<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001726600</cik>
        <entityName>National Multifamily Portfolio III DST</entityName>
        <issuerAddress>
            <street1>C/- INLAND PRIVATE CAPITAL CORPORATION</street1>
            <street2>2901 BUTTERFIELD ROAD</street2>
            <city>OAK BROOK</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60523</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>35227118000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2017</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Inland Private Capital Corporation</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2901 Butterfield Road</street1>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>National Multifamily Portfolio III Exchange, L.L.C</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Signatory Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>National Multifamily Portfolio III, L.L.C</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mitchell</firstName>
                <middleName>A</middleName>
                <lastName>Sabshon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director and Chairman of the Board of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Keith</firstName>
                <middleName>D</middleName>
                <lastName>Lampi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director, President and Chief Operating Officer of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rahul</firstName>
                <lastName>Sehgal</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director and Chief Investment Officer of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>L</middleName>
                <lastName>Goodwin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Catherine</firstName>
                <middleName>L</middleName>
                <lastName>Lynch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roberta</firstName>
                <middleName>S</middleName>
                <lastName>Matlin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>D</middleName>
                <lastName>Parks</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Inland Private Capital Corporation</street1>
                <street2>2901 Butterfield Road</street2>
                <city>Oak Brook</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001726600-18-000019</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2017-12-19</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Robert Smith</recipientName>
                <recipientCRDNumber>1412333</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>Livonia</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Craig Sickler</recipientName>
                <recipientCRDNumber>4222992</recipientCRDNumber>
                <associatedBDName>1st Global Capital Corporation</associatedBDName>
                <associatedBDCRDNumber>30349</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12750 MERIT DRIVE</street1>
                    <street2>SUITE 1200</street2>
                    <city>Dallas</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75251</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tim Clairmont</recipientName>
                <recipientCRDNumber>2847591</recipientCRDNumber>
                <associatedBDName>Lion Street Financial, LLC</associatedBDName>
                <associatedBDCRDNumber>165828</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>515 CONGRESS AVE</street1>
                    <street2>SUITE 2500</street2>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Chay Lapin</recipientName>
                <recipientCRDNumber>6275140</recipientCRDNumber>
                <associatedBDName>WealthForge Securities LLC</associatedBDName>
                <associatedBDCRDNumber>152550</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6800 PARAGON PLACE</street1>
                    <street2>SUITE 200</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23230</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Dahill</recipientName>
                <recipientCRDNumber>6581024</recipientCRDNumber>
                <associatedBDName>WealthForge Securities LLC</associatedBDName>
                <associatedBDCRDNumber>152550</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6800 PARAGON PLACE</street1>
                    <street2>SUITE 200</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23230</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John Harvey</recipientName>
                <recipientCRDNumber>4227692</recipientCRDNumber>
                <associatedBDName>Sandlapper Securities, LLC</associatedBDName>
                <associatedBDCRDNumber>137906</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>SANDLAPPER FINANCIAL CENTER</street1>
                    <street2>800 E. NORTH STREET, 2ND FLOOR</street2>
                    <city>GREENVILLE</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                    <zipCode>29601</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Christina Nielson</recipientName>
                <recipientCRDNumber>4866971</recipientCRDNumber>
                <associatedBDName>Primex Prime Electronic Execution Inc</associatedBDName>
                <associatedBDCRDNumber>29394</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>54 WEST 21ST STREET</street1>
                    <street2>12TH FLOOR</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10010</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Karl Norman</recipientName>
                <recipientCRDNumber>349146</recipientCRDNumber>
                <associatedBDName>Polar Investment Counsel, Inc.</associatedBDName>
                <associatedBDCRDNumber>42847</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19547 210TH AV NE</street1>
                    <city>THIEF RIVER FALLS</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>56701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Steven Kolinsky</recipientName>
                <recipientCRDNumber>1090913</recipientCRDNumber>
                <associatedBDName>American Portfolios Financial Svcs</associatedBDName>
                <associatedBDCRDNumber>18487</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4250 VETERANS MEMORIAL HIGHWAY</street1>
                    <street2>4TH FLOOR EAST</street2>
                    <city>HOLBROOK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>11741</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Mike Bendix</recipientName>
                <recipientCRDNumber>5379777</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
                <associatedBDCRDNumber>155576</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>SANDY</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jack Creighton</recipientName>
                <recipientCRDNumber>1495897</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>LIVONIA</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Scott Sheehan</recipientName>
                <recipientCRDNumber>2328614</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
                <associatedBDCRDNumber>155576</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>SANDY</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MD</state>
                    <description>MARYLAND</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Leon Rousso</recipientName>
                <recipientCRDNumber>1012746</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 E. KATELLA AVENUE</street1>
                    <street2>SUITE #200</street2>
                    <city>ANAHEIM</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92806</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Gary Conley</recipientName>
                <recipientCRDNumber>52159</recipientCRDNumber>
                <associatedBDName>American Investors Co Lsy Dba</associatedBDName>
                <associatedBDCRDNumber>38</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2440 CAMINO RAMON, SUITE 103</street1>
                    <city>SAN RAMON</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94583</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John Chess</recipientName>
                <recipientCRDNumber>4812430</recipientCRDNumber>
                <associatedBDName>Investacorp, Inc.</associatedBDName>
                <associatedBDCRDNumber>7684</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4400 BISCAYNE BLVD</street1>
                    <street2>11TH FLOOR</street2>
                    <city>MIAMI</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33137</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Aaron Brodt</recipientName>
                <recipientCRDNumber>5017914</recipientCRDNumber>
                <associatedBDName>Peachtree Capital Corporation</associatedBDName>
                <associatedBDCRDNumber>25590</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>550 PHARR RD,</street1>
                    <street2>SUITE 700</street2>
                    <city>ATLANTA</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30305</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Stacey Morimoto</recipientName>
                <recipientCRDNumber>4420782</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
                <associatedBDCRDNumber>155576</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>SANDY</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Gary Hughes</recipientName>
                <recipientCRDNumber>1700976</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>LIVONIA</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michael Marshel</recipientName>
                <recipientCRDNumber>2442018</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 E. KATELLA AVENUE</street1>
                    <street2>SUITE #200</street2>
                    <city>ANAHEIM</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92806</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Nancy Jauregui</recipientName>
                <recipientCRDNumber>4237634</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1776 PLEASANT PLAIN RD</street1>
                    <city>Fairfield</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52556-8757</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Paul Cese</recipientName>
                <recipientCRDNumber>4558359</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>LIVONIA</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Silver Portal Capital LLC</recipientName>
                <recipientCRDNumber>170463</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12265 El Camino Real</street1>
                    <street2>Suite 230</street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92130</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joral Schmalle</recipientName>
                <recipientCRDNumber>4491484</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>300 PARKLAND PLAZA</street1>
                    <city>ANN ARBOR</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48103-9508</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Walsh</recipientName>
                <recipientCRDNumber>1855452</recipientCRDNumber>
                <associatedBDName>American Portfolios Financial Svcs</associatedBDName>
                <associatedBDCRDNumber>18487</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4250 VETERANS MEMORIAL HIGHWAY</street1>
                    <street2>4TH FLOOR EAST</street2>
                    <city>HOLBROOK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>11741</zipCode>
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                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joseph Broadbent</recipientName>
                <recipientCRDNumber>3132498</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
                <associatedBDCRDNumber>155576</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>SANDY</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jennifer Wildman</recipientName>
                <recipientCRDNumber>4973672</recipientCRDNumber>
                <associatedBDName>1st Global Capital Corporation</associatedBDName>
                <associatedBDCRDNumber>30349</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12750 MERIT DRIVE</street1>
                    <street2>SUITE 1200</street2>
                    <city>Dallas</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75251</zipCode>
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                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Halpern</recipientName>
                <recipientCRDNumber>4203076</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1776 PLEASANT PLAIN RD</street1>
                    <city>Fairfield</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52556-8757</zipCode>
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                <statesOfSolicitationList>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Eric Bicknese</recipientName>
                <recipientCRDNumber>2829451</recipientCRDNumber>
                <associatedBDName>Nationwide Planning Associates, Inc</associatedBDName>
                <associatedBDCRDNumber>31029</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>115 WEST CENTURY ROAD</street1>
                    <street2>SUITE 360</street2>
                    <city>PARAMUS</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07652</zipCode>
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                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>ames Raine</recipientName>
                <recipientCRDNumber>2360466</recipientCRDNumber>
                <associatedBDName>Questar Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>43100</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5701 GOLDEN HILLS DRIVE</street1>
                    <city>MINNEAPOLIS</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55416</zipCode>
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                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Levinson</recipientName>
                <recipientCRDNumber>705929</recipientCRDNumber>
                <associatedBDName>Westpark Capital Inc</associatedBDName>
                <associatedBDCRDNumber>39914</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1900 AVENUE OF THE STARS</street1>
                    <street2>SUITE 310</street2>
                    <city>LOS ANGELES</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90067</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Larry Queen</recipientName>
                <recipientCRDNumber>851743</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1776 PLEASANT PLAIN RD</street1>
                    <city>Fairfield</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52556-8757</zipCode>
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                <statesOfSolicitationList>
                    <state>OH</state>
                    <description>OHIO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michael Markey</recipientName>
                <recipientCRDNumber>320042</recipientCRDNumber>
                <associatedBDName>American Investors Co Lsy Dba</associatedBDName>
                <associatedBDCRDNumber>38</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2440 CAMINO RAMON, SUITE 103</street1>
                    <city>SAN RAMON</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94583</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Toetz</recipientName>
                <recipientCRDNumber>1379388</recipientCRDNumber>
                <associatedBDName>Independence Capital Corporation, Inc</associatedBDName>
                <associatedBDCRDNumber>24723</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5579 PEARL ROAD, SUITE 100</street1>
                    <city>PARMA</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                    <zipCode>44129</zipCode>
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                <statesOfSolicitationList>
                    <state>OH</state>
                    <description>OHIO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James Walesa</recipientName>
                <recipientCRDNumber>1061209</recipientCRDNumber>
                <associatedBDName>Triad Advisors, Inc.</associatedBDName>
                <associatedBDCRDNumber>25803</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5155 PEACHTREE PARKWAY</street1>
                    <street2>SUITE 3220</street2>
                    <city>NORCROSS</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30092</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Bryan Hakola</recipientName>
                <recipientCRDNumber>4161289</recipientCRDNumber>
                <associatedBDName>oncorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>LIVONIA</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Paul Getty</recipientName>
                <recipientCRDNumber>6470002</recipientCRDNumber>
                <associatedBDName>Lightpath Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>34617</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1453 THIRD STREET PROMENADE</street1>
                    <street2>SUTIE 315</street2>
                    <city>LOS ANGELES</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90401</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kathleen Williams-Price</recipientName>
                <recipientCRDNumber>2450125</recipientCRDNumber>
                <associatedBDName>Lowell &amp; Co, Inc.</associatedBDName>
                <associatedBDCRDNumber>24913</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4021 84TH ST</street1>
                    <street2>SUITE 100</street2>
                    <city>LUBBOCK</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>79423</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Steven Lichtblau</recipientName>
                <recipientCRDNumber>1384239</recipientCRDNumber>
                <associatedBDName>Triad Advisors, Inc.</associatedBDName>
                <associatedBDCRDNumber>25803</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5155 PEACHTREE PARKWAY</street1>
                    <street2>SUITE 3220</street2>
                    <city>NORCROSS</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30092</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Stacey Morimoto</recipientName>
                <recipientCRDNumber>4420782</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc</associatedBDName>
                <associatedBDCRDNumber>155576</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>SANDY</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert Sick</recipientName>
                <recipientCRDNumber>2831521</recipientCRDNumber>
                <associatedBDName>H.D. Vest Investment Securites Inc</associatedBDName>
                <associatedBDCRDNumber>13686</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6333 NORTH STATE HIGHWAY 161</street1>
                    <street2>4TH FLOOR</street2>
                    <city>Irving</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75038-2200</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>ME</state>
                    <description>MAINE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Brian Vosberg</recipientName>
                <recipientCRDNumber>4476509</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 E. KATELLA AVENUE</street1>
                    <street2>SUITE #200</street2>
                    <city>ANAHEIM</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92806</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Lena-jo Hartley</recipientName>
                <recipientCRDNumber>2905105</recipientCRDNumber>
                <associatedBDName>Investacorp, Inc.</associatedBDName>
                <associatedBDCRDNumber>7684</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4400 BISCAYNE BLVD</street1>
                    <street2>11TH FLOOR</street2>
                    <city>MIAMI</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33137</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>ME</state>
                    <description>MAINE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michael Cullen</recipientName>
                <recipientCRDNumber>1222982</recipientCRDNumber>
                <associatedBDName>Sagepoint Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>133763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20 E THOMAS RD</street1>
                    <street2>SUITE 2000</street2>
                    <city>PHOENIX</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85012</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joel Knight</recipientName>
                <recipientCRDNumber>1379212</recipientCRDNumber>
                <associatedBDName>American Investors Co Lsy Dba</associatedBDName>
                <associatedBDCRDNumber>38</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2440 CAMINO RAMON, SUITE 103</street1>
                    <city>SAN RAMON</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94583</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michele Martin</recipientName>
                <recipientCRDNumber>5653595</recipientCRDNumber>
                <associatedBDName>Cetera Advisor Networks, LLC</associatedBDName>
                <associatedBDCRDNumber>13572</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 N. SEPULVEDA BLVD.</street1>
                    <street2>SUITE 1300</street2>
                    <city>EL SEGUNDO</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90245-5672</zipCode>
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                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tae Chung Kim</recipientName>
                <recipientCRDNumber>5637680</recipientCRDNumber>
                <associatedBDName>Woodbury Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>421</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7755 3RD STREET NORTH</street1>
                    <city>OAKDALE</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55128</zipCode>
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                <statesOfSolicitationList>
                    <state>MO</state>
                    <description>MISSOURI</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Del Londono</recipientName>
                <recipientCRDNumber>2695744</recipientCRDNumber>
                <associatedBDName>Sagepoint Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>133763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20 E THOMAS RD</street1>
                    <street2>SUITE 2000</street2>
                    <city>PHOENIX</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85012</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Jonathan Twidwell</recipientName>
                <recipientCRDNumber>5723365</recipientCRDNumber>
                <associatedBDName>Woodbury Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>421</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7755 3RD STREET NORTH</street1>
                    <city>OAKDALE</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55128</zipCode>
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                <statesOfSolicitationList>
                    <state>MO</state>
                    <description>MISSOURI</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Troy Thomas</recipientName>
                <recipientCRDNumber>4691720</recipientCRDNumber>
                <associatedBDName>Mc Dermott Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>154926</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>ONE WEST BROAD STREET</street1>
                    <street2>11TH FLOOR</street2>
                    <city>BETHLEHEM</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>18018</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Stephen Swarbrick</recipientName>
                <recipientCRDNumber>2444058</recipientCRDNumber>
                <associatedBDName>Questar Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>43100</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5701 GOLDEN HILLS DRIVE</street1>
                    <city>MINNEAPOLIS</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55416</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Brett Ohlen</recipientName>
                <recipientCRDNumber>6406246</recipientCRDNumber>
                <associatedBDName>H.D. Vest Investment Securites Inc</associatedBDName>
                <associatedBDCRDNumber>13686</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6333 NORTH STATE HIGHWAY 161</street1>
                    <street2>4TH FLOOR</street2>
                    <city>IRVING</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75038-2200</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Kirk Dobson</recipientName>
                <recipientCRDNumber>4049865</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>14869</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5900 &quot;O&quot; STREET</street1>
                    <city>LINCOLN</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68510-2234</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Chris White</recipientName>
                <recipientCRDNumber>1495944</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
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                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Roger Coit</recipientName>
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                <associatedBDName>American Investors Co Lsy Dba</associatedBDName>
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                    <street1>2440 CAMINO RAMON, SUITE 103</street1>
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                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94583</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Orest Baransky</recipientName>
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                <associatedBDName>Royal Alliance</associatedBDName>
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                    <street1>10 EXCHANGE PLACE</street1>
                    <street2>SUITE 1410</street2>
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                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07302</zipCode>
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                    <state>FL</state>
                    <description>FLORIDA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Salvatore Agnello</recipientName>
                <recipientCRDNumber>4180547</recipientCRDNumber>
                <associatedBDName>Woodbury Financial Services, Inc.</associatedBDName>
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                    <state>NY</state>
                    <description>NEW YORK</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Anders Haugen</recipientName>
                <recipientCRDNumber>5227103</recipientCRDNumber>
                <associatedBDName>Cetera Advisor Networks, LLC</associatedBDName>
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                    <street1>200 N. SEPULVEDA BLVD.</street1>
                    <street2>SUITE 1300</street2>
                    <city>EL SEGUNDO</city>
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                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
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                    <description>MINNESOTA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Jeffrey Bangerter</recipientName>
                <recipientCRDNumber>1687028</recipientCRDNumber>
                <associatedBDName>Berthel Fisher &amp; Co Financial Svcs</associatedBDName>
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                    <street1>4201 42ND STREET NE</street1>
                    <street2>SUITE 100</street2>
                    <city>CEDAR RAPIDS</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52402</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Eric Scaff</recipientName>
                <recipientCRDNumber>5281210</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
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                    <street2>SUITE 550</street2>
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                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
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                    <state>NJ</state>
                    <description>NEW JERSEY</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Raymond DeWitt</recipientName>
                <recipientCRDNumber>2894063</recipientCRDNumber>
                <associatedBDName>Sigma Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14303</associatedBDCRDNumber>
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                    <street1>300 PARKLAND PLAZA</street1>
                    <city>ANN ARBOR</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48103-9508</zipCode>
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                    <state>UT</state>
                    <description>UTAH</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Michael Busch</recipientName>
                <recipientCRDNumber>2196367</recipientCRDNumber>
                <associatedBDName>Woodbury Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>421</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7755 3RD STREET NORTH</street1>
                    <city>OAKDALE</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55128</zipCode>
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                    <state>NY</state>
                    <description>NEW YORK</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Neil Mc Auliffe</recipientName>
                <recipientCRDNumber>1787693</recipientCRDNumber>
                <associatedBDName>Crown Capital Securities L.P</associatedBDName>
                <associatedBDCRDNumber>6312</associatedBDCRDNumber>
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                    <street1>725 TOWN &amp; COUNTRY ROAD</street1>
                    <street2>SUITE 530</street2>
                    <city>Orange</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92868</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Stacy Morimoto</recipientName>
                <recipientCRDNumber>4420782</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
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                    <street2>SUITE 210</street2>
                    <city>Sandy</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Jason Finley</recipientName>
                <recipientCRDNumber>6602034</recipientCRDNumber>
                <associatedBDName>DFPG Investments, Inc.</associatedBDName>
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                    <street1>9017 S RIVERSIDE DRIVE</street1>
                    <street2>SUITE 210</street2>
                    <city>Sandy</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>RCX Capital Group LLC</recipientName>
                <recipientCRDNumber>114290</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12707 HIGH BLUFF DRIVE</street1>
                    <street2>SUITE #200</street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92130</zipCode>
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                    <state>IL</state>
                    <description>ILLINOIS</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Clyde Patton</recipientName>
                <recipientCRDNumber>4560787</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
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                    <street1>1776 PLEASANT PLAIN RD.</street1>
                    <city>Fairfield</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>52556-8757</zipCode>
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                    <state>LA</state>
                    <description>LOUISIANA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Jay Hovis</recipientName>
                <recipientCRDNumber>6647870</recipientCRDNumber>
                <associatedBDName>Sagepoint Financial, Inc.</associatedBDName>
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                    <street1>20 E THOMAS RD</street1>
                    <street2>SUITE 2000</street2>
                    <city>Phoenix</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85012</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Eric Holtz</recipientName>
                <recipientCRDNumber>5821492</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
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                    <street1>12707 HIGH BLUFF DRIVE</street1>
                    <street2>SUITE #200</street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92130</zipCode>
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                    <description>NEW YORK</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>John Goff</recipientName>
                <recipientCRDNumber>1919761</recipientCRDNumber>
                <associatedBDName>Investacorp, Inc.</associatedBDName>
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                    <street2>11TH FLOOR</street2>
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                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33137</zipCode>
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                    <state>IA</state>
                    <description>IOWA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Gregory Mankey</recipientName>
                <recipientCRDNumber>4848080</recipientCRDNumber>
                <associatedBDName>Investment Planners, Inc.</associatedBDName>
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                    <city>DECATUR</city>
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                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>62522</zipCode>
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                    <description>INDIANA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Gregory Rhodes</recipientName>
                <recipientCRDNumber>2184542</recipientCRDNumber>
                <associatedBDName>Money Concepts Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>12963</associatedBDCRDNumber>
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                    <street1>11440 NORTH JOG ROAD</street1>
                    <city>PALM BEACH GARDENS</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33418</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Kirk Dobson</recipientName>
                <recipientCRDNumber>4049865</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp</associatedBDName>
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                    <city>LINCOLN</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68510-2234</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Christopher Riel</recipientName>
                <recipientCRDNumber>6222615</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp</associatedBDName>
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                    <street1>5900 &quot;O&quot; STREET</street1>
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                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68510-2234</zipCode>
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                    <state>CA</state>
                    <description>CALIFORNIA</description>
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            <recipient>
                <recipientName>John Scully</recipientName>
                <recipientCRDNumber>803539</recipientCRDNumber>
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                    <stateOrCountry>CA</stateOrCountry>
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                    <zipCode>92806</zipCode>
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                    <description>ILLINOIS</description>
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                <recipientName>Timothy Tehan</recipientName>
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                <associatedBDName>Triad Advisors, Inc.</associatedBDName>
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                    <street2>SUITE 3220</street2>
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                    <description>MARYLAND</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Christopher Wright</recipientName>
                <recipientCRDNumber>4134973</recipientCRDNumber>
                <associatedBDName>Center Street Securities, Inc</associatedBDName>
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                    <stateOrCountry>TN</stateOrCountry>
                    <stateOrCountryDescription>TENNESSEE</stateOrCountryDescription>
                    <zipCode>37214</zipCode>
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                    <description>ARIZONA</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Gordon Hamilton</recipientName>
                <recipientCRDNumber>5028789</recipientCRDNumber>
                <associatedBDName>Parkland Securities, LLC</associatedBDName>
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                    <city>ANN ARBOR</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48103</zipCode>
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                    <description>COLORADO</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Josh Griffin</recipientName>
                <recipientCRDNumber>4664355</recipientCRDNumber>
                <associatedBDName>Parkland Securities, LLC</associatedBDName>
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                    <description>COLORADO</description>
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                <recipientName>Milan Madhani</recipientName>
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                <recipientName>Byron Ishiwata</recipientName>
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                <recipientName>Daniel Raupp</recipientName>
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                <recipientName>Dustin Tenbroeck</recipientName>
                <recipientCRDNumber>5019784</recipientCRDNumber>
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            <recipient>
                <recipientName>Michael Torchia</recipientName>
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                    <description>NEW YORK</description>
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                <recipientName>Samuel Heller</recipientName>
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                <recipientName>Jeffrey McKay</recipientName>
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                    <street2>SUITE 1000</street2>
                    <city>DES MOINES</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>50309</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kevin Myeroff</recipientName>
                <recipientCRDNumber>1488440</recipientCRDNumber>
                <associatedBDName>Royal Alliance Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>23131</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10 EXCHANGE PLACE</street1>
                    <street2>SUITE 1410</street2>
                    <city>JERSEY CITY</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07302</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OH</state>
                    <description>OHIO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kirk Dobson</recipientName>
                <recipientCRDNumber>4049865</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>14869</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5900 &quot;O&quot; STREET</street1>
                    <city>LINCOLN</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68510-2234</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Melinda Olbert</recipientName>
                <recipientCRDNumber>2893793</recipientCRDNumber>
                <associatedBDName>Cetera Advisors, LLC</associatedBDName>
                <associatedBDCRDNumber>10299</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4600 SOUTH SYRACUSE STREET</street1>
                    <street2>SUITE 600</street2>
                    <city>DENVER</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80237</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James Franklin</recipientName>
                <recipientCRDNumber>4799613</recipientCRDNumber>
                <associatedBDName>1st Global Capital Corporation</associatedBDName>
                <associatedBDCRDNumber>30349</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12750 MERIT DRIVE</street1>
                    <street2>SUITE 1200</street2>
                    <city>Dallas</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75251</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Dave White</recipientName>
                <recipientCRDNumber>464919</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>14869</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5900 &quot;O&quot; STREET</street1>
                    <city>LINCOLN</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68510-2234</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jeffrey Arburn</recipientName>
                <recipientCRDNumber>1475817</recipientCRDNumber>
                <associatedBDName>Woodbury Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>421</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7755 3RD STREET NORTH</street1>
                    <city>OAKDALE</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55128</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Stone</recipientName>
                <recipientCRDNumber>2280955</recipientCRDNumber>
                <associatedBDName>Lincoln Financial Advisors</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1300 SOUTH CLINTON STREET</street1>
                    <street2>SUITE 150</street2>
                    <city>FORT WAYNE</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46802</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Matthew Roberson</recipientName>
                <recipientCRDNumber>3090052</recipientCRDNumber>
                <associatedBDName>Lincoln Financial Advisors</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1300 SOUTH CLINTON STREET</street1>
                    <street2>SUITE 150</street2>
                    <city>FORT WAYNE</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46802</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert Tweed</recipientName>
                <recipientCRDNumber>2339324</recipientCRDNumber>
                <associatedBDName>Cabot Lodge Securities LLC</associatedBDName>
                <associatedBDCRDNumber>159712</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 VESEY STREET</street1>
                    <street2>24TH FLOOR</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10281</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Nathan Kuhn</recipientName>
                <recipientCRDNumber>4624143</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services, LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 VICTOR PARKWAY</street1>
                    <street2>SUITE 550</street2>
                    <city>Livonia</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Debbie Birch</recipientName>
                <recipientCRDNumber>4043371</recipientCRDNumber>
                <associatedBDName>H.D. Vest Investment Securites Inc</associatedBDName>
                <associatedBDCRDNumber>13686</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6333 NORTH STATE HIGHWAY 161</street1>
                    <street2>4TH FLOOR</street2>
                    <city>IRVING</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75038-2200</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Dan Shimogawa</recipientName>
                <recipientCRDNumber>4794100</recipientCRDNumber>
                <associatedBDName>Sagepoint Financial, Inc</associatedBDName>
                <associatedBDCRDNumber>133763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20 E THOMAS RD</street1>
                    <street2>SUITE 2000</street2>
                    <city>PHOENIX</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85012</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>HI</state>
                    <description>HAWAII</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James Horn</recipientName>
                <recipientCRDNumber>1721412</recipientCRDNumber>
                <associatedBDName>Crown Capital Securities L.P.</associatedBDName>
                <associatedBDCRDNumber>6312</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>725 TOWN &amp; COUNTRY ROAD</street1>
                    <street2>SUITE 530</street2>
                    <city>ORANGE</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92868</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Peter Maniscalco</recipientName>
                <recipientCRDNumber>4435025</recipientCRDNumber>
                <associatedBDName>H.D. Vest Investment Securites Inc</associatedBDName>
                <associatedBDCRDNumber>13686</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6333 NORTH STATE HIGHWAY 161</street1>
                    <street2>4TH FLOOR</street2>
                    <city>IRVING</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75038-2200</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Shawn Williamson</recipientName>
                <recipientCRDNumber>2829022</recipientCRDNumber>
                <associatedBDName>The Strategic Financial Alliance</associatedBDName>
                <associatedBDCRDNumber>126514</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2200 CENTURY PARKWAY</street1>
                    <street2>SUITE 500</street2>
                    <city>ATLANTA</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30345</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <over100RecipientFlag>true</over100RecipientFlag>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100617339</totalOfferingAmount>
            <totalAmountSold>100617339</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Sponsor's sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>252</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>8954943</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of Selling Commissions, Dealer Fees and Placement Agent Fee that may be paid to one or more Related Persons.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>4696300</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of acquisition fees, reimbursements for certain acquisition and financing costs and offering and organizational expenses that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>National Multifamily Portfolio III DST</issuerName>
                <signatureName>/s/ Keith D. Lampi</signatureName>
                <nameOfSigner>Keith D. Lampi</nameOfSigner>
                <signatureTitle>President of Member of Signatory Trustee of the Issuer</signatureTitle>
                <signatureDate>2018-10-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
