I want to share with you the latest edition of The Family Office Association (TFOA) monthly economic update. The attached report includes a wealth of data and exhibits on the state of the USA economy and selected States. We hope you’ll find this useful. For more information, please visit www.tfoatx.com. Thank you.

1. Source: U.S. Bureau of Economic AnalysisSource: U.S. Bureau of Labor Statistics
USA Gross Domestic Product
USA Price Data
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 1 � Texas SFO Association, LLC 2020
The Family Office Association
TFOA Monthly Report January 2021

2. Monthly Economic Report
Source: U.S. Bureau of Labor Statistics
USA Employment & Unemployment Data
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 2 � Texas SFO Association, LLC 2020

3. Monthly Economic Report
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.
USA Unemployment Rate by State (Nov 2020)
California Unemployment Rate (Nov 2020)
New York Unemployment Rate (Nov 2020)
12-mth Change in Unemployment Rate (Nov 2020)
Florida Unemployment Rate (Nov 2020)
Texas Unemployment Rate (Nov 2020)
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 3 � Texas SFO Association, LLC 2020

4. Monthly Economic Report
Source: Federal Reserve System
Source: Research Affiliates
Bureau of Labor Statics Release Calendar
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 4 � Texas SFO Association, LLC 2020
Portfolio & Asset Class 10yr Expected Returns

5. Monthly Economic Report
Source: Finviz
Year To Date Performance | S&P 500
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 5 � Texas SFO Association, LLC 2020
Year To Date Performance | Exchange Traded Funds

6. Monthly Economic Report
USA Selected Interest Rates (January 6th, 2021 )
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 6 � Texas SFO Association, LLC 2020
Source: Federal Reserve System Yields in percent Per Annum
Instruments 30-Dec-20 31-Dec-20 01-Jan-21 04-Jan-21 05-Jan-21
Federal funds (effective) 1 2 3 0.09 0.09 0.09 0.09 0.09
Commercial Paper 3 4 5 6
Nonfinancial
1-month 0.08 0.09 0.09 0.08
2-month 0.1 n.a. 0.1 0.10
3-month 0.12 0.13 0.1 0.11
Financial
1-month n.a. n.a. 0.09 0.1
2-month n.a. n.a. 0.11 0.13
3-month n.a. 0.2 0.13 0.15
Bank prime loan 2 3 7 3.25 3.25 3.25 3.25 3.25
Discount window primary credit 2 8 0.25 0.25 0.25 0.25 0.25
U.S. government securities
Treasury bills (secondary market) 3 4
4-week 0.06 0.08 0.09 0.08
3-month 0.08 0.09 0.09 0.09
6-month 0.09 0.09 0.09 0.09
1-year 0.12 0.1 0.1 0.1
Treasury constant maturities
Nominal 9
1-month 0.06 0.08 0.09 0.08
3-month 0.08 0.09 0.09 0.09
6-month 0.09 0.09 0.09 0.09
1-year 0.12 0.1 0.1 0.1
2-year 0.12 0.13 0.11 0.13
3-year 0.17 0.17 0.16 0.17
5-year 0.37 0.36 0.36 0.38
7-year 0.66 0.65 0.64 0.66
10-year 0.93 0.93 0.93 0.96
20-year 1.46 1.45 1.46 1.49
30-year 1.66 1.65 1.66 1.7
Inflation indexed 10
5-year -1.55 -1.59 -1.62 -1.63
7-year -1.28 -1.31 -1.34 -1.34
10-year -1.03 -1.06 -1.08 -1.07
20-year -0.58 -0.61 -0.63 -0.61
30-year -0.35 -0.37 -0.39 -0.36
Inflation-indexed long-term average 11 -0.45 -0.48 -0.5 -0.47