -5.9% |
| ISRG Intuitive Surgical Inc. | 0.20% | 134,891 | $60.3M | Reduce -2.2% |
| SCHW Schwab (charles) Corp. | 0.20% | 630,886 | $60.2M | No change |
| GEV GE Vernova Inc. | 0.20% | 97,637 | $60.0M | Add +0.2% |
| QCOM Qualcomm Inc. | 0.20% | 356,897 | $59.4M | Reduce -2.8% |
| AEM Agnico Eagle Mines Ltd. | 0.20% | 350,196 | $59.0M | Add +5.1% |
| AMAT Applied Materials Inc. | 0.20% | 287,529 | $58.9M | Add +0.9% |
| CNQ Canadian Natural Resources | 0.20% | 1,839,812 | $58.8M | Reduce -0.2% |
| EIDO iShares MSCI Indonesia ETF | 0.19% | 3,311,022 | $58.1M | Add +6.2% |
| KLAC KLA Corp. | 0.19% | 53,358 | $57.6M | Add +12.6% |
| ADBE Adobe Inc. | 0.19% | 162,721 | $57.4M | Reduce -1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 393,497 | $56.9M | Reduce -1.9% |
| BN Brookfield Corp. | 0.19% | 825,726 | $56.7M | Reduce -0.2% |
| PEP Pepsico Inc. | 0.18% | 393,573 | $55.3M | Reduce -5.6% |
Portfolio Sells Q2 2025 → Q3 2025
| INDA iShares MSCI India ETF | Reduce -25.1% | 2.03% | −1.09 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -16.6% | 0.62% | −0.17 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 1.85% | −0.16 |
| JPST JPMorgan Ultra-Short Income | Reduce -67.0% | 0.07% | −0.15 |
| FPE FT-Preferred Secur & Inc. ETF | Sold out | 0.00% | −0.12 |
| FALN iShares Fallen Angels ETF | Reduce -25.7% | 0.24% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -3.7% | 0.68% | −0.09 |
| TXN Texas Instruments Inc. | Reduce -17.8% | 0.18% | −0.09 |
| HES Hess Corp. | Sold out | 0.00% | −0.08 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -5.0% | 1.72% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -6.0% | 0.40% | −0.07 |
| INTU Intuit Inc. | Reduce -9.1% | 0.20% | −0.07 |
| CRM Salesforce Inc. | Reduce -1.6% | 0.29% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -0.2% | 0.46% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -2.2% | 0.20% | −0.07 |
| SPOT Spotify Technology SA | Reduce -9.8% | 0.21% | −0.06 |
| FISV Fiserv Inc. | Reduce -27.0% | 0.06% | −0.06 |
| SYK Stryker Corp. | Reduce -21.6% | 0.13% | −0.06 |
| CMG Chipotle Mexican Grill Inc. | Reduce -30.9% | 0.05% | −0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -18.0% | 0.11% | −0.06 |
| ACN Accenture PLC Class A | Reduce -2.2% | 0.17% | −0.06 |
| ICE Intercontinental Exchange Inc. | Reduce -30.9% | 0.08% | −0.05 |
| UPS United Parcel Service Class B | Reduce -46.2% | 0.04% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -27.3% | 0.08% | −0.05 |
| DIS The Walt Disney Co. | Reduce -3.8% | 0.24% | −0.05 |
| ROP Roper Technologies Inc. | Reduce -41.4% | 0.04% | −0.05 |
| CARR Carrier Global Corp. | Reduce -32.0% | 0.05% | −0.05 |
| KVUE Kenvue Inc. | Reduce -72.1% | 0.01% | −0.05 |
| CPRT Copart Inc. | Reduce -62.6% | 0.02% | −0.05 |
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −0.04 |
| TDG Transdigm Group Inc. | Reduce -18.2% | 0.09% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -5.5% | 0.17% | −0.04 |
| TGT Target Corp. | Reduce -68.7% | 0.02% | −0.04 |
| CNI Canadian Natl Railway Co. | Reduce -0.2% | 0.23% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -8.2% | 0.13% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 1.05% | −0.04 |
| MOH Molina Healthcare Inc. | Reduce -72.5% | 0.01% | −0.04 |
| ALC Alcon Inc. | Reduce -16.1% | 0.08% | −0.04 |
| FTNT Fortinet Inc. | Reduce -28.4% | 0.04% | −0.04 |
| APD Air Products & Chemicals Inc. | Reduce -57.0% | 0.02% | −0.04 |
| PODD Insulet Corp. | Reduce -72.8% | 0.01% | −0.04 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.04 |
| HCA HCA Healthcare Inc. | Reduce -36.7% | 0.07% | −0.04 |
| STZ Constellation Brands Inc. Class A | Reduce -77.0% | 0.01% | −0.04 |
| MTD Mettler-Toledo International | Reduce -62.1% | 0.02% | −0.04 |
| VRSK Verisk Analytics Inc. | Reduce -56.1% | 0.02% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -24.6% | 0.06% | −0.04 |
| ADBE Adobe Inc. | Reduce -1.4% | 0.19% | −0.04 |
| LIN Linde PLC | Reduce -0.9% | 0.51% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -50.8% | 0.03% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| FLIN Franklin Ftse India ETF | New | 0.65% | +0.65 |
| TSLA Tesla Inc. | Add +0.6% | 1.44% | +0.34 |
| SHYG iShares 0-5 YR HY Corp. Bond | New | 0.23% | +0.23 |
| EWT iShares MSCI Taiwan ETF | Add +1.9% | 3.46% | +0.17 |
| PLD Prologis Inc. | Add +15.5% | 0.88% | +0.13 |
| PLTR Palantir Technologies Inc. Class A | Add +5.8% | 0.44% | +0.11 |
| ORCL Oracle Corp. | Add +4.5% | 0.51% | +0.10 |
| CVX Chevron Corp. | Add +25.3% | 0.35% | +0.07 |
| APP AppLovin Corp. Class A | New | 0.06% | +0.06 |
| NEM Newmont Corp. | Add +30.2% | 0.15% | +0.06 |
| MNST Monster Beverage Corp. | Add +155.0% | 0.10% | +0.06 |
| MU Micron Technology Inc. | Add +8.2% | 0.23% | +0.06 |
| VNQ Vanguard Real Estate ETF | Add +13.8% | 0.73% | +0.06 |
| AEM Agnico Eagle Mines Ltd. | Add +5.1% | 0.20% | +0.05 |
| MO Altria Group Inc. | Add +33.7% | 0.18% | +0.05 |
| APH Amphenol Corp. Class A | Add +21.1% | 0.17% | +0.05 |
| INTC Intel Corp. | Add +0.9% | 0.17% | +0.05 |
| DDOG Datadog Inc. Class A | New | 0.05% | +0.05 |
| LRCX Lam Research Corp. | Add +5.6% | 0.18% | +0.05 |
| ANET Arista Networks Inc. | Add +3.0% | 0.17% | +0.05 |
| ADM Archer-Daniels-Midland Co. | Add +211.8% | 0.07% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +3.1% | 1.06% | +0.04 |
| SJNK SS SPDR BB St Hi Yield ETF | New | 0.04% | +0.04 |
| GEHC GE Healthcare Technology | Add +168.5% | 0.07% | +0.04 |
| KLAC KLA Corp. | Add +12.6% | 0.19% | +0.04 |
| BDX Becton Dickinson and Co. | Add +105.5% | 0.08% | +0.04 |
| B Barrick Mining Corp. | Add +1.3% | 0.11% | +0.04 |
| HOOD Robinhood Markets Inc. Class A | New | 0.04% | +0.04 |
| DB Deutsche Bank AG-Registered | New | 0.04% | +0.04 |
| CAT Caterpillar Inc. | Add +1.1% | 0.27% | +0.04 |
| GD General Dynamics Corp. | Add +27.9% | 0.12% | +0.04 |
| BXP BXP Inc. | Add +30.6% | 0.14% | +0.03 |
| XYZ Block Inc. | New | 0.03% | +0.03 |
| STX Seagate Technology Holdings | Add +66.2% | 0.06% | +0.03 |
| UBS UBS Group AG-Reg | Add +1.3% | 0.26% | +0.03 |
| RTX RTX Corp. | Add +6.3% | 0.27% | +0.03 |
| XLK SS Technology Select Sector | New | 0.03% | +0.03 |
| SOLV Solventum Corp. | Add +315.0% | 0.04% | +0.03 |
| RVTY Revvity Inc. | Add +749.9% | 0.04% | +0.03 |
| IQV Iqvia Holdings Inc. | Add +101.8% | 0.05% | +0.03 |
| EL Estee Lauder Companies Class A | Add +385.4% | 0.04% | +0.03 |
| PFE Pfizer Inc. | Add +22.1% | 0.18% | +0.03 |
| UHS Universal Health Services-B | Add +600.7% | 0.03% | +0.03 |
| NOC Northrop Grumman Corp. | Add +17.1% | 0.11% | +0.03 |
| UBER Uber Technologies Inc. | Add +14.0% | 0.27% | +0.03 |
| DG Dollar General Corp. | Add +139.8% | 0.05% | +0.03 |
| SPG Simon Property Group Inc. | Add +12.1% | 0.15% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +9.2% | 0.15% | +0.03 |
| BX Blackstone Inc. | Add +11.3% | 0.17% | +0.03 |
| GM General Motors Co. | Add +18.6% | 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 |