# State of Tennessee, Department of Treasury

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1587973. Source: https://holderbook.com/funds/1587973-state-of-tennessee-department-of-treasury/

- Reported value: $33.7B
- Positions: 1,721
- Weight of the ten largest: 27.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.7B | 8,391,486 | 5.0% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.5B | 5,078,446 | 4.4% | 31 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $1.1B | 5,259,477 | 3.2% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $960.3M | 2,574,513 | 2.9% | 31 |
| ISHARES INC | [EWT](https://holderbook.com/stocks/EWT/) | $846.9M | 7,797,976 | 2.5% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $802.9M | 3,368,678 | 2.4% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $713.5M | 1,996,414 | 2.1% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $617.0M | 1,633,240 | 1.8% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $582.4M | 1,648,248 | 1.7% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $560.5M | 1,514,680 | 1.7% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $511.1M | 1,070,212 | 1.5% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $447.1M | 387,321 | 1.3% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $422.9M | 750,789 | 1.3% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $406.0M | 965,345 | 1.2% | 23 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $350.1M | 2,584,668 | 1.0% | 31 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $343.0M | 6,945,050 | 1.0% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $329.5M | 274,745 | 1.0% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $327.3M | 563,368 | 1.0% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $316.5M | 966,939 | 0.9% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $309.1M | 617,646 | 0.9% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $283.5M | 3,979,237 | 0.8% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $259.0M | 3,133,493 | 0.8% | 31 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $250.9M | 2,654,254 | 0.7% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCLT](https://holderbook.com/stocks/VCLT/) | $250.8M | 3,332,943 | 0.7% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $223.2M | 1,598,559 | 0.7% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $220.2M | 867,007 | 0.7% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $210.6M | 613,770 | 0.6% | 31 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $210.3M | 2,181,157 | 0.6% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $205.7M | 284,484 | 0.6% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $199.4M | 1,458,177 | 0.6% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $191.4M | 441,754 | 0.6% | 7 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $190.9M | 277,910 | 0.6% | 31 |
| FRANKLIN TEMPLETON ETF TR | [FLIN](https://holderbook.com/stocks/FLIN/) | $186.1M | 5,232,424 | 0.6% | 4 |
| SSGA ACTIVE ETF TR | [SRLN](https://holderbook.com/stocks/SRLN/) | $177.9M | 4,414,977 | 0.5% | 31 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $177.1M | 5,133,240 | 0.5% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $171.8M | 161,321 | 0.5% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $170.1M | 1,501,695 | 0.5% | 31 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $164.9M | 796,805 | 0.5% | 13 |
| ISHARES INC | [EZA](https://holderbook.com/stocks/EZA/) | $163.0M | 2,579,219 | 0.5% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $161.3M | 1,373,295 | 0.5% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $158.3M | 629,148 | 0.5% | 31 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $148.4M | 7,286,366 | 0.4% | 2 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $145.3M | 282,934 | 0.4% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $138.0M | 147,517 | 0.4% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $136.2M | 364,357 | 0.4% | 21 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $136.1M | 451,194 | 0.4% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $130.2M | 2,285,494 | 0.4% | 31 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $126.8M | 1,585,012 | 0.4% | 31 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $125.6M | 302,176 | 0.4% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $123.4M | 349,891 | 0.4% | 31 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $116.3M | 51,164 | 0.3% | 6 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $116.0M | 954,371 | 0.3% | 13 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $115.7M | 900,152 | 0.3% | 31 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $114.1M | 97,097 | 0.3% | 9 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $112.2M | 216,254 | 0.3% | 14 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $110.4M | 752,643 | 0.3% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $108.7M | 655,499 | 0.3% | 31 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $108.1M | 106,910 | 0.3% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $104.6M | 1,286,824 | 0.3% | 31 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $104.4M | 1,461,959 | 0.3% | 31 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $100.3M | 336,411 | 0.3% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $99.5M | 549,782 | 0.3% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $99.0M | 290,348 | 0.3% | 13 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $93.7M | 496,514 | 0.3% | 31 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $92.4M | 1,860,583 | 0.3% | 13 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $90.3M | 1,092,369 | 0.3% | 31 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $89.3M | 299,623 | 0.3% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $88.4M | 422,824 | 0.3% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $87.8M | 627,531 | 0.3% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $87.4M | 460,423 | 0.3% | 25 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $86.3M | 306,846 | 0.3% | 31 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $86.0M | 737,027 | 0.3% | 8 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $84.6M | 576,965 | 0.3% | 31 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $84.0M | 969,670 | 0.2% | 13 |
| EQUITY RESIDENTIAL | [EQR](https://holderbook.com/stocks/EQR/) | $83.6M | 1,231,163 | 0.2% | 31 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $80.5M | 703,575 | 0.2% | 13 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $80.1M | 40,282 | 0.2% | 31 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $77.7M | 440,666 | 0.2% | 31 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $74.4M | 116,558 | 0.2% | 31 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $73.5M | 76,180 | 0.2% | 21 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $71.8M | 1,814,164 | 0.2% | 13 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $71.4M | 403,848 | 0.2% | 13 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $69.3M | 1,046,144 | 0.2% | 13 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $68.7M | 717,356 | 0.2% | 15 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $68.5M | 268,367 | 0.2% | 31 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $68.3M | 167,593 | 0.2% | 31 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $68.0M | 502,054 | 0.2% | 31 |
| ESSEX PPTY TR INC | [ESS](https://holderbook.com/stocks/ESS/) | $67.8M | 232,532 | 0.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $67.7M | 771,012 | 0.2% | 31 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $67.5M | 169,891 | 0.2% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $67.1M | 248,396 | 0.2% | 31 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $66.6M | 87,307 | 0.2% | 9 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $66.6M | 1,228,082 | 0.2% | 13 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $65.0M | 192,275 | 0.2% | 31 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $64.4M | 297,641 | 0.2% | 31 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $64.2M | 537,896 | 0.2% | 31 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $63.8M | 176,220 | 0.2% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $62.3M | 411,294 | 0.2% | 31 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $62.3M | 278,514 | 0.2% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $62.1M | 1,467,517 | 0.2% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.5% | +14.8% | +0.7% | 100% |
| Q1 2026 | -2.3% | -4.6% | +2.3% | 98% |
| Q4 2025 | +2.6% | +2.4% | +0.3% | 100% |
| Q3 2025 | +6.9% | +7.8% | -0.9% | 100% |
| Q2 2025 | +10.1% | +10.5% | -0.4% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.1% | 100% |
| Q4 2024 | -0.6% | +2.1% | -2.8% | 100% |
| Q3 2024 | +5.9% | +5.4% | +0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $33.7B | 1,721 |
| Q1 2026 | $29.8B | 1,721 |
| Q4 2025 | $31.3B | 1,727 |
| Q3 2025 | $30.0B | 1,727 |
| Q2 2025 | $28.0B | 1,722 |
| Q1 2025 | $26.1B | 1,719 |
| Q4 2024 | $27.6B | 1,737 |
| Q3 2024 | $28.4B | 1,716 |
| Q2 2024 | $27.2B | 1,712 |
| Q1 2024 | $27.0B | 1,685 |
| Q4 2023 | $25.5B | 1,657 |
| Q3 2023 | $24.8B | 1,599 |