This document is a monthly economic report from the Texas Family Office Association for December 2019. It includes summaries of US economic data on GDP, prices, employment, unemployment rates by state, and changes in employment across industry sectors. It also contains charts showing 10-year expected returns by portfolio, year-to-date performance of the S&P 500 and exchange traded funds, and selected US interest rates as of December 2, 2019. The report is intended to provide members with current economic information and statistics.

1. Source: U.S. Bureau of Economic AnalysisSource: U.S. Bureau of Labor Statistics
USA Gross Domestic Product
USA Price Data
The Texas Family Office Association
TFOA Monthly Report December 2019
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 1
(T) 713-581-0448 © Texas SFO Association, LLC 2019

2. Monthly Economic Report
Source: U.S. Bureau of Labor Statistics
USA Employment & Unemployment Data
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 2
(T) 713-581-0448 © Texas SFO Association, LLC 2019

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 (October 2019)
California Unemployment Rate (October 2019)
New York Unemployment Rate (October 2019)
12-mth Change in Unemployment Rate (October 2019)
Florida Unemployment Rate (October 2019)
Texas Unemployment Rate (October 2019)
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 3
(T) 713-581-0448 © Texas SFO Association, LLC 2019

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 Twelve Month Change in Employment Across Various Industrial Sectors
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 4
(T) 713-581-0448 © Texas SFO Association, LLC 2019

5. Monthly Economic Report
Source: Federal Reserve System
Source: Research Affiliates
Bureau of Labor Statics Release Calendar
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 5
(T) 713-581-0448 © Texas SFO Association, LLC 2019
Portfolio & Asset Class 10yr Expected Returns

6. Monthly Economic Report
Source: Finviz
Year To Date Performance | S&P 500
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 6
(T) 713-581-0448 © Texas SFO Association, LLC 2019
Year To Date Performance | Exchange Traded Funds

7. Monthly Economic Report
USA Selected Interest Rates (December 2nd, 2019 )
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 7
(T) 713-581-0448 © Texas SFO Association, LLC 2019
Source: Federal Reserve System Yields in percent Per Annum
02-Dec-19
Selected Interest Rates
Yields in percent per annum
Instruments 25-Nov-19 26-Nov-19 27-Nov-19 28-Nov-19 29-Nov-19
Federal funds (effective) 1 2 3 1.55 1.55 1.55 1.55 1.56
Commercial Paper 3 4 5 6
Nonfinancial
1-month n.a. n.a. 1.58 n.a.
2-month 1.71 1.76 n.a. n.a.
3-month n.a. n.a. n.a. n.a.
Financial
1-month n.a. n.a. n.a. n.a.
2-month n.a. 1.84 n.a. 1.73
3-month 1.8 1.87 n.a. 1.79
Bank prime loan 2 3 7 4.75 4.75 4.75 4.75 4.75
Discount window primary credit 2 8 2.25 2.25 2.25 2.25 2.25
U.S. government securities
Treasury bills (secondary market) 3 4
4-week 1.57 1.6 1.62 1.59
3-month 1.58 1.57 1.59 1.56
6-month 1.57 1.58 1.59 1.59
1-year 1.54 1.55 1.56 1.56
Treasury constant maturities
Nominal 9
1-month 1.6 1.63 1.65 1.62
3-month 1.61 1.6 1.62 1.59
6-month 1.61 1.62 1.63 1.63
1-year 1.58 1.59 1.6 1.6
2-year 1.61 1.58 1.63 1.61
3-year 1.6 1.58 1.61 1.61
5-year 1.62 1.58 1.63 1.62
7-year 1.71 1.68 1.71 1.73
10-year 1.76 1.74 1.77 1.78
20-year 2.07 2.04 2.06 2.07
30-year 2.21 2.18 2.19 2.21
Inflation indexed 10
5-year 0.09 0.06 0.09 0.12
7-year 0.1 0.08 0.11 0.13
10-year 0.14 0.12 0.14 0.17
20-year 0.32 0.3 0.32 0.35
30-year 0.47 0.44 0.47 0.5
Inflation-indexed long-term average 11 0.44 0.41 0.43 0.47