Document

0000915389-23-000126.txt : 20230622 0000915389-23-000126.hdr.sgml : 20230622 20230622124708 ACCESSION NUMBER: 0000915389-23-000126 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230622 DATE AS OF CHANGE: 20230622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTMAN CHEMICAL CO CENTRAL INDEX KEY: 0000915389 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 621539359 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12626 FILM NUMBER: 231032393 BUSINESS ADDRESS: STREET 1: PO BOX 511 STREET 2: 200 SOUTH WILCOX DRIVE CITY: KINGSPORT STATE: TN ZIP: 37660 BUSINESS PHONE: 4232292000 MAIL ADDRESS: STREET 1: P O BOX 511 B-54D CITY: KINGSPORT STATE: TN ZIP: 37662 11-K 1 a2022123111-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, 2022
			OR
[ ]			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____________ to ______________


Commission file number 1-12626

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

EASTMAN INVESTMENT AND EMPLOYEE STOCK OWNERSHIP PLAN

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

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

Eastman Investment and Employee Stock Ownership Plan

Table of Contents


Report of Independent Registered Public Accounting Firm			1

Basic Financial Statements:

Statements of Net Assets Available for Benefits at December 31, 2022 and 2021			2

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2022 and 2021			3

Notes to Financial Statements			4-15

Additional Information (Note A):

Schedule of Assets (Held at End of Year) at December 31, 2022			17-32

Signatures			33

Exhibits			34


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, 2022 and 2021, 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, 2022 and 2021, 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, 2022 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/ArmaninoLLP

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

St. Louis, Missouri

June 22, 2023

Eastman Investment and Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2022 and 2021

(in thousands)


			2022						2021
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Assets

Investments at fair value	$	2,175,934	$	153,782	$	2,329,716	$	2,780,680	$	232,610	$	3,013,290

Investments at contract value	704,879		—		704,879		757,185		—		757,185

Total investments	2,880,813		153,782		3,034,595		3,537,865		232,610		3,770,475

Receivables:

Plan sponsor contributions	42,693		14,596		57,289		39,120		11,645		50,765

Notes receivable from participants	45,943		—		45,943		47,534		—		47,534

Other receivables	3,691		1,487		5,178		3,441		1,951		5,392

Total assets	2,973,140		169,865		3,143,005		3,627,960		246,206		3,874,166


Liabilities



Other liabilities	1,327		1,532		2,859		1,291		1,492		2,783

Total liabilities	1,327		1,532		2,859		1,291		1,492		2,783

Net assets available for benefits	$	2,971,813	$	168,333	$	3,140,146	$	3,626,669	$	244,714	$	3,871,383

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

Eastman Investment and Employee Stock Ownership Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2022 and 2021

(in thousands)


			2022						2021
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Additions to net assets:

Investment income
Interest	$	10,888	$	—	$	10,888	$	10,791	$	—	$	10,791
Dividends	9,797		5,855		15,652		15,579		5,581		21,160
Net appreciation (depreciation) in fair value of investments	(493,331)		(75,734)		(569,065)		392,502		40,888		433,390
Net investment gain (loss)	(472,646)		(69,879)		(542,525)		418,872		46,469		465,341
Interest income from notes receivable	2,255		—		2,255		2,722		—		2,722
Participant contributions	128,250		—		128,250		126,239		—		126,239
Plan sponsor contributions	66,396		14,596		80,992		60,091		11,646		71,737
Total additions (deductions)	(275,745)		(55,283)		(331,028)		607,924		58,115		666,039

Deductions from net assets:

Distributions to and withdrawals by participants	333,205		14,249		347,454		360,457		12,954		373,411
Administrative expenses	986		—		986		851		—		851
Total deductions	334,191		14,249		348,440		361,308		12,954		374,262
Net (decrease) increase in net assets	(609,936)		(69,532)		(679,468)		246,616		45,161		291,777
Transfers from non-participant directed	5,183		(5,183)		—		14,067		(14,067)		—
Plan transfers (see Note 15)	(50,103)		(1,666)		(51,769)		—		—		—
Net assets available for benefits at beginning of year	3,626,669		244,714		3,871,383		3,365,986		213,620		3,579,606
Net assets available for benefits at end of year	$	2,971,813	$	168,333	$	3,140,146	$	3,626,669	$	244,714	$	3,871,383

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

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

1.DESCRIPTION OF PLAN

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

Money in the forfeiture account of the Plan is available to be used both to offset future Company contributions and for various administrative expenses of the Plan. The balance of the forfeiture account at December 31, 2022 and 2021 was $200,973 and $214,479, respectively. There were no forfeitures used in 2022 and approximately $100,000 used to offset employer contributions in 2021.

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 with a Collective Bargaining Agreement will be eligible to receive a matching contribution from the Company equal to 100% 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.

On January 1, 2022, the Plan was amended to remove Flexsys America LP as an adopting employer of the Plan consequently returning the plan to a single employer plan. Previously, on November 1, 2021, the Plan was amended to become a multiple employer plan with Flexsys America LP adopting the Plan.

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

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Contributions and vesting

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

The Plan includes a salary deferral provision allowing eligible employees to defer up to 40% of qualifying compensation, as defined in the Plan, up to the statutory limit of $20,500 for 2022 and $19,500 for 2021 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 both 2022 and 2021 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 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. Employees' rollover contributions were $13.4 million and $18.8 million in 2022 and 2021, respectively.

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, 2022 or 2021. 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, 2022, $45.9 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 7.25% and various maturity dates through December 2027. At December 31, 2021, $47.5 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 6.5% and various maturity dates through January 2027.

Distributions

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

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

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

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

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

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

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

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

Investment of ESOP Fund assets

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

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

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

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

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

Dividends attributable to the ESOP Fund

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

Allocations to participants' ESOP Fund accounts

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

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

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

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

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

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

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

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

2.SUMMARY OF ACCOUNTING POLICIES

The following accounting policies, which conform to accounting principles generally accepted in the United States of America ("USGAAP"), 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 USGAAP 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 Global Treasury Operations 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 (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Payments to participants

Benefit payments to participants are recorded when paid.

3.RISKS AND UNCERTAINTIES

Investment securities are exposed to various risks, such as interest rate risk, market risk, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements. Included in investments at December 31, 2022 and 2021 are shares of the Plan Sponsor's common stock amounting to approximately $249 million and $345 million, respectively. This investment represents 8.2% and 9.2% of total investments at December 31, 2022 and 2021, 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 $42.7 million and $39.1 million and for the non-participant-directed ESOP Fund of $14.6 million and $11.7 million at December 31, 2022 and 2021, 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 Available for Benefits and Statements of 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, 2022 and 2021 were approximately $45.9 million and $47.5 million, respectively. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $2.3 million and $2.7 million in 2022 and 2021, respectively.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

6.INVESTMENTS

At December 31, 2022 and 2021, 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, 2022 and 2021, respectively.


(in thousands)	2022		2021

Cash and Cash Equivalents	$	6,886	$	4,635
Common stock - Eastman Chemical Company	248,770		345,135
Common stock - other	102,433		137,855
Mutual funds	522,519		730,214
Collective investment trusts	1,345,379		1,655,561
Managed income fund	704,879		757,185
Self-directed brokerage account - mutual funds	103,729		139,890
Total	$	3,034,595	$	3,770,475

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2022 and 2021:

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 2022, the Trustee purchased 502,700 shares of Eastman common stock for the fund at an average price of $91.63 per share and sold 264,799 shares of Eastman common stock for the fund at an average price of $104.31 per share. During 2021, the Trustee purchased 289,600 shares of Eastman common stock for the fund at an average price of $109.74 per share and sold 376,924 shares of Eastman common stock for the fund at an average price of $112.81 per share. Dividends paid from the Eastman Stock Fund totaled $3.2 million in 2022 and $2.7 million in 2021.

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 2022, the Trustee purchased 131,461 shares of Eastman common stock for the fund at an average price of $112.85 per share and sold 169,199 shares of Eastman common stock for the fund at an average price of $104.61 per share. During 2021, the Trustee purchased 137,500 shares of Eastman common stock for the fund at an average price of $107.61 per share and sold 225,725 shares of Eastman common stock for the fund at an average price of $112.24 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP fund.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

7.SYNTHETIC INVESTMENT CONTRACTS

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $705 million and $757 million at December 31, 2022 and 2021, respectively. The term "synthetic" investment contract is used to describe a variety of investment contracts under which a Plan retains ownership of the invested assets, or owns units of an account or trust which holds the invested assets. A synthetic investment contract, also referred to as a "wrap" contract, is negotiated with an independent financial institution. Under the terms of these investment contracts, the contract issuer ensures the Plan's ability to pay eligible employee benefits at book value. The investment performance of a synthetic investment contract may be a function of the investment performance of the invested assets. Participants can redeem interest in this daily and there is no notice period on these redemptions.

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

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

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

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

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

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

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

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

•Complete or partial termination of the Plan.

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

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

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

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

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

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

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

8.FAIR VALUE MEASUREMENT

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

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

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

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

•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.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

USGAAP 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 USGAAP 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, 2022 and 2021:


(in thousands)	December 31, 2022		December 31, 2021
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and Cash Equivalents	$	6,886	$	4,635
Common stock - Eastman Chemical Company	248,770		345,135
Common stock - other	102,433		137,855
Mutual funds	522,519		730,214
Collective investment trusts	1,345,379		1,655,561
Self-directed brokerage account - mutual funds	103,729		139,890
Total	$	2,329,716	$	3,013,290

There are no redemption restrictions on the mutual fund investments or collective investment trusts. They are fully liquid and can be redeemed on a daily basis. There are no Level 2 or Level 3 investments at December 31, 2022 and 2021.

9.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $5.2 million and $5.4 million at December 31, 2022 and 2021, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.9 million and $2.8 million at December 31, 2022 and 2021, 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 2022 and 2021, $5.2 million and $14.1 million, respectively, were transferred from the ESOP Fund within the Plan in connection with this program.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

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.

USGAAP 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, 2022 and 2021, 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 2022 and 2021, trustee fees associated with the Eastman Stock Fund and the Eastman ESOP Fund were paid with assets of those individual funds. Brokerage fees, transfer taxes, investment fees and other expenses incidental to the purchase and sale of securities and investments shall be included in the cost of such securities or investments or deducted from the sales proceeds. Administration fees for notes receivable from participants are deducted quarterly from the accounts of participants with outstanding notes receivable balances. Origination fees from notes receivable from participants are deducted from the participant's account at the inception of the note receivable. As of April 2016, the EIP fee methodology was changed to improve fee transparency. The methodology was changed from a revenue sharing model to a flat-dollar payment model. The flat-dollar payment is charged quarterly to the participant account and covers administrative fees including recordkeeping, legal, and consulting. Investment related fees are charged directly to the participant account via the investment NAV.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

14.RELATED PARTIES

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

15.PLAN TRANSFERS

On January 1, 2022, the Plan was amended to remove Flexsys America LP as an adopting employer of the Plan consequently returning the plan to a single employer plan. The assets attributable to the Flexsys America LP employees were transferred out of the Plan on January 11, 2022 and February 10, 2022 in the amounts of $50,019,898 and $804,230, respectively. Loans in the amount of $945,443 were transferred out of the Plan on January 11, 2022.

16.SUBSEQUENT EVENTS

The Plan Administrator has evaluated events occurring between December 31, 2022 and June 22, 2023 for proper recording and disclosure in these financial statements.

Supplemental Schedule

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

Fidelity Management Trust Company

Interest Bearing Cash, Participant directed

2,044

Fidelity Management Trust Company

Interest Bearing Cash, Non-Participant directed

1,357

SSBK Govt Stif Fund

Interest Bearing Cash Equivalents

3,485

Subtotal – Cash and Cash Equivalents

6,886

Eastman Chemical Company

Common Stock, Participant directed, 1,183 Shares

96,345

Eastman Chemical Company

Common Stock, Non-Participant directed, 1,872 Shares

110,355

152,425

Subtotal – Common Stock – Eastman Chemical Co

248,770

Abbott Laboratories

Common Stock, 8 Shares

897

Abbvie Inc

Common Stock, 12 Shares

1,965

Accenture Plc Cl A

Common Stock, 2 Shares

430

Advance Auto Parts Inc

Common Stock, 5 Shares

771

Air Products & Chemicals Inc.

Common Stock, 7 Shares

2,256

Alexandria Real Estate Eq Inc REIT

Common Stock, 2 Shares

348

American Express Co

Common Stock, 8 Shares

1,179

AmerisourceBergen Corp

Common Stock, 5 Shares

747

Amgen Inc

Common Stock, 2 Shares

627

Analog Devices Inc

Common Stock, 12 Shares

1,943

Apple Inc

Common Stock, 2 Shares

286

Arthur J Gallaghar and Co

Common Stock, 5 Shares

893

Avalonbay Communities Inc REIT

Common Stock, 3 Shares

407

Bank of America Corporation

Common Stock, 59 Shares

1,942

Becton Dickinson & Co

Common Stock, 4 Shares

924

Best Buy Co Inc

Common Stock, 8 Shares

659

Blackrock Inc

Common Stock, 3 Shares

1,923

Boston Properties Inc

Common Stock, 4 Shares

269

Bristol-Myers Squibb Co

Common Stock, 37 Shares

2,671

Capital One Financial Corp

Common Stock, 8 Shares

698

Chevron Corp

Common Stock, 7 Shares

1,270

Chubb Ltd

Common Stock, 6 Shares

1,373

CIGNA Corp

Common Stock, 4 Shares

1,357

Citigroup Inc

Common Stock, 15 Shares

676

CME Group Inc Cl A

Common Stock, 8 Shares

1,285

CMS Energy Corp

Common Stock, 11 Shares

723

Coca Cola Co

Common Stock, 17 Shares

1,097

Comcast Corp Cl A

Common Stock, 51 Shares

1,776

ConocoPhillips

Common Stock, 27 Shares

3,146

Corning Inc

Common Stock, 21 Shares

669

CVS Health Corp

Common Stock, 18 Shares

1,667

Deere & Co

Common Stock, 3 Shares

1,301

Dominion Energy Inc

Common Stock, 11 Shares

653

Dover Corp

Common Stock, 11 Shares

1,468

Eaton Corp PLC

Common Stock, 7 Shares

1,173

EOG Resources Inc

Common Stock, 14 Shares

1,850

Exxon Mobil Corp

Common Stock, 29 Shares

3,171

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d) Historical Cost

(e) Current Value

General Dynamics Corporation

Common Stock, 8 Shares

2,008

Hartford Finl Svcs Group Inc

Common Stock, 12 Shares

881

Home Depot Inc

Common Stock, 5 Shares

1,525

Intl Bus Mach Corp

Common Stock, 6 Shares

840

Johnson & Johnson

Common Stock, 12 Shares

2,118

Lam Research Corp

Common Stock, 1 Share

289

Lilly (Eli) & Co

Common Stock, 2 Shares

881

Marsh & McLennan Cos Inc

Common Stock, 2 Shares

397

McDonalds Corp

Common Stock, 6 Shares

1,497

Medtronic Plc

Common Stock, 18 Shares

1,392

Merck & Co Inc New

Common Stock, 4 Shares

495

MetLife Inc

Common Stock, 15 Shares

1,051

Microsoft Inc

Common Stock, 4 Shares

1,076

Mondelez Intl Inc

Common Stock, 22 Shares

1,455

Morgan Stanley

Common Stock, 21 Shares

1,775

Nextera Energy

Common Stock, 21 Shares

1,715

Norfolk Southern Corp

Common Stock, 6 Shares

1,390

Northern Trust Corp

Common Stock, 3 Shares

272

Northrop Grumman Corp

Common Stock, 2 Shares

1,027

NXP Semiconductors NV

Common Stock, 7 Shares

1,058

Parker Hannifin Corp

Common Stock, 3 Shares

945

Pepsico Inc

Common Stock, 6 Shares

1,016

Pfizer Inc

Common Stock, 19 Shares

970

Philip Morris Intl Inc

Common Stock, 20 Shares

2,026

PNC Financial Services Grp Inc

Common Stock, 8 Shares

1,211

PPG Industries Inc

Common Stock, 12 Shares

1,520

Price (T Rowe) Group Inc

Common Stock, 6 Shares

606

Proctor & Gamble Co

Common Stock, 9 Shares

1,433

Progressive Corp Ohio

Common Stock, 6 Shares

807

Prologis Inc REIT

Common Stock, 7 Shares

764

Public Svc Enterprise Grp Inc

Common Stock, 10 Shares

631

Raytheon Technologies Corp

Common Stock, 26 Shares

2,641

Republic Services Inc

Common Stock, 5 Shares

594

Schwab Charles Corp

Common Stock, 13 Shares

1,063

Seagate Technology Holdings Plc

Common Stock, 9 Shares

463

Starbucks Corp

Common Stock, 10 Shares

953

Sysco Corp

Common Stock, 19 Shares

1,469

Texas Instruments Inc

Common Stock, 7 Shares

1,092

TJX Companies Inc New

Common Stock, 21 Shares

1,682

Truist Finl Corp

Common Stock, 17 Shares

735

United Parcel Service Inc Cl B

Common Stock, 10 Shares

1,734

UnitedHealth Group Inc

Common Stock, 5 Shares

2,782

US Bancorp Del

Common Stock, 26 Shares

1,122

Ventas Inc REIT

Common Stock, 9 Shares

391

Verizon Communications Inc

Common Stock, 17 Shares

675

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d) Historical Cost

(e) Current Value

Walmart Inc

Common Stock, 9 Shares

1,342

Wells Fargo

Common Stock, 25 Shares

1,021

Xcel Energy Inc

Common Stock, 16 Shares

1,113

Subtotal - Common Stock – Other

102,433

DODGE & COX STOCK FUND

Registered Investment Company 474 Shares

102,169

FID GOVT MMKT

Registered Investment Company 166 Shares

166

FID US BOND INDX

Registered Investment Company 2,656 Shares

27,039

FID GLB EX US IDX

Registered Investment Company 2,101 Shares

26,370

FID 500 INDEX

Registered Investment Company 2,238 Shares

297,977

FID EXT MKT IDX

Registered Investment Company 1,092 Shares

68,798

Sub-Total Mutual Funds

522,519

ARROWST ACWI EX-US A

Collective Investment Trust 386 Shares

58,574

BTC STR COMP NL M

Collective Investment Trust 306 Shares

3,820

FID BLUE CHIP GR POOL

Collective Investment Trust 5,093 Shares

117,795

Hotchkis & Wiley Small Cap Diversified V Class F

Collective Investment Trust 5,833 Shares

56,517

LOOMIS SAYLES & CO SMC GWTH C

Collective Investment Trust 2,510 Shares

52,191

PRU CORE PL BD CL 5

Collective Investment Trust 314 Shares

52,411

VANGUARD TARGET INC

Collective Investment Trust 1,098 Shares

52,116

VANGUARD TARGET 2020

Collective Investment Trust 1,181 Shares

71,737

VANGUARD TARGET 2025

Collective Investment Trust 2,239 Shares

145,244

VANGUARD TARGET 2030

Collective Investment Trust 3,028 Shares

208,398

VANGUARD TARGET 2035

Collective Investment Trust 1,783 Shares

130,436

VANGUARD TARGET 2040

Collective Investment Trust 1,442 Shares

110,590

VANGUARD TARGET 2045

Collective Investment Trust 1,069 Shares

84,071

VANGUARD TARGET 2050

Collective Investment Trust 1,285 Shares

101,300

VANGUARD TARGET 2055

Collective Investment Trust 740 Shares

58,310

VANGUARD TARGET 2060

Collective Investment Trust 733 Shares

34,760

VANGUARD TARGET 2065

Collective Investment Trust 239 Shares

7,009

VANGUARD TARGET 2070

Collective Investment Trust 6 Shares

100

Sub-Total Collective Investment Trusts

1,345,379

Fidelity

Cash

1,702

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

Corporate Bond 0.90% 9/22/25

1,790

AT&T INC 1.65% 02/01/2028

Corporate Bond 1.65% 2/01/28

1,466

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 4.13% 7/03/23

605

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 4.88% 1/16/24

465

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 1.65% 10/29/24

1,040

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 2.45% 10/29/26

360

AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR

Corporate Bond 1.75% 10/29/24

738

AIR LEASE CORP 4.25% 02/01/2024

Corporate Bond 4.25% 2/01/24

812

AIR LEASE CORP 0.7% 02/15/2024

Corporate Bond 0.70% 2/15/24

706

AIR LEASE CORP 0.8% 08/18/2024

Corporate Bond 0.80% 8/18/24

777

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

AIR LEASE CORP 2.2% 01/15/2027

Corporate Bond 2.20% 1/15/27

638

ALTRIA GROUP INC 2.35% 05/06/2025

Corporate Bond 2.35% 5/06/25

239

AMERICAN EXPRESS CO 2.25% 03/04/2025

Corporate Bond 2.25% 3/04/25

840

AMERICAN EXPRESS CO 2.55% 03/04/2027

Corporate Bond 2.55% 3/04/27

1,252

AMERICAN EXPRESS CR ACC MST TR 0.9% 11/15/2026

Mortgage Backed Security 0.90% 11/15/26

2,136

AMERICAN EXPRESS CR ACC MST TR 3.39% 05/15/2027

Mortgage Backed Security 3.39% 5/15/27

2,140

AMERICAN EXPRESS CR ACC MST TR 3.75% 08/15/2027

Mortgage Backed Security 3.75% 8/15/27

1,764

AMERICAN EXPRESS CR ACC MST TR 4.95% 10/15/2027

Mortgage Backed Security 4.95% 10/15/27

1,096

American General Life

Synthetic GIC - 1.722% (fair value to contract value)

5,743

AMPHENOL CORPORATION NEW 3.2% 04/01/2024

Corporate Bond 3.20% 4/01/24

295

ASTRAZENECA FINANCE LLC 0.7% 05/28/2024

Corporate Bond 0.70% 5/28/24

1,453

ATHENE GLOBAL FUNDING 0.95% 01/08/2024 144A

Corporate Bond 0.95% 1/08/24

1,765

ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144A

Corporate Bond 1.73% 10/02/26

1,606

ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A

Corporate Bond 1.72% 1/07/25

1,769

EQUITABLE HOLDINGS INC 3.9% 04/20/2023

Corporate Bond 3.90% 4/20/23

BA CR CARD TR 0.34% 05/15/2026

Mortgage Backed Security 0.34% 5/15/26

2,457

BA CR CARD TR 0.44% 09/15/2026

Mortgage Backed Security 0.44% 9/15/26

1,942

BA CR CARD TR 3.53% 11/15/2027

Mortgage Backed Security 3.53% 11/15/27

1,977

BA CR CARD TR 5% 04/15/2028

Mortgage Backed Security 5.00% 4/15/28

1,252

BAT INTL FINANCE PLC 1.668% 03/25/2026

Corporate Bond 1.67% 3/25/26

1,781

BPCE SA 1.625% 01/14/2025 144A

Corporate Bond 1.63% 1/14/25

1,407

BPCE SA 2.045/VAR 10/19/2027 144A

Corporate Bond 2.04% 10/19/27

1,150

BX COMMERCIAL MORTGAGE TRUST 2021-PAC 1ML+71.21 10/36

Mortgage Backed Security 5.01% 10/15/36

842

BX TR 2021-ACNT 1ML+85 11/15/2026 144A

Mortgage Backed Security 5.17% 11/15/38

826

BX 2021-BXMF 1ML+64 10/15/2026 144A

Mortgage Backed Security 4.95% 10/15/26

766

BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.27

Mortgage Backed Security 5.35% 2/15/39

1,045

BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 1.231% 12/15/23

Corporate Bond 1.231% 12/15/23

365

BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 2.061% 12/15/26

Corporate Bond 2.061% 12/15/26

319

BANCO SANTANDER SA 1.722%/VAR 09/14/2027

Corporate Bond 1.722% 9/14/27

859

BANK OF AMERICA CORPORATION 2.456%/VAR 10/22/2025

Corporate Bond 2.456% 10/22/25

1,700

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

Corporate Bond 1.319% 6/19/26

1,351

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

BANK OF AMERICA CORPORATION 1.197/VAR 10/24/2026

Corporate Bond 1.197% 10/24/26

2,484

BANK OF AMERICA CORP 1.734%/VAR 07/22/2027

Corporate Bond 1.734% 7/22/27

1,228

BANK OF AMERICA CORPORATION SOFR+0 02/04/2028

Corporate Bond 2.55% 2/04/28

1,707

BANK OF AMERICA CORPORATION 4.948/VAR 07/22/2028

Corporate Bond 4.948% 7/22/28

1,398

BANK OF MONTREAL QUE 1.85% 05/01/2025

Corporate Bond 1.85% 5/01/25

1,687

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

Corporate Bond 1.60% 4/24/25

620

BANQUE FED CRED MUTUEL PARIS 4.524% 07/13/2025 144

Corporate Bond 4.524% 7/13/25

1,423

BARCLAYS BANK PLC 4.338/VAR 05/16/2024

Corporate Bond 4.338% 5/16/24

1,179

BARCLAYS PLC (UNGTD) 3ML+161/VAR 05/07/2025

Corporate Bond 3.93% 5/07/25

1,093

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

Corporate Bond 2.852% 5/07/26

906

BARCLAYS PLC (UNGTD) 1.007%/VAR 12/10/2024

Corporate Bond 1.007% 12/10/24

1,098

BARCLAYS PLC (UNGTD) 2.279%/VAR 11/24/2027

Corporate Bond 2.279% 11/24/27

1,673

BENCHMARK MTG TR 2018-B2 A2 3.6623% 02/15/2051

Mortgage Backed Security 3.662% 2/15/51

673

BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2053

Mortgage Backed Security 4.377% 5/15/53

892

BENCHMARK MTG TR 2018-B8 A2 4.149% 01/15/2052

Mortgage Backed Security 4.149% 1/15/52

475

BERKSHIRE HATHAWAY ENERGY COMPANY 4.05% 04/15/2025

Corporate Bond 4.05% 4/15/25

1,390

BERKSHIRE HATHAWAY INC DEL 2.75% 03/15/2023

Corporate Bond 2.75% 3/15/23

713

BNP PARIBAS SOFR 1.323%/VAR 01/13/2027 144A

Corporate Bond 1.323% 1/13/27

1,353

BRISTOL-MYERS SQUIBB CO 2.9% 07/26/2024

Corporate Bond 2.90% 7/26/24

1,829

COMM 2014-UBS6 ASB 3.387% 12/10/2047

Mortgage Backed Security 3.387% 12/10/47

151

COMM 2015-CR22 ASB MTG TR 3.144% 03/10/2048

Mortgage Backed Security 3.144% 3/10/48

270

COMM 2015-CCRE23 MORTGAGE TRUST 3.257% 05/10/2048

Mortgage Backed Security 3.257% 5/10/48

301

COMM 2015-CCRE26 MTG TR 3.373% 10/10/2048

Mortgage Backed Security 3.373% 10/10/48

240

CSAIL 2017-CX9 A2 3.0538% 09/15/2050

Mortgage Backed Security 3.0538% 9/15/50

154

COMM 2013-CCRE7 MTG TR 3.213% 03/10/2046

Mortgage Backed Security 3.213% 3/10/46

585

CSAIL 2015-C2 COML MTG TR 3.2241% 06/15/2057

Mortgage Backed Security 3.224% 6/15/57

280

CA ST 2.40% 10/1/2025

Municipal Bond 2.40% 10/01/25

1,125

CANADIAN IMPERIAL BK OF COMM 3.945% 08/04/2025

Corporate Bond 3.945% 8/04/25

1,544

CANADIAN IMPERIAL BK OF COMM 3.45% 04/07/2027

Corporate Bond 3.45% 4/07/27

2,086

CANADIAN PAC RY CO 1.75% 12/02/2026

Corporate Bond 1.75% 12/02/26

372

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

CAPITAL ONE FINANCIAL CORP 1.878%/VAR 11/02/2027

Corporate Bond 1.878% 11/02/27

2,010

CAPITAL ONE FINANCIAL CORP SOFR 1.343%/VAR 12/06/24

Corporate Bond 1.343% 12/06/24

1,821

CAPITAL ONE FINANCIAL CORP SOFR 4.985%/VAR 07/24/26

Corporate Bond 4.985% 7/24/26

628

CAPITAL ONE MULTI-ASST EXEC TR 1.04% 11/15/2026

Mortgage Backed Security 1.04% 11/15/26

2,211

CAPITAL ONE MULTI-ASST EXEC TR 2.8% 03/15/2027

Mortgage Backed Security 2.80% 3/15/27

3,569

CAPITAL ONE MULTI-ASST EXEC TR 3.49% 05/15/2027

Mortgage Backed Security 3.49% 5/15/27

2,143

CAPITAL ONE MULTI-ASST EXEC TR 4.95% 10/15/2027

Mortgage Backed Security 4.95% 10/15/27

1,567

CAPITAL ONE BK (USA) NA 2.28%/VAR 01/28/2026

Corporate Bond 2.28% 1/28/26

1,340

CARMAX AUTO OWNER TR 2020-4 0.5% 08/15/2025

Mortgage Backed Security 0.50% 8/15/25

840

CHASE ISSUANCE TR 3.97% 09/15/2027

Mortgage Backed Security 3.97% 9/15/27

1,662

CHEVRON CORP NEW 1.141% 05/11/2023

Corporate Bond 1.141% 5/11/23

1,242

CITIGROUP INC 3.106%/VAR 04/08/2026

Corporate Bond 3.106% 4/08/26

1,621

CGCMT 13-GC11 A4 3.093% 04/46

Mortgage Backed Security 3.093% 4/10/46

192

CITIGROUP COML MTG TR 13-GC17 4.131% 11/10/2046

Mortgage Backed Security 4.131% 11/10/46

710

CITIGROUP COML MTG TR 2014-GC21 3.477% 05/10/2047

Mortgage Backed Security 3.477% 5/10/47

122

CITIGROUP COML MTG TR 2014-GC23 A3 3.356% 07/10/2047

Mortgage Backed Security 3.356% 7/10/47

788

CITIGROUP COML MTG TR 2016-GC36 AAB 3.368% 02/10/2049

Mortgage Backed Security 3.368% 2/10/49

460

CITIBANK NA 3.65% 01/23/2024

Corporate Bond 3.65% 1/23/24

1,754

CITIGROUP INC SOFR 2.014%/VAR 01/25/2026

Corporate Bond 2.014% 1/25/26

1,777

COMCAST CORP NEW 3.7% 04/15/2024

Corporate Bond 3.70% 4/15/24

1,489

COMCAST CORP NEW 3.95% 10/15/2025

Corporate Bond 3.95% 10/15/25

845

CONOCOPHILLIPS CO 2.4% 03/07/2025

Corporate Bond 2.40% 3/07/25

716

COREBRIDGE FINANCIAL INC 3.5% 04/04/2025 144A

Corporate Bond 3.50% 4/04/25

199

COREBRIDGE FINANCIAL INC 3.65% 04/05/2027 144A

Corporate Bond 3.65% 4/05/27

276

CREDIT SUISSE GRP AG 2.593%/VAR 09/11/2025 144A

Corporate Bond 2.593% 9/11/25

1,147

CREDIT SUISSE GRP AG SOFR 1.305%/VAR 02/02/2027 14

Corporate Bond 1.305% 2/02/27

1,367

CREDIT SUISSE GRP AG 6.373%/VAR 07/15/2026 144A

Corporate Bond 6.373% 7/15/26

1,060

CSAIL 2019-C15 COML MTG TR 3.4505% 03/15/2052

Mortgage Backed Security 3.4505% 3/15/52

883

DNB BANK ASA T5Y 1.535%/VAR 05/25/2027 144A

Corporate Bond 1.535% 5/25/27

834

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

MERCEDES BENZ RETAIL SA 0.75% 03/01/2024 144A

Corporate Bond 0.75% 3/01/24

2,054

MERCEDES BENZ RETAIL SA 1.45% 03/02/2026 144A

Corporate Bond 1.45% 3/02/26

1,290

DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 1.625% 12/13/24

Corporate Bond 1.625% 12/13/24

592

DEERE & CO 2.75% 04/15/2025

Corporate Bond 2.75% 4/15/25

104

DEERE JOHN CAPITAL CORP 3.4% 06/06/2025

Corporate Bond 3.40% 6/06/25

1,132

DELL EQUIPMENT FINANCE TRUST 2021-1 0.43% 05/22/2026

Mortgage Backed Security 0.43% 5/22/26

805

DELL EQUIPMENT FINANCE TRUST 2020-2 0.57% 10/23/2023

Mortgage Backed Security 0.57% 10/23/23

404

DEUTSCHE BANK AG NEW YORK BNCH 2.222%/VAR 09/18/24

Corporate Bond 2.222% 9/18/24

1,080

DEUTSCHE BANK AG NEW YORK BNCH 2.129%/VAR 11/24/26

Corporate Bond 2.129% 11/24/26

1,123

DEUTSCHE BANK AG NEW YORK BNCH 1.447%/VAR 04/01/25

Corporate Bond 1.447% 4/01/25

1,322

DEUTSCHE BANK AG NEW YORK BNCH 0.898% 05/28/2024

Corporate Bond 0.898% 5/28/24

558

DEUTSCHE BANK AG NEW YORK BNCH 2.311%/VAR 11/16/2027

Corporate Bond 2.311% 11/16/27

1,183

DISCOVER CARD EXECUTION NT TR 0.58% 09/15/2026

Mortgage Backed Security 0.58% 9/15/26

1,824

DISCOVER CARD EXECUTION NT TR 1.96% 02/15/2027

Mortgage Backed Security 1.96% 2/15/27

1,154

DISCOVER CARD EXECUTION NT TR 3.32% 05/15/2027

Mortgage Backed Security 3.32% 5/15/27

1,753

DISCOVER CARD EXECUTION NT TR 3.56% 07/15/2027

Mortgage Backed Security 3.56% 7/15/27

1,661

DISCOVER CARD EXECUTION NT TR 5.03% 10/15/2027

Mortgage Backed Security 5.03% 10/15/27

1,556

DNB BANK ASA 1.605/VAR 03/30/2028 144A

Corporate Bond 1.605% 3/30/28

1,566

DOLLAR GEN CORP NEW 4.625% 11/01/2027

Corporate Bond 4.625% 11/01/27

1,233

EASTERN ENERGY GAS HOLDINGS LLC 2.5% 11/15/2024

Corporate Bond 2.50% 11/15/24

297

DUKE ENERGY CORP NEW 4.3% 03/15/2028

Corporate Bond 4.30% 3/15/28

1,042

ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+70.1 11

Mortgage Backed Security 5.02% 11/15/38

1,142

ERP OPERATING LP 3.375% 06/01/2025

Corporate Bond 3.375% 6/01/25

713

EDISON INTERNATIONAL 2.95% 03/15/2023

Corporate Bond 2.95% 3/15/23

276

ENBRIDGE INC 2.15% 02/16/2024

Corporate Bond 2.15% 2/16/24

282

ENBRIDGE INC 2.5% 02/14/2025

Corporate Bond 2.50% 2/14/25

289

EQUINOR ASA 1.75% 01/22/2026

Corporate Bond 1.75% 1/22/26

258

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12/26

Corporate Bond 1.70% 11/12/26

1,063

EXELON CORP 2.75% 03/15/2027

Corporate Bond 2.75% 3/15/27

136

FHLG 5.50% 3/34 #G01665

Government Bond 5.50% 3/01/34

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

FHLG 25YR 5.50% 7/35 #G05815

Government Bond 5.50% 7/01/35

FHLG 15YR 3% 05/01/2033#G16550

Government Bond 3.00% 5/01/33

610

FHLG 20YR 3.5% 06/01/2032#C91456

Government Bond 3.50% 6/01/32

425

FHLG 15YR 2.5% 12/01/2031#SB0093

Government Bond 2.50% 12/01/31

959

FHLG 15YR 3% 02/01/2034#SB0179

Government Bond 3.00% 2/01/34

941

FHLG 15YR 3% 03/01/2033#SB0181

Government Bond 3.00% 3/01/33

1,767

FHLG 15YR 3.5% 04/01/2034#SB0378

Government Bond 3.50% 4/01/34

780

FHLG 5.50% 5/34 #Z40042

Government Bond 5.50% 5/01/34

289

FHLG 20YR 3% 11/01/2033#G30872

Government Bond 3.00% 11/01/33

650

FHLG 20YR 3.5% 07/01/2032#G31067

Government Bond 3.50% 7/01/32

277

FEDERAL NAT MTG ASN GTD REM PA 2012-149 DA 1.75% 01/25/43

Mortgage Backed Security 1.75% 1/25/43

FNR 2013-16 GP 3% 1/1/33

Mortgage Backed Security 3.00% 3/25/33

131

FEDERAL NAT MTG ASN GTD REM PA 1.85% 05/25/2033

Mortgage Backed Security 1.85% 5/25/33

478

FEDERAL NAT MTG ASN GTD REM PA 3.0% 06/25/2043

Mortgage Backed Security 3.00% 6/25/43

374

FNR 2015-49 LE 3% 07/45

Mortgage Backed Security 3.00% 7/25/45

379

FEDERAL NAT MTG ASN GTD REM PA 3.0% 04/25/2044

Mortgage Backed Security 3.00% 4/25/44

191

FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045

Mortgage Backed Security 2.50% 5/25/45

772

FEDERAL NAT MTG ASN GTD REM PA 2015-28 JE 3.0% 05/45

Mortgage Backed Security 3.00% 5/25/45

552

FNR 2015-42 LE 3.0% 06/25/45

Mortgage Backed Security 3.00% 6/25/45

493

FNR 2015-54 GA 2.5% 07/25/2045

Mortgage Backed Security 2.50% 7/25/45

324

FNR 2016-26 CG 3% 05/46

Mortgage Backed Security 3.00% 5/25/46

988

FNR 2016-19 AH 3% 04/46

Mortgage Backed Security 3.00% 4/25/46

366

FNR 2016-27 HK 3% 01/25/2041

Mortgage Backed Security 3.00% 1/25/41

535

FNR 2016-27 KG 3% 01/40

Mortgage Backed Security 3.00% 1/25/40

248

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

Mortgage Backed Security 3.00% 6/25/46

1,075

FNR 2016-34 GH 3% 06/46

Mortgage Backed Security 3.00% 6/25/46

946

FEDERAL NATL MTG AS GTD RE PTT 2016-105 PA 3.5% 04/45

Mortgage Backed Security 3.50% 4/25/45

392

FNR 2016-100 P 3.5% 11/44

Mortgage Backed Security 3.50% 11/25/44

611

FNR 2017-20 AP 3.5% 03/25/2045

Mortgage Backed Security 3.50% 3/25/45

889

FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/45

Mortgage Backed Security 3.50% 12/25/45

743

FANNIE MAE 2017-74 PA 3.5% 11/25/2045

Mortgage Backed Security 3.50% 11/25/45

718

FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047

Mortgage Backed Security 3.00% 1/25/47

827

FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/47

Mortgage Backed Security 3.00% 2/25/47

1,268

FNR 2018-16 NB 3.25% 12/25/2044

Mortgage Backed Security 3.25% 12/25/44

155

FEDERAL NATL MTG AS GTD RE PTT 2018-11 LA 3.5% 07/45

Mortgage Backed Security 3.50% 7/25/45

545

FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/2046

Mortgage Backed Security 3.50% 2/25/46

545

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

FNMA GTD MTG PASS THRU CTF 3.5% 10/25/2044

Mortgage Backed Security 3.50% 10/25/44

642

FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048

Mortgage Backed Security 3.00% 3/25/48

1,638

FEDERAL NAT MTG ASN GTD REM PA 2019-14 DA 4% 03/25/48

Mortgage Backed Security 4.00% 3/25/48

364

FEDERAL NAT MTG ASN GTD REM PA 4% 11/25/2048

Mortgage Backed Security 4.00% 11/25/48

419

FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25/39

Mortgage Backed Security 3.00% 7/25/39

952

FEDERAL NAT MTG ASN GTD REM PA 2.5% 10/25/2039

Mortgage Backed Security 2.50% 10/25/39

482

FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035

Mortgage Backed Security 2.00% 6/25/35

1,124

FNMA 5.50% 11/34 #310105

Mortgage Backed Security 5.50% 11/01/34

206

FEDERAL HOME LN MTG MLT CTF GT 4135 AB 1.75% 06/15/42

Mortgage Backed Security 1.75% 6/15/42

FEDERAL HOME LN MTG MLT CTF GT 3.0% 05/15/2045

Mortgage Backed Security 3.00% 5/15/45

315

FREDDIE MAC 4656 PA 3.5% 10/15/2045

Mortgage Backed Security 3.50% 10/15/45

537

FHR 4683 EA 2.5% 05/47

Mortgage Backed Security 2.50% 5/15/47

926

FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046

Mortgage Backed Security 3.50% 2/15/46

912

FEDERAL HOME LN MTG MLT CTF GT K727 A2 2.946% 07/24

Government Bond 2.946% 7/25/24

1,479

FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046

Mortgage Backed Security 3.00% 2/15/46

899

FEDERAL HOME LN MTG MLT CTF GT 4847 CA 3.5% 11/15/45

Mortgage Backed Security 3.50% 11/15/45

389

FEDERAL HOME LN MTG MLT CTF GT 4% 07/15/2047

Mortgage Backed Security 4.00% 7/15/47

599

FEDERAL HOME LN MTG MLT CTF GT 2019-4872 AB 4% 08/47

Mortgage Backed Security 4.00% 8/15/47

575

FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039

Mortgage Backed Security 3.00% 7/25/39

744

FIDELITY SHORT TERM CASH FUND

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

4,271

FREDDIE MAC REMICS 3% 10/25/2048

Mortgage Backed Security 3.00% 10/25/48

764

FNMA 6.50% 7/32 #545759

Mortgage Backed Security 6.50% 7/01/32

FNMA 6.50% 7/32 #545762

Mortgage Backed Security 6.50% 7/01/32

FNMA 20YR 2.5% 01/01/2033#AL2982

Mortgage Backed Security 2.50% 1/01/33

152

FNMA 20YR 2.5% 01/01/2033#AL2974

Mortgage Backed Security 2.50% 1/01/33

191

FNMA 20YR 2.5% 01/01/2033#AL2975

Mortgage Backed Security 2.50% 1/01/33

224

FNMA 20YR 2.5% 01/01/2033#AL2976

Mortgage Backed Security 2.50% 1/01/33

120

FNMA 15YR 4.5% 11/01/2025#AL8242

Mortgage Backed Security 4.50% 11/01/25

FNMA 15YR 2.5% 10/01/2031#AS8010

Mortgage Backed Security 2.50% 10/01/31

432

FHR 3415 PC 5% 12/37

Mortgage Backed Security 5.00% 12/15/37

FEDERAL NAT MTG ASN GTD REM 2011-26 PA 4.5% 04/25/41

Mortgage Backed Security 4.50% 4/25/41

262

FNMA 6.50% 12/32 #735415

Mortgage Backed Security 6.50% 12/01/32

FNMA 6.50% 7/35 #745092

Mortgage Backed Security 6.50% 7/01/35

FNMA 15YR 3% 02/01/2033#BM5108

Mortgage Backed Security 3.00% 2/01/33

2,255

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

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

Mortgage Backed Security 3.00% 12/01/32

2,310

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

Mortgage Backed Security 3.50% 2/01/35

844

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

Mortgage Backed Security 4.50% 3/01/39

119

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

Mortgage Backed Security 4.50% 6/01/39

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

Mortgage Backed Security 4.50% 8/01/39

151

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

Mortgage Backed Security 4.50% 9/01/49

939

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

Mortgage Backed Security 3.50% 9/01/34

760

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

Mortgage Backed Security 3.50% 9/01/34

338

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

Mortgage Backed Security 3.50% 10/01/34

205

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

Mortgage Backed Security 4.00% 3/01/34

2,276

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

Mortgage Backed Security 4.00% 2/01/34

1,013

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

Mortgage Backed Security 3.00% 3/01/40

1,116

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

Mortgage Backed Security 3.00% 3/01/40

1,365

FNMA 6.50% 8/36 #888034

Mortgage Backed Security 6.50% 8/01/36

FNMA 6.50% 8/36 #888544

Mortgage Backed Security 6.50% 8/01/36

FNMA 20YR 3.00% 11/32 #MA1237

Mortgage Backed Security 3.00% 11/01/32

1,498

FNMA 20YR 3% 07/01/2036#MA2672

Mortgage Backed Security 3.00% 7/01/36

1,901

FNMA 20YR 4% 04/01/2038#MA3337

Mortgage Backed Security 4.00% 4/01/38

760

FNMA 6.50% 12/35 #AD0723

Mortgage Backed Security 6.50% 12/01/35

FNMA 6.50% 8/36 #AE0746

Mortgage Backed Security 6.50% 8/01/36

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

Corporate Bond 2.85% 4/01/25

368

FORD CR FLOORPLN MAST OWN TR A 0.7% 09/15/2025

Mortgage Backed Security 0.70% 9/15/25

1,580

FORD CR AUTO OWNER TR 2019-1 A 3.52% 07/15/2030 14

Mortgage Backed Security 3.52% 7/15/30

1,444

GMF FLOORPLAN OWNER REVOLVING TR 0.68% 08/15/2025

Mortgage Backed Security 0.68% 8/15/25

714

GMF FLOORPLAN OWNER REVOLVING TR 0.69% 10/15/2025

Mortgage Backed Security 0.69% 10/15/25

1,616

GS MTG SECS TR 2014-GC26 AAB 3.365% 11/10/2047

Mortgage Backed Security 3.365% 11/10/47

387

GS MTG SECS TR 2015-GC32 AAB 3.513% 07/10/2048

Mortgage Backed Security 3.513% 7/10/48

295

GS MTG SECS TR 2015-GC28 AAB 3.206% 02/10/2048

Mortgage Backed Security 3.206% 2/10/48

303

GS MTG SECS TR 2014-GC18 AAB 3.648% 01/10/2047

Mortgage Backed Security 3.648% 1/10/47

GS MTG SECS TR 2014-GC20 AAB 3.655% 04/10/2047

Mortgage Backed Security 3.655% 4/10/47

GSK CONSUMER HEALTHCARE CAPITAL UK PLC 3.125% 03/25

Corporate Bond 3.125% 3/24/25

1,823

GENERAL MTRS FINL CO INC 1.25% 01/08/2026

Corporate Bond 1.25% 1/08/26

1,543

GENERAL MTRS FINL CO INC 1.05% 03/08/2024

Corporate Bond 1.05% 3/08/24

459

GENERAL MTRS FINL CO INC 2.35% 02/26/2027

Corporate Bond 2.35% 2/26/27

705

GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028

Corporate Bond 2.64% 2/24/28

1,404

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/2028

Corporate Bond 4.482% 8/23/28

1,364

GREAT-WEST LIFECO FIN 20 0.904% 08/12/2025 144A

Corporate Bond 0.904% 8/12/25

671

GUARDIAN LIFE GLOBAL FUNDING 1.1% 06/23/2025 144A

Corporate Bond 1.10% 6/23/25

1,348

GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144A

Corporate Bond 1.40% 7/06/27

1,632

HSBC HOLDINGS PLC 3.95%/VAR 5/18/2024

Corporate Bond 3.95% 5/18/24

1,595

HSBC HOLDINGS PLC 3.803%/VAR 03/11/2025

Corporate Bond 3.803% 3/11/25

1,869

HSBC HOLDINGS PLC 2.251%/VAR 11/22/2027

Corporate Bond 2.251% 11/22/27

1,625

HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028

Corporate Bond 5.21% 8/11/28

1,013

WELLTOWER OP 4% 06/01/2025

Corporate Bond 4.00% 6/01/25

1,065

HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.5% 08/01/26

Corporate Bond 3.50% 8/01/26

157

HOME DEPOT INC 2.875% 04/15/2027

Corporate Bond 2.875% 4/15/27

658

HUNTINGTON BANCSHARES INC/OH 2.625% 08/06/2024

Corporate Bond 2.625% 8/06/24

1,269

HUNTINGTON BANCSHARES INC/OH 4.443%/VAR 08/04/2028

Corporate Bond 4.443% 8/04/28

802

HUNTINGTON NATL BK COLUMBUS OH 5.699%/VAR 11/18/2025

Corporate Bond 5.699% 11/18/25

1,428

HYUNDAI CAP AMER 1% 09/17/2024 144A

Corporate Bond 1.00% 9/17/24

1,755

HYUNDAI AUTO RECEIVABLES TR 2020-C 0.38% 05/15/2025

Mortgage Backed Security 0.38% 5/15/25

1,017

IMPERIAL BRANDS FINANCE PLC 3.125% 07/26/2024 144A

Corporate Bond 3.125% 7/26/24

1,406

ING GROEP NV SOFR 1.726%/VAR 04/01/2027

Corporate Bond 1.726% 4/01/27

775

INTERCONTINENTAL EXCHANGE INC 3.65% 05/23/2025

Corporate Bond 3.65% 5/23/25

1,034

INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027

Corporate Bond 4.00% 9/15/27

1,574

JP MORGAN CHASE COML MTG SECS TR 2013-C10 A5 3.1425

Mortgage Backed Security 3.1425% 12/15/47

247

JPMBB COML MTG SECS TR 2014-C22 3.8012% 09/15/2047

Mortgage Backed Security 3.8012% 9/15/47

657

JPMCC COML MTG SECS TR 2016-JP4 A2 2.984% 12/15/2049

Mortgage Backed Security 2.984% 12/15/49

JP Morgan Chase

Synthetic GIC - 1.722% (fair value to contract value)

7,932

JPMORGAN CHASE & CO 3.559%/VAR 04/23/24

Corporate Bond 3.559% 4/23/24

2,001

JPMORGAN CHASE & CO 4.023/VAR 12/05/2024

Corporate Bond 4.023% 12/05/24

721

JPMORGAN CHASE & CO 2.083/VAR 04/22/2026

Corporate Bond 2.083% 4/22/26

1,678

JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026

Corporate Bond 1.045% 11/19/26

1,493

JPMORGAN CHASE & CO 0.824/VAR 06/01/2025

Corporate Bond 0.824% 6/01/25

1,505

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

JPMORGAN CHASE & CO SOFR 1.47%/VAR 09/22/2027

Corporate Bond 1.47% 9/22/27

1,714

JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028

Corporate Bond 2.947% 2/24/28

1,555

JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028

Corporate Bond 4.851% 7/25/28

1,394

KEYCORP 3.878%/VAR 05/23/2025

Corporate Bond 3.878% 5/23/25

582

KEYBANK NATL ASSN 4.15% 08/08/2025

Corporate Bond 4.15% 8/08/25

509

KINDER MORGAN ENERGY PTNRS LP 3.5% 09/01/2023

Corporate Bond 3.50% 9/01/23

850

LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.524

Mortgage Backed Security 5.63% 5/15/39

1,229

Lincoln Natl Life Ins Co

Synthetic GIC - 1.732% (fair value to contract value)

4,285

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

Corporate Bond 2.438% 2/05/26

626

LLOYDS TSB BANK T1Y 0.695%/VAR 05/11/2024

Corporate Bond 0.695% 5/11/24

1,360

LOWES COS INC 4.4% 09/08/2025

Corporate Bond 4.40% 9/08/25

838

MAGALLANES INC 3.638% 03/15/2025 144A

Corporate Bond 3.638% 3/15/25

218

MAGALLANES INC 3.755% 03/15/2027 144A

Corporate Bond 3.755% 3/15/27

404

MARSH & MCLENNAN COS INC 3.875% 03/15/2024

Corporate Bond 3.875% 3/15/24

667

Massachusetts Mutual

Synthetic GIC - 1.722% (fair value to contract value)

257

METROPOLITAN LIFE GLBL FDG I 0.9% 06/08/2023 144A

Corporate Bond 0.90% 6/08/23

1,095

Metropolitan Life Inc Co

Synthetic GIC - 1.722% (fair value to contract value)

4,062

MITSUBISHI UFJ FIN GRP INC 2.193% 02/25/2025

Corporate Bond 2.193% 2/25/25

1,680

MITSUBISHI UFJ FIN GRP INC 1.412% 07/17/2025

Corporate Bond 1.412% 7/17/25

1,372

MITSUBISHI UFJ FIN GRP INC 0.953%/VAR 07/19/2025

Corporate Bond 0.953% 7/19/25

1,867

MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027

Corporate Bond 1.64% 10/13/27

2,092

MIZUHO FINL GROUP INC 0.849%/VAR 09/08/2024

Corporate Bond 0.849% 9/08/24

931

MIZUHO FINL GROUP INC 1.234%/VAR 5/22/2027

Corporate Bond 1.234% 5/22/27

1,822

MIZUHO FINL GROUP INC T1Y 2.651%/VAR 05/22/2026

Corporate Bond 2.651% 5/22/26

1,462

MOODYS CORP 3.75% 03/24/2025

Corporate Bond 3.75% 3/24/25

609

MSBAM 2015-C22 ASB 3.04% 04/15/48

Mortgage Backed Security 3.04% 4/15/48

157

MORGAN STANLEY VAR/2.72 07/22/2025

Corporate Bond 2.72% 7/22/25

1,075

MORGAN STANLEY 2.188%/VAR 04/28/2026

Corporate Bond 2.188% 4/28/26

1,306

MORGAN STANLEY 3.737%/VAR 04/24/2024

Corporate Bond 3.737% 4/24/24

1,610

MORGAN STANLEY 4.679%/VAR 07/17/2026

Corporate Bond 4.679% 7/17/26

1,080

MSBAM 2013-C13 ASB 3.557% 11/15/2046

Mortgage Backed Security 3.557% 11/15/46

154

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

MORGAN STANLEY BK AMER MERRILL LYNCH TR 2014-C16 A

Mortgage Backed Security 3.48% 6/15/47

234

MSBAM 2014-C17 ASB 3.477% 8/47

Mortgage Backed Security 3.477% 8/15/47

505

MORGAN STANLEY BK AMER MERRILL LYNCH TR 2015-C21 A

Mortgage Backed Security 3.15% 3/15/48

MSBAM 2016-C28 3.272% 01/15/49

Mortgage Backed Security 3.272% 1/15/49

320

MORGAN STANLEY CAP I TR 2019-MEAD 3.17% 11/10/2036

Mortgage Backed Security 3.17% 11/10/36

963

NTT FINANCE CORP 0.583% 03/01/2024 144A

Corporate Bond 0.583% 3/01/24

834

NTT FINANCE CORP 1.162% 04/03/2026 144A

Corporate Bond 1.162% 4/03/26

1,633

NATIONAL BANK OF CANADA 0.55/VAR 11/15/2024

Corporate Bond 0.55% 11/15/24

826

Nationwide Life Ins Co

Synthetic GIC - 1.732% (fair value to contract value)

5,992

NATWEST GRP PLC(UNGTD) 1.642/VAR 06/14/2027

Corporate Bond 1.642% 6/14/27

1,189

NATWEST MARKETS PLC 0.8% 08/12/2024 144A

Corporate Bond 0.80% 8/12/24

983

NYC TFA (PIT) 2.85% 2/1/2024

Municipal Bond 2.85% 2/01/24

426

NYC TFA (PIT) 2.05% 8/1/2023

Municipal Bond 2.05% 8/01/23

462

NYS UDC 2.67% 3/15/2023

Municipal Bond 2.67% 3/15/23

1,090

NYS UDC 2.7% 3/15/2023

Municipal Bond 2.70% 3/15/23

1,858

NISOURCE INC 0.95% 08/15/2025

Corporate Bond 0.95% 8/15/25

574

OPG TR 2021-PORT 1ML+49.8 10/15/2036 144A

Mortgage Backed Security 4.80% 10/15/36

1,280

ORACLE CORP 1.65% 03/25/2026

Corporate Bond 1.65% 3/25/26

678

OTIS WORLDWIDE CORP 2.056% 04/05/2025

Corporate Bond 2.056% 4/05/25

1,693

PNC FINANCIAL SERVICES GRP INC SOFR+ 12/02/2028

Corporate Bond 5.35% 12/02/28

952

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

Corporate Bond 1.20% 6/24/25

973

Pacific Life Ins Co

Synthetic GIC - 1.722% (fair value to contract value)

3,117

PARKER-HANNIFIN CORP 3.65% 06/15/2024

Corporate Bond 3.65% 6/15/24

1,431

PARKER-HANNIFIN CORP 4.25% 09/15/2027

Corporate Bond 4.25% 9/15/27

706

PAYPAL HLDGS INC 1.65% 06/01/2025

Corporate Bond 1.65% 6/01/25

489

PHILIP MORRIS INTL INC 2.875% 05/01/2024

Corporate Bond 2.875% 5/01/24

1,463

PHILIP MORRIS INTL INC 0.875% 05/01/2026

Corporate Bond 0.875% 5/01/26

841

PRICOA GLOBAL FDG I 2.4% 09/23/2024 144A

Corporate Bond 2.40% 9/23/24

1,666

PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1

Corporate Bond 3.218% 3/28/25

414

Prudential Ins Co America

Synthetic GIC - 1.722% (fair value to contract value)

6,958

RABOBANK NEDERLAND COOP CENTL 1.98%/VAR 12/15/2027

Corporate Bond 1.98% 12/15/27

1,662

CITIZENS BANK NA 2.25% 04/28/2025

Corporate Bond 2.25% 4/28/25

1,229

REGIONS FINL CORP NEW 2.25% 05/18/2025

Corporate Bond 2.25% 5/18/25

735

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

RGA GLOBAL FUNDING 2% 11/30/2026 144A

Corporate Bond 2.00% 11/30/26

649

ROGERS COMMUNICATIONS INC 3.2% 03/15/2027 144A

Corporate Bond 3.20% 3/15/27

446

ROPER TECHNOLOGIES INC 1% 09/15/2025

Corporate Bond 1.00% 9/15/25

195

ROSS STORES INC 0.875% 04/15/2026

Corporate Bond 0.875% 4/15/26

1,377

ROYAL BANK OF CANADA 4.65% 01/27/2026

Corporate Bond 4.65% 1/27/26

821

ROYAL BK SCOTLND GRP PLC(UNGTD 4.519%/VAR 06/25/20

Corporate Bond 4.519% 6/25/24

1,962

ROYAL BANK OF CANADA 1.15% 06/10/2025

Corporate Bond 1.15% 6/10/25

1,328

S&P GLOBAL INC 2.45% 03/01/2027 144A

Corporate Bond 2.45% 3/01/27

1,491

SSM HEALTH CARE CORP 3.688% 06/01/2023

Corporate Bond 3.688% 6/01/23

913

SREIT TR 2021-MFP 1ML+73.08 11/15/2038 144A

Mortgage Backed Security 5.05% 11/15/38

775

SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028

Corporate Bond 2.49% 1/06/28

488

SANTANDER RETAIL AUTO LEASE TR 2020-B 0.57% 04/22/24

Mortgage Backed Security 0.57% 4/22/24

1,507

SANTANDER RETAIL AUTO LEASE TR 2021-A 0.51% 07/22/24

Mortgage Backed Security 0.51% 7/22/24

1,089

SEMPRA ENERGY 3.3% 04/01/2025

Corporate Bond 3.30% 4/01/25

695

7 ELEVEN INC 0.95% 02/10/2026 144A

Corporate Bond 0.95% 2/10/26

534

7 ELEVEN INC 1.3% 02/10/2028 144A

Corporate Bond 1.30% 2/10/28

633

SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 0.65% 03/11/24

Corporate Bond 0.65% 3/11/24

1,240

SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.2% 03/11/2026

Corporate Bond 1.20% 3/11/26

1,232

SIMON PROPERTY GROUP LP 2.75% 06/01/2023

Corporate Bond 2.75% 6/01/23

1,051

SOCIETE GENERALE FRANCE 2.625% 10/16/2024 144A

Corporate Bond 2.625% 10/16/24

303

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

Corporate Bond 1.488% 12/14/26

981

SOCIETE GENERALE FRANCE 1.792/VAR 06/09/2027 144A

Corporate Bond 1.792% 6/09/27

1,192

SOCIETE GENERALE FRANCE 2.797%/VAR 01/19/2028 144A

Corporate Bond 2.797% 1/19/28

1,686

SOUTHERN COMPANY 0.6% 02/26/2024

Corporate Bond 0.60% 2/26/24

742

State St BK & TR Co Boston

Synthetic GIC - 1.722% (fair value to contract value)

3,458

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

Corporate Bond 2.901% 3/30/26

SUMITOMO MITSUI FINL GRP INC 0.508% 01/12/2024

Corporate Bond 0.508% 1/12/24

197

SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026

Corporate Bond 1.402% 9/17/26

1,750

TORONTO DOMINION BANK 2.8% 03/10/2027

Corporate Bond 2.80% 3/10/27

1,499

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

Transamerica Premier Life

Synthetic GIC - 1.722% (fair value to contract value)

6,314

TRUIST FINANCIAL CORP 4.26%/VAR 07/28/2026

Corporate Bond 4.26% 7/28/26

1,451

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

Corporate Bond 1.008% 7/30/24

1,070

UBS AG LON BRANCH 1.375% 01/13/2025 144A

Corporate Bond 1.375% 1/13/25

1,290

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

Corporate Bond 1.50% 5/01/23

271

US BANCORP DEL 1.45% 05/12/2025

Corporate Bond 1.45% 5/12/25

1,524

UST NOTES 1.375% 08/31/2023

Government Bond 1.375% 8/31/23

983

UST NOTES 2.375% 08/15/2024

Government Bond 2.375% 8/15/24

27,015

UST NOTES 0.375% 04/30/2025

Government Bond 0.375% 4/30/25

8,255

UST NOTES 0.75% 03/31/2026

Government Bond 0.75% 3/31/26

62,091

UST NOTES 0.25% 05/15/2024

Government Bond 0.25% 5/15/24

1,023

UST NOTES 0.625% 07/31/2026

Government Bond 0.625% 7/31/26

17,382

UST NOTES 0.625% 10/15/2024

Government Bond 0.625% 10/15/24

9,820

UST NOTES 1.25% 12/31/2026

Government Bond 1.25% 12/31/26

9,213

UST NOTES 1.125% 01/15/2025

Government Bond 1.125% 1/15/25

14,181

UST NOTES 2.75% 04/30/2027

Government Bond 2.75% 4/30/27

26,825

UST NOTES 2.625% 05/31/2027

Government Bond 2.625% 5/31/27

4,746

UST NOTES 3% 06/30/2024

Government Bond 3.00% 6/30/24

10,742

UST NOTES 2.75% 07/31/2027

Government Bond 2.75% 7/31/27

3,900

UST NOTES 3.125% 08/15/2025

Government Bond 3.125% 8/15/25

6,750

UST NOTES 3.5% 09/15/2025

Government Bond 3.50% 9/15/25

26,377

UST NOTES 4.125% 09/30/2027

Government Bond 4.125% 9/30/27

7,916

UST NOTES 4.125% 10/31/2027

Government Bond 4.125% 10/31/27

18,968

UST NOTES 4.125% 11/15/2032

Government Bond 4.125% 11/15/32

1,128

UST NOTES 4.5% 11/30/2024

Government Bond 4.50% 11/30/24

8,032

UST NOTES 3.875% 11/30/2029

Government Bond 3.875% 11/30/29

1,096

UST NOTES 3.875% 11/30/2027

Government Bond 3.875% 11/30/27

21,131

UST NOTES 4% 12/15/2025

Government Bond 4.00% 12/15/25

9,936

UNITEDHEALTH GROUP INC 3.7% 05/15/2027

Corporate Bond 3.70% 5/15/27

1,290

VENTAS RLTY LTD PARTNERSHIP 3.5% 04/15/2024

Corporate Bond 3.50% 4/15/24

657

VENTAS RLTY LTD PARTNERSHIP 2.65% 01/15/2025

Corporate Bond 2.65% 1/15/25

1,005

VERIZON COMMUNICATIONS INC 1.45% 03/20/2026

Corporate Bond 1.45% 3/20/26

553

VERIZON MASTER TRUST 2021-1 A 0.5% 05/20/2027

Mortgage Backed Security 0.50% 5/20/27

1,445

VERIZON MASTER TRUST 2021-1 A 0.99% 04/20/2028

Mortgage Backed Security 0.99% 4/20/28

2,135

VERIZON MASTER TRUST 3.72% 07/20/2027

Mortgage Backed Security 3.72% 7/20/27

863

VIRGINIA ELECTRIC AND POWER CO 3.75% 05/15/2027

Corporate Bond 3.75% 5/15/27

1,518

VOLKSWAGEN GROUP AMER FIN LLC 1.25% 11/24/2025 144

Corporate Bond 1.25% 11/24/25

1,893

Eastman Investment and Employee Stock Ownership Plan

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

December 31, 2022

(in thousands)

(a)

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

(d)
Historical Cost

(e)
Current Value

VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144

Corporate Bond 3.95% 6/06/25

726

VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 144

Corporate Bond 4.35% 6/08/27

673

WFRBS COML MTG TR 2014-C20 ASB 3.638% 05/15/2047

Mortgage Backed Security 3.638% 5/15/47

114

WFRBS COML MTG TR 2014-C22 ASB 3.464% 09/15/2057

Mortgage Backed Security 3.464% 9/15/57

570

WFRBS COML MTG TR 2013-C16 A5 4.415% 09/15/2046

Mortgage Backed Security 4.415% 9/15/46

894

WFRBS COML MTG TR 2013-C16 3.963% 09/15/2046

Mortgage Backed Security 3.963% 9/15/46

WFRBS COML MTG TR 2014-C23 ASB 3.636% 10/15/2057

Mortgage Backed Security 3.636% 10/15/57

191

WELLS FARGO COML MTG TR 15-C27 ASB 3.278% 02/15/2048

Mortgage Backed Security 3.278% 2/15/48

412

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

Corporate Bond 2.164% 2/11/26

1,731

WELLS FARGO & CO NEW 2.188/VAR 04/30/2026

Corporate Bond 2.188% 4/30/26

1,028

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

Corporate Bond 1.654% 6/02/24

1,084

WELLS FARGO & CO NEW 3.526%/VAR 03/24/2028

Corporate Bond 3.526% 3/24/28

890

WELLS FARGO & CO NEW 4.808%/VAR 07/25/2028

Corporate Bond 4.808% 7/25/28

1,397

WELLTOWER OP 3.625% 03/15/2024

Corporate Bond 3.625% 3/15/24

1,167

Sub-total Managed Income Funds

704,879

Self-Directed Brokerage Account

Various shares

103,729

Total Investment Assets

3,034,595

Participant Loans

Interest rates ranging 4.25% - 7.25% with maturity dates through December 2027

45,943

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

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

SIGNATURES

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

Eastman Investment and Employee

Stock Ownership Plan


Date: June 22, 2023			By: /s/Michelle R. Stewart
			Michelle R. Stewart
			Vice President, Chief Accounting Officer and Corporate Controller, Eastman Chemical Company; Member of Eastman Investment Plan Committee and Named Fiduciary for Eastman Investment and Employee Stock Ownership Plan

Eastman Investment and Employee Stock Ownership Plan

Exhibit Index


Exhibit Number	Description	Sequential Page Number
23.1	Consent of ArmaninoLLP Independent Registered Public Accounting Firm	35

EX-23.01 2 a2022123111-kexhibit231.htm EX-23.01 Document

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statement No. 33-73810 on Form S-8 of our report dated June 22, 2023, appearing in this Annual Report on Form 11-K of the Eastman Investment and Employee Stock Ownership Plan for the year ended December 31, 2022.

/s/ArmaninoLLP

St. Louis, Missouri

June 22, 2023

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