This year's "Tennessee Higher Education Fact Book" consists of five sections and an appendix of additional resources and terminology. The five main sections of the report include: (1) Student Participation, Fall 2020; (2) Student Success, Academic Year 2019-20; (3) Academic and Fiscal Trends, Academic Year 2019-20; (4) Quality Assurance Funding, 2019-20; and (5) Outcomes Funding Formula, Academic Year 2019-20. Each of the main sections provides data on Student Participation, Student Success, Academic and Fiscal Trends, Quality Assurance Funding, and Outcomes-Based Funding. Each section begins with either an introductory overview or a summary of key takeaways. Unlike previous iterations of the report, static institutional profiles are not included as a distinct section of the report. Instead, a separate dynamic institutional profile dashboard has been developed to coincide with the release of the Fact Book. Once available, the dashboard may be accessed on the Fact Book landing page (https://www.tn.gov/thec/research/fact-book.html). Also new this year, the sections on Student Participation and Student Success contain new tables that disaggregate data by race and ethnicity to a greater extent than in prior reports. COVID-19 presented unprecedented and unpredictable circumstances for Tennessee postsecondary education. Many of the tables and figures presented in this report may not be comparable to prior years due to the impact of the COVID-19 pandemic. [For "Tennessee Higher Education Fact Book: 2019-20," see ED608921.]