JLLX West Phoenix Distribution Center DST D/A $146.52 mm in equity, sold $114.57 mm, 81 investors

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
Estimated average burden
hours per response:	4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0001958148

	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
X	Other (Specify)

Statutory Trust

Name of Issuer

JLLX West Phoenix Distribution Center DST

Jurisdiction of Incorporation/Organization

DELAWARE

Year of Incorporation/Organization

	Over Five Years Ago
X	Within Last Five Years (Specify Year)	2022
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
JLLX West Phoenix Distribution Center DST
Street Address 1		Street Address 2
333 WEST WACKER DRIVE, SUITE 2300
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
CHICAGO	ILLINOIS	60606	312-897-4000

3. Related Persons

Last Name	First Name	Middle Name
JLL Exchange TRS, LLC	N/A
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Sponsor of Issuer

Last Name	First Name	Middle Name
LaSalle Investment Management, Inc.	N/A
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Sponsor of Issuer

Last Name	First Name	Middle Name
Falk	Gregory	A.
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
LIPT Reems Road, LLC	N/A
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

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 504 (b)(1)(i)
	Rule 504 (b)(1)(ii)
	Rule 504 (b)(1)(iii)
X	Rule 506(b)
	Rule 506(c)
	Securities Act Section 4(a)(5)

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	2022-12-08	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)

X	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	Other (describe)

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 $75,000 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
LaSalle Investment Management Distributors, LLC	157625
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

Recipient	Recipient CRD Number None
CHRISTINA NIELSON	4866971
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
DAI SECURITIES, LLC	36673
Street Address 1	Street Address 2
650 Town Center Drive?Suite 1400
City	State/Province/Country	ZIP/Postal Code
Costa Mesa	CALIFORNIA	92626
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK MASSACHUSETTS IOWA MAINE OHIO IDAHO MICHIGAN OKLAHOMA CALIFORNIA UTAH OREGON MONTANA COLORADO KENTUCKY ARKANSAS CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA NEW MEXICO

Recipient	Recipient CRD Number None
WILLIAM PATRICK BRENNAN	3090544
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7717
Street Address 1	Street Address 2
8910 University Center Lane, STE 150
City	State/Province/Country	ZIP/Postal Code
San Diego	CALIFORNIA	92122
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA MARYLAND IOWA IDAHO CALIFORNIA UTAH ILLINOIS OREGON INDIANA ALABAMA VIRGINIA COLORADO KENTUCKY PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA TENNESSEE NEW MEXICO

Recipient	Recipient CRD Number None
JOSEPH P WERNER	6645379
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
LaSalle Investment Management Distributors, LLC	157625
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
KAREN LESLIE VARNHAGEN	1144429
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
555 California Street
City	State/Province/Country	ZIP/Postal Code
San Francisco	CALIFORNIA	94104
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII ILLINOIS OREGON TEXAS MONTANA NEVADA WASHINGTON NEW YORK VIRGINIA COLORADO CONNECTICUT MASSACHUSETTS ARIZONA NEW HAMPSHIRE TENNESSEE IDAHO MICHIGAN NEW JERSEY CALIFORNIA

Recipient	Recipient CRD Number None
TRACY BIRD	4147085
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
55 East 52nd Street, 29th Floor
City	State/Province/Country	ZIP/Postal Code
New York	NEW YORK	10055
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII PUERTO RICO TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND IOWA OHIO GEORGIA MICHIGAN CALIFORNIA UTAH MINNESOTA MISSOURI WYOMING ILLINOIS OREGON KANSAS ALABAMA VIRGINIA COLORADO CONNECTICUT PENNSYLVANIA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE TENNESSEE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
DAVID ROBERT ESHAM	2215529
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
150 West Market Street, Suite 301
City	State/Province/Country	ZIP/Postal Code
Salisbury	MARYLAND	21801
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
PIOTR G GALUS	5215429
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
1200 Mount Kemble Avenue, Floor 2
City	State/Province/Country	ZIP/Postal Code
Morristown	NEW JERSEY	07960
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEW YORK SOUTH CAROLINA SOUTH DAKOTA WISCONSIN MASSACHUSETTS MARYLAND MAINE OHIO GEORGIA CALIFORNIA MISSOURI ILLINOIS OREGON INDIANA MONTANA VIRGINIA COLORADO CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE TENNESSEE NEW JERSEY DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
PAUL WARREN JACKSON	2998795
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
500 108th Avenue, North East, Suite 1900
City	State/Province/Country	ZIP/Postal Code
Bellevue	WASHINGTON	98004
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
BENJAMIN WILLEY	6131772
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
2727 Hollycroft Street, Suite 330
City	State/Province/Country	ZIP/Postal Code
Gig Harbor	WASHINGTON	98335
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ILLINOIS OREGON TEXAS MONTANA KANSAS NEVADA ALASKA WASHINGTON VIRGINIA ARIZONA GEORGIA IDAHO OKLAHOMA CALIFORNIA UTAH

Recipient	Recipient CRD Number None
CYNTHIA MARY COUYOUMJIAN	1456630
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7717
Street Address 1	Street Address 2
15145 Woodlawn Avenue, Suite 100
City	State/Province/Country	ZIP/Postal Code
Tustin	CALIFORNIA	92780
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
MISSOURI OREGON TEXAS INDIANA FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA PENNSYLVANIA LOUISIANA NORTH CAROLINA MARYLAND IOWA ARIZONA OHIO GEORGIA TENNESSEE IDAHO MICHIGAN CALIFORNIA DISTRICT OF COLUMBIA NEW MEXICO UTAH

Recipient	Recipient CRD Number None
FRANK COULSON III	3100920
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
100 Front Street, Suite 600
City	State/Province/Country	ZIP/Postal Code
West Conshohocken	PENNSYLVANIA	19428
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON SOUTH CAROLINA MASSACHUSETTS MARYLAND MAINE GEORGIA MICHIGAN CALIFORNIA UTAH WEST VIRGINIA WYOMING MONTANA VIRGINIA COLORADO CONNECTICUT RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
KEVIN HUNTINGTON	5934354
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
1650 Market Street, 42nd Floor
City	State/Province/Country	ZIP/Postal Code
Philadelphia	PENNSYLVANIA	19103
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND MAINE OHIO GEORGIA MICHIGAN CALIFORNIA UTAH WEST VIRGINIA MINNESOTA MISSOURI WYOMING ILLINOIS OREGON INDIANA MISSISSIPPI MONTANA KANSAS ALABAMA VIRGINIA COLORADO KENTUCKY ARKANSAS CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA NORTH DAKOTA NEBRASKA RHODE ISLAND ARIZONA NEW HAMPSHIRE TENNESSEE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
PAULINA MATEL	6125677
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	14977
Street Address 1	Street Address 2
227 West Monroe Street, Suite 3400
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS MASSACHUSETTS MARYLAND IOWA MAINE IDAHO MICHIGAN UTAH MINNESOTA MISSOURI ILLINOIS INDIANA MISSISSIPPI MONTANA ALASKA ALABAMA VIRGINIA ARKANSAS NORTH CAROLINA NORTH DAKOTA NEBRASKA RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT NEW MEXICO FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA SOUTH DAKOTA WISCONSIN OHIO GEORGIA OKLAHOMA CALIFORNIA WEST VIRGINIA WYOMING OREGON KANSAS COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA LOUISIANA TENNESSEE

Recipient	Recipient CRD Number None
RICHARD GRUND	2284738
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
COMMONWEALTH FINANCIAL NETWORK	8032
Street Address 1	Street Address 2
2200 North Commerce Parkway, Suite 202
City	State/Province/Country	ZIP/Postal Code
Weston	FLORIDA	33326
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
WYOMING ILLINOIS OREGON TEXAS INDIANA FLORIDA WASHINGTON NEW YORK VIRGINIA COLORADO KENTUCKY SOUTH CAROLINA CONNECTICUT MASSACHUSETTS NORTH CAROLINA MAINE ARIZONA OHIO GEORGIA TENNESSEE NEW JERSEY CALIFORNIA UTAH

Recipient	Recipient CRD Number None
MICHELLE VIZZI	4780371
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7717
Street Address 1	Street Address 2
1520 N EL Camino Real, Unit 1
City	State/Province/Country	ZIP/Postal Code
San Clemente	CALIFORNIA	92672
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA WASHINGTON COLORADO CALIFORNIA

Recipient	Recipient CRD Number None
SCOTT MACHEN	4578808
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7717
Street Address 1	Street Address 2
2377 Gold Meadow Way, Suite 176
City	State/Province/Country	ZIP/Postal Code
Gold River	CALIFORNIA	95670
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
OREGON MASSACHUSETTS TEXAS FLORIDA NEVADA ARIZONA COLORADO CALIFORNIA UTAH

Recipient	Recipient CRD Number None
DAVID JENNINGS	2843403
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
JANNEY MONTGOMERY SCOTT LLC	463
Street Address 1	Street Address 2
1021 E. Cary St., Two James Center	Suite 1000
City	State/Province/Country	ZIP/Postal Code
Richmond	VIRGINIA	23219
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA MASSACHUSETTS MARYLAND OHIO GEORGIA MICHIGAN OKLAHOMA CALIFORNIA MINNESOTA MISSOURI OREGON MISSISSIPPI KANSAS VIRGINIA COLORADO KENTUCKY ARKANSAS PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA TENNESSEE NEW JERSEY NEW MEXICO

Recipient	Recipient CRD Number None
LENORE DUNLOP	7029219
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
2825 N. University Drive, Suite 400
City	State/Province/Country	ZIP/Postal Code
Coral Springs	FLORIDA	33065
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII TEXAS FLORIDA NEVADA NEW YORK SOUTH CAROLINA MASSACHUSETTS MARYLAND GEORGIA MICHIGAN CALIFORNIA MINNESOTA MISSOURI ILLINOIS OREGON INDIANA VIRGINIA COLORADO ARKANSAS CONNECTICUT PENNSYLVANIA NORTH CAROLINA ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
GARY R BERGERON	5703575
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
100 Middle Street
City	State/Province/Country	ZIP/Postal Code
Portland	MAINE	04101
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA WASHINGTON NEW YORK SOUTH CAROLINA MASSACHUSETTS MARYLAND MAINE OHIO GEORGIA IDAHO MICHIGAN CALIFORNIA UTAH MINNESOTA ILLINOIS MISSISSIPPI ALASKA VIRGINIA COLORADO CONNECTICUT PENNSYLVANIA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
DOUGLAS M DIRKS	4068542
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
8300 Norman Center Drive
City	State/Province/Country	ZIP/Postal Code
Bloomington	MINNESOTA	55437
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
MINNESOTA ILLINOIS MASSACHUSETTS FLORIDA ARIZONA MICHIGAN

Recipient	Recipient CRD Number None
THOMAS RISHOVD	2572728
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
225 South 6th Street
City	State/Province/Country	ZIP/Postal Code
Minneapolis	MINNESOTA	55402
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA SOUTH DAKOTA WISCONSIN MASSACHUSETTS MARYLAND IOWA MAINE OHIO GEORGIA MICHIGAN OKLAHOMA CALIFORNIA UTAH MINNESOTA MISSOURI ILLINOIS OREGON INDIANA MONTANA KANSAS ALABAMA VIRGINIA COLORADO KENTUCKY ARKANSAS CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA NORTH DAKOTA NEBRASKA RHODE ISLAND ARIZONA TENNESSEE NEW JERSEY VERMONT DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
HEATHER REED	5813143
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
975 Oak Street, Suite 450
City	State/Province/Country	ZIP/Postal Code
Eugene	OREGON	97401-3131
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
MINNESOTA WYOMING OREGON TEXAS FLORIDA NEVADA WASHINGTON ALABAMA NEW YORK VIRGINIA COLORADO PENNSYLVANIA WISCONSIN MASSACHUSETTS NORTH CAROLINA MARYLAND MAINE ARIZONA OHIO TENNESSEE IDAHO CALIFORNIA DISTRICT OF COLUMBIA UTAH

Recipient	Recipient CRD Number None
CHRISTOPHER MICHAEL VIZZI	5095868
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7717
Street Address 1	Street Address 2
1520 N EL Camino Real, Unit 1
City	State/Province/Country	ZIP/Postal Code
San Clemente	CALIFORNIA	92672
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
WYOMING ILLINOIS OREGON TEXAS NORTH CAROLINA FLORIDA NEVADA ARIZONA TENNESSEE WASHINGTON NEW YORK CALIFORNIA

Recipient	Recipient CRD Number None
EDWARD CHRISTIAN GRUBER	4369042
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1520 N EL Camino Real, Unit 1
City	State/Province/Country	ZIP/Postal Code
San Clemente	CALIFORNIA	92672
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
WYOMING ILLINOIS OREGON TEXAS NORTH CAROLINA FLORIDA NEVADA ARIZONA TENNESSEE WASHINGTON NEW YORK CALIFORNIA

Recipient	Recipient CRD Number None
JASON BURKETT	4788149
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
3491 East Harmony Road, Suite 210
City	State/Province/Country	ZIP/Postal Code
Fort Collins	COLORADO	80528-9669
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA SOUTH DAKOTA WISCONSIN MASSACHUSETTS IOWA OHIO IDAHO MICHIGAN CALIFORNIA UTAH MINNESOTA WYOMING ILLINOIS OREGON INDIANA MONTANA KANSAS VIRGINIA COLORADO KENTUCKY PENNSYLVANIA NORTH DAKOTA NEBRASKA ARIZONA TENNESSEE NEW JERSEY

Recipient	Recipient CRD Number None
JOHN PRINCE	2138970
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
1901 Avenue Of The Stars, Suite 1400
City	State/Province/Country	ZIP/Postal Code
Century City	CALIFORNIA	90067-6089
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA SOUTH DAKOTA MASSACHUSETTS MARYLAND IOWA OHIO GEORGIA IDAHO MICHIGAN CALIFORNIA UTAH ILLINOIS OREGON INDIANA MONTANA KANSAS ALABAMA VIRGINIA COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA NEW HAMPSHIRE NEW JERSEY DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
RUSSELL DYER	5439930
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1701 Southeast Columbia River Drive, Sui
City	State/Province/Country	ZIP/Postal Code
Vancouver	WASHINGTON	98661
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
MISSOURI WYOMING OREGON FLORIDA KANSAS NEVADA WASHINGTON NEW YORK VIRGINIA COLORADO SOUTH CAROLINA WISCONSIN MASSACHUSETTS NORTH CAROLINA NORTH DAKOTA MARYLAND ARIZONA OHIO GEORGIA NEW HAMPSHIRE IDAHO CALIFORNIA DISTRICT OF COLUMBIA UTAH

Recipient	Recipient CRD Number None
KURT NEDDENRIEP	2723394
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
905 Railroad Street, Suite 102
City	State/Province/Country	ZIP/Postal Code
Elko	NEVADA	89801
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
BRUCE HOROWITZ	1333901
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
COMMONWEALTH FINANCIAL NETWORK	8032
Street Address 1	Street Address 2
6767 Forest Lawn Drive, Suite 120
City	State/Province/Country	ZIP/Postal Code
Los Angeles	CALIFORNIA	90068-1027
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII OREGON TEXAS INDIANA FLORIDA NEVADA ALASKA WASHINGTON NEW YORK VIRGINIA COLORADO KENTUCKY ARKANSAS CONNECTICUT ARIZONA GEORGIA TENNESSEE IDAHO OKLAHOMA CALIFORNIA DISTRICT OF COLUMBIA UTAH

Recipient	Recipient CRD Number None
JAMIE FURLONG	6930080
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
CONCORDE INVESTMENT SERVICES, LLC	151604
Street Address 1	Street Address 2
1906 21st Street
City	State/Province/Country	ZIP/Postal Code
Sacramento	CALIFORNIA	95811
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
OREGON TEXAS MONTANA NEVADA WASHINGTON NEW YORK WISCONSIN ARIZONA TENNESSEE IDAHO NEW JERSEY CALIFORNIA NEW MEXICO

Recipient	Recipient CRD Number None
CHARLES NORWOOD	4497456
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
3500 Colonnade Parkway, Suite 200
City	State/Province/Country	ZIP/Postal Code
Birmingham	ALABAMA	35243
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA SOUTH DAKOTA WISCONSIN MASSACHUSETTS MARYLAND IOWA GEORGIA MICHIGAN OKLAHOMA CALIFORNIA MINNESOTA MISSOURI ILLINOIS OREGON INDIANA MISSISSIPPI MONTANA ALASKA ALABAMA VIRGINIA COLORADO KENTUCKY ARKANSAS PENNSYLVANIA LOUISIANA NORTH CAROLINA NEBRASKA ARIZONA TENNESSEE DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
JOHN CODY MOORE	5861459
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
340 Broadway, 2nd Floor
City	State/Province/Country	ZIP/Postal Code
Saratoga Springs	NEW YORK	12866
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND IOWA OHIO GEORGIA MICHIGAN CALIFORNIA WEST VIRGINIA MINNESOTA ILLINOIS VIRGINIA COLORADO ARKANSAS CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE TENNESSEE NEW JERSEY VERMONT DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
JONATHAN KLEIN	5526972
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1290 Avenue of the Americas
City	State/Province/Country	ZIP/Postal Code
New York	NEW YORK	10104
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA NEW YORK SOUTH CAROLINA MASSACHUSETTS MARYLAND OHIO GEORGIA MICHIGAN CALIFORNIA UTAH MISSOURI ILLINOIS OREGON VIRGINIA COLORADO CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
JUNGSUN MCCUBBIN	5279260
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
2800 Post Oak Boulevard, 18th Floor
City	State/Province/Country	ZIP/Postal Code
Houston	TEXAS	77056
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	X Foreign/non-US
HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK MASSACHUSETTS MARYLAND OHIO GEORGIA MICHIGAN OKLAHOMA CALIFORNIA MINNESOTA ILLINOIS OREGON MISSISSIPPI MONTANA KANSAS ALASKA VIRGINIA COLORADO KENTUCKY PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA TENNESSEE DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
KEITH SMITH	4944329
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
36 East Streetsboro Street
City	State/Province/Country	ZIP/Postal Code
Hudson	OHIO	44236
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND IOWA MAINE OHIO GEORGIA MICHIGAN CALIFORNIA UTAH MINNESOTA MISSOURI ILLINOIS OREGON MISSISSIPPI MONTANA VIRGINIA COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA RHODE ISLAND ARIZONA TENNESSEE NEW JERSEY

Recipient	Recipient CRD Number None
KEVIN TARRANT	5377123
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1101 5th Avenue, Suite 275
City	State/Province/Country	ZIP/Postal Code
San Rafael	CALIFORNIA	94901
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
MISSOURI WYOMING ILLINOIS OREGON TEXAS INDIANA FLORIDA NEVADA WASHINGTON ALABAMA NEW YORK COLORADO SOUTH CAROLINA CONNECTICUT PENNSYLVANIA MASSACHUSETTS RHODE ISLAND IOWA ARIZONA GEORGIA NEW HAMPSHIRE MICHIGAN NEW JERSEY CALIFORNIA

Recipient	Recipient CRD Number None
LORING BROWN	2120640
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
5565 Glenridge Connector, Suite 1900
City	State/Province/Country	ZIP/Postal Code
Atlanta	GEORGIA	30342
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII MISSOURI WYOMING ILLINOIS TEXAS FLORIDA NEVADA NEW YORK VIRGINIA COLORADO SOUTH CAROLINA PENNSYLVANIA MASSACHUSETTS NORTH CAROLINA MARYLAND ARIZONA OHIO GEORGIA TENNESSEE NEW JERSEY CALIFORNIA

Recipient	Recipient CRD Number None
TODD WETZEL	2108953
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1 Technology Drive
City	State/Province/Country	ZIP/Postal Code
Westborough	MASSACHUSETTS	01581
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
JOHN STOMBERGER	2165327
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
ROBERT W BAIRD & CO INC	8158
Street Address 1	Street Address 2
328 West Main Street
City	State/Province/Country	ZIP/Postal Code
Danville	KENTUCKY	40422
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND IOWA OHIO GEORGIA IDAHO MICHIGAN OKLAHOMA CALIFORNIA WEST VIRGINIA MINNESOTA MISSOURI ILLINOIS INDIANA MISSISSIPPI MONTANA KANSAS VIRGINIA COLORADO KENTUCKY PENNSYLVANIA LOUISIANA NORTH CAROLINA NEBRASKA ARIZONA NEW HAMPSHIRE TENNESSEE NEW JERSEY DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
KEITH LOCKWOOD	4141838
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
724 Columbia Street Northwest, Suite 350
City	State/Province/Country	ZIP/Postal Code
Olympia	WASHINGTON	98501
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII MINNESOTA MISSOURI WYOMING OREGON TEXAS MONTANA KANSAS NEVADA ALASKA WASHINGTON ALABAMA NEW YORK VIRGINIA COLORADO WISCONSIN ARIZONA GEORGIA TENNESSEE IDAHO MICHIGAN OKLAHOMA CALIFORNIA

Recipient	Recipient CRD Number None
KERRI SULLIVAN-KREISS	2141713
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
COMMONWEALTH FINANCIAL NETWORK	8032
Street Address 1	Street Address 2
1700 West Park Drive, Suite 340
City	State/Province/Country	ZIP/Postal Code
Westborough	MASSACHUSETTS	01581
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
FLORIDA NEVADA WASHINGTON NEW YORK MASSACHUSETTS MARYLAND MAINE OHIO GEORGIA IDAHO MICHIGAN OKLAHOMA CALIFORNIA UTAH MISSOURI ILLINOIS OREGON INDIANA ALASKA VIRGINIA COLORADO CONNECTICUT PENNSYLVANIA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
BRYAN WHITE	2711387
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
112 Worcester Street
City	State/Province/Country	ZIP/Postal Code
Wellesley	MASSACHUSETTS	02481
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND MAINE OHIO GEORGIA MICHIGAN CALIFORNIA WEST VIRGINIA MINNESOTA ILLINOIS OREGON INDIANA MONTANA KANSAS VIRGINIA COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA NORTH CAROLINA RHODE ISLAND ARIZONA NEW HAMPSHIRE NEW JERSEY VERMONT DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
J SCOTT MILLER	4488259
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
4350 La Jolla Village Drive, Suite 1000
City	State/Province/Country	ZIP/Postal Code
San Diego	CALIFORNIA	92122
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	X Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA MASSACHUSETTS IOWA OHIO GEORGIA IDAHO MICHIGAN CALIFORNIA UTAH MINNESOTA MISSOURI OREGON MISSISSIPPI MONTANA ALASKA VIRGINIA COLORADO KENTUCKY PENNSYLVANIA NORTH CAROLINA ARIZONA NEW HAMPSHIRE NEW JERSEY

Recipient	Recipient CRD Number None
JASON HARRIS	2388244
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
ROBERT W BAIRD & CO INC	8158
Street Address 1	Street Address 2
100 W. Road, Suite 200
City	State/Province/Country	ZIP/Postal Code
Towson	MARYLAND	21204
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE TEXAS INDIANA FLORIDA KANSAS WASHINGTON NEW YORK VIRGINIA COLORADO SOUTH CAROLINA PENNSYLVANIA MASSACHUSETTS NORTH CAROLINA MARYLAND MAINE ARIZONA OHIO GEORGIA NEW HAMPSHIRE MICHIGAN NEW JERSEY CALIFORNIA DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
JEREMY O'BRIEN	2354870
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
58 South Service Road, Suite 400
City	State/Province/Country	ZIP/Postal Code
Melville	NEW YORK	11747
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
TEXAS FLORIDA NEVADA NEW YORK VIRGINIA COLORADO SOUTH CAROLINA CONNECTICUT PENNSYLVANIA MASSACHUSETTS NORTH CAROLINA MARYLAND MAINE ARIZONA GEORGIA TENNESSEE MICHIGAN NEW JERSEY OKLAHOMA CALIFORNIA

Recipient	Recipient CRD Number None
CHRISTOPHER ROCKWELL	6089387
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
JANNEY MONTGOMERY SCOTT LLC	463
Street Address 1	Street Address 2
Two Franklin Park, 6700 Tower Circle	Ste. 200
City	State/Province/Country	ZIP/Postal Code
Franklin	TENNESSEE	37067
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE HAWAII TEXAS FLORIDA WASHINGTON NEW YORK SOUTH CAROLINA MASSACHUSETTS MARYLAND OHIO GEORGIA MICHIGAN OKLAHOMA CALIFORNIA WEST VIRGINIA MINNESOTA MISSOURI ILLINOIS OREGON INDIANA MISSISSIPPI MONTANA KANSAS ALABAMA VIRGINIA COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA NORTH DAKOTA NEBRASKA RHODE ISLAND ARIZONA TENNESSEE NEW JERSEY DISTRICT OF COLUMBIA

Recipient	Recipient CRD Number None
J BRADLEY RAUCH	2473544
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
50 Fountain Plaza, Key Tower North
City	State/Province/Country	ZIP/Postal Code
Buffalo	NEW YORK	14202
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
DELAWARE TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS MARYLAND IOWA MAINE OHIO GEORGIA MICHIGAN CALIFORNIA UTAH WEST VIRGINIA MINNESOTA MISSOURI ILLINOIS OREGON INDIANA MONTANA KANSAS VIRGINIA COLORADO KENTUCKY CONNECTICUT PENNSYLVANIA LOUISIANA NORTH CAROLINA ARIZONA TENNESSEE NEW JERSEY DISTRICT OF COLUMBIA NEW MEXICO

Recipient	Recipient CRD Number None
JEREMY BISCEGLIA	5083500
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
2000 Meridian Boulevard, Suite 290
City	State/Province/Country	ZIP/Postal Code
Franklin	TENNESSEE	37067
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
TEXAS FLORIDA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS OHIO GEORGIA MICHIGAN OKLAHOMA CALIFORNIA WEST VIRGINIA MINNESOTA MISSOURI ILLINOIS OREGON INDIANA MISSISSIPPI KANSAS ALABAMA VIRGINIA COLORADO KENTUCKY LOUISIANA NORTH CAROLINA NORTH DAKOTA ARIZONA TENNESSEE NEW JERSEY

Recipient	Recipient CRD Number None
RYAN BOONE	3095956
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
1301 A Street, Suite 300
City	State/Province/Country	ZIP/Postal Code
Tacoma	WASHINGTON	98402
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
HAWAII TEXAS FLORIDA NEVADA WASHINGTON NEW YORK SOUTH CAROLINA WISCONSIN MASSACHUSETTS IOWA GEORGIA IDAHO MICHIGAN CALIFORNIA UTAH MISSOURI WYOMING ILLINOIS OREGON INDIANA MONTANA ALASKA ALABAMA VIRGINIA COLORADO NORTH CAROLINA NORTH DAKOTA ARIZONA TENNESSEE NEW JERSEY DISTRICT OF COLUMBIA NEW MEXICO

13. Offering and Sales Amounts

Total Offering Amount	$146,515,397	USD	or Indefinite
Total Amount Sold	$114,566,099	USD
Total Remaining to be Sold	$31,949,298	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:

81

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	$10,256,078	USD	X 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.

$11,515,397 USD X 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 the issuer 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 Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

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
JLLX West Phoenix Distribution Center DST	Gregory A. Falk	Gregory A. Falk	Vice President of the Signatory Trustee	2023-05-09

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.