Frank Hoover Easterbrook

Semor Lecturer, University of Chicago

Gift — Union League Club of Chicago — Signing privileges (see Part VIII)

Reimbursement — The Federalist Society — November 11-12, 2011 — Washington, DC — National Lawyers Convention — Transportation, meals, lodging

Reimbursement — Harvard — November 17-18, 2011 — Cambndge, MA — Moot Court — Transportation, meals, lodging

Reimbursement — Judicial business and other gov. reimb. also omitted

Income — 2011 — University of Chicago - Salary (see Part VIII) — $29.000.25

Income — 2011 — Harvard University Press - royalty — $352.66

Income — 2011 — Thomson (West Publishing) - royalty — $0.00

1. (Part III): I have received the approval of the Judicial Council of the Seventh Circuit to teach at the University of Chicago. This income therefore is "outside

camed income" rather than an "honorarium" within the meaning of the Ethics Reform Act of 1989. I accepted gross income exceeding the staturory cap (15% of

Level 11 of the Executive Schedule) because, under §3(b) of the regulations of the Judicial Conference implementing this statute, "outside carned income” includes

only net taxable income, and therefore excludes pension contributions as well as the "ordinary and necessary expenses paid or incurred in producing this income."

Some of the income reported in Part 111 was contributed to a pension plan through the Univeristy of Chicago as part of a salary reduction plan and therefore

does not count for statutory purposes. Moreover, the ordinary and necessary expenses of producing the income--including the cost of commuting between the

courthouse and the Law School, fees for parking at the University, and the expenses of equipment and books for my Law School office--are substantial. Net

taxable income is less than the statutory maximum.

2. (Part V): The Union League Club extends to federal judges the ability to use the Club's facilities without formal membership. During 2011 judges paid dues

of $83 per month during January through June and $88 per month from July through December. Judges pay for all meals and other services at the same price as

members. The Committee on Codes of Conduct has concluded (Opinion 2071) that this arrangement does not entail a gift element.

3. (Part VII): Dividends and capital gain distributions from the mutual funds marked "See Part VII" are reinvested automatically monthly. Shares were purchased

and sold in the Vanguard Prime Money Market Fund occasionally. I treat this as a checking account, and as in the past years I do not report these flows (as

opposed to year-cnd balances). Shares of value code M were sold in the Vanguard 500 Index Fund; no other transactions in these funds occurred during 2011.

4. (Part VII): While I was employed full-time by the University of Chicago preceding my appointment to the court, and again since 1992, pension contributions

under a defined contribution plan were made on my behalf. TIAA-CREF holds the funds contributed before 1983 (value code N). Pension contributions since

1983, and supplemental retirement annuity contributions since 1982, are held by the Vanguard Group, which also holds pension contributions made on my behalf

during 1981-84 by Lexecon Inc., plus IRA contributions during that period. "Vanguard Retirement Portfolio" is an umbrella designation for these assets. Access

to all funds in the Vanguard Retirement Portfolio is blocked until I reach retirement age. Vanguard invests these monics in four of its funds: Vanguard Money

Market Reserves Prime Portfolio; Vanguard Fixed Income Securities Fund Long-Term Corporate; Vanguard Fixed Income Securities High-Yield Corporate; and

Vanguard International Value Portfolio. Investments within the Vanguard Retirement Portfolio may change from time to time, but only from one mutual fund to

another (never to stock in an individual firm), making a consolidated listing desirable.