Frank Hoover Easterbrook

Vanguard 500 Index Fund — Dividend

Vanguard Cash Red Fed MM Fund [formerly Prime Money Market Fund]

Vanguard Cash Red Fed MM Fund [formerly Prime Money Market Fund] — Buy (add'l)

Vanguard High-Yield Tax Exempt Fund — Interest

TIAA Traditional Fund (in UC retirement account) — None

CREF Stock R3 Fund (in UC retirement account) — None

Vanguard High-Yield Corporate Fund (in IRA) — Dividend

Vanguard High-Yield Corporate Fund (in IRA) — Sold (part)

Vanguard Short-Term Investment Grade Fund (in IRA) — Dividend

Vanguard Short-Term Investment Grade Fund (in IRA) — Sold (part)

JPMorgan Chase Bank (checking account) — Interest

Vanguard Balanced Index Fund — Int./Div.

Vanguard Balanced Index Fund — Buy (add'l)

TIAA-CREF

Vang Inst Idx Inst Plus (TIAA) — None

Vanguard Ttl Bd Mkt Idx InsPl (TIAA) — None

Vang Federal Mny Mkt Inv (TIAA) — None

Vang Inst Tg Rtm Inc Inst (TIAA) — None

Vang Inst Idx Inst Plus (CREF) — None

Vanguard Total InStixlsPs (CREF) — None

Vang Ttl Bd Mkt Idx InsPl (CREF) — None

Vang Federal Mny Mkt Inv (CREF) — None

Vang Inst Rtm Inc Inst (CREF) — None

Senior Lecturer, University of Chicago

Income — 2020 — University of Chicago - salary — $29,000.16

Spouse's income — 2020 — Alaska Communication Systems Retirement Plan

Spouse's income — 2020 — State of Alaska Retirement Plan

Spouse's income — 2020 — Lumen Pension [formerly called CenturyLink]

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

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

Level II of the Executive Schedule) because, under §3(b) of the regulations of the Judicial Conference implementing this statute, "outside earned 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 III.A was contributed to a pension plan through the University 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 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 VII): Dividends and capital gains from all mutual funds listed in Part VII are reinvested automatically.

3. (Part VII): Income from my TIAA-CREF retirement accounts is shown as "none" because TIAA-CREF does not supply income information. Statements show

the change in each portfolio's value over the course of each quarter but not how much of that change is attributable to income (interest or dividends) and how

much to change in the market price of the investments. It is accordingly impossible to disentangle these components.

4. (Part VII): turned 70 1/2 in 2018, so in 2019 became subject to required minimum distributions for income-tax reasons. The 2019 report showed

sales and reinvestments accordingly. But distributions were not required in 2020, and none was taken in accounts (though one was taken in mine).