I want to share with you the latest edition of the Texas 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 as well as a 10-Year expected return forecast for all asset classes and this month‟s economic release calendar for your ease of reference. I hope you‟ll find the information useful…

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 Texas Family Office Association
TFOA Monthly Report August 2020

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 (June 2020)
California Unemployment Rate (June 2020)
New York Unemployment Rate (June 2020)
12-mth Change in Unemployment Rate (June 2020)
Florida Unemployment Rate (June 2020)
Texas Unemployment Rate (June 2020)
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 3 © Texas SFO Association, LLC 2020

4. 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 (June 2020)
USA Unemployment Rate by State (April 2020)
USA Unemployment Rate by State (February 2020)
USA Unemployment Rate by State (May 2020)
USA Unemployment Rate by State (March 2020)
USA Unemployment Rate by State (January 2020)
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 4 © Texas SFO Association, LLC 2020

5. 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 5 © Texas SFO Association, LLC 2020
Portfolio & Asset Class 10yr Expected Returns

6. Monthly Economic Report
Source: Finviz
Year To Date Performance | S&P 500
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 6 © Texas SFO Association, LLC 2020
Year To Date Performance | Exchange Traded Funds

7. Monthly Economic Report
USA Selected Interest Rates (August 6th, 2020 )
Marc J. Sharpe www.tfoatx.com
marc@tfoatx.com Page 7 © Texas SFO Association, LLC 2020
Source: Federal Reserve System Yields in percent Per Annum
Instruments 30-Jul-20 31-Jul-20 03-Aug-20 04-Aug-20 05-Aug-20
Federal funds (effective) 1 2 3 0.10 0.10 0.10 0.10 0.10
Commercial Paper 3 4 5 6
Nonfinancial
1-month 0.12 0.1 0.1 n.a. 0.1
2-month n.a. 0.12 0.11 n.a. 0.11
3-month 0.13 0.12 0.14 0.09 0.13
Financial
1-month n.a. n.a. 0.11 0.1 n.a.
2-month n.a. n.a. 0.13 n.a. 0.1
3-month n.a. n.a. 0.15 n.a. n.a.
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 0.1 0.09 0.09 0.09 0.08
3-month 0.09 0.09 0.1 0.09 0.1
6-month 0.11 0.1 0.11 0.11 0.12
1-year 0.11 0.11 0.12 0.14 0.12
Treasury constant maturities
Nominal 9
1-month 0.1 0.09 0.09 0.09 0.08
3-month 0.09 0.09 0.1 0.09 0.1
6-month 0.11 0.1 0.11 0.11 0.12
1-year 0.11 0.11 0.12 0.14 0.12
2-year 0.11 0.11 0.11 0.11 0.11
3-year 0.14 0.11 0.13 0.1 0.13
5-year 0.23 0.21 0.22 0.19 0.22
7-year 0.4 0.39 0.4 0.36 0.39
10-year 0.55 0.55 0.56 0.52 0.55
20-year 0.98 0.98 1.01 0.96 1
30-year 1.2 1.2 1.23 1.19 1.22
Inflation indexed 10
5-year -1.14 -1.19 -1.24 -1.26 -1.3
7-year -1.07 -1.11 -1.15 -1.17 -1.2
10-year -0.97 -1 -1.02 -1.05 -1.06
20-year -0.68 -0.69 -0.69 -0.71 -0.71
30-year -0.42 -0.45 -0.44 -0.46 -0.45
Inflation-indexed long-term average 11 -0.46 -0.49 -0.49 -0.51 -0.51