I want to share with you the October 2016 edition of the Houston Family Office Association (“HFOA”) monthly economic update. The attached report includes a wealth of data and exhibits on the state of the USA economy and selected States. I hope you’ll find this useful. HFOA is a group of family office CIO’s and Presidents based in Houston, TX. Members of the group are not actively marketing products or services to other members. The group is for education, networking, and a resource for family office professionals to share ideas and best practice. We welcome any feedback you have on how this report might be improved, especially with regard to information or commentary that may be useful to you...

1. HFOA Monthly Report October 2016
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 1
(T) 713-581-0448 © Houston Family Office Association 2016
USA Gross Domestic Product
The Houston Family Office Association
USA Price Data
Source: U.S. Bureau of Economic AnalysisSource: U.S. Bureau of Labor Statistics

2. USA Employment & Unemployment Data
HFOA Monthly Report
Source: U.S. Bureau of Labor Statistics
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 2
(T) 713-581-0448 © Houston Family Office Association 2016

3. USA Twelve Month Change in Employment Across Various Industrial Sectors
HFOA Monthly Report
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 3
(T) 713-581-0448 © Houston Family Office Association 2016
Source: U.S. Bureau of Labor Statistics
This summary is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon
in connection with any offer or sale of securities. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in
no way are warranted by us as to accuracy or completeness.

4. USA Unemployment Rate by State (Aug 2016)
HFOA Monthly Report
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 4
(T) 713-581-0448 © Houston Family Office Association 2016
Source: U.S. Bureau of Labor Statistics
This summary is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon
in connection with any offer or sale of securities. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in
no way are warranted by us as to accuracy or completeness.
California Unemployment Rate (Aug 2016)
New York Unemployment Rate (Aug 2016)
12-mth Change in Unemployment Rate (Aug 2016)
Florida Unemployment Rate (Aug 2016)
Texas Unemployment Rate (Aug 2016)

5. HFOA Monthly Report
USA Selected Interest Rates (as of October 3rd 2016)
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 5
(T) 713-581-0448 © Houston Family Office Association 2016
Source: Federal Reserve System
2016 2016 2016 2016 2016 2016
Sep Sep Sep Sep Sep Sep
26 27 28 29 30 Sep Sep
30 23
Federal funds (effective) 0.40 0.40 0.40 0.40 0.29 0.40 0.40 0.40
Commercial Paper
Nonfinancial
1-month 0.38 0.42 0.41 0.36 0.39 0.39 0.41 0.40
2-month 0.40 0.48 0.47 0.44 0.45 0.45 0.47 0.46
3-month 0.56 0.54 0.53 0.52 0.52 0.53 0.53 0.53
Financial
1-month 0.47 n.a. n.a. 0.48 n.a. 0.48 0.46 0.45
2-month 0.55 0.56 0.61 n.a. 0.60 0.58 0.60 0.60
3-month 0.63 0.64 0.82 0.64 0.71 0.69 0.78 0.75
Eurodollar deposits (London)
1-month 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
3-month 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93
6-month 1.30 1.30 1.30 1.30 1.30 1.30 1.30 1.30
Bank prime loan 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50
Discount window primary credit 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
U.S. government securities
Treasury bills (secondary market)
4-week 0.10 0.16 0.14 0.11 0.19 0.14 0.12 0.18
3-month 0.25 0.26 0.27 0.26 0.28 0.26 0.24 0.29
6-month 0.42 0.42 0.44 0.42 0.44 0.43 0.44 0.46
1-year 0.56 0.56 0.58 0.57 0.57 0.57 0.59 0.58
Treasury constant maturities
Nominal 10
1-month 0.12 0.16 0.14 0.12 0.20 0.15 0.13 0.19
3-month 0.25 0.26 0.27 0.26 0.29 0.27 0.24 0.29
6-month 0.42 0.42 0.44 0.43 0.45 0.43 0.44 0.47
1-year 0.58 0.58 0.60 0.59 0.59 0.59 0.60 0.59
2-year 0.76 0.75 0.75 0.73 0.77 0.75 0.79 0.77
3-year 0.87 0.86 0.87 0.85 0.88 0.87 0.92 0.90
5-year 1.13 1.12 1.13 1.12 1.14 1.13 1.19 1.18
7-year 1.41 1.39 1.41 1.39 1.42 1.40 1.48 1.46
10-year 1.59 1.56 1.57 1.56 1.60 1.58 1.66 1.63
20-year 2.00 1.96 1.96 1.95 1.99 1.97 2.06 2.02
30-year 2.32 2.28 2.29 2.28 2.32 2.30 2.39 2.35
Inflation indexed 11
5-year -0.27 -0.26 -0.31 -0.32 -0.31 -0.29 -0.18 -0.17
7-year -0.14 -0.14 -0.17 -0.18 -0.17 -0.16 -0.05 -0.05
10-year 0.05 0.04 0.01 0.02 0.00 0.02 0.14 0.12
20-year 0.43 0.42 0.38 0.43 0.38 0.41 0.50 0.47
30-year 0.60 0.58 0.57 0.58 0.59 0.58 0.68 0.64
Inflation-indexed long-term average 12 0.46 0.44 0.42 0.43 0.43 0.44 0.53 0.50
Interest rate swaps 13
1-year 0.94 0.94 0.93 0.94 0.94 0.94 0.96 0.95
2-year 1.00 1.00 0.99 1.01 1.00 1.00 1.03 1.02
3-year 1.06 1.05 1.04 1.06 1.05 1.05 1.10 1.08
4-year 1.11 1.10 1.09 1.12 1.11 1.10 1.16 1.13
5-year 1.16 1.15 1.14 1.17 1.16 1.16 1.22 1.19
7-year 1.28 1.26 1.26 1.29 1.28 1.27 1.34 1.32
10-year 1.44 1.41 1.41 1.44 1.44 1.43 1.50 1.47
30-year 1.78 1.74 1.73 1.76 1.77 1.75 1.84 1.80
Corporate bonds
Moody's seasoned
Aaa 14 3.43 3.39 3.39 3.37 3.44 3.40 3.47 3.41
Baa 4.29 4.25 4.26 4.23 4.29 4.26 4.35 4.31
State & local bonds 15 3.06 3.06 2.98 2.93
Conventional mortgages 16 3.42 3.42 3.48 3.46
Instruments
Week Ending
Yields in percent Per Annum