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I A o t o * FINANCIAL DISCLOSURE REPO RT R e p o r t R e q u i r ed b y t h e E t h i c ,in Government Act of 1978R , .~ . l z 2 o t o FOR CALENDAR YEAR 2009 ( z v . ~ . c , a p , . ~ ~ o ~ . tt l ~I. Pe~on Repo rting (last name, ftrst, middle initial) 2 . Cour t or O rganization 3. Dat~ of Repor t

Easterbrook, Frank H. Seventh Circuit 05/07120104. Title (Article Ill judges indicate active o senior status; 5a, Report Typ~ (check appropriate ty I~ ,) 6 . Reporting Period

magistrate judges indicate full- ~r part-time) ~ Nomination, Date 01/01 /2009Chief Judge [] Initial [] A .... 1 [] Final to12/31/2009

,5b. [] An~nded Report7. Chambers or Off ice Address g. On the basis of th~ infm-mation contained in this Report and anymodifications pertaining thereto, it i s , in my opinion, in compl iance2 | 9 South Dearborl l St ree t with applicable laws and regulations.Chicago. I l l inois 606 04

Reviewing Officer Date.,

IMPOR TANT NOT ES: The instruc~ons accempanying this form must be fol lowed. Complete al l parts,checking the NONE box for each part where you hav e no reportable information. Sign on lasg page.

D N O N E (No reportable positions.)POSITIQN NAME OF ORGANIZATIQN/ENTITY

I. Senior Lecturer Univers i ty of Chicago

2.

3.

4.5.

r - ~ .: ~ I" ~

[~ N O N E (No reportable agreements.) -w a r--D A T E PARTIE~ AND TERM~

I.

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N a m e o f P e r s o n R e p o r t i n g D a t e o f R e p o r tP a g e F I N A N C I A L 2 o f 6 D I S C L O S U R E R E P O R T ~ t ~ o r o o k , F r a n k . . 05/07r~010

A. Filers Non-Investmen t IncomeN O N E (No reportable non-investment income.)

D A T E SOURC E A ND T YPE INCOME(yours, not spouses)1. University of Chicago - Salary (see Part V III) $ 2 5 2 . 6 5 . 0 02. ttarvard University Press - royalty $ 3 9 8 . 8 33. Thomson (W est Publishing) - royalty $ 3 9 0 . 9 74.

B . S p o u s e s N o n - | n v e s [ m c l l t I n c o m e - O yo~ w~re marritd d~ring any portion of the reporting year, comp lete this( D o l l a r a m o u n t n o t r e q u i r e d e x c e p t f o r h o n o r a r i a 3[~] NONE (No reportable non-investment income.)

DATE SOURCE AND TYPEI.2.3.4.

I V . R E I M B U R S E M E N T S -( I n c lu d e s t h o s e t o s p o u s e a n d d e p e n d e n t children; see

[~ NONE (No reportable reimbursements.)SOURCE DATES LOCATION PURPOSE ITEMS PAID OR PROVIDED

1 . Univeristy of Pennsylvania January 21-23,2009 PhilndeIphia, PA M o o t Courl Competition Transportation, meals, lodging2. Berkeley Law School April 12-14, 2009 Berkeley, CA Endowed Lecture in Law & Transpo~,ation, meals, lodgingEconomics3. The Federalist Society November 12-14 , W ashington, D.C. Nail Lawyers Convention Tramportation, meals, lodging2 0 0 94.5.NOTE: Travel reimbursements for judicial business and other governmental

reimbursements also omitted.

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F IN A N C I A L D I SC L O S U R E REPORTPage 3 of 6 Eas~erbrook, Frank I!.

]0 5 1 0 7 / 2 0 1 0

~ NO~ (No repoaable

~ D~CRI~ONI. Union ~gue Club o f Chicago Sign in g pd vileg~ (s~ P~ V III)2.3.4.5.

V I. LIA BILITIES. a~cl,a,, t~o,, o.r,~,~,~,~,~ ~ni~,,: ,~ rr. Jz.J~ oy~g ~ ^,~,,ai,.,;~-] N O N E (No reportable liabilities.)~ DE SC RIPTION V A L U E CO D E

I.2.3,4.5.

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FINANCIAL DISCLOSURE REPO RTt r~ te~~ R~P~"~ IDat~ f R~rt ]

Page 4 of 6 Easterbrook, Frank H. 0 5 / 0 7 1 2 0 1 0

[] N O N E (No reportable income, assets, or transactions.)A. B. C. D.

Description of Ass~ls Incom e during G roxs value a l end Transactions during n:p~rtiag period(including trust a~sets) reporting period of ~eImrting period

Place "(X)" after each reset Amount + TYI~ (e.g,, Value Value Type (e .g . , Da m Value I Gain Identity ofexempt from prior disclosure Code I | div., renl. Code 2 Method buy, sell, mm/dd /yy Code 2 I Code 1 buys/seller(A-H) t ori.t.) (J-P) Code3 redempt ion) (J+P) ~(A-H) (ifpri ....( Q -W ) , I t.rz~,.actio n )

I. Vanguard 500 Index Fund (mutual fund) E Dividertd O T See Part VIII2. Vanguard Prime Money Market Fund A Dividend J T(mutual fund) See Part VIII3. Vanguard High-Yield Tax Exempt Fund D Dividend M T See PartVIII4. V a n g u a r d R e t i r e m e n t P o r t f o l io ( m u t u a l E Cap. Ga:n o T See Part: VIIIund; blocked accesx) qD iv.5. JPMorgan C hase Bank (checking account) A I n t e r e s t K T

9b

II .12 .

1 3 .

14 .

17.

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FINANCIAL DISCLOSU~ REPORT] Easlerbr~,Fr~k H.age 5 of 6 o ~ o 7 / 2 o ~ 0

V I II . AD DITION AL IN F OR MA TION OR EX P L AN A TION S. o,~ .~ ~ , s ,~n .~

Separale sheet ztlached.

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Easterbrook, Frank H. 5-7-09VIII. ADDITIONAL INFORMATION or EXPLANATIONS.1. (Part III): I have received the approval of the Judicial Council of the ,,SeventhCircuit to teach at the University of Chicago. This income therefore is outsideearned income" rather than an "honorarium" within the meaning of the EthicsReform Act of 1989. I accepted gross income exceeding the statutory cap (15% ofLevel II of the Executive Schedule) because, under 3(b) of the regulations of theJudicial Conference implementing this statute, "outside earned income" includesonly net taxable income, and therefore excludes pension contributions as well asthe "ordinary and necessary expenses paid or incurred in producing thisincome." Some of the income reported in Part III was contributed to a pensionplan throu h the University of Chicago as part of a salary reduction ptan andtherefore hgotes not count for statutory purposes. Moreover, the ordinary andnecessary expenses of producing the income--including the cost of commutingbetween the courthouse and the Law School, fees for parking at the University,and the expenses of equipment and books for my Law School officeuaresubstantial. Net taxable income is less than the statutory maximum.2. (Pa, rt V) The Union League Club extends to federal judges the privileges of theClub s facilities without formal membership. During 2009 it charged $78per month for these privileges. (All meals and other services are paid for at thesame price as members). The Committee on Codes of Conduct has concluded(Opinl~on 2071) that these privileges do not entail a gift element.3. (Part VII): Dividends and capital gain distributions from the mutual fundsmarked "See Part VIII" are reLnvested automatically monthly. Shares werepurchased and sold in the Vanguard Prime Money Market Fund occasionally. Itreat this as a checking account, and as in past years I do not report these flows(as opposed to year-end balances). Shares of value code J were sold in theVanguard High-Yield Tax Exempt Fund; no other transactions in these fundsoccurred during 2009.4. (Part VII): While I was employed full-time by the University of Chicagopreceding my appointment to the court, and again since 1992, pensioncontributions under a defined contributionplan were made on my behalL TIAA-CREF holds the funds contributed before 1983 (value code N). Pensioncontributions since 1983, and supplemental retirement annuity contributionssince 1982, are held by the Vanguard Group, which also holdspensioncontributions made on my behalf dur,m,,~ 1981-84 by Lexecon Inc.,pl_.u2s_,IRA contributions during that period. Vanguard Retirement Portfolio is anumbrella designation for these assets. Access to all funds in the VanguardRetirement Portfolio is blocked until I reach retirement age. Vanguard investsthese monies in four of its flmds: Vanguard Money Market Reserves PrimePortfolio; Vanguard Fixed Income Securities Fund Long-Term Corporate;Vanguard Fixed Income Securities Fund High-Yield Corporate; andVanguardInternational Value Portfolio. Investments within the Vanguard RetirementPortfolio may change from time to time, but only from one mutual fund toanother (never to st-ock in an individual firm), ma king a consolidated listingdesirable.

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FINANCIAL DISCLOSURE REPOR T N ~ m , o t V , ~ o a R e p o . i n ~[

D.~ota,p~I

Page 6 of 6 E a s t e r b r o o k , Frank ! t . 0 5 / 0 7 1 2 0 1 0IX. CERTIFICATION.

1 certify that aU information given above (including information pertaining to my spouse and m inor or dependent children, ff any) isaccurate, true, and complete to the best of my k nowledge and belief, and that any information not reported was w ithheld because it met applicable statutoryprovisions permitting non-d isclosure.

l furthcr cer tif~ ~ that earned income from outside employment and honoraria and the acceptance of gifts which have been reported are incompliance with the provisions of 5 U~.C. app. 5 01 et. seq., 5 U.S.C. 7353, and J udicial Conference regulations.

NOTE: ANY INDIVIDUAL W ItO KNOW INGLY AND W ILFULLY FALSIFIES OR FAILS TO FILE THIS REPORT MAY BE SUBJECT TO CIVIl .AND CRIMINAL SANCTIONS (5 U~q.C. app. 104)

FILING INSTRUCTIONSMail signed original and 3 additional copies to:

Committee on Financial DisclosureA dm inistrative Office of the United States CourtsSuite 2-301One Columbus Circle, N.E.W ashington , D .C. 20544