Document

11-K 1 a2020123111-k.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 11-K


(Mark One)
[X]			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 31, 2020
			OR
[ ]			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____________ to ______________


Commission file number 1-12626

A. Full Title of the plan and the address of the plan, if different from that of the issuer named below:

EASTMAN INVESTMENT AND EMPLOYEE STOCK OWNERSHIP PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

EASTMAN CHEMICAL COMPANY
200 S. Wilcox Drive
Kingsport, Tennessee 37662

Eastman Investment and Employee Stock Ownership Plan

Table of Contents


Report of Independent Registered Public Accounting Firm			1

Basic Financial Statements:

Statements of Net Assets Available for Benefits at December 31, 2020 and 2019			2

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2020 and 2019			3

Notes to Financial Statements			4-15

Additional Information (Note A):

Schedule of Assets (Held at End of Year) at December 31, 2020			17-31

Signatures			32

Exhibits			33


Note A:			Other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants, Investment Plan Committee, and Plan Administrator of the

Eastman Investment and Employee Stock Ownership Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2020 and 2019, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information contained in the Schedule of Assets (Held at End of Year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Brown Smith Wallace, LLP

We have served as the Plan's auditor since 2014.

St. Louis, Missouri

June 21, 2021

Eastman Investment and Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2020 and 2019

(in thousands)


			2020						2019
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Assets

Investments at fair value	$	2,461,345	$	201,632	$	2,662,977	$	2,299,430	$	165,990	$	2,465,420

Investments at contract value	815,382		—		815,382		708,755		—		708,755

Total investments	3,276,727		201,632		3,478,359		3,008,185		165,990		3,174,175

Receivables:

Plan sponsor contributions	36,341		11,597		47,938		36,513		12,569		49,082

Notes receivable from participants	49,704		—		49,704		53,475		—		53,475

Other receivables	3,591		1,849		5,440		3,111		1,368		4,479

Total assets	3,366,363		215,078		3,581,441		3,101,284		179,927		3,281,211


Liabilities



Other liabilities	377		1,458		1,835		1,903		2,402		4,305

Total liabilities	377		1,458		1,835		1,903		2,402		4,305

Net assets available for benefits	$	3,365,986	$	213,620	$	3,579,606	$	3,099,381	$	177,525	$	3,276,906

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2020 and 2019

(in thousands)


			2020						2019
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Additions to net assets:

Investment income
Interest	$	15,644	$	—	$	15,644	$	17,972	$	—	$	17,972
Dividends	12,691		5,641		18,332		14,025		5,405		19,430
Net appreciation in fair value of investments	390,059		43,683		433,742		438,981		12,016		450,997
Net investment gain	418,394		49,324		467,718		470,978		17,421		488,399
Interest income from notes receivable	2,833		—		2,833		2,960		—		2,960
Participant contributions	110,888		—		110,888		110,100		—		110,100
Plan sponsor contributions	55,048		11,597		66,645		54,934		12,569		67,503
Total additions	587,163		60,921		648,084		638,972		29,990		668,962

Deductions from net assets:

Distributions to and withdrawals by participants	335,796		8,729		344,525		361,588		11,317		372,905
Administrative expenses	859		—		859		835		—		835
Total deductions	336,655		8,729		345,384		362,423		11,317		373,740
Net increase in net assets	250,508		52,192		302,700		276,549		18,673		295,222
Transfers from non-participant directed	16,097		(16,097)		—		9,953		(9,953)		—

Net assets available for benefits at beginning of year	3,099,381		177,525		3,276,906		2,812,879		168,805		2,981,684
Net assets available for benefits at end of year	$	3,365,986	$	213,620	$	3,579,606	$	3,099,381	$	177,525	$	3,276,906

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

1.DESCRIPTION OF PLAN

The Eastman Investment and Employee Stock Ownership Plan (the "Plan") is a defined contribution plan of a controlled group of corporations consisting of Eastman Chemical Company and certain of its wholly-owned subsidiaries operating in the United States ("Eastman", the "Company" or the "Plan Sponsor"). The Plan is organized pursuant to Sections 401(a) and (k) and Section 4975(e) (7) of the Internal Revenue Code ("IRC"). All United States employees of Eastman, with the exception of certain limited service and special program employees, and employees covered by a collective bargaining agreement with the Company, unless the collective bargaining agreement or the Plan specifically provides for participation, are eligible to participate in the Plan on their first day of employment with Eastman. The Plan was adopted by Eastman, the Plan Sponsor, on January 1, 1994 and is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is administered by the Investment Plan Committee ("IPCO"), which is the Plan Administrator and is comprised of Eastman employees. The Plan has trusts which are administered by the Fidelity Management Trust Company (the "Trustee"). The trusts include the Eastman Chemical Trust and the Eastman Stock Ownership Plan ("ESOP") Trust.

Money in the forfeiture account of the Plan is available to be used both to offset future Company contributions and for various administrative expenses of the Plan. The balance of the forfeiture account at December 31, 2020 and 2019 was $63,514 and $452,969, respectively. There was approximately $450,000 used to offset employer contributions in 2020. There was approximately $100,000 used to offset employer contributions and $65,000 to reduce plan expenses in 2019.

On or after January 1, 2007, each eligible employee hired by the Company will, in addition to the Retirement Savings Contribution ("RSC"), be automatically enrolled as a participant in the Eastman Investment Plan ("EIP") portion of the Plan. The participants will be deemed to have elected to defer 7% of their qualifying compensation each pay period to the EIP portion of the Plan, unless they affirmatively decline or they elect to contribute a percentage other than 7%. Each participant will also be eligible to receive a matching contribution from the Company equal to 50% of the first 7% of their pay that they contribute to the Plan each pay period. Plan participants may elect to enroll in an automatic annual increase program with an increase to deferral rates each year until the participant's deferral reaches 40%. Their contributions will be invested in a Vanguard Target Date Fund that has a target retirement date closest to the year in which the participant reaches age 65 until changed by the participant.

Coronavirus Aid, Relief and Economic Security Act

The Coronavirus Aid, Relief, and Economic Security ("CARES") Act became law on March 27, 2020. The CARES Act was a response to the market volatility and instability resulting from the coronavirus pandemic and provides special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans for certain retirement plans. Under the CARES Act, the Plan added a distribution option, which allows for penalty free withdrawals up to $100,000 until December 31, 2020 that may be repaid over a three-year period (including income taxes). The Plan also increased the maximum loan amount from $50,000 or 50% of a participant's vested account balance to $100,000 or 100% of a participant's vested balance for loans issued up until September 23, 2020 and permitted new and existing loan repayments to be deferred through December 31, 2020. Required minimum distributions for calendar year 2020 are waived for retired and retirement eligible individuals.

For additional information regarding the Plan, see the complete Plan documents.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Contributions and vesting

Contributions to the Plan are made through two separate provisions: (1) deferral of qualifying compensation and (2) contributions by the Plan Sponsor of cash or its common stock to the participants' accounts as determined by the Compensation and Management Development Committee of the Board of Directors of Eastman.

The Plan includes a salary deferral provision allowing eligible employees to defer up to 40% of qualifying compensation, as defined in the Plan, up to the statutory limit of $19,500 for 2020 and $19,000 for 2019 as permitted by the IRC. For the catch-up salary deferral, an eligible employee who attained age 50 before the close of the calendar year was allowed to defer up to an additional $6,500 for 2020 and $6,000 for 2019 of qualifying compensation, as defined in the Plan, up to certain IRC limitations. Plan Sponsor contributions are also subject to certain other limitations. Participants' salary deferrals are contributed to the Plan by Eastman on behalf of the participants. The Plan's Trustee invests amounts contributed to the Plan, as designated by the participant, in common stock of Eastman, various mutual funds, and/or interest in a guaranteed investment contract fund (see Notes 6 and 7). Generally, participants may transfer amounts among the funds on any business day. Additionally, participants may diversify amounts from their ESOP Fund account within the Plan (see Note 10). Each participant is at all times 100% vested in their account, with the exception of amounts transferred from other plans, which may continue to be subject to the former plans' vesting requirements, as applicable.

The Plan requires for the RSC to be contributed either to the employee's ESOP Fund accounts for employee's first five RSC contributions or into other Plan funds, as directed by the participant, for participants with more than five RSC contributions. For participants with more than five RSC contributions, the RSC is allocated to participant-directed funds in accordance with each participant's investment elections at such time as the RSC is made.

Plan Sponsor contributions may be paid at any time during the plan year and subsequent to such plan year through the due date for filing the Company's federal income tax return, including any extensions. Contributions may be paid to the ESOP Trust in cash or shares of Eastman common stock and are deposited in the Company contribution account. Allocations to the participants' accounts from the Company contribution account will be made each plan year to participants who are eligible employees on the date designated by the Company. Participants are not permitted to make contributions to the ESOP Trust.

Employees may elect to transfer, into any of the Plan's fund options, balances received from (1) lump sum payouts from the Eastman Retirement Assistance Plan, Solutia Cash Balance Pension Plan, Solutia Employees' Pension Plan, or Sterling Chemicals Pension Plan, qualified defined benefit plans also sponsored by Eastman Chemical Company, (2) a former employer's 401(a) and 401(k) plan, or (3) an employee's individual retirement account containing amounts received from a qualified defined contribution plan under Section 401(a) and 401(k) of the IRC. All rollover contributions into the Plan must meet the applicable IRC requirements.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Notes receivable from participants

The IPCO may grant a note receivable (loan) of at least $1,000 to a participant provided that the aggregate of the participant's notes receivable does not exceed the lesser of (1) $50,000 reduced by the excess, if any, of (a) the participant's highest notes receivable balance from the preceding 12 months over (b) the outstanding total notes receivable balance from the Plan on the date on which the notes receivable was made, or (2) 50% of the non-forfeitable portion of the participant's account. Additional limitations on the availability of loans may apply to individuals who are categorized as "insiders" for purposes of federal securities laws. In accordance with the Plan provisions, the rate of interest on new participant notes receivable approximates current market rates. The term of any notes receivable from participants is determined by IPCO and shall not exceed five years. Notes receivable from participants transferred to the Plan from acquisitions carry terms applicable under that plan and may have terms that exceed five years. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2020 or 2019. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan is reduced and a benefit payment is recorded. At December 31, 2020, $49.7 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 6.5% and various maturity dates through January 2026. At December 31, 2019, $53.5 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 6.5% and various maturity dates through January 2026.

Distributions

Distributions from the Plan require the approval of IPCO or its designee and are made under the following circumstances:

•Upon attaining age 59½, a participant may elect to receive a lump sum cash distribution of their total or partial account value while still actively employed.

•Upon separation of service from Eastman for any reason except death, the full value of a participant's account is distributed in a lump sum payment for those participants whose account value is less than or equal to $1,000. Separated participants with accounts in excess of $1,000 may elect either (1) to defer distribution until a later date but, in no event, later than April 1 of the calendar year following the year a participant attains age 72 or (2) an immediate lump-sum distribution of the participant's account or, at the election of the participant, distributions in monthly or annual installments. Participants in the Eastman Stock Fund or ESOP Fund may elect a lump sum distribution in Eastman common stock.

•In the event of death, the value of a participant's account is paid in a lump sum if the designated beneficiary is not the surviving spouse or if the account value is less than or equal to $1,000. If the beneficiary is a surviving spouse and the participant account value exceeds $1,000, payment will be made in either a lump-sum amount or, at the election of the surviving spouse, in monthly or annual installments.

•Distributions to participants shall commence in the year following the year a participant attains age 72, unless the participant is still actively employed with the Company.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•Approval of hardship withdrawals will only be granted in order to meet obligations relating to the payment of substantial out-of-pocket medical expenses, the purchase of a primary residence, the payment of tuition or other post-secondary educational expenses, or payments to prevent eviction or foreclosure. They are also granted for payment of funeral expenses for a deceased parent, spouse or child of the participant, or payment of expenses for repair or damage to the participant's principal residence. Hardship withdrawals may not exceed the value of the participant's accounts in the Plan on the date of withdrawal.

•The Trustee is authorized to honor qualified domestic relation orders issued and served in accordance with Section 414(p) of the IRC.

Investment of ESOP Fund Assets

ESOP Fund assets are invested primarily in Eastman common stock. However, at IPCO's discretion, funds may also be invested in other securities or held in cash.

Investment assets can be acquired by the ESOP Fund in three ways:

•The Company may make a direct contribution of cash to the ESOP Fund, which would then be used to purchase Eastman common stock or other securities.

•The Company may contribute shares of Eastman common stock directly to the ESOP Fund.

•The Company may direct the Trustee to obtain a loan to purchase securities (i.e., leveraged ESOP). Until the loan is repaid, securities acquired with the respective loan proceeds are not available to be allocated to participants' accounts and are maintained in a "Loan Suspense Account". On the last day of each plan year, a proportionate share of securities relating to loan amounts which have been repaid will be transferred out of the Loan Suspense Account and allocated to the accounts of ESOP Fund participants. The ESOP Fund currently is not a leveraged ESOP.

Dividends attributable to the ESOP Fund

IPCO may direct that Eastman common stock dividends attributable to the non-participant directed ESOP Fund be (a) allocated to the accounts of participants, (b) paid in cash to the participants on a nondiscriminatory basis, or (c) paid by the Company directly to participants. Alternatively, dividends received from Eastman common stock maintained in the Loan Suspense Account may be applied to reduce the related loan balance.

Allocations to participants' ESOP Fund accounts

Separate participant accounts are established to reflect each participant's interest in the ESOP Fund and are maintained under the unit value method of accounting. The ESOP Fund account maintained for each participant consists of:

•Plan Sponsor contributions made or invested in shares of Eastman common stock.

•Shares of Eastman common stock purchased with assets transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company and/or acquired with the proceeds of a loan released from the Loan Suspense Account.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•An allocable share of short-term interest and money market funds held in the ESOP Fund for purposes of payment of expenses and similar purposes.

•After-tax contributions transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company (such after-tax contributions are no longer permitted under the ESOP provisions).

The number of units allocated to a participant's account in any year is based on the ratio of the participant's compensation to the total compensation of all eligible employees entitled to share in the allocation for that plan year. In any year in which a Company contribution is made, a participant's allocation will not be less than one share of stock.

Federal law limits the total annual contributions that may be made on a participant's behalf to all defined contribution and defined benefit plans offered by the Company. Participants will be notified if their total annual contribution is limited by this legal maximum.

2.SUMMARY OF ACCOUNTING POLICIES

The following accounting policies, which conform to accounting principles generally accepted in the United States of America ("US GAAP"), have been used consistently in the preparation of the Plan's financial statements.

Basis of accounting

The Plan's financial statements are prepared on the accrual basis of accounting.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investment policy and valuation

The Plan's investments are stated at fair value except for its fully benefit responsive investment contract, which is valued at contract value (see Note 7). If available, quoted market prices are used to value investments. IPCO determines the Plan's valuation policies utilizing information provided by Fidelity Investments and the Director of Benefits Finance and Investments. See Note 8 for discussion of fair value measurements.

For investments in the ESOP Fund and the Eastman Stock Fund, the Trustee may keep any portion of participant and Plan Sponsor contributions temporarily in cash or liquid investments as it may deem advisable. All dividends, interest or gains derived from investment in each fund are reinvested in the respective fund by the Trustee.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded at the ex-dividend date.

The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation on those investments.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Payments to participants

Benefit payments to participants are recorded when paid.

3.RISKS AND UNCERTAINTIES

Investment securities are exposed to various risks, such as interest rate risk, market risk, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements. Included in investments at December 31, 2020 and 2019 are shares of the Plan Sponsor's common stock amounting to approximately $304 million and $306 million, respectively. This investment represents 8.7% and 9.6% of total investments at December 31, 2020 and 2019, respectively. A significant decline in the market value of the Plan Sponsor's stock would significantly affect the net assets available for benefits.

4.CONTRIBUTIONS

Participant contributions represent qualifying compensation and other qualifying employee bonuses withheld from participating employees by Eastman and contributed to the Plan. Contributions are invested in the Plan's funds as directed by the participants, with the exception of the ESOP Fund, subject to ERISA funding limitations. The Plan has accrued Company contributions for participant-directed funds of $36.3 million and $36.5 million and for the non-participant-directed ESOP Fund of $11.6 million and $12.6 million at December 31, 2020 and 2019, respectively.

5.NOTES RECEIVABLE FROM PARTICIPANTS

The Plan Trustee makes loans to participants in accordance with Plan provisions. The loans are reflected as notes receivable from participants. Notes receivable from participants are accounted for as a transfer from the fund directed by the participant to the Notes Receivable from Participants Fund. The principal portion of participant repayments reduces the Notes Receivable from Participants Fund receivable. The principal and interest repaid are directed to funds to which the participant's current contributions are directed; the principal is accounted for as a transfer and the interest accounted for as income in the fund to which the participant's current contributions are directed. The Notes Receivable from Participants Fund's net assets and other changes in net assets are included in the participant-directed funds in the Statements of Net Assets and Changes in Net Assets Available for Benefits, respectively. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest.

Unless otherwise specified by the participant, the proceeds of new notes receivable will be withdrawn from the investment funds on a pro-rata basis. Outstanding notes receivable from participants at December 31, 2020 and 2019 were approximately $49.7 million and $53.5 million, respectively. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $2.8 million and $3.0 million in 2020 and 2019, respectively.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

6.INVESTMENTS

At December 31, 2020 and 2019, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and managed income fund, including synthetic investment contracts (see Note 7) and bonds. Subject to certain limitations, participants are provided the option of directing their contributions among the investment options. The Plan also holds an interest in the non-participant directed Eastman ESOP Fund, which invests in Eastman Chemical Company common stock and short-term interest funds. The following table presents the Plan's investments by type at December 31, 2020 and 2019, respectively.


(in thousands)	2020		2019

Cash and cash equivalents	$	3,651	$	5,562
Common stock - Eastman Chemical Company	303,851		305,542
Common stock - other	120,759		125,370
Mutual funds	684,501		612,195
Collective investment trusts	1,424,586		1,326,203
Pooled separate accounts	—		3,620
Managed income fund	815,382		708,755
Self-directed brokerage account - mutual funds	125,629		86,928
Total	$	3,478,359	$	3,174,175

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2020 and 2019:

Eastman Stock Fund

This participant-directed fund consists primarily of Eastman common stock. Purchases and sales of Eastman common stock are generally made on the open market on behalf of and as elected by Plan participants. During 2020, the Trustee purchased 1,470,402 shares of Eastman common stock for the fund at an average price of $53.22 per share, and sold 2,216,695 shares of Eastman common stock for the fund at an average price of $77.63 per share. During 2019, the Trustee purchased 772,101 shares of Eastman common stock for the fund at an average price of $70.41 per share, and sold 1,076,235 shares of Eastman common stock for the fund at an average price of $78.23 per share. Dividends paid from the Eastman Stock Fund totaled $5.1 million in both 2020 and 2019.

Eastman ESOP Fund

This non-participant directed fund consists primarily of Eastman common stock. Purchases and sales of Eastman common stock are generally made on the open market, on behalf of its participants and as directed by the Plan's guidelines. During 2020, the Trustee purchased 194,498 shares of Eastman common stock for the fund at an average price of $70.00 per share, and sold 284,614 shares of Eastman common stock for the fund at an average price of $79.43 per share. During 2019, the Trustee purchased 208,800 shares of Eastman common stock for the fund at an average price of $80.50 per share, and sold 252,211 shares of Eastman common stock for the fund at an average price of $76.80 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP fund.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

7.SYNTHETIC INVESTMENT CONTRACTS

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $815 million and $709 million at December 31, 2020 and 2019, respectively. The term "synthetic" investment contract is used to describe a variety of investment contracts under which a Plan retains ownership of the invested assets, or owns units of an account or trust which holds the invested assets. A synthetic investment contract, also referred to as a "wrap" contract, is negotiated with an independent financial institution. Under the terms of these investment contracts, the contract issuer ensures the Plan's ability to pay eligible employee benefits at book value. The investment performance of a synthetic investment contract may be a function of the investment performance of the invested assets. Participants can redeem interest in this daily and there is no notice period on these redemptions.

A wrap contract is an agreement by another party, such as a bank or insurer, to make payments to the Fund in certain circumstances. Wrap contracts are designed to allow a stable value fund, such as the Fund, to maintain a constant net asset value ("NAV") and to protect the Fund in extreme circumstances. In a typical wrap contract, the wrap issuer agrees to pay the Fund the difference between the contract value and the market value of the covered assets once the market value has been totally exhausted. Though relatively unlikely, this could happen if the Fund experiences significant redemptions (redemption of most of the Fund's shares) during a time when the market value of the Fund's covered assets are below their contract value and market value is ultimately reduced to zero. If that occurs, the wrap issuer agrees to pay the Fund an amount sufficient to cover shareholder redemptions and certain other payments (such as fund expenses), provided all the terms of the wrap contract have been met. Purchasing wrap contracts is similar to buying insurance, in that the Fund pays a relatively small amount to protect against a relatively unlikely event (the redemption of most of the shares of the Fund). Fees paid by the Fund for wrap contracts are a component of the Fund's expenses.

Wrap contracts accrue interest using a formula called the "crediting rate". Wrap contracts use the crediting rate formula to convert market value changes in the covered assets into income distributions in order to minimize the difference between the market and contract value of the covered assets over time. Using the crediting rate formula, an estimated future market value is calculated by compounding the Fund's current market value at the Fund's current yield to maturity for a period equal to the Fund's duration. The crediting rate is the discount rate that equates the estimated future market value with the Fund's current contract value. Crediting rates are reset quarterly. The wrap contracts provide a guarantee that the crediting rate will not fall below zero percent.

The crediting rate, and hence the Fund's return, may be affected by many factors, including purchases and redemptions by shareholders. The precise impact on the Fund depends on whether the market value of the covered assets is higher or lower than the contract value of those assets. If the market value of the covered assets is higher than their contract value, the crediting rate will ordinarily be higher than the yield of the covered assets. Under these circumstances, cash from new investors will tend to lower the crediting rate and the Fund's return, and redemptions by existing shareholders will tend to increase the crediting rate and the Fund's return.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

The Fund and the wrap contracts purchased by the Fund are designed to pay all participant-initiated transactions at contract value. Participant-initiated transactions are those transactions allowed by the underlying defined contribution plan (typically this would include withdrawals for benefits, loans, or transfers to non-competing funds within the Plan). However, the wrap contracts limit the ability of the Fund to transact at contract value upon the occurrence of certain events. These events include:

•The Plan's failure to qualify under Section 401(a) or Section 401(k) of the IRC.

•The establishment of a defined contribution plan that competes with the Plan for employee contributions.

•Any substantive modification of the Plan or the administration of the Plan that is not consented to by the wrap issuer.

•Complete or partial termination of the Plan.

•Any change in law, regulation or administrative ruling applicable to the Plan that could have a material adverse effect on the Fund's cash flow.

•Merger or consolidation of the Plan with another plan, the transfer of Plan assets to another plan, or the sale, spin-off or merger of a subsidiary or division of the Plan Sponsor.

•Any communication given to participants by the Plan Sponsor or any other Plan fiduciary that is designed to induce or influence participants not to invest in the Fund or to transfer assets out of the Fund.

•Exclusion of a group of previously eligible employees from eligibility in the Plan.

•Any early retirement program, group termination, group layoff, facility closing, or similar program.

•Any transfer of assets from the Fund directly to a competing option.

At this time, the occurrence of any of these events is not considered probable by IPCO.

8.FAIR VALUE MEASUREMENT

Following is a description of the valuation methodologies used for assets measured at fair value:

•Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

•Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

•Collective investment trusts: The Plan's collective trust investments are held in separate investment accounts, which are valued using the readily determinable fair value ("RDFV"). The RDFV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, target date funds, and short-term investments. The collective trust investments held by the Plan publish their RDFV daily and transact at that price.

•Pooled separate accounts: The Plan's pooled separate accounts are held in separate investment accounts at an insurance company, which are valued using RDFV. The RDFV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, target date funds, and short-term investments. The pooled separate accounts held by the Plan publish their RDFV daily and transact at that price.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•Self-directed brokerage account - mutual funds: Unit valuation based on the published underlying NAV of the mutual funds. These mutual funds are deemed to be actively traded.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

US GAAP provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under US GAAP are described below:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Unobservable inputs based on the Plan's assumptions used to measure assets and liabilities at fair value.

A financial instrument's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2020 and 2019:


(in thousands)	December 31, 2020		December 31, 2019
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and cash equivalents	$	3,651	$	5,562
Common stock - Eastman Chemical Company	303,851		305,542
Common stock - other	120,759		125,370
Mutual funds	684,501		612,195
Collective investment trusts	1,424,586		1,326,203
Pooled separate accounts	—		3,620
Self-directed brokerage account - mutual funds	125,629		86,928
Total	$	2,662,977	$	2,465,420

There are no redemption restrictions on the mutual fund investments, collective investment trusts, or pooled separate accounts. They are fully liquid and can be redeemed on a daily basis. There are no Level 2 or Level 3 investments at December 31, 2020 and 2019.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

9.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $5.4 million and $4.5 million at December 31, 2020 and 2019, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $1.8 million and $4.3 million at December 31, 2020 and 2019, respectively, represent liabilities from the purchase of investments.

10.DIVERSIFICATION FROM ESOP FUND

A participant may direct that all or any portion of his ESOP Fund account be transferred to other funds in the Plan without restrictions. During 2020 and 2019, $16.1 million and $10.0 million, respectively, were transferred from the ESOP Fund within the Plan in connection with this program.

11.PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participant accounts will be distributed to individual participants in accordance with the Plan document and ERISA provisions.

12.FEDERAL INCOME TAX STATUS

The Internal Revenue Service ("IRS") has determined and informed the Plan Sponsor by a letter dated May 11, 2015, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe the Plan is qualified, and the related trust is tax-exempt. No provision for income taxes has been included in the Plan's financial statements.

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

13.PLAN EXPENSES

Reasonable expenses of administering the Plan, unless paid by the Company, shall be paid by the Plan. For both 2020 and 2019, trustee fees associated with the Eastman Stock Fund and the Eastman ESOP Fund were paid with assets of those individual funds. Brokerage fees, transfer taxes, investment fees and other expenses incidental to the purchase and sale of securities and investments shall be included in the cost of such securities or investments or deducted from the sales proceeds. Administration fees for notes receivable from participants are deducted quarterly from the accounts of participants with outstanding notes receivable balances. Origination fees from notes receivable from participants are deducted from the participant's account at the inception of the note receivable. As of April 2016, the EIP fee methodology was changed to improve fee transparency. The methodology was changed from a revenue sharing model to a flat-dollar payment model. The flat-dollar payment is charged quarterly to the participant account and covers administrative fees including recordkeeping, legal, and consulting. Investment related fees are charged directly to the participant account via the investment NAV.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

14.RELATED PARTIES

Certain Plan investments are shares of mutual funds managed by the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions, which are exempt from prohibited transaction rules. The Plan also invests in the common stock of the Plan Sponsor as well as notes receivable from Plan participants, both of which qualify as parties-in-interest to the Plan and are exempt from prohibited transaction rules (see Note 6).

15.SUBSEQUENT EVENTS

The Plan Administrator has evaluated events occurring between December 31, 2020 and June 21, 2021 for proper recording and disclosure in these financial statements.

Supplemental Schedule

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

Eastman Chemical Company

Common Stock, Participant directed, 1,032 Shares

103,533

Eastman Chemical Company

Common Stock, Non-Participant directed, 1,998 Shares

102,810

200,318

Subtotal – Common Stock – Eastman Chemical Co

303,851

Abbott Laboratories

Common Stock, 2 Shares

267

Accenture Plc Cl A

Common Stock, 3 Shares

822

Air Products & Chemicals Inc.

Common Stock, 6 Shares

1,583

Alexandria Real Estate Equity Income REIT

Common Stock, 3 Shares

448

Altria Group Inc

Common Stock, 22 Shares

905

American Express Co

Common Stock, 15 Shares

1,840

AmerisourceBergen Corp

Common Stock, 10 Shares

1,013

Amgen Inc

Common Stock, 3 Shares

673

Analog Devices Inc

Common Stock, 19 Shares

2,805

Apple Inc

Common Stock, 7 Shares

933

Arthur J Gallaghar and Co

Common Stock, 8 Shares

983

Automatic Data Processing Inc

Common Stock, 6 Shares

1,053

Avalonbay Communities Inc REIT

Common Stock, 5 Shares

730

Bank of America Corporation

Common Stock, 85 Shares

2,591

Becton Dickinson & Co

Common Stock, 5 Shares

1,188

Best Buy Co Inc

Common Stock, 12 Shares

1,183

Blackrock Inc

Common Stock, 4 Shares

3,038

Boston Properties Inc

Common Stock, 3 Shares

326

Bristol-Myers Squibb Co

Common Stock, 43 Shares

2,645

Capital One Financial Corp

Common Stock, 6 Shares

627

Chevron Corp

Common Stock, 20 Shares

1,679

Chubb Ltd

Common Stock, 9 Shares

1,334

Citigroup Inc

Common Stock, 14 Shares

878

CME Group Inc Cl A

Common Stock, 14 Shares

2,569

CMS Energy Corp

Common Stock, 17 Shares

1,041

Coca Cola Co

Common Stock, 21 Shares

1,131

Comcast Corp Cl A

Common Stock, 62 Shares

3,258

ConocoPhillips

Common Stock, 48 Shares

1,934

CVS Health Corp

Common Stock, 16 Shares

1,093

Deere & Co

Common Stock, 6 Shares

1,515

Dover Corp

Common Stock, 19 Shares

2,389

Eaton Corp PLC

Common Stock, 18 Shares

2,153

Entergy Corp

Common Stock, 6 Shares

622

EOG Resources Inc

Common Stock, 16 Shares

794

Fidelity Natl Inform Svcs Inc

Common Stock, 11 Shares

1,509

General Dynamics Corporation

Common Stock, 10 Shares

1,551

Hartford Finl Svcs Group Inc

Common Stock, 19 Shares

952

Hasbro Inc

Common Stock, 10 Shares

963

Home Depot Inc

Common Stock, 8 Shares

2,139

Honeywell Intl Inc

Common Stock, 5 Shares

1,020

Intl Bus Mach Corp

Common Stock, 8 Shares

1,051

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b) Identity of issue, borrower, lessor, or similar party

(d) Historical Cost

(e) Current Value

Johnson & Johnson

Common Stock, 17 Shares

2,740

Lilly (Eli) & Co

Common Stock, 9 Shares

1,585

Marsh & McLennan Cos Inc

Common Stock, 3 Shares

409

McDonalds Corp

Common Stock, 8 Shares

1,814

Medtronic Plc

Common Stock, 21 Shares

2,447

Merck & Co Inc New

Common Stock, 12 Shares

963

Metlife Inc

Common Stock, 20 Shares

958

Microsoft Inc

Common Stock, 8 Shares

1,826

Mondelez Intl Inc

Common Stock, 31 Shares

1,838

Morgan Stanley

Common Stock, 30 Shares

2,085

Nextera Energy

Common Stock, 31 Shares

2,358

Norfolk Southern Corp

Common Stock, 7 Shares

1,762

Northern Trust Corp

Common Stock, 6 Shares

571

Northrop Grumman Corp

Common Stock, 3 Shares

930

Otis Worldwide Corp

Common Stock, 5 Shares

346

Parker Hannifin Corp

Common Stock, 8 Shares

2,116

Pepsico Inc

Common Stock, 10 Shares

1,523

Pfizer Inc

Common Stock, 20 Shares

737

Philip Morris Intl Inc

Common Stock, 28 Shares

2,357

PNC Financial Services Grp Inc

Common Stock, 18 Shares

2,662

PPG Industries Inc

Common Stock, 14 Shares

1,977

Price (T Rowe) Group Inc

Common Stock, 8 Shares

1,187

Proctor & Gamble Co

Common Stock, 10 Shares

1,343

Progressive Corp Ohio

Common Stock, 10 Shares

959

Prologis Inc REIT

Common Stock, 5 Shares

518

Public Svc Enterprise Grp Inc

Common Stock, 13 Shares

737

Raytheon Technologies Corp

Common Stock, 29 Shares

2,067

Realty Income Corp REIT

Common Stock, 3 Shares

199

Republic Services Inc

Common Stock, 11 Shares

1,017

Schwab Charles Corp

Common Stock, 24 Shares

1,282

Stanley Black & Decker Inc

Common Stock, 6 Shares

1,054

Starbucks Corp

Common Stock, 9 Shares

936

Sysco Corp

Common Stock, 24 Shares

1,801

Texas Instruments Inc

Common Stock, 16 Shares

2,648

TJX Companies Inc New

Common Stock, 23 Shares

1,572

Trane Technologies PLC

Common Stock, 5 Shares

688

Truist Finl Corp

Common Stock, 26 Shares

1,224

UnitedHealth Group Inc

Common Stock, 7 Shares

2,430

US Bancorp Del

Common Stock, 27 Shares

1,266

Valero Energy Corp

Common Stock, 7 Shares

398

Ventas Inc REIT

Common Stock, 8 Shares

369

Verizon Communications Inc

Common Stock, 34 Shares

1,986

VF Corp

Common Stock, 8 Shares

716

Vornado Realty Trust

Common Stock, 3 Shares

126

Walmart Inc

Common Stock, 11 Shares

1,649

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b) Identity of issue, borrower, lessor, or similar party

(d) Historical Cost

(e) Current Value

Xcel Energy Inc

Common Stock, 20 Shares

1,355

Subtotal - Common Stock – Other

120,759

Fidelity Management Trust Company

Interest Bearing Cash, Participant directed

1,875

Fidelity Management Trust Company

Interest Bearing Cash, Non-Participant directed

1,314

JPMORGAN USG MMKT FD CAP SHARE

Interest Bearing Cash Equivalents

462

Subtotal – Cash and Cash Equivalents

3,651

DFA US SMALL CAP VALUE I

Registered Investment Company 1,274 shares

43,881

DODGE & COX STOCK FUND

Registered Investment Company 672 shares

129,385

FID GOVT MMKT

Registered Investment Company 375 shares

375

FID US BOND INDX

Registered Investment Company 4,264 shares

53,083

FID GLB EX US IDX

Registered Investment Company 2,033 shares

29,616

FID 500 INDEX

Registered Investment Company 2,249 shares

292,735

FID EXT MKT IDX

Registered Investment Company 1,138 shares

95,017

NB GENESIS R6

Registered Investment Company 575 shares

40,409

Sub-Total Mutual Funds

684,501

BTC STR COMP NL M

Collective Investment Trust 67 shares

803

ARROWST ACWI EX-US A

Collective Investment Trust 443 shares

66,373

PRU CORE PL BD CL 5

Collective Investment Trust 428 shares

84,211

LOOMIS SAYLES & CO SMC GWTH C

Collective Investment Trust 1,710 shares

41,601

FID BLUE CHIP GR POOL

Collective Investment Trust 4,455 shares

134,897

VANGUARD TARGET INC

Collective Investment Trust 791 shares

40,865

VANGUARD TARGET 2015

Collective Investment Trust 593 shares

35,319

VANGUARD TARGET 2020

Collective Investment Trust 1,843 shares

120,488

VANGUARD TARGET 2025

Collective Investment Trust 2,769 shares

193,228

VANGUARD TARGET 2030

Collective Investment Trust 3,083 shares

226,962

VANGUARD TARGET 2035

Collective Investment Trust 1,646 shares

127,550

VANGUARD TARGET 2040

Collective Investment Trust 1,372 shares

110,418

VANGUARD TARGET 2045

Collective Investment Trust 932 shares

76,163

VANGUARD TARGET 2050

Collective Investment Trust 1,135 shares

92,999

VANGUARD TARGET 2055

Collective Investment Trust 571 shares

46,706

VANGUARD TARGET 2060

Collective Investment Trust 481 shares

23,696

VANGUARD TARGET 2065

Collective Investment Trust 76 shares

2,307

Sub-Total Collective Investment Trusts

1,424,586

Fidelity

Cash

3,451

AIG GLOBAL FDG SR MTN 2.3% 07/01/2022 144A

Corporate Bond 2.3% 7/1/22

561

AIG GLOBAL FDG 0.8% 07/07/2023 144A

Corporate Bond 0.8% 7/7/23

520

AIG GLOBAL FDG 0.9% 09/22/2025 144A

Corporate Bond 0.9% 9/22/25

2,009

AT&T INC 1.65% 2/01/2028

Corporate Bond 1.65% 2/01/28

1,768

ABBVIE INC 2.3% 11/21/2022

Corporate Bond 2.3% 11/21/22

1,902

AERCAP IRELAND 4.125% 07/03/23

Corporate Bond 4.125% 07/03/23

652

AERCAP IRELAND 4.875% 01/16/24

Corporate Bond 4.875% 01/16/24

511

AIR LEASE CORP 2.5% 03/01/21

Corporate Bond 2.5% 03/01/21

954

AIR LEASE CORP 4.25% 02/01/2024

Corporate Bond 4.25% 02/01/24

895

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

AMOT 2.7% 01/17/23

Mortgage Back Security 2018-1 A 2.7% 01/17/23

1,633

AMOT 2018-2 A3.29% 05/23

Mortgage Back Security 2018-2 A 3.29% 05/23

2,003

ALTRIA GROUP 3.8% 02/14/24

Corporate Bond 3.8% 02/14/24

789

ALTRIA GROUP 2.35% 05/06/25

Corporate Bond 2.35% 05/06/25

270

AMAZON.COM INC 0.8% 06/03/2025

Corporate Bond 0.8% 06/03/25

849

AMXCA 2018-4 A 2.99% 12-15-23

Mortgage Back Security 2018-4 A2 2.99% 12/15/23

1,581

AMXCA 2018-6 A 3.06% 02/15/24

Mortgage Back Security 2018-6 A2 3.06% 02/15/24

1,525

AMXCA 2019-2 A 2.67% 11/15/24

Mortgage Back Security 2019-2 A 2.67% 11/15/24

2,002

AMXCA 2019-1 A 2.87% 10/15/24

Mortgage Back Security 2019-1 A 2.87% 10/15/24

644

AMERICAN GENERAL LIFE

Synthetic GIC – 1.791% (fair value to contract value)

(3,456)

AMPHENOL CORPORATION NEW 3.2% 04/01/2024

Corporate Bond 3.2% 04/01/2024

324

AON CORP 2.2% 11/15/22

Corporate Bond 2.2% 11/15/22

420

APPLE INC 0.75% 05/11/2023

Corporate Bond 0.75% 05/11/23

1,418

AUTOZONE 3.125% 07/15/23

Corporate Bond 3.125% 07/15/23

1,133

AXA EQUITABLE 3.9% 4/20/23

Corporate Bond 3.9% 04/20/23

163

BACCT 2018-A1 A1 2.7% 07/17/23

Mortgage Back Security 2018-A1 A1 2.7% 07/17/23

2,004

BACCT 0.34% 05/15/26

Mortgage Back Security 0.34% 05/15/26

2,571

BAT INTL FINANCE PLC 1.668% 03/25/2026

Corporate Bond 1.668% 03/25/26

2,056

BMWFT 3.15% 5/15/23 144A

Mortgage Back Security 3.15% 5/15/23 144A

1,458

BPCE SA 2.75% 12/02/21

Corporate Bond 2.75% 12/02/21

840

BMWLT 2019-1 2.84% 11/22/21

Mortgage Back Security 2019-1 2.84% 11/22/21

507

BANK OF AMER 3.124%/VAR 1/20/23

Corporate Bond 3.124%/VAR 01/20/23

782

BK OF AMER 3.004% /VAR 12/20/23

Corporate Bond 3.004%/VAR 12/20/23

2,788

BANK OF AMERICA CO 3.864% 7/23/24

Corporate Bond 3.864% 7/23/24

2,202

BANK OF AMERICA CO 2.456%/VAR 10/22/25

Corporate Bond 2.456%/VAR 10/22/25

1,916

BANK OF AMERICA CO 1.319%/VAR 06/19/2026

Corporate Bond 1.319%/VAR 06/19/26

1,532

BANK OF AMERICA CO 1.197%/VAR 10/24/2026

Corporate Bond 1.197%/VAR 10/24/26

2,830

BANK OF MONTREAL QUE 1.85% 05/01/2025

Corporate Bond 1.85% 05/01/25

1,895

BANK NEW YORK MELLON CORP 1.6% 04/24/2025

Corporate Bond 1.6% 04/24/25

697

BOTWAT 2017-1 2.11% 01/15/23

Mortgage Back Security 2017-1 2.11% 01/15/23

345

BOTWAT 2018-1 A3 3.43% 12/15/22

Mortgage Back Security 2018-1 A3 3.43% 12/15/22

312

BOTWAT 2019-1 2.43% 04/15/24

Mortgage Back Security 2019-1 2.43% 04/15/24

818

BARCLAYS PLC 3.25% 01/12/21

Corporate Bond 3.25% 01/12/21

807

BARCLAYS BANK PLC 4.338%/VAR 5/16/24

Corporate Bond 4.338%/VAR 5/16/24

1,285

BARCLAYS PLC (UNGTD) 3.932%/VAR 05/07/25

Corporate Bond 3.932%/VAR 05/07/25

1,232

BARCLAYS PLC (UNGTD) 2.852%/VAR 05/07/2026

Corporate Bond 2.852% 05/07/26

1,046

BARCLAYS PLC 1.007% 12/10/2024

Corporate Bond 1.007% 12/10/24

1,161

BARCLAYS BANK PLC 1.7% 05/12/2022

Corporate Bond 1.7% 05/12/22

350

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

BMARK 2018-B2 A2 3.6623% 02/51

Mortgage Back Security 3.6623% 02/51

1,794

BMARK 2018-B7 A2 4.377% 05/53

Mortgage Back Security 4.377% 05/53

979

BMARK 2018-B8 A2 4.149% 01/15/52

Mortgage Back Security 4.149% 01/15/52

1,116

BERKSHIRE HATHAWA 2.8% 1/15/23

Corporate Bond 2.8% 1/15/23

1,902

BERKSHIRE HATHAWA 4.05% 04/15/2025

Corporate Bond 4.05% 04/15/25

1,597

BERKSHIRE HATH 2.75% 3/15/23

Corporate Bond 2.75% 3/15/23

751

BOSTON SCIENTIFIC 3.45% 03/01/24

Corporate Bond 3.45% 03/01/24

639

BP CAP MARKETS AMERICA INC 2.937% 04/06/2023

Corporate Bond 2.937% 04/06/23

440

BRISTOL-MEYERS 2.6% 05/16/22

Corporate Bond 2.6% 05/16/22

1,533

BRISTOL-MEYERS 2.9% 07/26/24

Corporate Bond 2.9% 07/26/24

2,042

CIGNA CORP 3.75% 07/15/23

Corporate Bond 3.75% 07/15/23

491

COMM 14-UBS6 ASB 3.387% 12/10/47

Mortgage Back Security 3.387% 12/10/47

341

COMM 2015-CR22 A2 2.856% 03/48

Mortgage Back Security 2.856% 03/48

139

COMM 2015-CR22 ASB 3.144% 03/48

Mortgage Back Security 3.144% 03/48

563

COMM 15-CCRE23 3.257% 05/48

Mortgage Back Security 3.257% 05/48

624

COMM 15-CCRE26 3.373% 10/48

Mortgage Back Security 3.373% 10/48

458

CSMC 16-NXSR A1 1.9708% 12/49

Mortgage Back Security 1.9708% 12/49

CSAIL 2017-CX9 A2 3.0538% 09/15/50

Mortgage Back Security 3.0538% 09/15/50

1,356

COMM 2012-LC4 A4 3.288% 12/44

Mortgage Back Security 3.288% 12/44

1,809

COMM 2012-CR3 ASB 2.372% 11/45

Mortgage Back Security 2.372% 11/45

362

COMM 2012-CR3 A3 2.822% 10/45

Mortgage Back Security 2.822% 10/45

896

COMM 2013-CCRE7 3.213% 03/46

Mortgage Back Security 3.213% 03/46

904

COMM 2013-CCRE8 3.612% 06/46

Mortgage Back Security 3.612% 06/46

662

CSAIL 2015-C2 COML 3.2241% 06/57

Mortgage Back Security 3.2241% 06/57

616

CSAIL 2015-C3 A4 3.7182% 08/48

Mortgage Back Security 3.7182% 08/48

1,327

CNH 2018-A A3 3.12% 07/23

Mortgage Back Security 3.12% 07/23

778

CVS HEALTH CORP 3.35% 03/09/21

Corporate Bond 3.35% 03/09/21

662

CA ST 2.40% 10/1/25

Government Bond 2.40% 10/1/25

1,293

CAN NATURAL RES 3.45% 11/15/21

Corporate Bond 3.45% 11/15/21

1,151

CPART 2018-1A A3 3.00% 11/21 144A

Mortgage Back Security 3.00% 11/21 144A

CPART 2018-2A A3 3.27% 12/22

Mortgage Back Security 3.27% 12/22

725

CAPITAL ONE FIN 3.2% 1/30/23

Corporate Bond 3.2% 1/30/23

2,667

CAPITAL ONE FIN 2.6% 5/11/23

Corporate Bond 2.6% 5/11/23

941

COMET MULTI-ASST 2.84% 12/15/24

Mortgage Back Security 2.84% 12/15/24

2,063

CAPITAL ONE NATL ASN 2.15% 09/06/22

Corporate Bond 2.15% 09/06/22

490

CAPITAL ONE BK NA 2.28%/VAR 01/28/2026

Corporate Bond 2.28%/VAR 01/28/26

1,499

CARMX 2017-4 2.11% 10/17/22

Mortgage Back Security 2.11% 10/17/22

162

CARMX 2017-3 A3 1.97% 04/15/22

Mortgage Back Security 1.97% 04/15/22

CARMX 2018-2 A3 2.98% 01/23

Mortgage Back Security 2.98% 01/23

448

CARMX 2018-4 3.36% 09/15/23

Mortgage Back Security 3.36% 09/15/23

821

CARMX 2019-1 3.05% 03/15/24

Mortgage Back Security 3.05% 03/15/24

1,173

CARMX 2020-4 0.5% 08/15/25

Mortgage Back Security 0.5% 08/15/25

1,279

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

CENTERPOINT ENE 2.50% 09/01/22

Corporate Bond 2.50% 09/01/22

400

CHEVRON CORP NEW 1.141% 05/11/2023

Corporate Bond 1.141% 05/11/23

1,284

CHEVRON CORP NEW 1.554% 05/11/2025

Corporate Bond 1.554% 05/11/25

1,488

CGCMT 2016-P6 A1 1.884% 12/49

Mortgage Back Security 2016-P6 A1 1.884% 12/49

CITIGROUP INC 2.75% 4/25/2022

Corporate Bond 2.75% 4/25/2022

1,362

CITIGROUP INC 2.7% 10/27/2022

Corporate Bond 2.7% 10/27/2022

209

CITIGROUP 3.142%/VAR 1/24/23

Corporate Bond 3.142%/VAR 1/24/23

705

CITIGROUP 3.106%/VAR 04/08/2026

Corporate Bond 3.106%/VAR 4/08/26

1,869

CCCIT 2018-A1 A1 2.49% 01/23

Mortgage Back Security 2018-A1 A1 2.49% 01/23

1,661

CGCMT 2012-GC8 A4 3.024% 9/45

Mortgage Back Security 2012-GC8 A4 3.024% 9/45

827

CGCMT 13-GC11 A4 3.093% 04/46

Mortgage Back Security 13-GC11 A4 3.093% 04/46

243

CGCMT 13-GC15 A4 4.371% 09/46

Mortgage Back Security 13-GC15 A4 4.371% 09/46

616

CGCMT 13-GC17 A4 4.131% 11/46

Mortgage Back Security 13-GC17 A4 4.131% 11/46

783

CGCMT 2014-GC21 3.477% 05/47

Mortgage Back Security 2014-GC21 3.477% 05/47

403

CGCMT 2014-GC23 A3 3.356% 07/47

Mortgage Back Security 2014-GC23 A3 3.356% 07/47

1,254

CGCMT 2016-GC36 AAB 3.368% 02/49

Mortgage Back Security 16-GC36 AAB 3.368% 02/49

844

CITIBANK NA 3.65% 01/23/24

Corporate Bond 3.65% 01/23/24

1,941

CITIBANK NA 3.165%/VAR 02/19/22

Corporate Bond 3.165%/VAR 02/19/22

1,523

CGCMT 2017-P7 A2 3.212% 04/50

Mortgage Back Security 2017-P7 A2 3.212% 04/50

816

CITIZENS BANK NA 2.65% 5/26/22

Corporate Bond 2.65% 5/26/22

887

CITIZENS FINCL 2.375% 7/28/21

Corporate Bond 2.375% 7/28/21

129

COMCAST CORP NEW 3.7% 04/24

Corporate Bond 3.7% 04/24

1,662

COMCAST CORP 3.95% 10/15/25

Corporate Bond 3.95% 10/15/25

990

COMCAST CORP NEW 3.1% 04/01/25

Corporate Bond 3.1% 04/01/25

COMPASS BANK 2.875% 6/29/22

Corporate Bond 2.875% 06/29/22

1,669

COMPASS BK BIRM 3.5% 6/11/21

Corporate Bond 3.5% 6/11/21

1,182

CREDIT SUISSE 2.593%/VAR 09/25 144A

Corporate Bond 2.593%/VAR 09/25 144A

1,363

CREDIT SUISSE GG 3.45% 4/16/21

Corporate Bond 3.45% 4/16/21

1,108

CREDIT SUISSE NY 2.8% 04/08/22

Corporate Bond 2.8% 04/08/22

726

CREDIT SUISSE NY 1% 05/05/23

Corporate Bond 1% 05/05/23

1,423

CSAIL 2019-C15 TR 3.4505% 03/15/52

Mortgage Back Security 2019-C15 3.4505% 03/15/52

1,105

DBUBS 2011-LC2A A4 4.537% 7/44

Mortgage Back Security 2011-LC2A A4 4.537% 7/44

1,005

DAIMLER FIN 2.85% 1/6/22 144A

Corporate Bond 2.85% 1/6/22 144A

1,080

DAIMLER FIN 2.3% 2/12/21 144A

Corporate Bond 2.3% 2/12/21 144A

1,719

DEERE & CO 2.75% 04/15/25

Corporate Bond 2.75% 04/15/25

118

DEERE JOHN CAPITAL 2.6% 03/07/24

Corporate Bond 2.6% 03/07/24

489

DEFT 2018-1 A3 3.18% 06/22/23

Mortgage Back Security 2018-1 A3 3.18% 06/22/23

DEFT 2018-2 A3 3.37% 10/22/23

Mortgage Back Security 2018-2 A3 3.37% 10/22/23

315

DEFT 2020-2 0.57% 10/23/23

Mortgage Back Security 2020-2 0.57% 10/23/23

957

DEUTS BANK AG NY BNCH 2.129%/VAR 11/24/26

Corporate Bond 2.129%/VAR 11/24/26

1,302

DISCOVER BKNT NEW 3.2% 8/9/21

Corporate Bond 3.2% 8/9/21

257

DISCOVER BANK 3.35% 2/06/23

Corporate Bond 3.35% 2/06/23

500

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

DCENT 2018-A5 A5 3.32% 03/24

Mortgage Back Security 2018-A5 A5 3.32% 03/24

1,909

DCENT 2019-A1 A1 3.04% 07/24

Mortgage Back Security 2019-A1 A1 3.04% 07/24

1,476

DOMINION GAS HLDGS 2.5% 11/24

Corporate Bond 2.5% 11/24

334

DOMINION RESOURCE 2% 8/15/21

Corporate Bond 2% 8/15/21

451

DUKE ENERGY 1.8% 9/1/21

Corporate Bond 1.8% 9/1/21

407

ERP OPERATING LP 3.375% 6/1/25

Corporate Bond 3.375% 6/1/25

820

EDISON INTRNL 2.95% 03/15/23

Corporate Bond 2.95% 03/15/23

288

EQUINOR ASA 1.75% 01/22/2026

Corporate Bond 1.75% 1/22/26

296

EVERSOURCE ENERGY 2.5% 3/15/21

Corporate Bond 2.5% 3/15/21

1,403

EXELON CORP VAR 06/01/2022

Corporate Bond VAR 06/01/2022

808

FHLG 15YR 2.5% 10/31 #G16387

Government Bond 2.5% 10/31 #G16387

1,120

FHLG 15YR 3% 05/33 #G16550

Government Bond 3% 05/33 #G16550

1,529

FHLG 25YR 5.50% 7/35 #G05815

Government Bond 5.50% 7/35 #G05815

FHLG 20YR 3.5% 06/32#C91456

Government Bond 3.5% 06/32#C91456

879

FHLG 5.50% 3/34 #G01665

Government Bond 5.50% 3/34 #G01665

FHLG 15YR 4.00% 4/26 #E02867

Government Bond 4.00% 4/26 #E02867

FHLG 15YR 3% 05/29 #J32373

Government Bond 3% 05/29 #J32373

3,477

FHLG 15YR 2.5% 11/28 #J32374

Government Bond 2.5% 11/28 #J32374

3,273

FHLG 15YR 2% 01/32 #ZS7735

Government Bond 2% 01/32 #ZS7735

4,180

FHLG 15YR 2.5% 12/31 #SB0093

Government Bond 2.5% 12/31 #SB0093

1,958

FHLG 15YR 3% 02/34 #SB0179

Government Bond 3% 02/34 #SB0179

2,348

FHLG 15YR 3.5% 04/34 #SB0378

Government Bond 3.5% 04/34 #SB0378

1,789

FHLG 5.50% 5/34 #Z40042

Government Bond 5.50% 5/34 #Z40042

522

FHLG 20YR 3% 11/33#G30872

Government Bond 3% 11/33#G30872

1,159

FHLG 20YR 3.5% 07/01/32#G31067

Government Bond 3.5% 07/01/32#G31067

570

FNMA 1.25% 08/17/21

Government Bond 1.25% 08/17/21

1,189

FNR 2012-149 DA 1.75% 01/43

Mortgage Back Security 2012-149 DA 1.75% 01/43

129

FNR 2012-151 PA 1.5% 01/25/43

Mortgage Back Security 2012-151 PA 1.5% 01/25/43

673

FNR PA 1.5% 02/25/43

Mortgage Back Security PA 1.5% 02/25/43

983

FNR 2013-16 GP 3% 03/25/33

Mortgage Back Security 2013-16 GP 3% 03/25/33

317

FNR PA 1.85% 5/33

Mortgage Back Security 1.85% 5/33

940

FNR PA 3% 6/25/43

Mortgage Back Security 3.0% 6/25/43

767

FNR PA 3% 4/44

Mortgage Back Security 2015-32 PA 3% 4/44

522

FNR P 2.5% 5/45

Mortgage Back Security 2015-28 P 2.5% 5/45

1,497

FNR 2015-28 JE 3% 05/45

Mortgage Back Security 2015-28 JE 3% 05/45

1,055

FNR 2015-42 LE 3% 06/45

Mortgage Back Security 2015-42 LE 3% 06/45

924

FNR 2015-49 LE 3% 07/45

Mortgage Back Security 2015-49 LE 3% 07/45

690

FNR 2015-54 GA 2.5% 07/45

Mortgage Back Security 2015-54 GA 2.5% 07/45

695

FNR 2016-19 AH 3% 04/46

Mortgage Back Security 2016-19 AH 3% 04/46

690

FNR 2016-26 CG 3% 05/46

Mortgage Back Security 2016-26 CG 3% 05/46

1,840

FNR 2016-27 HK 3% 01/41

Mortgage Back Security 2016-27 HK 3% 01/41

957

FNR 2016-27 KG 3% 01/40

Mortgage Back Security 2016-27 KG 3% 01/40

471

FNR 2016-37 BK 3% 06/25/46

Mortgage Back Security 2016-37-BK 3% 06/25/46

1,929

FNR 2016-34 3% GH 06/25/46

Mortgage Back Security 2016-34 GH 3% 06/25/46

1,799

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FNR 2016-105 PA 3.5% 4/45

Mortgage Back Security 2016-105 PA 3.5% 4/45

1,092

FNR 2016-100 P 3.5% 11/44

Mortgage Back Security 2016-100 P 3.5% 11/44

1,665

FNR 2017-11 HA 3.5% 12/45

Mortgage Back Security 2017-11 HA 3.5% 12/45

1,848

FNR 2017-20 AP 3.5% 03/45

Mortgage Back Security 2017-20 AP 3.5% 03/45

2,236

FNMA 2017-74 PA 3.5% 11/45

Mortgage Back Security 2017-74 PA 3.5% 11/45

1,776

FNR 2% 06/35

Mortgage Back Security 2% 06/35

2,241

FNR 2017-97 P 3% 01/47

Mortgage Back Security 2017-97 P 3% 01/47

1,358

FNR 2018-3 LP 3% 02/47

Mortgage Back Security 2018-3 LP 3% 02/47

3,165

FNR 2018-16 NB 3.25% 12/44

Mortgage Back Security 2018-16 NB 3.25% 12/44

942

FNR 2018-11 LA 3.5% 7/45

Mortgage Back Security 2018-11 LA 3.5% 7/45

1,505

FNR 2018-44 PA 3.5% 06/44

Mortgage Back Security 2018-44 PA 3.5% 06/44

3,172

FNR PA 3.5% 02/46

Mortgage Back Security PA 3.5% 02/46

1,622

FNMA GTD CTF 3.5% 10/44

Mortgage Back Security CTF 3.5% 10/44

1,491

FNR 2018-88 BA 4% 11/25/43

Mortgage Back Security 2018-88 BA 4% 11/25/43

740

FNMA GTD REM 2019-14 DA 4% 03/25/48

Mortgage Back Security 2019-14 DA 4% 03/25/48

827

FNMA GTD REM 4% 11/48

Mortgage Back Security 4% 11/48

1,308

FNMA GTD REM 3% 03/48

Mortgage Back Security 3% 03/48

3,860

FNMA GTD REM 2019-38 AB 3% 07/25/39

Mortgage Back Security 2019-38 AB 3% 07/25/39

1,953

FNMA GTD REM PA 2.5% 10/39

Mortgage Back Security 2.5% 10/39

1,135

FHLMC GT 4135 AB 1.75% 06/15/42

Mortgage Back Security 4135 AB 1.75% 06/15/42

104

FHLMC CTFS 2.682% 10/25/22

Government Bond CTFS 2.682% 10/25/22

419

FHLMC GT 2% 08/32

Mortgage Back Security GT 2% 08/32

224

FHLMC GT 2% 10/32

Mortgage Back Security GT 2% 10/32

239

FHLMC GT 3.0% 05/45

Mortgage Back Security GT 3.0% 05/45

594

FHLMC GT K720 A2 2.716% 06/22

Government Bond A2 2.716% 06/22

1,766

FHLMC GT K722 A2 2.406% 03/23

Government Bond A2 2.406% 03/23

1,659

FHMS K724 A1 2.776% 03/23

Government Bond K724 A1 2.776% 03/23

376

FREDDIE MAC 4656 PA 3.5% 10/15/45

Mortgage Back Security PA 3.5% 10/15/45

1,230

FHR 4683 EA 2.5% 05/47

Mortgage Back Security EA 2.5% 05/47

1,662

FHMS K027 A2 2.637% 01/23

Government Bond A2 2.637% 01/23

1,594

FHLMC CTF GT 3.3% 04/25/2023

Government Bond GT 3.3% 04/25/2023

1,526

FHLMC 1.125% 08/12/2021

Government Bond 1.125% 08/12/2021

1,485

FHMS 2017-K727 A1 2.632% 10/25/2023

Government Bond A1 2.632% 10/25/2023

199

FHLMC CTF GT K727 A2 2.946% 07/24

Government Bond A2 2.946% 07/24

1,899

FHLMC 4765 QA 3% 02/15/2046

Mortgage Back Security QA 3% 02/15/2046

2,408

FHLMC GT 4847 CA 3.5% 11/15/45

Mortgage Back Security CA 3.5% 11/15/45

1,428

FHLMC GT 4% 07/15/2047

Mortgage Back Security GT 4% 7/15/47

1,787

FHLMC GT 2019-4872 AB 4% 08/47

Mortgage Back Security AB 4% 08/47

1,578

FHLMC GT 3% 07/25/2039

Mortgage Back Security GT 3% 07/25/39

1,463

FREDDIE MAC 3% 10/25/2048

Mortgage Back Security 3% 10/25/48

1,532

FREDDIE MAC 2018-4766 MA 3.5% 02/46

Mortgage Back Security MA 3.5% 02/46

2,442

Fidelity Short Term Cash Fund

Fid Inst Cash Port: MM Fund Class 1 SHS F/N/A

10,963

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FNMA 5.50% 11/34 #310105

Government Bond 5.50% 11/34 #310105

385

FNMA 20YR 2.5% 01/33 #AL2974

Government Bond 20YR 2.5% 01/33 #AL2974

337

FNMA 20YR 2.5% 01/33 #AL2975

Government Bond 20YR 2.5% 01/33 #AL2975

396

FNMA 20YR 2.5% 01/33 #AL2976

Government Bond 20YR 2.5% 01/33 #AL2976

217

FNMA 20YR 2.5% 01/33 #AL2982

Government Bond 20YR 2.5% 01/33 #AL2982

275

FNMA 15YR 3.5% 10/29#AL5851

Government Bond 15YR 3.5% 10/29#AL5851

187

FNMA 15YR 3.5% 09/29#AL5878

Government Bond 15YR 3.5% 09/29#AL5878

470

FNMA 15YR 4.5% 11/25#AL8242

Government Bond 15YR 4.5% 11/25#AL8242

226

FNMA 15YR 2.5% 10/31 #AS8010

Government Bond 15YR 2.5% 10/31 #AS8010

804

FNMA 6.50% 7/32 #545759

Government Bond 6.50% 7/32 #545759

FNMA 6.50% 7/32 #545762

Government Bond 6.50% 7/32 #545762

FHR 3415 PC 5% 12/37

Mortgage Back Security 3415 PC 5% 12/37

FNR 2011-26 PA 4.5% 04/41

Mortgage Back Security 2011-26 PA 4.5% 04/41

457

FNMA 15YR 4% 05/29 #BM5499

Government Bond 15YR 4% 05/29 #BM5499

3,063

FNMA 15YR 3% 12/31 #BM1790

Government Bond 15YR 3% 12/31 #BM1790

752

FNMA 3.5% 07/32 #BM3929

Government Bond 3.5% 07/32 #BM3929

1,672

FNMA 15YR 3% 12/01/2032 #BM5109

Government Bond 15YR 3% 12/01/2032 #BM5109

4,709

FNMA 15YR 3% 09/01/2032 #BM5110

Government Bond 15YR 3% 09/01/2032 #BM5110

2,113

FNMA 15YR 3.5% 02/01/2035 #FM0065

Government Bond 15YR 3.5% 02/01/2035 #FM0065

1,759

FNMA 20YR 4.5% 06/01/2039 #FM1045

Government Bond 20YR 4.5% 06/01/2039 #FM1045

142

FNMA 20YR 4.5% 08/01/2039 #FM1353

Government Bond 20YR 4.5% 08/01/2039 #FM1353

344

FNMA 15YR 3% 06/01/2033

Government Bond 15YR 3% 06/01/2033

1,284

FNMA 30YR 4.5% 09/01/2049 #FM1534

Government Bond 30YR 4.5% 09/01/2049 #FM1534

2,332

FNMA 15YR 3.5% 09/01/2034 #FM1577

Government Bond 15YR 3.5% 09/01/2034 #FM1577

1,662

FNMA 15YR 3.5% 09/01/2034 #FM1578

Government Bond 15YR 3.5% 09/01/2034 #FM1578

746

FNMA 15YR 3.5% 10/01/2034 #FM1579

Government Bond 15YR 3.5% 10/01/2034 #FM1579

517

FNMA 20YR 4.5% 03/01/2039 #FM1774

Government Bond 20YR 4.5% 03/01/2039 #FM1774

255

FNMA 15YR 2.5% 11/01/2029 #FM2692

Government Bond 15YR 2.5% 11/01/2029 #FM2692

3,618

FNMA 15YR 4% 03/01/2034 #FM2867

Government Bond 15YR 4% 03/01/2034 #FM2867

4,705

FNMA 30YR 3% 03/01/2050 #FM2870

Government Bond 30YR 3% 03/01/2050 #FM2870

4,402

FNMA 15YR 4% 02/01/2034 #FM3001

Government Bond 15YR 4% 02/01/2034 #FM3001

2,347

FNMA 20YR 3% 12/01/2040 #FM4710

Government Bond 20YR 3% 12/01/2040 #FM4710

2,230

FNMA 20YR 3% 12/01/2040 #FM4711

Government Bond 20YR 3% 12/01/2040 #FM4711

2,898

FNMA 6.50% 12/32 #735415

Government Bond 6.5% 12/32 #735415

FNMA 6.50% 7/35 #745092

Government Bond 6.50% 7/35 #745092

FNMA 6.50% 8/36 #888034

Government Bond 6.50% 8/36 #888034

FNMA 6.50% 8/36 #888544

Government Bond 6.50% 8/36 #888544

FNMA 20YR 3.0% 11/01/2032 #MA1237

Government Bond 20YR 3.0% 11/01/2032 #MA1237

2,987

FNMA 20YR 3.0% 07/01/2036 #MA2672

Government Bond 20YR 3.0% 07/01/2036 #MA2672

4,407

FNMA 20YR 4.0% 04/01/2038 #MA3337

Government Bond 20YR 4.0% 04/01/2038 #MA3337

1,967

FNMA 6.50% 12/35 #AD0723

Government Bond 6.50% 12/35 #AD0723

FNMA 6.50% 8/36 #AE0746

Government Bond 6.50% 8/36 #AE0746

FIFTH THIRD BAN 2.875% 10/1/21

Corporate Bond 2.875% 10/1/21

778

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

FLORIDA PWR & LT CO 2.85% 04/01/2025

Corporate Bond 2.85% 04/01/2025

417

FORDF 2018-1 A1 2.95% 5/23

Mortgage Back Security 2018-1 A1 2.95% 5/23

2,046

FORDR A 0.7% 09/25

Mortgage Back Security A 0.7% 09/25

1,644

FORD CRD 16-1 A 2.31% 08/15/20

Mortgage Back Security 16-1 A 2.31% 08/15/20

2,093

FORDO 2020-A 1.85% 03/23

Mortgage Back Security 2020-A 1.85% 03/23

654

FORDO 2019-1 A 3.52% 07/15/2030 14

Mortgage Back Security 2019-1 A 3.52% 07/15/30

1,605

GNII II 3.5% 01/01/51 #TBA

Government Bond 3.5% 01/01/51 #TBA

2,358

GFORT 3.13% 03/15/2023

Mortgage Back Security 3.13% 03/15/2023

1,557

GFORT 0.68% 08/15/2025

Mortgage Back Security 0.68% 08/15/2025

740

GFORT 0.69% 10/15/2025

Mortgage Back Security 0.69% 10/15/2025

1,686

GSMS 2012-GC6 A3 3.482% 01/45

Mortgage Back Security 2012-GC6 A3 3.482% 01/45

916

GSMS 2013-GC10 A5 2.943% 02/46

Mortgage Back Security 2013-GC10 A5 2.943% 02/46

1,852

GSMS 2012-GCJ7 A4 3.377% 05/45

Mortgage Back Security 2012-GCJ7 A4 3.377% 05/45

1,012

GSMS 2014-GC26 AAB 3.365% 11/47

Mortgage Back Security 2014-GC26 3.365% 11/47

873

GSMS 2015-GC32 A2 3.062% 7/48

Mortgage Back Security 2015-GC32 A2 3.062% 7/48

113

GSMS 2015-GC32 AAB 3.513% 7/48

Mortgage Back Security 2015-GC32 3.513% 7/48

572

GSMS 2015-GC28 AAB 3.206% 2/48

Mortgage Back Security 2015-GC28 3.206% 2/48

655

GSMS 2014-GC18 AAB 3.648% 01/47

Mortgage Back Security 2014-GC18 3.648% 01/47

162

GSMS 2014-GC20 AAB 3.655% 04/47

Mortgage Back Security 14-GC20 AAB 3.655% 04/47

188

GMCAR 2018-1A A3 2.32% 7/18/22

Mortgage Back Security 2018-1A A3 2.32% 7/18/22

190

GMFALT 2019-1 2.98% 12/21

Mortgage Back Security 2019-1 2.98% 12/21

368

GMFCAR 2019-1 2.97% 11/23

Mortgage Back Security 2019-1 2.97% 11/23

975

GMFALT 2020-3 0.45% 08/21/23

Mortgage Back Security 2020-3 0.45% 08/21/23

1,026

GMFALT 2019-1 2.67% 03/22

Mortgage Back Security 2019-1 2.67% 03/22

377

GENERAL ELEC CO 3.375% 3/11/24

Corporate Bond 3.375% 3/11/24

1,639

GENERAL MTRS FINL 3.55% 4/9/21

Corporate Bond 3.55% 4/9/21

1,020

GOLDMAN SACHS GRP 3% 04/26/22

Corporate Bond 3% 04/26/22

760

GOLDMAN SACHS GRP 2.905%/VAR 07/23

Corporate Bond 2.905%/VAR 07/23

799

GOLDMAN SACHS GRP 3.2% 02/23

Corporate Bond 3.2% 02/23

1,282

GOLDMAN SACHS 0.627%/VAR 11/23

Corporate Bond 0.627%/VAR 11/23

1,708

GOLDMAN SACHS 2.876%/VAR 10/22

Corporate Bond 2.876%/VAR 10/22

1,337

GREAT-WEST LIFECO FIN 0.904% 08/12/2025 144A

Corporate Bond 0.904% 8/12/25 144A

758

GUARDIAN LIFE GBL FUNDING 1.1% 06/25 144A

Corporate Bond 1.1% 6/23/25 144A

1,509

GUARDIAN LIFE GBL FUNDING 1.4% 07/6/27 144A

Corporate Bond 1.4% 7/6/27 144A

1,936

HSBC HLDNGS 3.262%/VAR 3/13/23

Corporate Bond 3.262%/VAR 3/13/23

1,565

HSBC HOLDINGS 3.95%/VAR 5/24

Corporate Bond 3.95%/VAR 5/24

1,733

HSBC HOLDINGS 3.803%/VAR 03/11/25

Corporate Bond 3.803%/VAR 03/11/25

2,097

HEALTH CARE REIT 4% 06/01/25

Corporate Bond 4% 06/01/25

1,238

HEALTHCARE TR 3.5% 08/26

Corporate Bond 3.5% 08/26

190

HUNTINGTN BCSHRS 2.3% 1/14/22

Corporate Bond 2.3% 1/14/22

508

HUNTINGTN BCSHRS 2.625% 8/6/24

Corporate Bond 2.625% 8/6/24

1,411

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

HART 2019-B 1.94% 02/15/2024

Mortgage Back Security 2019-B 1.94% 02/15/2024

1,081

HALST 2018-A A3 2.79% 07/22

Mortgage Back Security 2018-A A3 2.79% 07/22

363

HART 2020-C 0.38% 05/15/2025

Mortgage Back Security 2020-C 0.38% 05/15/2025

1,636

IMPERIAL TOBACCO 3.125% 07/24 144A

Corporate Bond 3.125% 07/24 144A

1,572

INTERCO EXCH INC 3.45% 9/21/23

Corporate Bond 3.45% 9/21/23

1,002

IBM CORPORATION 2.85% 05/13/2022

Corporate Bond 2.85% 05/13/2022

1,975

JPMCC 2015-JP1 A2 3.1438% 1/49

Mortgage Back Security 2015-JP1 A2 3.1438% 1/49

JP MORGAN CHASE

Synthetic GIC – 1.781% (fair value to contract value)

(4,774)

JPMCC 2013-C10 A5 3.1425% 12/47

Mortgage Back Security 2013-C10 A5 3.1425% 12/47

1,577

JPMCC 2013-C13 A4 3.9936% 01/46

Mortgage Back Security 2013-C13 A4 3.9936% 1/46

839

JPMBB 2014-C22 3.8012% 09/47

Mortgage Back Security 2014-C22 3.8012% 09/47

1,307

JPMBB 2014-C22 ASB 3.5036% 09/47

Mortgage Back Security 2014-C22 3.5036% 09/47

562

JPMCC 2016-JP4 A2 2.984% 12/49

Mortgage Back Security 2016-JP4 A2 2.984% 12/49

708

JPMORGAN CHASE 3.559%/VAR 04/23/24

Corporate Bond 3.559%/VAR 04/23/24

2,157

JPMORGAN CHASE 3.514% 06/18/2022

Corporate Bond 3.514% 06/18/2022

1,624

JPMORGAN CHASE 4.023%/VAR 12/24

Corporate Bond 4.023%/VAR 12/24

806

JPMORGAN CHASE 2.083%/VAR 04/22/2026

Corporate Bond 2.083%/VAR 04/26

1,908

JPMORGAN CHASE 1.045%/VAR 11/19/2026

Corporate Bond 1.045%/VAR 11/26

1,711

JAPAN BANK INTL 1.5% 7/21/21

Corporate Bond 1.5% 7/21/21

1,329

JOHN DEERE 2019-B 2.21% 12/23

Mortgage Back Security 2019-B 2.21% 12/23

1,194

KEY BANK NA 3.3% 02/01/22

Corporate Bond 3.3% 02/01/22

449

KINDER MORGAN EN 3.5% 9/1/23

Corporate Bond 3.5% 9/1/23

917

KCOT 2018-1A A3 3.1% 08/15/22 144A

Mortgage Back Security 2018-1A A3 3.1% 08/22 144A

976

LINCOLN NATL LIFE INS CO

Synthetic GIC – 1.791% (fair value to contract value)

(1,769)

LLOYDS BANK GROUP PLC 2.438%/VAR 02/05/2026

Corporate Bond 2.438%/VAR 02/05/26

709

LLOYDS BANK GROUP PLC 1.326%/VAR 06/15/2023

Corporate Bond 1.326%/VAR 06/15/23

414

MARSH & MCLENNAN 2.75% 01/30/22

Corporate Bond 2.75% 01/30/22

1,749

MARSH & MCLENNAN 3.875% 03/15/24

Corporate Bond 3.875% 03/15/24

745

MASTERCARD INC 3.3% 03/26/2027

Corporate Bond 3.3% 03/26/27

MCDONALDS CORP MTN 3.625% 5/21

Corporate Bond 3.625% 5/21

402

MCDONALDS CORP 3.3% 07/01/2025

Corporate Bond 3.3% 07/01/25

MBALT 2019-B A3 2.00% 10/22

Mortgage Back Security 2019-B A3 2.00% 10/22

838

MBALT 2020-A 1.84% 12/15/2022

Mortgage Back Security 2020-A 1.84% 12/15/22

848

MBALT 2019-A A3 3.1% 11/21

Mortgage Back Security 2019-A A3 3.1% 11/21

391

METROPOLITAN LIFE INS CO

Synthetic GIC – 1.781% (fair value to contract value)

(2,423)

MET LIFE GLOB 2.65% 4/22 144A

Corporate Bond 2.65% 4/22 144A

1,367

MET LIFE GLOB 0.9% 06/08/2023 144A

Corporate Bond 0.9% 6/8/23 144A

1,128

MITSUBISH UFJ 2.19% 9/13/21

Corporate Bond 2.19% 9/13/21

957

MITSUBISHI UFJ FIN 2.998% 2/22

Corporate Bond 2.998% 2/22

937

MITSUBISHI UFJ 3.455% 3/02/23

Corporate Bond 3.455% 3/02/23

861

MITSUBISHI UFJ 3.218% 03/07/22

Corporate Bond 3.218% 03/07/22

1,566

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

MITSUBISHI UFJ 2.623% 07/18/22

Corporate Bond 2.623% 07/18/22

1,464

MITSUBISHI UFJ 2.193% 02/25/25

Corporate Bond 2.193% 02/25/25

1,895

MITSUBISHI UFJ 1.412% 07/17/25

Corporate Bond 1.412% 07/17/25

1,550

MIZUHO FINL 2.273% 9/13/21

Corporate Bond 2.273% 9/13/21

910

MIZUHO FINL 0.849%/VAR 9/08/24

Corporate Bond 0.849%/VAR 9/08/24

970

MOODYS CORP 3.75% 03/24/2025

Corporate Bond 3.75% 03/24/25

702

MSBAM 2015-C22 ASB 3.04% 4/15/48

Mortgage Back Security 2015-C22 ASB 3.04% 4/48

375

MSBAM 2013-C7 A4 2.918% 2/46

Mortgage Back Security 2013-C7 A4 2.918% 2/46

1,321

MSBAM 2016-C32 A1 1.968% 12/49

Mortgage Back Security 2016-C32 A1 1.968% 12/49

173

MORGAN STANLEY 3.125% 01/23/23

Corporate Bond 3.125% 01/23/23

1,678

MORGAN STANLEY 3.737%/VAR 4/24

Corporate Bond 3.737%/VAR 4/24

1,740

MORGAN STANLEY 2.72%/VAR 07/25

Corporate Bond 2.72%/VAR 07/25

1,200

MORGAN STANLEY 2.188%/VAR 04/28/2026

Corporate Bond 2.188%/VAR 04/28/26

1,484

MORGAN STANLEY 0.56%/VAR 11/10/2023

Corporate Bond 0.56%/VAR 11/10/23

2,106

MSBAM 2012-C6 A4 2.858% 11/45

Mortgage Back Security 2012-C6 A4 2.858% 11/45

1,648

MSBAM 2013-C8 A4 3.134% 12/48

Mortgage Back Security 2013-C8 A4 3.134% 12/48

1,504

MSBAM 2013-C11 A4 4.15% CSTR 8/46

Mortgage Back Security 2013-C11 A4 4.15% CSTR 8/46

497

MSBAM 2013-C13 ASB 3.557% 11/46

Mortgage Back Security 2013-C13 ASB 3.557% 11/46

627

MSBAM 2014-C16 3.477% 6/47

Mortgage Back Security 2014-C16 3.477% 6/47

687

MSBAM 2014-C17 ASB 3.477% 8/47

Mortgage Back Security 2014-C17 ASB 3.477% 8/47

971

MSBAM 2015-C21 3.15% 03/48

Mortgage Back Security 2015-C21 3.15% 03/48

218

MSBAM 2016-C28 3.272% 01/15/49

Mortgage Back Security 2016-C28 3.272% 01/15/49

460

MSBAM 2016-C31 1.511% 11/15/49

Mortgage Back Security 2016-C31 1.511% 11/15/49

MSBAM 2019-MEAD 3.17% 11/36

Mortgage Back Security 2019-MEAD 3.17% 11/36

1,077

NATIONAL BANK OF CA 0.55%/VAR 11/15/2024

Corporate Bond 0.55%/VAR 11/15/24

865

NYLIFE GLBL 1.7% 9/14/21 144A

Corporate Bond 1.7% 9/14/21 144A

2,283

NY LFE GLB 2.3% 6/10/22 144A

Corporate Bond 2.3% 6/10/22 144A

1,363

NEW YORK LIFE INS CO 1.1% 05/05/2023 144A

Corporate Bond 1.1% 5/5/23 144A

732

NYC TFA (PIT) 2.05% 08/01/23

Municipal Bond 2.05% 08/01/23

487

NYC TFA (PIT) 2.85% 02/01/24

Municipal Bond 2.85% 02/01/24

464

NYS UDC 2.67% 03/15/23

Municipal Bond 2.67% 03/15/23

1,142

NYS UDC 2.7% 03/15/23

Municipal Bond 2.7% 03/15/23

1,949

NISOURCE INC 0.95% 08/15/2025

Corporate Bond 0.95% 08/15/25

640

NATIONWIDE LIFE INSURANCE CO

Synthetic GIC – 1.781% (fair value to contract value)

(2,979)

OTIS WORLDWIDE CORP 2.056% 04/05/2025

Corporate Bond 2.056% 04/05/25

1,916

PACIFIC LIFE GF II 1.2% 06/24/2025 144A

Corporate Bond 1.2% 6/24/25 144A

1,088

PACIFIC LIFE INS CO

Synthetic GIC – 1.781% (fair value to contract value)

(1,876)

PAYPAL HLDGS INC 1.35% 06/01/2023

Corporate Bond 1.35% 06/01/23

685

PAYPAL HLDGS INC 1.65% 06/01/2025

Corporate Bond 1.65% 06/01/25

550

PHILIP MORS INT 2.625% 02/18/22

Corporate Bond 2.625% 02/18/22

579

PHILIP MORS INT 2.875% 05/01/24

Corporate Bond 2.875% 05/01/24

1,622

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

PHILIP MORS INT 0.875% 05/01/26

Corporate Bond 0.875% 05/01/26

961

PRICOA GLBL 2.4% 09/23/24 144A

Corporate Bond 2.4% 09/23/24 144A

1,855

PRICOA GLBL 2.45% 09/21/22 144A

Corporate Bond 2.45% 09/21/22 144A

1,334

PRUDENTIAL INSURANCE COMPANY

Synthetic GIC – 1.781% (fair value to contract value)

(4,188)

PUBLIC SERVICE ELE 2.65% 11/22

Corporate Bond 2.65% 11/22

1,241

CITIZENS BANK NA 2.25% 04/28/2025

Corporate Bond 2.25% 4/28/25

1,399

REGIONS FINL CORP 3.8% 08/14/23

Corporate Bond 3.8% 08/14/23

618

REGIONS FIN CORP 2.25% 05/18/2025

Corporate Bond 2.75% 05/18/25

833

ROPER TECHNOLOGIES 3.65% 09/23

Corporate Bond 3.65% 09/23

1,098

ROPER TECHNOLOGIES 1% 09/15/2025

Corporate Bond 1% 09/15/25

220

ROSS STORES INC 0.875% 04/15/2026

Corporate Bond 0.875% 04/15/26

1,568

ROYAL BNK CANADA 4.65% 1/27/26

Corporate Bond 4.65% 1/27/26

979

ROYAL BK SCO 4.519%/VAR 06/24

Corporate Bond 4.519%/VAR 06/24

2,162

ROYAL BNK OF CAN 3.7% 10/5/23

Corporate Bond 3.7% 10/5/23

1,649

ROYAL BNK OF CAN 1.15% 06/10/25

Corporate Bond 1.15% 06/10/25

1,482

SSM HEALTH CARE 3.688% 6/1/23

Corporate Bond 3.688% 6/1/23

981

SRALT 2020-B 0.57% 04/22/2024

Mortgage Back Security 2020-B 0.57% 04/22/24

1,859

START 2019-1 2.986% 02/23

Mortgage Back Security 2019-1 2.986% 02/23

676

START 2018-2A A3 3.325% 8/25/22

Mortgage Back Security 2018-2A A3 3.325% 8/25/22

830

SEMPRA ENERGY 2.9% 02/01/23

Corporate Bond 2.9% 02/01/23

326

SIMON PPTY GRP 2.625% 06/15/22

Corporate Bond 2.625% 06/15/22

1,198

SIMON PROPERTY 2.75% 06/01/23

Corporate Bond 2.75% 06/01/23

1,485

SOCIETE GEN FRANCE 1.488%/VAR 12/14/2026 144A

Corporate Bond 1.488%/VAR 12/14/26 144A

1,138

SOUTHERN COMPANY 2.35% 7/1/21

Corporate Bond 2.35% 7/1/21

1,907

STATE STREET BANK & TRUST CO

Synthetic GIC – 1.781% (fair value to contract value)

(3,518)

STATE STREET CORP 2.825%/VAR 03/30/2023

Corporate Bond 2.825%/VAR 3/30/23

STATE STREET CORP 2.901%/VAR 03/30/2026

Corporate Bond 2.901%/VAR 3/30/26

SUNTRUST BAN 3.502%/VAR 8/2/22

Corporate Bond 3.502%/VAR 8/2/22

1,264

SUNTRUST BANKS INC 3.2% 04/01/24

Corporate Bond 3.2% 04/01/24

875

SUNTRUST BANKS INC 2.8% 05/17/22

Corporate Bond 2.8% 05/17/22

1,917

SYNOVUS BANK 2.289%/VAR 02/10/2023

Corporate Bond 2.289% 02/10/23

418

TJX COMPANIES INC NEW 3.5% 04/15/2025

Corporate Bond 3.5% 04/15/25

490

TJX COMPANIES INC NEW 1.15% 05/15/2028

Corporate Bond 1.15% 05/15/28

1,218

TOYOTA MOTOR CORP 3.05% 01/08/21

Corporate Bond 3.05% 01/08/21

480

TAOT 2018-B A3 2.96% 09/22

Mortgage Back Security 2018-B A3 2.96% 09/22

469

TRANSAMERICA PREMIER LIFE

Synthetic GIC – 1.791% (fair value to contract value)

(3,800)

UBS GROUP AG 1.008%/VAR 07/30/2024 144A

Corporate Bond 1.008%/VAR 07/30/24 144A

1,111

UBS GROUP AG 1.75% 04/21/2022 144A

Corporate Bond 1.75% 04/21/22 144A

2,144

UBSBB 2012-C2 A4 3.525% 5/63

Mortgage Back Security 2012-C2 A4 3.525% 5/63

981

USAA CAPITAL CORP 1.5% 05/01/2023 144A

Corporate Bond 1.5% 05/01/23 144A

281

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

US BANCORP DEL 1.45% 05/12/2025

Corporate Bond 1.45% 05/12/25

1,705

USTN 0.125% 08/15/23

Government Bond 0.125% 08/15/23

54,937

USTN 0.875% 11/15/2030

Government Bond 0.875% 11/15/30

16,076

USTN 0.625% 11/30/2027

Government Bond 0.625% 11/30/27

4,657

USTN 0.125% 12/15/2023

Government Bond 0.125% 12/15/23

12,238

USTN 0.625% 12/31/2027

Government Bond 0.625% 12/31/27

2,632

USTN 2.375% 8/15/24

Government Bond 2.375% 8/15/24

36,473

USTN 2% 08/15/25

Government Bond 2% 08/15/25

43,237

USTN 0.375% 04/30/2025

Government Bond 0.375% 04/30/25

40,420

USTN 1.375% 08/31/23

Government Bond 1.375% 08/31/23

41,801

USTN 1.875% 07/31/22

Government Bond 1.875% 07/31/22

45,444

USTN 3.125% 11/15/28

Government Bond 3.125% 11/15/28

32,890

UNITEDHELTH GROUP INC 1.25% 01/15/26

Corporate Bond 1.25% 01/15/26

155

VENTAS RLTY LTD 3.5% 04/15/24

Corporate Bond 3.5% 04/15/24

734

VENTAS RLTY LTD 2.65% 01/15/25

Corporate Bond 2.65% 01/15/25

1,135

VERIZON COMM INC 5.15% 09/15/2023

Corporate Bond 5.15% 09/15/23

1,009

VERIZON COMM INC 2.946% 03/15/2022

Corporate Bond 2.946% 03/15/22

867

VZOT 2020-A 1.85% 07/22/2024

Mortgage Back Security 2020-A 1.85% 07/22/24

1,683

VISA INC 2.8% 12/14/22

Corporate Bond 2.8% 12/14/22

1,121

VISA INC 1.9% 04/15/2027

Corporate Bond 1.9% 04/15/27

301

VOLKSWAGEN GRP 1.25% 11/24/2025 144A

Corporate Bond 1.25% 11/24/25 144A

2,140

VALET 2018-1 A3 3.02% 11/22

Mortgage Back Security 2018-1 A3 3.02% 11/22

550

WFRBS 2014-C20 ASB 3.638% 05/47

Mortgage Back Security 2014-C20 ASB 3.638% 05/47

330

WFRBS 2014-C22 ASB 3.464% 9/57

Mortgage Back Security 2014-C22 ASB 3.464% 9/57

1,360

WFRBS 2012-C9 A3 2.87% 11/45

Mortgage Back Security 2012-C9 A3 2.87% 11/45

1,063

WFRBS 2011-C3 A4 4.375% 3/44

Mortgage Back Security 2011-C3 A4 4.375% 3/44

805

WFRBS 2012-C7 A2 3.431% 6/45

Mortgage Back Security 2012-C7 A2 3.431% 6/45

773

WFRBS 2013-C12 2.838% 03/48

Mortgage Back Security 2013-C12 2.838% 03/48

WFRBS 2013-C16 A5 4.415% 09/46

Mortgage Back Security 2013-C16 A5 4.415% 09/46

987

WFRBS 2013-C16 ASB 3.963% 09/46

Mortgage Back Security 2013-C16 ASB 3.963% 09/46

235

WFRBS 2014-C23 ASB 3.636% 10/57

Mortgage Back Security 2014-C23 ASB 3.636% 10/57

455

WFCM 2012-LC5 A3 2.918% 10/45

Mortgage Back Security 2012-LC5 A3 2.918% 10/45

405

WELLS FARGO BK 3.55% 8/14/23

Corporate Bond 3.55% 8/14/23

1,640

WFCM 2013-LC12 A1 1.676% 7/46

Mortgage Back Security 2013-LC12 A1 1.676% 7/46

WFCM 15-C27 3.451% 02/15/48

Mortgage Back Security 15-C27 3.451% 02/15/48

1,640

WFCM 15-C27 ASB 3.278% 02/15/48

Mortgage Back Security 15-C27 ASB 3.278% 02/48

897

WFCM 2016-C36 A1 1.453% 11/59

Mortgage Back Security 2016-C36 A1 1.453% 11/59

WFCM 2016-C37 A2 3.103% 12/49

Mortgage Back Security 2016-C37 A2 3.103% 12/49

749

WELLS FARGO CO 3.75% 01/24/24

Corporate Bond 3.75% 01/24/24

1,629

WELLS FARGO CO 2.164%/VAR 02/11/2026

Corporate Bond 2.164%/VAR 02/11/26

1,950

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4 (i) - Schedule of Assets (Held at End of Year)

December 31, 2020

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Historical Cost

(e)
Current Value

WELLS FARGO CO 2.188%/VAR 04/30/2026

Corporate Bond 2.188%/VAR 04/30/26

1,162

WELLS FARGO CO 1.654%/VAR 06/02/2024

Corporate Bond 1.654%/VAR 06/02/24

1,132

WELLTOWER INC 3.95% 09/01/23

Corporate Bond 3.95% 09/01/23

709

WELLTOWER INC 3.625% 03/15/24

Corporate Bond 3.625% 03/15/24

1,298

WOALST 2019 2.94% 05/16/22

Mortgage Back Security 2019 2.94% 05/16/22

819

XCEL ENERGY INC 2.4% 03/15/21

Corporate Bond 2.4% 03/15/21

400

ZIONS BANCORP 3.35% 03/04/22

Corporate Bond 3.35% 03/04/22

640

Sub-total Managed Income Funds

815,382

Self-Directed Brokerage Account

Various shares

125,629

Total Investment Assets

3,478,359

Participant Loans

Interest rates ranging 4.25% - 6.5% with maturity dates through January 2026

49,704

* Represents a party-in-interest to the Plan.

** Historical cost is omitted because the investment is participant-directed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Eastman Investment and Employee

Stock Ownership Plan


Date: June 21, 2021			By: /s/Scott V. King
			Scott V. King
			Vice President, Corporate Controller and Chief Accounting Officer, Eastman Chemical Company; Member of Eastman Investment Plan Committee and Named Fiduciary for Eastman Investment and Employee Stock Ownership Plan

Eastman Investment and Employee Stock Ownership Plan

Exhibit Index


Exhibit Number	Description	Sequential Page Number
23.1	Consent of Brown Smith Wallace, LLP Independent Registered Public Accounting Firm	34