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
Basic Financial Statements:
Statements of Net Assets Available for Benefits at December 31, 2020 and 2019
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2020 and 2019
Notes to Financial Statements4-15
Additional Information (Note A):
Schedule of Assets (Held at End of Year) at December 31, 202017-31
Signatures
Exhibits
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
1



Eastman Investment and Employee Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2020 and 2019
(in thousands)
20202019
Non-Non-
ParticipantparticipantParticipantparticipant
DirectedDirectedTotalDirectedDirectedTotal
Assets
Investments at fair value$2,461,345 $201,632 $2,662,977 $2,299,430 $165,990 $2,465,420 
Investments at contract value815,382 — 815,382 708,755 — 708,755 
Total investments3,276,727 201,632 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 receivables3,591 1,849 5,440 3,111 1,368 4,479 
Total assets3,366,363 215,078 3,581,441 3,101,284 179,927 3,281,211 
Liabilities
Other liabilities377 1,458 1,835 1,903 2,402 4,305 
Total liabilities377 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.
2


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)
20202019
Non-Non-
ParticipantparticipantParticipantparticipant
DirectedDirectedTotalDirectedDirectedTotal
Additions to net assets:
Investment income
Interest$15,644 $— $15,644 $17,972 $— $17,972 
Dividends12,691 5,641 18,332 14,025 5,405 19,430 
Net appreciation in fair value of investments390,059 43,683 433,742 438,981 12,016 450,997 
Net investment gain418,394 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 additions587,163 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 deductions336,655 8,729 345,384 362,423 11,317 373,740 
Net increase in net assets250,508 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.


3

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.



4

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.

5

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.
6

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.
7

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.

8

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.
9

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)20202019
Cash and cash equivalents$3,651 $5,562 
Common stock - Eastman Chemical Company303,851 305,542 
Common stock - other120,759 125,370 
Mutual funds 684,501 612,195 
Collective investment trusts1,424,586 1,326,203 
Pooled separate accounts— 3,620 
Managed income fund815,382 708,755 
Self-directed brokerage account - mutual funds125,629 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.
10

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.

11

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.

12

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, 2020December 31, 2019
DescriptionQuoted 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 Company303,851 305,542 
Common stock - other120,759 125,370 
Mutual funds684,501 612,195 
Collective investment trusts1,424,586 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.
13

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.
14

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.

15


















Supplemental Schedule

16

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
*Eastman Chemical CompanyCommon Stock, Participant directed, 1,032 Shares**$103,533 
*Eastman Chemical CompanyCommon Stock, Non-Participant directed, 1,998 Shares102,810 200,318 
Subtotal – Common Stock – Eastman Chemical Co303,851 
Abbott LaboratoriesCommon Stock, 2 Shares**267 
Accenture Plc Cl ACommon Stock, 3 Shares**822 
Air Products & Chemicals Inc.Common Stock, 6 Shares**1,583 
Alexandria Real Estate Equity Income REITCommon Stock, 3 Shares**448 
Altria Group IncCommon Stock, 22 Shares**905 
American Express CoCommon Stock, 15 Shares**1,840 
AmerisourceBergen CorpCommon Stock, 10 Shares**1,013 
Amgen IncCommon Stock, 3 Shares**673 
Analog Devices IncCommon Stock, 19 Shares**2,805 
Apple IncCommon Stock, 7 Shares**933 
Arthur J Gallaghar and CoCommon Stock, 8 Shares**983 
Automatic Data Processing IncCommon Stock, 6 Shares**1,053 
Avalonbay Communities Inc REITCommon Stock, 5 Shares**730 
Bank of America CorporationCommon Stock, 85 Shares**2,591 
Becton Dickinson & CoCommon Stock, 5 Shares**1,188 
Best Buy Co IncCommon Stock, 12 Shares**1,183 
Blackrock IncCommon Stock, 4 Shares**3,038 
Boston Properties IncCommon Stock, 3 Shares**326 
Bristol-Myers Squibb CoCommon Stock, 43 Shares**2,645 
Capital One Financial CorpCommon Stock, 6 Shares**627 
Chevron CorpCommon Stock, 20 Shares**1,679 
Chubb LtdCommon Stock, 9 Shares**1,334 
Citigroup IncCommon Stock, 14 Shares**878 
CME Group Inc Cl ACommon Stock, 14 Shares**2,569 
CMS Energy CorpCommon Stock, 17 Shares**1,041 
Coca Cola CoCommon Stock, 21 Shares**1,131 
Comcast Corp Cl ACommon Stock, 62 Shares**3,258 
ConocoPhillipsCommon Stock, 48 Shares**1,934 
CVS Health CorpCommon Stock, 16 Shares**1,093 
Deere & CoCommon Stock, 6 Shares**1,515 
Dover CorpCommon Stock, 19 Shares**2,389 
Eaton Corp PLCCommon Stock, 18 Shares**2,153 
Entergy CorpCommon Stock, 6 Shares**622 
EOG Resources IncCommon Stock, 16 Shares**794 
Fidelity Natl Inform Svcs IncCommon Stock, 11 Shares**1,509 
General Dynamics CorporationCommon Stock, 10 Shares**1,551 
Hartford Finl Svcs Group IncCommon Stock, 19 Shares**952 
Hasbro IncCommon Stock, 10 Shares**963 
Home Depot IncCommon Stock, 8 Shares**2,139 
Honeywell Intl IncCommon Stock, 5 Shares**1,020 
Intl Bus Mach CorpCommon Stock, 8 Shares**1,051 
17

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(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value(d) Historical Cost(e) Current Value
Johnson & JohnsonCommon Stock, 17 Shares**2,740 
Lilly (Eli) & CoCommon Stock, 9 Shares**1,585 
Marsh & McLennan Cos IncCommon Stock, 3 Shares**409 
McDonalds CorpCommon Stock, 8 Shares**1,814 
Medtronic PlcCommon Stock, 21 Shares**2,447 
Merck & Co Inc NewCommon Stock, 12 Shares**963 
Metlife IncCommon Stock, 20 Shares**958 
Microsoft IncCommon Stock, 8 Shares**1,826 
Mondelez Intl IncCommon Stock, 31 Shares**1,838 
Morgan StanleyCommon Stock, 30 Shares**2,085 
Nextera EnergyCommon Stock, 31 Shares**2,358 
Norfolk Southern CorpCommon Stock, 7 Shares**1,762 
Northern Trust CorpCommon Stock, 6 Shares**571 
Northrop Grumman CorpCommon Stock, 3 Shares**930 
Otis Worldwide CorpCommon Stock, 5 Shares**346 
Parker Hannifin CorpCommon Stock, 8 Shares**2,116 
Pepsico IncCommon Stock, 10 Shares**1,523 
Pfizer IncCommon Stock, 20 Shares**737 
Philip Morris Intl IncCommon Stock, 28 Shares**2,357 
PNC Financial Services Grp IncCommon Stock, 18 Shares**2,662 
PPG Industries IncCommon Stock, 14 Shares**1,977 
Price (T Rowe) Group IncCommon Stock, 8 Shares**1,187 
Proctor & Gamble CoCommon Stock, 10 Shares**1,343 
Progressive Corp OhioCommon Stock, 10 Shares**959 
Prologis Inc REITCommon Stock, 5 Shares**518 
Public Svc Enterprise Grp IncCommon Stock, 13 Shares**737 
Raytheon Technologies CorpCommon Stock, 29 Shares**2,067 
Realty Income Corp REITCommon Stock, 3 Shares**199 
Republic Services IncCommon Stock, 11 Shares**1,017 
Schwab Charles CorpCommon Stock, 24 Shares**1,282 
Stanley Black & Decker IncCommon Stock, 6 Shares**1,054 
Starbucks CorpCommon Stock, 9 Shares**936 
Sysco CorpCommon Stock, 24 Shares**1,801 
Texas Instruments IncCommon Stock, 16 Shares**2,648 
TJX Companies Inc NewCommon Stock, 23 Shares**1,572 
Trane Technologies PLCCommon Stock, 5 Shares**688 
Truist Finl CorpCommon Stock, 26 Shares**1,224 
UnitedHealth Group IncCommon Stock, 7 Shares**2,430 
US Bancorp DelCommon Stock, 27 Shares**1,266 
Valero Energy CorpCommon Stock, 7 Shares**398 
Ventas Inc REITCommon Stock, 8 Shares**369 
Verizon Communications IncCommon Stock, 34 Shares**1,986 
VF CorpCommon Stock, 8 Shares**716 
Vornado Realty TrustCommon Stock, 3 Shares**126 
Walmart IncCommon Stock, 11 Shares**1,649 
18

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(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value(d) Historical Cost(e) Current Value
Xcel Energy IncCommon Stock, 20 Shares**1,355 
Subtotal - Common Stock – Other120,759 
*Fidelity Management Trust CompanyInterest Bearing Cash, Participant directed**1,875 
*Fidelity Management Trust CompanyInterest Bearing Cash, Non-Participant directed1,3141,314 
JPMORGAN USG MMKT FD CAP SHAREInterest Bearing Cash Equivalents**462 
Subtotal – Cash and Cash Equivalents3,651 
DFA US SMALL CAP VALUE IRegistered Investment Company 1,274 shares**43,881 
DODGE & COX STOCK FUNDRegistered Investment Company 672 shares**129,385 
*FID GOVT MMKTRegistered Investment Company 375 shares**375 
*FID US BOND INDXRegistered Investment Company 4,264 shares**53,083 
*FID GLB EX US IDXRegistered Investment Company 2,033 shares**29,616 
*FID 500 INDEXRegistered Investment Company 2,249 shares**292,735 
*FID EXT MKT IDXRegistered Investment Company 1,138 shares**95,017 
NB GENESIS R6Registered Investment Company 575 shares**40,409 
Sub-Total Mutual Funds684,501 
BTC STR COMP NL MCollective Investment Trust 67 shares**803 
ARROWST ACWI EX-US ACollective Investment Trust 443 shares**66,373 
PRU CORE PL BD CL 5Collective Investment Trust 428 shares**84,211 
LOOMIS SAYLES & CO SMC GWTH CCollective Investment Trust 1,710 shares**41,601 
*FID BLUE CHIP GR POOLCollective Investment Trust 4,455 shares**134,897 
VANGUARD TARGET INCCollective Investment Trust 791 shares**40,865 
VANGUARD TARGET 2015Collective Investment Trust 593 shares**35,319 
VANGUARD TARGET 2020Collective Investment Trust 1,843 shares**120,488 
VANGUARD TARGET 2025Collective Investment Trust 2,769 shares**193,228 
VANGUARD TARGET 2030Collective Investment Trust 3,083 shares**226,962 
VANGUARD TARGET 2035Collective Investment Trust 1,646 shares**127,550 
VANGUARD TARGET 2040Collective Investment Trust 1,372 shares**110,418 
VANGUARD TARGET 2045Collective Investment Trust 932 shares**76,163 
VANGUARD TARGET 2050Collective Investment Trust 1,135 shares**92,999 
VANGUARD TARGET 2055Collective Investment Trust 571 shares**46,706 
VANGUARD TARGET 2060Collective Investment Trust 481 shares**23,696 
VANGUARD TARGET 2065Collective Investment Trust 76 shares**2,307 
Sub-Total Collective Investment Trusts1,424,586 
*Fidelity Cash**3,451 
AIG GLOBAL FDG SR MTN 2.3% 07/01/2022 144ACorporate Bond 2.3% 7/1/22**561 
AIG GLOBAL FDG 0.8% 07/07/2023 144ACorporate Bond 0.8% 7/7/23**520 
AIG GLOBAL FDG 0.9% 09/22/2025 144ACorporate Bond 0.9% 9/22/25**2,009 
AT&T INC 1.65% 2/01/2028Corporate Bond 1.65% 2/01/28**1,768 
ABBVIE INC 2.3% 11/21/2022Corporate Bond 2.3% 11/21/22**1,902 
AERCAP IRELAND 4.125% 07/03/23Corporate Bond 4.125% 07/03/23**652 
AERCAP IRELAND 4.875% 01/16/24Corporate Bond 4.875% 01/16/24**511 
AIR LEASE CORP 2.5% 03/01/21Corporate Bond 2.5% 03/01/21**954 
AIR LEASE CORP 4.25% 02/01/2024Corporate Bond 4.25% 02/01/24**895 
19

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
AMOT 2.7% 01/17/23Mortgage Back Security 2018-1 A 2.7% 01/17/23**1,633 
AMOT 2018-2 A3.29% 05/23Mortgage Back Security 2018-2 A 3.29% 05/23**2,003 
ALTRIA GROUP 3.8% 02/14/24Corporate Bond 3.8% 02/14/24**789 
ALTRIA GROUP 2.35% 05/06/25Corporate Bond 2.35% 05/06/25**270 
AMAZON.COM INC 0.8% 06/03/2025Corporate Bond 0.8% 06/03/25**849 
AMXCA 2018-4 A 2.99% 12-15-23Mortgage Back Security 2018-4 A2 2.99% 12/15/23**1,581 
AMXCA 2018-6 A 3.06% 02/15/24Mortgage Back Security 2018-6 A2 3.06% 02/15/24**1,525 
AMXCA 2019-2 A 2.67% 11/15/24Mortgage Back Security 2019-2 A 2.67% 11/15/24**2,002 
AMXCA 2019-1 A 2.87% 10/15/24Mortgage Back Security 2019-1 A 2.87% 10/15/24**644 
AMERICAN GENERAL LIFESynthetic GIC – 1.791% (fair value to contract value)**(3,456)
AMPHENOL CORPORATION NEW 3.2% 04/01/2024Corporate Bond 3.2% 04/01/2024**324 
AON CORP 2.2% 11/15/22Corporate Bond 2.2% 11/15/22**420 
APPLE INC 0.75% 05/11/2023Corporate Bond 0.75% 05/11/23**1,418 
AUTOZONE 3.125% 07/15/23Corporate Bond 3.125% 07/15/23**1,133 
AXA EQUITABLE 3.9% 4/20/23Corporate Bond 3.9% 04/20/23**163 
BACCT 2018-A1 A1 2.7% 07/17/23Mortgage Back Security 2018-A1 A1 2.7% 07/17/23**2,004 
BACCT 0.34% 05/15/26Mortgage Back Security 0.34% 05/15/26**2,571 
BAT INTL FINANCE PLC 1.668% 03/25/2026Corporate Bond 1.668% 03/25/26**2,056 
BMWFT 3.15% 5/15/23 144AMortgage Back Security 3.15% 5/15/23 144A**1,458 
BPCE SA 2.75% 12/02/21Corporate Bond 2.75% 12/02/21**840 
BMWLT 2019-1 2.84% 11/22/21Mortgage Back Security 2019-1 2.84% 11/22/21**507 
BANK OF AMER 3.124%/VAR 1/20/23Corporate Bond 3.124%/VAR 01/20/23**782 
BK OF AMER 3.004% /VAR 12/20/23Corporate Bond 3.004%/VAR 12/20/23**2,788 
BANK OF AMERICA CO 3.864% 7/23/24Corporate Bond 3.864% 7/23/24**2,202 
BANK OF AMERICA CO 2.456%/VAR 10/22/25Corporate Bond 2.456%/VAR 10/22/25**1,916 
BANK OF AMERICA CO 1.319%/VAR 06/19/2026Corporate Bond 1.319%/VAR 06/19/26**1,532 
BANK OF AMERICA CO 1.197%/VAR 10/24/2026Corporate Bond 1.197%/VAR 10/24/26**2,830 
BANK OF MONTREAL QUE 1.85% 05/01/2025Corporate Bond 1.85% 05/01/25**1,895 
BANK NEW YORK MELLON CORP 1.6% 04/24/2025Corporate Bond 1.6% 04/24/25**697 
BOTWAT 2017-1 2.11% 01/15/23Mortgage Back Security 2017-1 2.11% 01/15/23**345 
BOTWAT 2018-1 A3 3.43% 12/15/22Mortgage Back Security 2018-1 A3 3.43% 12/15/22**312 
BOTWAT 2019-1 2.43% 04/15/24Mortgage Back Security 2019-1 2.43% 04/15/24**818 
BARCLAYS PLC 3.25% 01/12/21Corporate Bond 3.25% 01/12/21**807 
BARCLAYS BANK PLC 4.338%/VAR 5/16/24Corporate Bond 4.338%/VAR 5/16/24**1,285 
BARCLAYS PLC (UNGTD) 3.932%/VAR 05/07/25Corporate Bond 3.932%/VAR 05/07/25**1,232 
BARCLAYS PLC (UNGTD) 2.852%/VAR 05/07/2026Corporate Bond 2.852% 05/07/26**1,046 
BARCLAYS PLC 1.007% 12/10/2024Corporate Bond 1.007% 12/10/24**1,161 
BARCLAYS BANK PLC 1.7% 05/12/2022Corporate Bond 1.7% 05/12/22**350 
20

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
BMARK 2018-B2 A2 3.6623% 02/51Mortgage Back Security 3.6623% 02/51**1,794 
BMARK 2018-B7 A2 4.377% 05/53Mortgage Back Security 4.377% 05/53**979 
BMARK 2018-B8 A2 4.149% 01/15/52Mortgage Back Security 4.149% 01/15/52**1,116 
BERKSHIRE HATHAWA 2.8% 1/15/23Corporate Bond 2.8% 1/15/23**1,902 
BERKSHIRE HATHAWA 4.05% 04/15/2025Corporate Bond 4.05% 04/15/25**1,597 
BERKSHIRE HATH 2.75% 3/15/23Corporate Bond 2.75% 3/15/23**751 
BOSTON SCIENTIFIC 3.45% 03/01/24Corporate Bond 3.45% 03/01/24**639 
BP CAP MARKETS AMERICA INC 2.937% 04/06/2023Corporate Bond 2.937% 04/06/23**440 
BRISTOL-MEYERS 2.6% 05/16/22Corporate Bond 2.6% 05/16/22**1,533 
BRISTOL-MEYERS 2.9% 07/26/24Corporate Bond 2.9% 07/26/24**2,042 
CIGNA CORP 3.75% 07/15/23Corporate Bond 3.75% 07/15/23**491 
COMM 14-UBS6 ASB 3.387% 12/10/47Mortgage Back Security 3.387% 12/10/47**341 
COMM 2015-CR22 A2 2.856% 03/48Mortgage Back Security 2.856% 03/48**139 
COMM 2015-CR22 ASB 3.144% 03/48Mortgage Back Security 3.144% 03/48**563 
COMM 15-CCRE23 3.257% 05/48Mortgage Back Security 3.257% 05/48**624 
COMM 15-CCRE26 3.373% 10/48Mortgage Back Security 3.373% 10/48**458 
CSMC 16-NXSR A1 1.9708% 12/49Mortgage Back Security 1.9708% 12/49**94 
CSAIL 2017-CX9 A2 3.0538% 09/15/50Mortgage Back Security 3.0538% 09/15/50**1,356 
COMM 2012-LC4 A4 3.288% 12/44Mortgage Back Security 3.288% 12/44**1,809 
COMM 2012-CR3 ASB 2.372% 11/45Mortgage Back Security 2.372% 11/45**362 
COMM 2012-CR3 A3 2.822% 10/45Mortgage Back Security 2.822% 10/45**896 
COMM 2013-CCRE7 3.213% 03/46Mortgage Back Security 3.213% 03/46**904 
COMM 2013-CCRE8 3.612% 06/46Mortgage Back Security 3.612% 06/46**662 
CSAIL 2015-C2 COML 3.2241% 06/57Mortgage Back Security 3.2241% 06/57**616 
CSAIL 2015-C3 A4 3.7182% 08/48Mortgage Back Security 3.7182% 08/48**1,327 
CNH 2018-A A3 3.12% 07/23Mortgage Back Security 3.12% 07/23**778 
CVS HEALTH CORP 3.35% 03/09/21Corporate Bond 3.35% 03/09/21**662 
CA ST 2.40% 10/1/25Government Bond 2.40% 10/1/25**1,293 
CAN NATURAL RES 3.45% 11/15/21Corporate Bond 3.45% 11/15/21**1,151 
CPART 2018-1A A3 3.00% 11/21 144AMortgage Back Security 3.00% 11/21 144A**34 
CPART 2018-2A A3 3.27% 12/22Mortgage Back Security 3.27% 12/22**725 
CAPITAL ONE FIN 3.2% 1/30/23Corporate Bond 3.2% 1/30/23**2,667 
CAPITAL ONE FIN 2.6% 5/11/23Corporate Bond 2.6% 5/11/23**941 
COMET MULTI-ASST 2.84% 12/15/24Mortgage Back Security 2.84% 12/15/24**2,063 
CAPITAL ONE NATL ASN 2.15% 09/06/22Corporate Bond 2.15% 09/06/22**490 
CAPITAL ONE BK NA 2.28%/VAR 01/28/2026Corporate Bond 2.28%/VAR 01/28/26**1,499 
CARMX 2017-4 2.11% 10/17/22Mortgage Back Security 2.11% 10/17/22**162 
CARMX 2017-3 A3 1.97% 04/15/22Mortgage Back Security 1.97% 04/15/22**63 
CARMX 2018-2 A3 2.98% 01/23Mortgage Back Security 2.98% 01/23**448 
CARMX 2018-4 3.36% 09/15/23Mortgage Back Security 3.36% 09/15/23**821 
CARMX 2019-1 3.05% 03/15/24Mortgage Back Security 3.05% 03/15/24**1,173 
CARMX 2020-4 0.5% 08/15/25Mortgage Back Security 0.5% 08/15/25**1,279 
21

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
CENTERPOINT ENE 2.50% 09/01/22Corporate Bond 2.50% 09/01/22**400 
CHEVRON CORP NEW 1.141% 05/11/2023Corporate Bond 1.141% 05/11/23**1,284 
CHEVRON CORP NEW 1.554% 05/11/2025Corporate Bond 1.554% 05/11/25**1,488 
CGCMT 2016-P6 A1 1.884% 12/49Mortgage Back Security 2016-P6 A1 1.884% 12/49**35 
CITIGROUP INC 2.75% 4/25/2022Corporate Bond 2.75% 4/25/2022**1,362 
CITIGROUP INC 2.7% 10/27/2022Corporate Bond 2.7% 10/27/2022**209 
CITIGROUP 3.142%/VAR 1/24/23Corporate Bond 3.142%/VAR 1/24/23**705 
CITIGROUP 3.106%/VAR 04/08/2026Corporate Bond 3.106%/VAR 4/08/26**1,869 
CCCIT 2018-A1 A1 2.49% 01/23Mortgage Back Security 2018-A1 A1 2.49% 01/23**1,661 
CGCMT 2012-GC8 A4 3.024% 9/45Mortgage Back Security 2012-GC8 A4 3.024% 9/45**827 
CGCMT 13-GC11 A4 3.093% 04/46Mortgage Back Security 13-GC11 A4 3.093% 04/46**243 
CGCMT 13-GC15 A4 4.371% 09/46Mortgage Back Security 13-GC15 A4 4.371% 09/46**616 
CGCMT 13-GC17 A4 4.131% 11/46Mortgage Back Security 13-GC17 A4 4.131% 11/46**783 
CGCMT 2014-GC21 3.477% 05/47Mortgage Back Security 2014-GC21 3.477% 05/47**403 
CGCMT 2014-GC23 A3 3.356% 07/47Mortgage Back Security 2014-GC23 A3 3.356% 07/47**1,254 
CGCMT 2016-GC36 AAB 3.368% 02/49Mortgage Back Security 16-GC36 AAB 3.368% 02/49**844 
CITIBANK NA 3.65% 01/23/24Corporate 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% 04/50Mortgage Back Security 2017-P7 A2 3.212% 04/50**816 
CITIZENS BANK NA 2.65% 5/26/22Corporate Bond 2.65% 5/26/22**887 
CITIZENS FINCL 2.375% 7/28/21Corporate Bond 2.375% 7/28/21**129 
COMCAST CORP NEW 3.7% 04/24Corporate Bond 3.7% 04/24**1,662 
COMCAST CORP 3.95% 10/15/25Corporate Bond 3.95% 10/15/25**990 
COMCAST CORP NEW 3.1% 04/01/25Corporate Bond 3.1% 04/01/25**80 
COMPASS BANK 2.875% 6/29/22Corporate Bond 2.875% 06/29/22**1,669 
COMPASS BK BIRM 3.5% 6/11/21Corporate Bond 3.5% 6/11/21**1,182 
CREDIT SUISSE 2.593%/VAR 09/25 144ACorporate Bond 2.593%/VAR 09/25 144A**1,363 
CREDIT SUISSE GG 3.45% 4/16/21Corporate Bond 3.45% 4/16/21**1,108 
CREDIT SUISSE NY 2.8% 04/08/22Corporate Bond 2.8% 04/08/22**726 
CREDIT SUISSE NY 1% 05/05/23Corporate Bond 1% 05/05/23**1,423 
CSAIL 2019-C15 TR 3.4505% 03/15/52Mortgage Back Security 2019-C15 3.4505% 03/15/52**1,105 
DBUBS 2011-LC2A A4 4.537% 7/44Mortgage Back Security 2011-LC2A A4 4.537% 7/44**1,005 
DAIMLER FIN 2.85% 1/6/22 144ACorporate Bond 2.85% 1/6/22 144A**1,080 
DAIMLER FIN 2.3% 2/12/21 144ACorporate Bond 2.3% 2/12/21 144A**1,719 
DEERE & CO 2.75% 04/15/25Corporate Bond 2.75% 04/15/25**118 
DEERE JOHN CAPITAL 2.6% 03/07/24Corporate Bond 2.6% 03/07/24**489 
DEFT 2018-1 A3 3.18% 06/22/23Mortgage Back Security 2018-1 A3 3.18% 06/22/23**92 
DEFT 2018-2 A3 3.37% 10/22/23Mortgage Back Security 2018-2 A3 3.37% 10/22/23**315 
DEFT 2020-2 0.57% 10/23/23Mortgage Back Security 2020-2 0.57% 10/23/23**957 
DEUTS BANK AG NY BNCH 2.129%/VAR 11/24/26Corporate Bond 2.129%/VAR 11/24/26**1,302 
DISCOVER BKNT NEW 3.2% 8/9/21Corporate Bond 3.2% 8/9/21**257 
DISCOVER BANK 3.35% 2/06/23Corporate Bond 3.35% 2/06/23**500 
22

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
DCENT 2018-A5 A5 3.32% 03/24Mortgage Back Security 2018-A5 A5 3.32% 03/24**1,909 
DCENT 2019-A1 A1 3.04% 07/24Mortgage Back Security 2019-A1 A1 3.04% 07/24**1,476 
DOMINION GAS HLDGS 2.5% 11/24Corporate Bond 2.5% 11/24**334 
DOMINION RESOURCE 2% 8/15/21Corporate Bond 2% 8/15/21**451 
DUKE ENERGY 1.8% 9/1/21Corporate Bond 1.8% 9/1/21**407 
ERP OPERATING LP 3.375% 6/1/25Corporate Bond 3.375% 6/1/25**820 
EDISON INTRNL 2.95% 03/15/23Corporate Bond 2.95% 03/15/23**288 
EQUINOR ASA 1.75% 01/22/2026Corporate Bond 1.75% 1/22/26**296 
EVERSOURCE ENERGY 2.5% 3/15/21Corporate Bond 2.5% 3/15/21**1,403 
EXELON CORP VAR 06/01/2022Corporate Bond VAR 06/01/2022**808 
FHLG 15YR 2.5% 10/31 #G16387Government Bond 2.5% 10/31 #G16387**1,120 
FHLG 15YR 3% 05/33 #G16550Government Bond 3% 05/33 #G16550**1,529 
FHLG 25YR 5.50% 7/35 #G05815Government Bond 5.50% 7/35 #G05815**48 
FHLG 20YR 3.5% 06/32#C91456Government Bond 3.5% 06/32#C91456**879 
FHLG 5.50% 3/34 #G01665Government Bond 5.50% 3/34 #G01665**71 
FHLG 15YR 4.00% 4/26 #E02867Government Bond 4.00% 4/26 #E02867**57 
FHLG 15YR 3% 05/29 #J32373Government Bond 3% 05/29 #J32373**3,477 
FHLG 15YR 2.5% 11/28 #J32374Government Bond 2.5% 11/28 #J32374**3,273 
FHLG 15YR 2% 01/32 #ZS7735Government Bond 2% 01/32 #ZS7735**4,180 
FHLG 15YR 2.5% 12/31 #SB0093Government Bond 2.5% 12/31 #SB0093**1,958 
FHLG 15YR 3% 02/34 #SB0179Government Bond 3% 02/34 #SB0179**2,348 
FHLG 15YR 3.5% 04/34 #SB0378Government Bond 3.5% 04/34 #SB0378**1,789 
FHLG 5.50% 5/34 #Z40042Government Bond 5.50% 5/34 #Z40042**522 
FHLG 20YR 3% 11/33#G30872Government Bond 3% 11/33#G30872**1,159 
FHLG 20YR 3.5% 07/01/32#G31067Government Bond 3.5% 07/01/32#G31067**570 
FNMA 1.25% 08/17/21Government Bond 1.25% 08/17/21**1,189 
FNR 2012-149 DA 1.75% 01/43Mortgage Back Security 2012-149 DA 1.75% 01/43**129 
FNR 2012-151 PA 1.5% 01/25/43Mortgage Back Security 2012-151 PA 1.5% 01/25/43**673 
FNR PA 1.5% 02/25/43Mortgage Back Security PA 1.5% 02/25/43**983 
FNR 2013-16 GP 3% 03/25/33Mortgage Back Security 2013-16 GP 3% 03/25/33**317 
FNR PA 1.85% 5/33Mortgage Back Security 1.85% 5/33**940 
FNR PA 3% 6/25/43Mortgage Back Security 3.0% 6/25/43**767 
FNR PA 3% 4/44Mortgage Back Security 2015-32 PA 3% 4/44**522 
FNR P 2.5% 5/45Mortgage Back Security 2015-28 P 2.5% 5/45**1,497 
FNR 2015-28 JE 3% 05/45Mortgage Back Security 2015-28 JE 3% 05/45**1,055 
FNR 2015-42 LE 3% 06/45Mortgage Back Security 2015-42 LE 3% 06/45**924 
FNR 2015-49 LE 3% 07/45Mortgage Back Security 2015-49 LE 3% 07/45**690 
FNR 2015-54 GA 2.5% 07/45Mortgage Back Security 2015-54 GA 2.5% 07/45**695 
FNR 2016-19 AH 3% 04/46Mortgage Back Security 2016-19 AH 3% 04/46**690 
FNR 2016-26 CG 3% 05/46Mortgage Back Security 2016-26 CG 3% 05/46**1,840 
FNR 2016-27 HK 3% 01/41Mortgage Back Security 2016-27 HK 3% 01/41**957 
FNR 2016-27 KG 3% 01/40Mortgage Back Security 2016-27 KG 3% 01/40**471 
FNR 2016-37 BK 3% 06/25/46Mortgage Back Security 2016-37-BK 3% 06/25/46**1,929 
FNR 2016-34 3% GH 06/25/46Mortgage Back Security 2016-34 GH 3% 06/25/46**1,799 
23

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FNR 2016-105 PA 3.5% 4/45Mortgage Back Security 2016-105 PA 3.5% 4/45**1,092 
FNR 2016-100 P 3.5% 11/44Mortgage Back Security 2016-100 P 3.5% 11/44**1,665 
FNR 2017-11 HA 3.5% 12/45Mortgage Back Security 2017-11 HA 3.5% 12/45**1,848 
FNR 2017-20 AP 3.5% 03/45Mortgage Back Security 2017-20 AP 3.5% 03/45**2,236 
FNMA 2017-74 PA 3.5% 11/45Mortgage Back Security 2017-74 PA 3.5% 11/45**1,776 
FNR 2% 06/35Mortgage Back Security 2% 06/35**2,241 
FNR 2017-97 P 3% 01/47Mortgage Back Security 2017-97 P 3% 01/47**1,358 
FNR 2018-3 LP 3% 02/47Mortgage Back Security 2018-3 LP 3% 02/47**3,165 
FNR 2018-16 NB 3.25% 12/44Mortgage Back Security 2018-16 NB 3.25% 12/44**942 
FNR 2018-11 LA 3.5% 7/45Mortgage Back Security 2018-11 LA 3.5% 7/45**1,505 
FNR 2018-44 PA 3.5% 06/44Mortgage Back Security 2018-44 PA 3.5% 06/44**3,172 
FNR PA 3.5% 02/46Mortgage Back Security PA 3.5% 02/46**1,622 
FNMA GTD CTF 3.5% 10/44Mortgage Back Security CTF 3.5% 10/44**1,491 
FNR 2018-88 BA 4% 11/25/43Mortgage Back Security 2018-88 BA 4% 11/25/43**740 
FNMA GTD REM 2019-14 DA 4% 03/25/48Mortgage Back Security 2019-14 DA 4% 03/25/48**827 
FNMA GTD REM 4% 11/48Mortgage Back Security 4% 11/48**1,308 
FNMA GTD REM 3% 03/48Mortgage Back Security 3% 03/48**3,860 
FNMA GTD REM 2019-38 AB 3% 07/25/39Mortgage Back Security 2019-38 AB 3% 07/25/39**1,953 
FNMA GTD REM PA 2.5% 10/39Mortgage Back Security 2.5% 10/39**1,135 
FHLMC GT 4135 AB 1.75% 06/15/42Mortgage Back Security 4135 AB 1.75% 06/15/42**104 
FHLMC CTFS 2.682% 10/25/22Government Bond CTFS 2.682% 10/25/22**419 
FHLMC GT 2% 08/32Mortgage Back Security GT 2% 08/32**224 
FHLMC GT 2% 10/32Mortgage Back Security GT 2% 10/32**239 
FHLMC GT 3.0% 05/45Mortgage Back Security GT 3.0% 05/45**594 
FHLMC GT K720 A2 2.716% 06/22Government Bond A2 2.716% 06/22**1,766 
FHLMC GT K722 A2 2.406% 03/23Government Bond A2 2.406% 03/23**1,659 
FHMS K724 A1 2.776% 03/23Government Bond K724 A1 2.776% 03/23**376 
FREDDIE MAC 4656 PA 3.5% 10/15/45Mortgage Back Security PA 3.5% 10/15/45**1,230 
FHR 4683 EA 2.5% 05/47Mortgage Back Security EA 2.5% 05/47**1,662 
FHMS K027 A2 2.637% 01/23Government Bond A2 2.637% 01/23**1,594 
FHLMC CTF GT 3.3% 04/25/2023Government Bond GT 3.3% 04/25/2023**1,526 
FHLMC 1.125% 08/12/2021Government Bond 1.125% 08/12/2021**1,485 
FHMS 2017-K727 A1 2.632% 10/25/2023Government Bond A1 2.632% 10/25/2023**199 
FHLMC CTF GT K727 A2 2.946% 07/24Government Bond A2 2.946% 07/24**1,899 
FHLMC 4765 QA 3% 02/15/2046Mortgage Back Security QA 3% 02/15/2046**2,408 
FHLMC GT 4847 CA 3.5% 11/15/45Mortgage Back Security CA 3.5% 11/15/45**1,428 
FHLMC GT 4% 07/15/2047Mortgage Back Security GT 4% 7/15/47**1,787 
FHLMC GT 2019-4872 AB 4% 08/47Mortgage Back Security AB 4% 08/47**1,578 
FHLMC GT 3% 07/25/2039Mortgage Back Security GT 3% 07/25/39**1,463 
FREDDIE MAC 3% 10/25/2048Mortgage Back Security 3% 10/25/48**1,532 
FREDDIE MAC 2018-4766 MA 3.5% 02/46Mortgage Back Security MA 3.5% 02/46**2,442 
Fidelity Short Term Cash FundFid Inst Cash Port: MM Fund Class 1 SHS F/N/A**10,963 
24

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FNMA 5.50% 11/34 #310105Government Bond 5.50% 11/34 #310105**385 
FNMA 20YR 2.5% 01/33 #AL2974Government Bond 20YR 2.5% 01/33 #AL2974**337 
FNMA 20YR 2.5% 01/33 #AL2975Government Bond 20YR 2.5% 01/33 #AL2975**396 
FNMA 20YR 2.5% 01/33 #AL2976Government Bond 20YR 2.5% 01/33 #AL2976**217 
FNMA 20YR 2.5% 01/33 #AL2982Government Bond 20YR 2.5% 01/33 #AL2982**275 
FNMA 15YR 3.5% 10/29#AL5851Government Bond 15YR 3.5% 10/29#AL5851**187 
FNMA 15YR 3.5% 09/29#AL5878Government Bond 15YR 3.5% 09/29#AL5878**470 
FNMA 15YR 4.5% 11/25#AL8242Government Bond 15YR 4.5% 11/25#AL8242**226 
FNMA 15YR 2.5% 10/31 #AS8010Government Bond 15YR 2.5% 10/31 #AS8010**804 
FNMA 6.50% 7/32 #545759Government Bond 6.50% 7/32 #545759**21 
FNMA 6.50% 7/32 #545762Government Bond 6.50% 7/32 #545762**
FHR 3415 PC 5% 12/37Mortgage Back Security 3415 PC 5% 12/37**52 
FNR 2011-26 PA 4.5% 04/41Mortgage Back Security 2011-26 PA 4.5% 04/41**457 
FNMA 15YR 4% 05/29 #BM5499Government Bond 15YR 4% 05/29 #BM5499**3,063 
FNMA 15YR 3% 12/31 #BM1790Government Bond 15YR 3% 12/31 #BM1790**752 
FNMA 3.5% 07/32 #BM3929Government Bond 3.5% 07/32 #BM3929**1,672 
FNMA 15YR 3% 12/01/2032 #BM5109Government Bond 15YR 3% 12/01/2032 #BM5109**4,709 
FNMA 15YR 3% 09/01/2032 #BM5110Government Bond 15YR 3% 09/01/2032 #BM5110**2,113 
FNMA 15YR 3.5% 02/01/2035 #FM0065Government Bond 15YR 3.5% 02/01/2035 #FM0065**1,759 
FNMA 20YR 4.5% 06/01/2039 #FM1045Government Bond 20YR 4.5% 06/01/2039 #FM1045**142 
FNMA 20YR 4.5% 08/01/2039 #FM1353Government 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 #FM1534Government Bond 30YR 4.5% 09/01/2049 #FM1534**2,332 
FNMA 15YR 3.5% 09/01/2034 #FM1577Government Bond 15YR 3.5% 09/01/2034 #FM1577**1,662 
FNMA 15YR 3.5% 09/01/2034 #FM1578Government Bond 15YR 3.5% 09/01/2034 #FM1578**746 
FNMA 15YR 3.5% 10/01/2034 #FM1579Government Bond 15YR 3.5% 10/01/2034 #FM1579**517 
FNMA 20YR 4.5% 03/01/2039 #FM1774Government Bond 20YR 4.5% 03/01/2039 #FM1774**255 
FNMA 15YR 2.5% 11/01/2029 #FM2692Government Bond 15YR 2.5% 11/01/2029 #FM2692**3,618 
FNMA 15YR 4% 03/01/2034 #FM2867Government Bond 15YR 4% 03/01/2034 #FM2867**4,705 
FNMA 30YR 3% 03/01/2050 #FM2870Government Bond 30YR 3% 03/01/2050 #FM2870**4,402 
FNMA 15YR 4% 02/01/2034 #FM3001Government Bond 15YR 4% 02/01/2034 #FM3001**2,347 
FNMA 20YR 3% 12/01/2040 #FM4710Government Bond 20YR 3% 12/01/2040 #FM4710**2,230 
FNMA 20YR 3% 12/01/2040 #FM4711Government Bond 20YR 3% 12/01/2040 #FM4711**2,898 
FNMA 6.50% 12/32 #735415Government Bond 6.5% 12/32 #735415**
FNMA 6.50% 7/35 #745092Government Bond 6.50% 7/35 #745092**
FNMA 6.50% 8/36 #888034Government Bond 6.50% 8/36 #888034**14 
FNMA 6.50% 8/36 #888544Government Bond 6.50% 8/36 #888544**64 
FNMA 20YR 3.0% 11/01/2032 #MA1237Government Bond 20YR 3.0% 11/01/2032 #MA1237**2,987 
FNMA 20YR 3.0% 07/01/2036 #MA2672Government Bond 20YR 3.0% 07/01/2036 #MA2672**4,407 
FNMA 20YR 4.0% 04/01/2038 #MA3337Government Bond 20YR 4.0% 04/01/2038 #MA3337**1,967 
FNMA 6.50% 12/35 #AD0723Government Bond 6.50% 12/35 #AD0723**80 
FNMA 6.50% 8/36 #AE0746Government Bond 6.50% 8/36 #AE0746**52 
FIFTH THIRD BAN 2.875% 10/1/21Corporate Bond 2.875% 10/1/21**778 
25

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
FLORIDA PWR & LT CO 2.85% 04/01/2025Corporate Bond 2.85% 04/01/2025**417 
FORDF 2018-1 A1 2.95% 5/23Mortgage Back Security 2018-1 A1 2.95% 5/23**2,046 
FORDR A 0.7% 09/25Mortgage Back Security A 0.7% 09/25**1,644 
FORD CRD 16-1 A 2.31% 08/15/20Mortgage Back Security 16-1 A 2.31% 08/15/20**2,093 
FORDO 2020-A 1.85% 03/23Mortgage Back Security 2020-A 1.85% 03/23**654 
FORDO 2019-1 A 3.52% 07/15/2030 14Mortgage Back Security 2019-1 A 3.52% 07/15/30 **1,605 
GNII II 3.5% 01/01/51 #TBAGovernment Bond 3.5% 01/01/51 #TBA**2,358 
GFORT 3.13% 03/15/2023Mortgage Back Security 3.13% 03/15/2023**1,557 
GFORT 0.68% 08/15/2025Mortgage Back Security 0.68% 08/15/2025**740 
GFORT 0.69% 10/15/2025Mortgage Back Security 0.69% 10/15/2025**1,686 
GSMS 2012-GC6 A3 3.482% 01/45Mortgage Back Security 2012-GC6 A3 3.482% 01/45**916 
GSMS 2013-GC10 A5 2.943% 02/46Mortgage Back Security 2013-GC10 A5 2.943% 02/46**1,852 
GSMS 2012-GCJ7 A4 3.377% 05/45Mortgage Back Security 2012-GCJ7 A4 3.377% 05/45**1,012 
GSMS 2014-GC26 AAB 3.365% 11/47Mortgage Back Security 2014-GC26 3.365% 11/47**873 
GSMS 2015-GC32 A2 3.062% 7/48Mortgage Back Security 2015-GC32 A2 3.062% 7/48**113 
GSMS 2015-GC32 AAB 3.513% 7/48Mortgage Back Security 2015-GC32 3.513% 7/48**572 
GSMS 2015-GC28 AAB 3.206% 2/48Mortgage Back Security 2015-GC28 3.206% 2/48**655 
GSMS 2014-GC18 AAB 3.648% 01/47Mortgage Back Security 2014-GC18 3.648% 01/47**162 
GSMS 2014-GC20 AAB 3.655% 04/47Mortgage Back Security 14-GC20 AAB 3.655% 04/47**188 
GMCAR 2018-1A A3 2.32% 7/18/22Mortgage Back Security 2018-1A A3 2.32% 7/18/22**190 
GMFALT 2019-1 2.98% 12/21Mortgage Back Security 2019-1 2.98% 12/21**368 
GMFCAR 2019-1 2.97% 11/23Mortgage Back Security 2019-1 2.97% 11/23**975 
GMFALT 2020-3 0.45% 08/21/23Mortgage Back Security 2020-3 0.45% 08/21/23**1,026 
GMFALT 2019-1 2.67% 03/22Mortgage Back Security 2019-1 2.67% 03/22**377 
GENERAL ELEC CO 3.375% 3/11/24Corporate Bond 3.375% 3/11/24**1,639 
GENERAL MTRS FINL 3.55% 4/9/21Corporate Bond 3.55% 4/9/21**1,020 
GOLDMAN SACHS GRP 3% 04/26/22Corporate Bond 3% 04/26/22**760 
GOLDMAN SACHS GRP 2.905%/VAR 07/23Corporate Bond 2.905%/VAR 07/23**799 
GOLDMAN SACHS GRP 3.2% 02/23Corporate Bond 3.2% 02/23**1,282 
GOLDMAN SACHS 0.627%/VAR 11/23Corporate Bond 0.627%/VAR 11/23**1,708 
GOLDMAN SACHS 2.876%/VAR 10/22Corporate Bond 2.876%/VAR 10/22**1,337 
GREAT-WEST LIFECO FIN 0.904% 08/12/2025 144ACorporate Bond 0.904% 8/12/25 144A**758 
GUARDIAN LIFE GBL FUNDING 1.1% 06/25 144ACorporate Bond 1.1% 6/23/25 144A**1,509 
GUARDIAN LIFE GBL FUNDING 1.4% 07/6/27 144ACorporate Bond 1.4% 7/6/27 144A**1,936 
HSBC HLDNGS 3.262%/VAR 3/13/23Corporate Bond 3.262%/VAR 3/13/23**1,565 
HSBC HOLDINGS 3.95%/VAR 5/24Corporate Bond 3.95%/VAR 5/24**1,733 
HSBC HOLDINGS 3.803%/VAR 03/11/25Corporate Bond 3.803%/VAR 03/11/25**2,097 
HEALTH CARE REIT 4% 06/01/25Corporate Bond 4% 06/01/25**1,238 
HEALTHCARE TR 3.5% 08/26Corporate Bond 3.5% 08/26**190 
HUNTINGTN BCSHRS 2.3% 1/14/22Corporate Bond 2.3% 1/14/22**508 
HUNTINGTN BCSHRS 2.625% 8/6/24Corporate Bond 2.625% 8/6/24**1,411 
26

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
HART 2019-B 1.94% 02/15/2024Mortgage Back Security 2019-B 1.94% 02/15/2024**1,081 
HALST 2018-A A3 2.79% 07/22Mortgage Back Security 2018-A A3 2.79% 07/22**363 
HART 2020-C 0.38% 05/15/2025Mortgage Back Security 2020-C 0.38% 05/15/2025**1,636 
IMPERIAL TOBACCO 3.125% 07/24 144ACorporate Bond 3.125% 07/24 144A**1,572 
INTERCO EXCH INC 3.45% 9/21/23Corporate Bond 3.45% 9/21/23**1,002 
IBM CORPORATION 2.85% 05/13/2022Corporate Bond 2.85% 05/13/2022**1,975 
JPMCC 2015-JP1 A2 3.1438% 1/49Mortgage Back Security 2015-JP1 A2 3.1438% 1/49**70 
JP MORGAN CHASESynthetic GIC – 1.781% (fair value to contract value)**(4,774)
JPMCC 2013-C10 A5 3.1425% 12/47Mortgage Back Security 2013-C10 A5 3.1425% 12/47**1,577 
JPMCC 2013-C13 A4 3.9936% 01/46Mortgage Back Security 2013-C13 A4 3.9936% 1/46**839 
JPMBB 2014-C22 3.8012% 09/47Mortgage Back Security 2014-C22 3.8012% 09/47**1,307 
JPMBB 2014-C22 ASB 3.5036% 09/47Mortgage Back Security 2014-C22 3.5036% 09/47**562 
JPMCC 2016-JP4 A2 2.984% 12/49Mortgage Back Security 2016-JP4 A2 2.984% 12/49**708 
JPMORGAN CHASE 3.559%/VAR 04/23/24Corporate Bond 3.559%/VAR 04/23/24**2,157 
JPMORGAN CHASE 3.514% 06/18/2022Corporate Bond 3.514% 06/18/2022**1,624 
JPMORGAN CHASE 4.023%/VAR 12/24Corporate Bond 4.023%/VAR 12/24**806 
JPMORGAN CHASE 2.083%/VAR 04/22/2026Corporate Bond 2.083%/VAR 04/26**1,908 
JPMORGAN CHASE 1.045%/VAR 11/19/2026Corporate Bond 1.045%/VAR 11/26**1,711 
JAPAN BANK INTL 1.5% 7/21/21Corporate Bond 1.5% 7/21/21**1,329 
JOHN DEERE 2019-B 2.21% 12/23Mortgage Back Security 2019-B 2.21% 12/23**1,194 
KEY BANK NA 3.3% 02/01/22Corporate Bond 3.3% 02/01/22**449 
KINDER MORGAN EN 3.5% 9/1/23Corporate Bond 3.5% 9/1/23**917 
KCOT 2018-1A A3 3.1% 08/15/22 144AMortgage Back Security 2018-1A A3 3.1% 08/22 144A**976 
LINCOLN NATL LIFE INS COSynthetic GIC – 1.791% (fair value to contract value)**(1,769)
LLOYDS BANK GROUP PLC 2.438%/VAR 02/05/2026Corporate Bond 2.438%/VAR 02/05/26**709 
LLOYDS BANK GROUP PLC 1.326%/VAR 06/15/2023Corporate Bond 1.326%/VAR 06/15/23**414 
MARSH & MCLENNAN 2.75% 01/30/22Corporate Bond 2.75% 01/30/22**1,749 
MARSH & MCLENNAN 3.875% 03/15/24Corporate Bond 3.875% 03/15/24**745 
MASTERCARD INC 3.3% 03/26/2027Corporate Bond 3.3% 03/26/27**99 
MCDONALDS CORP MTN 3.625% 5/21Corporate Bond 3.625% 5/21**402 
MCDONALDS CORP 3.3% 07/01/2025Corporate Bond 3.3% 07/01/25**81 
MBALT 2019-B A3 2.00% 10/22Mortgage Back Security 2019-B A3 2.00% 10/22**838 
MBALT 2020-A 1.84% 12/15/2022Mortgage Back Security 2020-A 1.84% 12/15/22**848 
MBALT 2019-A A3 3.1% 11/21Mortgage Back Security 2019-A A3 3.1% 11/21**391 
METROPOLITAN LIFE INS COSynthetic GIC – 1.781% (fair value to contract value)**(2,423)
MET LIFE GLOB 2.65% 4/22 144ACorporate Bond 2.65% 4/22 144A**1,367 
MET LIFE GLOB 0.9% 06/08/2023 144ACorporate Bond 0.9% 6/8/23 144A**1,128 
MITSUBISH UFJ 2.19% 9/13/21Corporate Bond 2.19% 9/13/21**957 
MITSUBISHI UFJ FIN 2.998% 2/22Corporate Bond 2.998% 2/22**937 
MITSUBISHI UFJ 3.455% 3/02/23Corporate Bond 3.455% 3/02/23**861 
MITSUBISHI UFJ 3.218% 03/07/22Corporate Bond 3.218% 03/07/22**1,566 
27

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
MITSUBISHI UFJ 2.623% 07/18/22Corporate Bond 2.623% 07/18/22**1,464 
MITSUBISHI UFJ 2.193% 02/25/25Corporate Bond 2.193% 02/25/25**1,895 
MITSUBISHI UFJ 1.412% 07/17/25Corporate Bond 1.412% 07/17/25**1,550 
MIZUHO FINL 2.273% 9/13/21Corporate Bond 2.273% 9/13/21**910 
MIZUHO FINL 0.849%/VAR 9/08/24Corporate Bond 0.849%/VAR 9/08/24**970 
MOODYS CORP 3.75% 03/24/2025Corporate Bond 3.75% 03/24/25**702 
MSBAM 2015-C22 ASB 3.04% 4/15/48Mortgage Back Security 2015-C22 ASB 3.04% 4/48**375 
MSBAM 2013-C7 A4 2.918% 2/46Mortgage Back Security 2013-C7 A4 2.918% 2/46**1,321 
MSBAM 2016-C32 A1 1.968% 12/49Mortgage Back Security 2016-C32 A1 1.968% 12/49**173 
MORGAN STANLEY 3.125% 01/23/23Corporate Bond 3.125% 01/23/23**1,678 
MORGAN STANLEY 3.737%/VAR 4/24Corporate Bond 3.737%/VAR 4/24**1,740 
MORGAN STANLEY 2.72%/VAR 07/25Corporate Bond 2.72%/VAR 07/25**1,200 
MORGAN STANLEY 2.188%/VAR 04/28/2026Corporate Bond 2.188%/VAR 04/28/26**1,484 
MORGAN STANLEY 0.56%/VAR 11/10/2023Corporate Bond 0.56%/VAR 11/10/23**2,106 
MSBAM 2012-C6 A4 2.858% 11/45Mortgage Back Security 2012-C6 A4 2.858% 11/45**1,648 
MSBAM 2013-C8 A4 3.134% 12/48Mortgage Back Security 2013-C8 A4 3.134% 12/48**1,504 
MSBAM 2013-C11 A4 4.15% CSTR 8/46Mortgage Back Security 2013-C11 A4 4.15% CSTR 8/46**497 
MSBAM 2013-C13 ASB 3.557% 11/46Mortgage Back Security 2013-C13 ASB 3.557% 11/46**627 
MSBAM 2014-C16 3.477% 6/47Mortgage Back Security 2014-C16 3.477% 6/47**687 
MSBAM 2014-C17 ASB 3.477% 8/47Mortgage Back Security 2014-C17 ASB 3.477% 8/47**971 
MSBAM 2015-C21 3.15% 03/48Mortgage Back Security 2015-C21 3.15% 03/48**218 
MSBAM 2016-C28 3.272% 01/15/49Mortgage Back Security 2016-C28 3.272% 01/15/49**460 
MSBAM 2016-C31 1.511% 11/15/49Mortgage Back Security 2016-C31 1.511% 11/15/49**45 
MSBAM 2019-MEAD 3.17% 11/36Mortgage Back Security 2019-MEAD 3.17% 11/36**1,077 
NATIONAL BANK OF CA 0.55%/VAR 11/15/2024Corporate Bond 0.55%/VAR 11/15/24**865 
NYLIFE GLBL 1.7% 9/14/21 144ACorporate Bond 1.7% 9/14/21 144A**2,283 
NY LFE GLB 2.3% 6/10/22 144ACorporate Bond 2.3% 6/10/22 144A**1,363 
NEW YORK LIFE INS CO 1.1% 05/05/2023 144ACorporate Bond 1.1% 5/5/23 144A**732 
NYC TFA (PIT) 2.05% 08/01/23Municipal Bond 2.05% 08/01/23**487 
NYC TFA (PIT) 2.85% 02/01/24Municipal Bond 2.85% 02/01/24**464 
NYS UDC 2.67% 03/15/23Municipal Bond 2.67% 03/15/23**1,142 
NYS UDC 2.7% 03/15/23Municipal Bond 2.7% 03/15/23**1,949 
NISOURCE INC 0.95% 08/15/2025Corporate Bond 0.95% 08/15/25**640 
NATIONWIDE LIFE INSURANCE COSynthetic GIC – 1.781% (fair value to contract value)**(2,979)
OTIS WORLDWIDE CORP 2.056% 04/05/2025Corporate Bond 2.056% 04/05/25**1,916 
PACIFIC LIFE GF II 1.2% 06/24/2025 144ACorporate Bond 1.2% 6/24/25 144A**1,088 
PACIFIC LIFE INS COSynthetic GIC – 1.781% (fair value to contract value)**(1,876)
PAYPAL HLDGS INC 1.35% 06/01/2023Corporate Bond 1.35% 06/01/23**685 
PAYPAL HLDGS INC 1.65% 06/01/2025Corporate Bond 1.65% 06/01/25**550 
PHILIP MORS INT 2.625% 02/18/22Corporate Bond 2.625% 02/18/22**579 
PHILIP MORS INT 2.875% 05/01/24Corporate Bond 2.875% 05/01/24**1,622 
28

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
PHILIP MORS INT 0.875% 05/01/26Corporate Bond 0.875% 05/01/26**961 
PRICOA GLBL 2.4% 09/23/24 144ACorporate Bond 2.4% 09/23/24 144A**1,855 
PRICOA GLBL 2.45% 09/21/22 144ACorporate Bond 2.45% 09/21/22 144A**1,334 
PRUDENTIAL INSURANCE COMPANYSynthetic GIC – 1.781% (fair value to contract value)**(4,188)
PUBLIC SERVICE ELE 2.65% 11/22Corporate Bond 2.65% 11/22**1,241 
CITIZENS BANK NA 2.25% 04/28/2025Corporate Bond 2.25% 4/28/25**1,399 
REGIONS FINL CORP 3.8% 08/14/23Corporate Bond 3.8% 08/14/23**618 
REGIONS FIN CORP 2.25% 05/18/2025Corporate Bond 2.75% 05/18/25**833 
ROPER TECHNOLOGIES 3.65% 09/23Corporate Bond 3.65% 09/23**1,098 
ROPER TECHNOLOGIES 1% 09/15/2025Corporate Bond 1% 09/15/25**220 
ROSS STORES INC 0.875% 04/15/2026Corporate Bond 0.875% 04/15/26**1,568 
ROYAL BNK CANADA 4.65% 1/27/26Corporate Bond 4.65% 1/27/26**979 
ROYAL BK SCO 4.519%/VAR 06/24Corporate Bond 4.519%/VAR 06/24**2,162 
ROYAL BNK OF CAN 3.7% 10/5/23Corporate Bond 3.7% 10/5/23**1,649 
ROYAL BNK OF CAN 1.15% 06/10/25Corporate Bond 1.15% 06/10/25**1,482 
SSM HEALTH CARE 3.688% 6/1/23Corporate Bond 3.688% 6/1/23**981 
SRALT 2020-B 0.57% 04/22/2024Mortgage Back Security 2020-B 0.57% 04/22/24**1,859 
START 2019-1 2.986% 02/23Mortgage Back Security 2019-1 2.986% 02/23**676 
START 2018-2A A3 3.325% 8/25/22Mortgage Back Security 2018-2A A3 3.325% 8/25/22**830 
SEMPRA ENERGY 2.9% 02/01/23Corporate Bond 2.9% 02/01/23**326 
SIMON PPTY GRP 2.625% 06/15/22Corporate Bond 2.625% 06/15/22**1,198 
SIMON PROPERTY 2.75% 06/01/23Corporate Bond 2.75% 06/01/23**1,485 
SOCIETE GEN FRANCE 1.488%/VAR 12/14/2026 144ACorporate Bond 1.488%/VAR 12/14/26 144A**1,138 
SOUTHERN COMPANY 2.35% 7/1/21Corporate Bond 2.35% 7/1/21**1,907 
STATE STREET BANK & TRUST COSynthetic GIC – 1.781% (fair value to contract value)**(3,518)
STATE STREET CORP 2.825%/VAR 03/30/2023Corporate Bond 2.825%/VAR 3/30/23**85 
STATE STREET CORP 2.901%/VAR 03/30/2026Corporate Bond 2.901%/VAR 3/30/26**84 
SUNTRUST BAN 3.502%/VAR 8/2/22Corporate Bond 3.502%/VAR 8/2/22**1,264 
SUNTRUST BANKS INC 3.2% 04/01/24Corporate Bond 3.2% 04/01/24**875 
SUNTRUST BANKS INC 2.8% 05/17/22Corporate Bond 2.8% 05/17/22**1,917 
SYNOVUS BANK 2.289%/VAR 02/10/2023Corporate Bond 2.289% 02/10/23**418 
TJX COMPANIES INC NEW 3.5% 04/15/2025Corporate Bond 3.5% 04/15/25**490 
TJX COMPANIES INC NEW 1.15% 05/15/2028Corporate Bond 1.15% 05/15/28**1,218 
TOYOTA MOTOR CORP 3.05% 01/08/21Corporate Bond 3.05% 01/08/21**480 
TAOT 2018-B A3 2.96% 09/22Mortgage Back Security 2018-B A3 2.96% 09/22**469 
TRANSAMERICA PREMIER LIFESynthetic GIC – 1.791% (fair value to contract value)**(3,800)
UBS GROUP AG 1.008%/VAR 07/30/2024 144ACorporate Bond 1.008%/VAR 07/30/24 144A**1,111 
UBS GROUP AG 1.75% 04/21/2022 144ACorporate Bond 1.75% 04/21/22 144A**2,144 
UBSBB 2012-C2 A4 3.525% 5/63Mortgage Back Security 2012-C2 A4 3.525% 5/63**981 
USAA CAPITAL CORP 1.5% 05/01/2023 144ACorporate Bond 1.5% 05/01/23 144A**281 
29

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
US BANCORP DEL 1.45% 05/12/2025Corporate Bond 1.45% 05/12/25**1,705 
USTN 0.125% 08/15/23Government Bond 0.125% 08/15/23**54,937 
USTN 0.875% 11/15/2030Government Bond 0.875% 11/15/30**16,076 
USTN 0.625% 11/30/2027Government Bond 0.625% 11/30/27**4,657 
USTN 0.125% 12/15/2023Government Bond 0.125% 12/15/23**12,238 
USTN 0.625% 12/31/2027Government Bond 0.625% 12/31/27**2,632 
USTN 2.375% 8/15/24Government Bond 2.375% 8/15/24**36,473 
USTN 2% 08/15/25Government Bond 2% 08/15/25**43,237 
USTN 0.375% 04/30/2025Government Bond 0.375% 04/30/25**40,420 
USTN 1.375% 08/31/23Government Bond 1.375% 08/31/23**41,801 
USTN 1.875% 07/31/22Government Bond 1.875% 07/31/22**45,444 
USTN 3.125% 11/15/28Government Bond 3.125% 11/15/28**32,890 
UNITEDHELTH GROUP INC 1.25% 01/15/26Corporate Bond 1.25% 01/15/26**155 
VENTAS RLTY LTD 3.5% 04/15/24Corporate Bond 3.5% 04/15/24**734 
VENTAS RLTY LTD 2.65% 01/15/25Corporate Bond 2.65% 01/15/25**1,135 
VERIZON COMM INC 5.15% 09/15/2023Corporate Bond 5.15% 09/15/23**1,009 
VERIZON COMM INC 2.946% 03/15/2022Corporate Bond 2.946% 03/15/22**867 
VZOT 2020-A 1.85% 07/22/2024Mortgage Back Security 2020-A 1.85% 07/22/24**1,683 
VISA INC 2.8% 12/14/22Corporate Bond 2.8% 12/14/22**1,121 
VISA INC 1.9% 04/15/2027Corporate Bond 1.9% 04/15/27**301 
VOLKSWAGEN GRP 1.25% 11/24/2025 144ACorporate Bond 1.25% 11/24/25 144A**2,140 
VALET 2018-1 A3 3.02% 11/22Mortgage Back Security 2018-1 A3 3.02% 11/22**550 
WFRBS 2014-C20 ASB 3.638% 05/47Mortgage Back Security 2014-C20 ASB 3.638% 05/47**330 
WFRBS 2014-C22 ASB 3.464% 9/57Mortgage Back Security 2014-C22 ASB 3.464% 9/57**1,360 
WFRBS 2012-C9 A3 2.87% 11/45Mortgage Back Security 2012-C9 A3 2.87% 11/45**1,063 
WFRBS 2011-C3 A4 4.375% 3/44Mortgage Back Security 2011-C3 A4 4.375% 3/44**805 
WFRBS 2012-C7 A2 3.431% 6/45Mortgage Back Security 2012-C7 A2 3.431% 6/45**773 
WFRBS 2013-C12 2.838% 03/48Mortgage Back Security 2013-C12 2.838% 03/48**75 
WFRBS 2013-C16 A5 4.415% 09/46Mortgage Back Security 2013-C16 A5 4.415% 09/46**987 
WFRBS 2013-C16 ASB 3.963% 09/46Mortgage Back Security 2013-C16 ASB 3.963% 09/46**235 
WFRBS 2014-C23 ASB 3.636% 10/57Mortgage Back Security 2014-C23 ASB 3.636% 10/57**455 
WFCM 2012-LC5 A3 2.918% 10/45Mortgage Back Security 2012-LC5 A3 2.918% 10/45**405 
WELLS FARGO BK 3.55% 8/14/23Corporate Bond 3.55% 8/14/23**1,640 
WFCM 2013-LC12 A1 1.676% 7/46Mortgage Back Security 2013-LC12 A1 1.676% 7/46**56 
WFCM 15-C27 3.451% 02/15/48Mortgage Back Security 15-C27 3.451% 02/15/48**1,640 
WFCM 15-C27 ASB 3.278% 02/15/48Mortgage Back Security 15-C27 ASB 3.278% 02/48**897 
WFCM 2016-C36 A1 1.453% 11/59Mortgage Back Security 2016-C36 A1 1.453% 11/59**28 
WFCM 2016-C37 A2 3.103% 12/49Mortgage Back Security 2016-C37 A2 3.103% 12/49**749 
WELLS FARGO CO 3.75% 01/24/24Corporate Bond 3.75% 01/24/24**1,629 
WELLS FARGO CO 2.164%/VAR 02/11/2026Corporate Bond 2.164%/VAR 02/11/26**1,950 

30

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
(c)
 Description of investment, including maturity date, rate of interest, collateral, par or maturity value
(d)
Historical Cost
(e)
Current Value
WELLS FARGO CO 2.188%/VAR 04/30/2026Corporate Bond 2.188%/VAR 04/30/26**1,162 
WELLS FARGO CO 1.654%/VAR 06/02/2024Corporate Bond 1.654%/VAR 06/02/24**1,132 
WELLTOWER INC 3.95% 09/01/23Corporate Bond 3.95% 09/01/23**709 
WELLTOWER INC 3.625% 03/15/24Corporate Bond 3.625% 03/15/24**1,298 
WOALST 2019 2.94% 05/16/22Mortgage Back Security 2019 2.94% 05/16/22**819 
XCEL ENERGY INC 2.4% 03/15/21Corporate Bond 2.4% 03/15/21**400 
ZIONS BANCORP 3.35% 03/04/22Corporate Bond 3.35% 03/04/22**640 
Sub-total Managed Income Funds815,382 
Self-Directed Brokerage AccountVarious shares**125,629 
Total Investment Assets$3,478,359 
*Participant LoansInterest 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.
31



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
32


Eastman Investment and Employee Stock Ownership Plan
Exhibit Index


33