This is the Primary Document downloaded from EDGAR on 12/11/2014 1:52:17 PM EST for EFDID 5948 and Accession Number 0001482177-10-000008.

Please note that this is not the current Accession Number for this EFDId.

SEC FORM D/A

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Expires: August 31, 2015
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001482177
   Corporation
   Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
X Other (Specify)

Delaware Statutory Trust
Name of Issuer
Hillsboro 1031 DST
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2009
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Hillsboro 1031 DST
Street Address 1 Street Address 2
2901 BUTTERFIELD ROAD
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
OAK BROOK ILLINOIS 60523 630-218-4916

3. Related Persons

Last Name First Name Middle Name
Inland Real Estate Corporation
Street Address 1 Street Address 2
2901 Butterfield Road
City State/Province/Country ZIP/PostalCode
Oak Brook ILLINOIS 60523
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Hillsboro 1031, L.L.C.
Street Address 1 Street Address 2
2901 Butterfield Road
City State/Province/Country ZIP/PostalCode
Oak Brook ILLINOIS 60523
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Hillsboro Exchange, L.L.C.
Street Address 1 Street Address 2
2901 Butterfield Road
City State/Province/Country ZIP/PostalCode
Oak Brook ILLINOIS 60523
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
X Other Real Estate
  
Retailing
  
Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii)    Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2010-01-14    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
   Yes X No

9. Type(s) of Securities Offered (select all that apply)

   Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security X Other (describe)
Beneficial interests in a Delaware Statutory Trust reflecting beneficial interests in real estate

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $100,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Inland Securities Corporation 15807
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Inland Securities Corporation 15807
Street Address 1 Street Address 2
2901 Butterfield Road
City State/Province/Country ZIP/Postal Code
Oak Brook ILLINOIS 60523
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ILLINOIS
Recipient
Recipient CRD Number    None
Patrick R. Conway 1337831
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investacorp, Inc. 7684
Street Address 1 Street Address 2
2901 Butterfield Road
City State/Province/Country ZIP/Postal Code
Oak Brook ILLINOIS 60523
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
ILLINOIS
Recipient
Recipient CRD Number    None
Timothy K. Whipple 2829688
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Triad Advisors, Inc. 25803
Street Address 1 Street Address 2
499 South Oren Boulevard
City State/Province/Country ZIP/Postal Code
Orem UTAH 84058
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
Gregory W. McCloskey 2820510
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Newport Coast Securities, Inc. 16944
Street Address 1 Street Address 2
18872 MacArthur Boulevard, Suite 100
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92612
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
David B. Levinson 705929
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Newport Coast Securities, Inc. 16944
Street Address 1 Street Address 2
18872 MacArthur Boulevard, Suite 100
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92612
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Robert S. Smith 1412333
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities, Inc. 6390
Street Address 1 Street Address 2
8705 SW Nimbus Avenue, Suite 260
City State/Province/Country ZIP/Postal Code
Beaverton OREGON 97008
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
OREGON
VIRGINIA
Recipient
Recipient CRD Number    None
Iaian L. Filippini 4708877
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
1096 Coast Village Road
City State/Province/Country ZIP/Postal Code
Montecito CALIFORNIA 93108
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Jason L. Garofalo 3008935
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Tricor Financial, LLC 142518
Street Address 1 Street Address 2
7201 West Lake Mead Boulevard, Suite 114
City State/Province/Country ZIP/Postal Code
Las Vegas NEVADA 89128-8347
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEVADA
Recipient
Recipient CRD Number    None
Elizabeth Delgado-Schuetze 4501355
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Tricor Financial, LLC 142518
Street Address 1 Street Address 2
7201 West Lake Mead Boulevard, Suite 114
City State/Province/Country ZIP/Postal Code
Las Vegas NEVADA 89128-8347
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEVADA
Recipient
Recipient CRD Number    None
Robert A. Cannon 2765289
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities, Inc. 6390
Street Address 1 Street Address 2
371 NE Gilman Boulevard, Suite 310
City State/Province/Country ZIP/Postal Code
Issaquah WASHINGTON 98027
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ILLINOIS
Recipient
Recipient CRD Number    None
Christopher T. Wendel 1930870
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WRP Investments, Inc. 7365
Street Address 1 Street Address 2
215 West Market Street
City State/Province/Country ZIP/Postal Code
Celina OHIO 45822
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
Recipient
Recipient CRD Number    None
Nathaniel M. Kuhn 4624143
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investacorp, Inc. 7684
Street Address 1 Street Address 2
300 Anthony Avenue, Suite 206
City State/Province/Country ZIP/Postal Code
Mundelein ILLINOIS 60060
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ILLINOIS
Recipient
Recipient CRD Number    None
Ricky L. Coody 4251317
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Invest Financial Corporation 12984
Street Address 1 Street Address 2
300 East Choctaw
City State/Province/Country ZIP/Postal Code
McAlester OKLAHOMA 74501
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
John S. Weiss 1097536
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
7541 North Calle Sin Desengano
City State/Province/Country ZIP/Postal Code
Tucson ARIZONA 85718
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
IOWA
NEW YORK
Recipient
Recipient CRD Number    None
Kim D. Frink 2298983
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Invest Financial Corporation 12984
Street Address 1 Street Address 2
93 Route 6A
City State/Province/Country ZIP/Postal Code
Sandwich MASSACHUSETTS 02563
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MASSACHUSETTS
Recipient
Recipient CRD Number    None
William A. Howe 4533710
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Invest Financial Corporation 12984
Street Address 1 Street Address 2
5 Brook Street
City State/Province/Country ZIP/Postal Code
Middleboro MASSACHUSETTS 02346
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
John G. Chess 4812430
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investors Capital Corp. 30613
Street Address 1 Street Address 2
4263 Gavin Lane
City State/Province/Country ZIP/Postal Code
Columbus OHIO 43220
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
KENTUCKY
OHIO
Recipient
Recipient CRD Number    None
John M. Lavery 2659827
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investment Planners, Inc. 18557
Street Address 1 Street Address 2
420 Maine Street
City State/Province/Country ZIP/Postal Code
Quincy ILLINOIS 62301
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ILLINOIS
Recipient
Recipient CRD Number    None
Donovan T. Kelly 2622366
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities, Inc. 6390
Street Address 1 Street Address 2
3115 1st Avenue North
City State/Province/Country ZIP/Postal Code
Billings MONTANA 59101
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
MONTANA
SOUTH DAKOTA
Recipient
Recipient CRD Number    None
George C. Merhoff, Jr. 2918171
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities, Inc. 6390
Street Address 1 Street Address 2
626 South 7th Street
City State/Province/Country ZIP/Postal Code
Klamath Falls OREGON 97601
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OREGON
Recipient
Recipient CRD Number    None
Douglas R. Griesel 4463348
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
1st Global Capital Corp. 30349
Street Address 1 Street Address 2
432 West 11th Avenue
City State/Province/Country ZIP/Postal Code
Eugene OREGON 97401
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OREGON
Recipient
Recipient CRD Number    None
Larry T. Kennard 267675
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sigma Financial Corporation 14303
Street Address 1 Street Address 2
11969 Fuerte Drive
City State/Province/Country ZIP/Postal Code
El Cajon CALIFORNIA 92020
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Bruce S. Birke 1671284
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
725 Town & Country Road, Suite 530
City State/Province/Country ZIP/Postal Code
Orange CALIFORNIA 92868
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Thomas J. Todd 3111871
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
1st Global Capital Corp. 30349
Street Address 1 Street Address 2
2160 County Club Road
City State/Province/Country ZIP/Postal Code
Winston Salem NORTH CAROLINA 27104-4208
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NORTH CAROLINA
Recipient
Recipient CRD Number    None
Andrew G. Rosenberg 2944124
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Securities America, Inc. 10205
Street Address 1 Street Address 2
12510 West Atlantic Boulevard
City State/Province/Country ZIP/Postal Code
Coral Springs FLORIDA 33071-4085
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
James F. Mangam, Jr. 316794
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cadaret, Grant & Co., Inc. 10641
Street Address 1 Street Address 2
12 Overlook Avenue
City State/Province/Country ZIP/Postal Code
Rochele Park NEW JERSEY 07662
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW JERSEY
Recipient
Recipient CRD Number    None
John F. Connealy 1714005
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Securities America, Inc. 10205
Street Address 1 Street Address 2
5505 Red Rock Lane, Suite 200
City State/Province/Country ZIP/Postal Code
Lincoln NEBRASKA 68516-6513
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEBRASKA
Recipient
Recipient CRD Number    None
Jerald D. Peabody 3009776
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investment Planners, Inc. 18557
Street Address 1 Street Address 2
121 North Macarthur
City State/Province/Country ZIP/Postal Code
Macomb ILLINOIS 61455
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ILLINOIS
Recipient
Recipient CRD Number    None
Craig M. Rollins 1896698
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Triad Advisors, Inc. 25803
Street Address 1 Street Address 2
499 South Oren Boulevard
City State/Province/Country ZIP/Postal Code
Orem UTAH 84058
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
Anand M. Savur 1809528
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Proequities, Inc. 15708
Street Address 1 Street Address 2
20319 Nordhoff Street, Suite 120
City State/Province/Country ZIP/Postal Code
Chatsworth CALIFORNIA 91311
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Michael C. Kirk 4396710
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sii Investments, Inc. 2225
Street Address 1 Street Address 2
5404 West Lake Street
City State/Province/Country ZIP/Postal Code
West Bend WISCONSIN 53095
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WISCONSIN
Recipient
Recipient CRD Number    None
Terry G. Hershey 3097903
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Proequities, Inc. 15708
Street Address 1 Street Address 2
809 Center Avenue
City State/Province/Country ZIP/Postal Code
Payette IDAHO 83661
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IDAHO
Recipient
Recipient CRD Number    None
Tomas J. Velken 1600404
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sigma Financial Corporation 14303
Street Address 1 Street Address 2
1078 Carol Lane, #203
City State/Province/Country ZIP/Postal Code
Lafayette CALIFORNIA 94549
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Leonard R. Bettencourt 4025897
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
1st Global Capital Corp. 30349
Street Address 1 Street Address 2
865 Geer Road
City State/Province/Country ZIP/Postal Code
Turlock CALIFORNIA 95380
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
DeVonna K. Murrin 5087189
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Empire Securities Corporation 2826
Street Address 1 Street Address 2
1960 East Grand Avenue, Suite 555
City State/Province/Country ZIP/Postal Code
El Segundo CALIFORNIA 90245
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA

13. Offering and Sales Amounts

Total Offering Amount $12,837,500 USD
or    Indefinite
Total Amount Sold $11,046,243 USD
Total Remaining to be Sold $1,791,257 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
83

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $898,625 USD
   Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$1,437,917 USD
   Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against it in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
Hillsboro 1031 DST /s/ Patricia A. DelRosso Patricia A. DelRosso President of Member of Signatory Trustee 2010-04-07

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.