This is the Primary Document downloaded from EDGAR on 12/13/2014 7:31:45 AM EST for EFDID 64885 and Accession Number 0001561229-13-000004.
SEC FORM D/A
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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.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM D
Notice of Exempt Offering of Securities
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| OMB APPROVAL |
| OMB Number: |
3235-0076 |
| Expires: |
August 31, 2015 |
| Estimated average burden |
| hours per response: |
4.00 |
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1. Issuer's Identity
| CIK (Filer ID Number) |
Previous Names |
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Entity Type |
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0001561229
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Corporation |
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Limited Partnership |
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Limited Liability Company |
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General Partnership |
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Business Trust |
| X |
Other (Specify) |
Delaware Statutory Trust |
| Name of Issuer |
| Family Discount Portfolio DST |
| Jurisdiction of Incorporation/Organization |
| DELAWARE |
| Year of Incorporation/Organization |
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Over Five Years Ago |
| X |
Within Last Five Years (Specify Year) |
2012 |
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Yet to Be Formed |
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2. Principal Place of Business and Contact Information
| Name of Issuer |
| Family Discount Portfolio DST |
| Street Address 1 |
Street Address 2 |
| 2901 BUTTERFIELD ROAD |
| City |
State/Province/Country |
ZIP/PostalCode |
Phone Number of Issuer |
| OAK BROOK |
ILLINOIS |
60523 |
630-218-8000 |
3. Related Persons
| Last Name |
First Name |
Middle Name |
| Inland Private |
Capital Corporation |
| Street Address 1 |
Street Address 2 |
| 2901 Butterfield Road |
| City |
State/Province/Country |
ZIP/PostalCode |
| Oak Brook |
ILLINOIS |
60523 |
| Relationship: |
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Executive Officer |
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Director |
X |
Promoter |
Clarification of Response (if Necessary):
| Last Name |
First Name |
Middle Name |
| Family Discount |
Portfolio 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 |
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Director |
X |
Promoter |
Clarification of Response (if Necessary):
| Last Name |
First Name |
Middle Name |
| Atlanta |
Discount, 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 |
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Director |
X |
Promoter |
Clarification of Response (if Necessary):
| Last Name |
First Name |
Middle Name |
| Lawrenceville |
Discount, 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 |
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Director |
X |
Promoter |
Clarification of Response (if Necessary):
| Last Name |
First Name |
Middle Name |
| San Antonio |
Discount, 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 |
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Director |
X |
Promoter |
Clarification of Response (if Necessary):
| Last Name |
First Name |
Middle Name |
| Lampi |
Keith |
| Street Address 1 |
Street Address 2 |
| 2901 Butterfield Road |
| City |
State/Province/Country |
ZIP/PostalCode |
| Oak Brook |
ILLINOIS |
60523 |
| Relationship: |
X |
Executive Officer |
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Director |
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Promoter |
Clarification of Response (if Necessary):
Mr. Lampi is the Chief Operating Officer of Inland Private Capital Corporation, the Member of Family Discount Portfolio Exchange, L.L.C., the Signatory Trustee of Family Discount Portfolio DST.
4. Industry Group
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Agriculture |
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Banking & Financial Services |
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Commercial Banking |
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Insurance |
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Investing |
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Investment Banking |
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Pooled Investment Fund |
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Is the issuer registered as an investment company under the Investment Company Act of 1940? |
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Other Banking & Financial Services |
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Business Services |
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Energy |
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Health Care |
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Manufacturing |
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Real Estate |
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Retailing |
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Restaurants |
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Technology |
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Travel |
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Tourism & Travel Services |
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Other |
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5. Issuer Size
| Revenue Range |
OR |
Aggregate Net Asset Value Range |
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No Revenues |
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No Aggregate Net Asset Value |
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$1 - $1,000,000 |
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$1 - $5,000,000 |
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$1,000,001 - $5,000,000 |
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$5,000,001 - $25,000,000 |
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$5,000,001 - $25,000,000 |
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$25,000,001 - $50,000,000 |
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$25,000,001 - $100,000,000 |
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$50,000,001 - $100,000,000 |
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Over $100,000,000 |
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Over $100,000,000 |
| X |
Decline to Disclose |
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Decline to Disclose |
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Not Applicable |
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Not Applicable |
6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)
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Rule 504(b)(1) (not (i), (ii) or (iii)) |
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Rule 505 |
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Rule 504 (b)(1)(i) |
X |
Rule 506 |
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Rule 504 (b)(1)(ii) |
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Securities Act Section 4(5) |
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Rule 504 (b)(1)(iii) |
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Investment Company Act Section 3(c) |
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Section 3(c)(1) |
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Section 3(c)(9) |
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Section 3(c)(2) |
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Section 3(c)(10) |
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Section 3(c)(3) |
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Section 3(c)(11) |
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Section 3(c)(4) |
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Section 3(c)(12) |
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Section 3(c)(5) |
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Section 3(c)(13) |
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Section 3(c)(6) |
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Section 3(c)(14) |
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7. Type of Filing
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New Notice |
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Date of First Sale |
2012-11-12 |
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First Sale Yet to Occur |
| X |
Amendment |
8. Duration of Offering
| Does the Issuer intend this offering to last more than one year? |
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9. Type(s) of Securities Offered (select all that apply)
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Equity |
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Pooled Investment Fund Interests |
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Debt |
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Tenant-in-Common Securities |
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Option, Warrant or Other Right to Acquire Another Security |
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Mineral Property Securities |
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Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security |
X |
Other (describe) |
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Beneficial interests in 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? |
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Clarification of Response (if Necessary):
11. Minimum Investment
| Minimum investment accepted from any outside investor |
$25,000 |
USD |
12. Sales Compensation
| Recipient |
| Recipient CRD Number |
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None |
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| Bruce S. Birke |
1671284 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Accelerated Capital Corp. |
41270 |
| Street Address 1 |
Street Address 2 |
| 18301 Von Karman, Suite 400 |
| 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 |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Timothy A. Romig |
1101718 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Kalos Capital, Inc. |
44337 |
| Street Address 1 |
Street Address 2 |
| 756 Cumberland Street |
| City |
State/Province/Country |
ZIP/Postal Code |
| Lebanon |
PENNSYLVANIA |
17042 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Wolfgang H. Remkes |
1218228 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Royal Alliance Associates, Inc. |
23131 |
| Street Address 1 |
Street Address 2 |
| 55 North Third Street, Suite 200 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Campbell |
CALIFORNIA |
95008-2087 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Danny R. Hughes |
4419365 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| 1st Global Capital Corp. |
30349 |
| Street Address 1 |
Street Address 2 |
| 1500 Sunday Drive, Suite 300 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Raleigh |
NORTH CAROLINA |
27607 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Anand M. Savur |
1809528 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Proequities, Inc. |
15708 |
| Street Address 1 |
Street Address 2 |
| 22024 Lassen Street, Suite 112 |
| 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 |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Robert R. Tweed |
2339324 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Concorde Investment Services, LLC |
151604 |
| Street Address 1 |
Street Address 2 |
| 2060 Huntington Drive, Suite 1 |
| City |
State/Province/Country |
ZIP/Postal Code |
| San Marino |
CALIFORNIA |
91108 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| John G. Chess |
4812430 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Investacorp, Inc. |
7684 |
| 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 |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Michael D. Shinault |
4098626 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| 1st Global Capital Corp. |
30349 |
| Street Address 1 |
Street Address 2 |
| 5060 California Avenue, Suite 650 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Bakersfield |
CALIFORNIA |
93309 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| John M. Hessyoder |
1524518 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Proequities, Inc. |
15708 |
| Street Address 1 |
Street Address 2 |
| 8655 SW Citizens Drive, Suite 102 |
P.O. 1010 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Wilsonville |
OREGON |
97070 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Shirley J. Ju |
1612247 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| McDermott Investment Services, LLC |
154926 |
| Street Address 1 |
Street Address 2 |
| 42 Winter Street |
| City |
State/Province/Country |
ZIP/Postal Code |
| Natick |
MASSACHUSETTS |
01760 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Gene A. Brehm |
2815437 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| 1st Global Capital Corp. |
30349 |
| Street Address 1 |
Street Address 2 |
| 7809 Broadway Street |
| City |
State/Province/Country |
ZIP/Postal Code |
| San Antonio |
TEXAS |
78209-2558 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Karen Y. Holmes |
2935201 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| 1st Global Capital Corp. |
30349 |
| Street Address 1 |
Street Address 2 |
| 1700 Rockville Pike, Suite 400 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Rockville |
MARYLAND |
20852 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Timothy J. Mahalak |
2593524 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Commonwealth Financial Network |
8032 |
| Street Address 1 |
Street Address 2 |
| 777 High Street, Suite 130 |
| 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 |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Robert A. Horning |
2311640 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Centaurus Financial, Inc. |
30833 |
| Street Address 1 |
Street Address 2 |
| 6633 South Halm Avenue |
| City |
State/Province/Country |
ZIP/Postal Code |
| Los Angeles |
CALIFORNIA |
90056 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Peter J. Glaab, Jr. |
222558 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Sigma Financial Corporation |
14303 |
| Street Address 1 |
Street Address 2 |
| 37229 Huron River Drive |
| City |
State/Province/Country |
ZIP/Postal Code |
| New Boston |
MICHIGAN |
48164 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
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All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Christopher W. Light |
5000150 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Bruce A. Lefavi Securities, Inc. |
10684 |
| Street Address 1 |
Street Address 2 |
| 2323 Foothill Drive, Suite 100 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Salt Lake City |
UTAH |
84109 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Daniel T. Hawtree |
1578583 |
| (Associated) Broker or Dealer |
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None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Sigma Financial Corporation |
14303 |
| Street Address 1 |
Street Address 2 |
| 5500 West Wilson Avenue |
| City |
State/Province/Country |
ZIP/Postal Code |
| Monee |
ILLINOIS |
60449 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
|
None |
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| Ryan T. Wilson |
4955717 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
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None |
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| Transamerica Financial Advisors, Inc. |
16164 |
| Street Address 1 |
Street Address 2 |
| 107 North Chauncey Street |
P.O. Box 898 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Columbia City |
INDIANA |
46725 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
|
None |
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| Bert L. Falley, II |
2309631 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| 1st Global Capital Corp. |
30349 |
| Street Address 1 |
Street Address 2 |
| 5825 SW 29th Street, Suite 201 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Topeka |
KANSAS |
66614 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Joseph R. Weinbauer |
2714070 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| Berthel, Fisher & Company Financial Services, Inc. |
13609 |
| Street Address 1 |
Street Address 2 |
| 1824 Chouteau Avenue, Rear |
| City |
State/Province/Country |
ZIP/Postal Code |
| St. Louis |
MISSOURI |
63103-3002 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Jeffrey B. Baker |
2102752 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| Vanderbilt Securities, LLC |
5953 |
| Street Address 1 |
Street Address 2 |
| 12 East Water Street |
| City |
State/Province/Country |
ZIP/Postal Code |
| Newburgh |
INDIANA |
47629 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
|
None |
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| Ryan P. Vaughn |
4727701 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| Proequities, Inc. |
15708 |
| Street Address 1 |
Street Address 2 |
| 4 West Main Street |
| City |
State/Province/Country |
ZIP/Postal Code |
| Strasburg |
PENNSYLVANIA |
17579 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
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None |
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| Douglas W. Studer |
4440047 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| Prime Capital Services, Inc. |
18334 |
| Street Address 1 |
Street Address 2 |
| 2875 NE 191st Street, Suite 601 |
| City |
State/Province/Country |
ZIP/Postal Code |
| Aventura |
FLORIDA |
33180 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
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| Recipient |
| Recipient CRD Number |
|
None |
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| Edik Eskandarian |
4053917 |
| (Associated) Broker or Dealer |
|
None |
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| (Associated) Broker or Dealer CRD Number |
|
None |
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| Berthel, Fisher & Company Financial Services, Inc. |
13609 |
| Street Address 1 |
Street Address 2 |
| 222 Mamaroneck Avenue, Suite 310 |
| City |
State/Province/Country |
ZIP/Postal Code |
| White Plains |
NEW YORK |
10605 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
|
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|
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| Recipient |
| Recipient CRD Number |
|
None |
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| Janet A. Metzinger |
1339247 |
| (Associated) Broker or Dealer |
|
None |
|
| (Associated) Broker or Dealer CRD Number |
|
None |
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| Transamerica Financial Advisors, Inc. |
16164 |
| Street Address 1 |
Street Address 2 |
| 30 Green Acres Avenue |
| City |
State/Province/Country |
ZIP/Postal Code |
| Brevard |
NORTH CAROLINA |
28712 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
|
|
|
|
| Recipient |
| Recipient CRD Number |
|
None |
|
| Rick D. Slone |
5354167 |
| (Associated) Broker or Dealer |
|
None |
|
| (Associated) Broker or Dealer CRD Number |
|
None |
|
| Transamerica Financial Advisors, Inc. |
16164 |
| Street Address 1 |
Street Address 2 |
| 403 Western Court |
| City |
State/Province/Country |
ZIP/Postal Code |
| Saint Joseph |
ILLINOIS |
61873 |
State(s) of Solicitation (select all that apply) Check “All States” or check individual States |
|
All States |
|
|
|
|
13. Offering and Sales Amounts
| Total Offering Amount |
$5,557,102 |
USD |
|
| Total Amount Sold |
$5,557,102 |
USD |
| Total Remaining to be Sold |
$0 |
USD |
|
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: |
|
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 |
$388,997 |
USD |
|
| Finders' Fees |
$0 |
USD |
|
Clarification of Response (if Necessary):
This response is based on the assumption that the full amount of the potential sales commissions will be earned and paid.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.
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 |
| Family Discount Portfolio DST |
/s/ Keith Lampi |
Keith Lampi |
COO of the Member of the Signatory Trustee |
2013-05-23 |
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.