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
The Texas Family Office Association
TFOA Monthly Report February 2020
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 1
(T) 713-581-0448 © Texas SFO Association, LLC 2020

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 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 (Dec. 2019)
California Unemployment Rate (Dec. 2019)
New York Unemployment Rate (Dec. 2019)
12-mth Change in Unemployment Rate (Dec. 2019)
Florida Unemployment Rate (Dec. 2019)
Texas Unemployment Rate (Dec. 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 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 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 2020

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 2020
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 2020
Year To Date Performance | Exchange Traded Funds

7. Monthly Economic Report
USA Selected Interest Rates (February 3rd, 2020 )
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@mba1998.hbs.edu
Houston, TX 77098 Page 7
(T) 713-581-0448 © Texas SFO Association, LLC 2020
Source: Federal Reserve System Yields in percent Per Annum
03-Feb-20
Selected Interest Rates
Yields in percent per annum
Instruments 27-Jan-20 28-Jan-19 29-Jan-19 30-Jan-19 31-Jan-20
Federal funds (effective) 1 2 3 1.55 1.55 1.55 1.60 1.59
Commercial Paper 3 4 5 6
Nonfinancial
1-month 1.54 1.54 1.56 1.57 1.59
2-month 1.56 1.56 1.55 1.55 1.58
3-month 1.57 1.57 1.56 1.55 1.59
Financial
1-month 1.56 1.54 1.54 1.6 1.64
2-month n.a. n.a. n.a. n.a. 1.73
3-month 1.65 1.58 1.58 1.63 1.72
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 1.5 1.5 1.49 1.56 1.53
3-month 1.52 1.54 1.53 1.54 1.52
6-month 1.53 1.54 1.53 1.53 1.5
1-year 1.5 1.49 1.47 1.44 1.41
Treasury constant maturities
Nominal 9
1-month 1.53 1.53 1.52 1.59 1.56
3-month 1.55 1.57 1.56 1.57 1.55
6-month 1.57 1.58 1.57 1.57 1.54
1-year 1.53 1.53 1.51 1.48 1.45
2-year 1.44 1.45 1.42 1.41 1.33
3-year 1.41 1.45 1.39 1.37 1.3
5-year 1.44 1.47 1.41 1.39 1.32
7-year 1.52 1.56 1.51 1.49 1.42
10-year 1.61 1.65 1.6 1.57 1.51
20-year 1.91 1.95 1.89 1.88 1.83
30-year 2.05 2.1 2.05 2.04 1.99
Inflation indexed 10
5-year -0.12 -0.12 -0.17 -0.2 -0.28
7-year -0.08 -0.07 -0.12 -0.15 -0.22
10-year -0.02 0 -0.04 -0.07 -0.14
20-year 0.17 0.2 0.17 0.14 0.09
30-year 0.33 0.36 0.32 0.3 0.26
Inflation-indexed long-term average 11 0.3 0.32 0.28 0.27 0.22