The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001924699
   Corporation
   Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
X Other (Specify)

DELAWARE STATUTORY TRUST
Name of Issuer
VINTAGE, DST
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2021
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
VINTAGE, DST
Street Address 1 Street Address 2
20 ENTERPRISE, SUITE 400
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
ALISO VIEJO CALIFORNIA 92656 949-540-9215

3. Related Persons

Last Name First Name Middle Name
WETTENGEL BLAKE
Street Address 1 Street Address 2
20 ENTERPRISE, SUITE 400
City State/Province/Country ZIP/PostalCode
ALISO VIEJO CALIFORNIA 92656
Relationship: X Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

MR. WETTENGEL IS A MANAGER OF THE MANAGER OF THE SIGNATORY TRUSTEE OF THE ISSUER.
Last Name First Name Middle Name
MURO TANYA
Street Address 1 Street Address 2
20 ENTERPRISE, SUITE 400
City State/Province/Country ZIP/PostalCode
ALISO VIEJO CALIFORNIA 92656
Relationship: X Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

MS. MURO IS A MANAGER OF THE MANAGER OF THE SIGNATORY TRUSTEE OF THE ISSUER.

4. Industry Group

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

5. Issuer Size

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

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

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

7. Type of Filing

X New Notice Date of First Sale 2022-04-12    First Sale Yet to Occur
   Amendment

8. Duration of Offering

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

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

X Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security X Other (describe)
BENEFICIAL INTERESTS IN A DELAWARE STATUTORY TRUST REFLECTING BENEFICIAL INTERESTS IN REAL ESTATE.

10. Business Combination Transaction

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

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $0 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
DAVID CLARK 283604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CLARK WEALTH STRATEGIES, INC. 146090
Street Address 1 Street Address 2
1918 N. 203RD STREET SUITE 100
City State/Province/Country ZIP/Postal Code
OMAHA NEBRASKA 68022
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
NEBRASKA
WISCONSIN
Recipient
Recipient CRD Number    None
MARK CREASON 6617847
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
155 BOVET ROAD SUITE 725
City State/Province/Country ZIP/Postal Code
SAN MATEO CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
NEW JERSEY
Recipient
Recipient CRD Number    None
JEFFREY NOARD 1983392
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
N 48 W 14336 HAMPTON ROAD
City State/Province/Country ZIP/Postal Code
MENOMONEE FALLS WISCONSIN 53051
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
ROBERT BOGGESS 5007422
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
GREAT POINT CAPITAL LLC 114203
Street Address 1 Street Address 2
200 WEST JACKSON BLVD. SUITE 1000
City State/Province/Country ZIP/Postal Code
CHICAGO ILLINOIS 60606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
BRIAN NELSON 5065593
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
20 ENTERPRISE SUITE 400
City State/Province/Country ZIP/Postal Code
ALISO VIEJO CALIFORNIA 92656
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
EDWARD KASPERAVICH 4970038
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
STONECREST CAPITAL MARKETS, INC. 39616
Street Address 1 Street Address 2
300 W. 6TH STREET SUITE 1520
City State/Province/Country ZIP/Postal Code
AUSTIN TEXAS 78701
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
LOUISIANA
NEW JERSEY
Recipient
Recipient CRD Number    None
DEBORAH STACKPOLE 4969850
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
STONECREST CAPITAL MARKETS, INC. 39616
Street Address 1 Street Address 2
300 W. 6TH STREET SUITE 1520
City State/Province/Country ZIP/Postal Code
AUSTIN TEXAS 78701
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
LOUISIANA
NEW JERSEY
Recipient
Recipient CRD Number    None
ROBERT ZINK 5105262
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WHITEHALL-PARKER SECURITIES, INC. 10608
Street Address 1 Street Address 2
25260 PARKWAY AVENUE SUITE B
City State/Province/Country ZIP/Postal Code
WILSONVILLE OREGON 97070
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
ADAM SHIPLEY 6482848
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
9940 RESEARCH DRIVE SUITE 200
City State/Province/Country ZIP/Postal Code
IRVINE CALIFORNIA 92618
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
KENTUCKY
Recipient
Recipient CRD Number    None
IAN MCELREATH 4754181
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
1646 W. SNOW AVENUE SUITE 79
City State/Province/Country ZIP/Postal Code
TAMPA FLORIDA 33606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
JOSHUA CHAPIN 5825638
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
9940 RESEARCH DRIVE, SUITE 200
City State/Province/Country ZIP/Postal Code
IRVINE CALIFORNIA 92618
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
FLORIDA
TEXAS
Recipient
Recipient CRD Number    None
SAM BHUSHAN 4884717
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CABIN SECURITIES, INC. 137608
Street Address 1 Street Address 2
30012 IVY GLENN DRIVE SUITE 180A
City State/Province/Country ZIP/Postal Code
LAGUNA NIGUEL CALIFORNIA 92677
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
ILLINOIS
Recipient
Recipient CRD Number    None
DARREN WHISSEN 4716755
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
LINK ALTS CAPITAL, LLC 309956
Street Address 1 Street Address 2
20 EXECUTIVE PARK SUITE 120
City State/Province/Country ZIP/Postal Code
IRVINE CALIFORNIA 92614
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
ROBERT PALU 7407288
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
155 BOVET ROAD SUITE 725
City State/Province/Country ZIP/Postal Code
SAN MATEO CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
UTAH
Recipient
Recipient CRD Number    None
TIMOTHY SHERER 833618
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
61 EAST MAIN STREET SUITE D
City State/Province/Country ZIP/Postal Code
LOS GATOS CALIFORNIA 95032
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
RYAN SHERER 5952617
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
61 EAST MAIN STREET SUITE D
City State/Province/Country ZIP/Postal Code
LOS GATOS CALIFORNIA 95032
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
STEVEN SIMS 6965001
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
GREAT POINT CAPITAL LLC 114203
Street Address 1 Street Address 2
200 WEST JACKSON BLVD. SUITE 1000
City State/Province/Country ZIP/Postal Code
CHICAGO ILLINOIS 60606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
ROGER BOWLIN 1905652
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
AURORA SECURITIES 46147
Street Address 1 Street Address 2
2731 77TH AVENUE SE SUITE 100
City State/Province/Country ZIP/Postal Code
MERCER ISLAND WASHINGTON 98040
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
IDAHO
WASHINGTON
Recipient
Recipient CRD Number    None
RYAN FINCH 6379871
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
9250 E. COSTILLA AVENUE SUITE 205
City State/Province/Country ZIP/Postal Code
GREENWOOD VILLAGE COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
ERIC BELL 7015161
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
9250 E. COSTILLA AVENUE SUITE 205
City State/Province/Country ZIP/Postal Code
GREENWOOD VILLAGE COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
EDWARD FERNANDEZ 2956661
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CAPULENT LLC 155155
Street Address 1 Street Address 2
2603 MAIN STREET SUITE 1050
City State/Province/Country ZIP/Postal Code
IRVINE CALIFORNIA 92614
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
OREGON
Recipient
Recipient CRD Number    None
MICHAEL GHIRARDO 7314050
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
155 BOVET ROAD SUITE 725
City State/Province/Country ZIP/Postal Code
SAN MATEO CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
KIM KUNZ 718618
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WESTPARK CAPITAL, INC. 39914
Street Address 1 Street Address 2
6645 MORRO ROAD
City State/Province/Country ZIP/Postal Code
ATASCADERO CALIFORNIA 93422
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
CHRISTOPHER MILLER 4044818
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
2522 CHAMBERS ROAD
City State/Province/Country ZIP/Postal Code
TUSTIN CALIFORNIA 92780
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
MARILEE HILL 2768544
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
155 BOVET ROAD SUITE 725
City State/Province/Country ZIP/Postal Code
SAN MATEO CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
PETER KALMUS 1522531
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
IBN FINANCIAL SERVICES, INC. 42360
Street Address 1 Street Address 2
404 OLD LIVERPOOL ROAD
City State/Province/Country ZIP/Postal Code
LIVERPOOL NEW YORK 13088
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
JOHN FLAVIN 2608305
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
IBN FINANCIAL SERVICES, INC. 42360
Street Address 1 Street Address 2
404 OLD LIVERPOOL ROAD
City State/Province/Country ZIP/Postal Code
LIVERPOOL NEW YORK 13088
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
STEPHEN DAVIS 1015132
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SAFE HARBOR ASSET MANAGEMENT, INC. 124787
Street Address 1 Street Address 2
167 EAST MAIN STREET
City State/Province/Country ZIP/Postal Code
HUNTINGTON NEW YORK 11743
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
JOSEPH VESEY 7419287
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CLARK WEALTH STRATEGIES, INC. 146090
Street Address 1 Street Address 2
7024 135TH STREET W.
City State/Province/Country ZIP/Postal Code
APPLE VALLEY MINNESOTA 55124
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MICHIGAN
Recipient
Recipient CRD Number    None
JOHN PAUL LEDESMA 2379751
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
EMERSON EQUITY LLC 130032
Street Address 1 Street Address 2
9940 RESEARCH DRIVE SUITE 200
City State/Province/Country ZIP/Postal Code
IRVINE CALIFORNIA 92618
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WASHINGTON
Recipient
Recipient CRD Number    None
MICHAEL FRAGER 1230622
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WILLOW COVE INVESTMENT GROUP, INC. 107824
Street Address 1 Street Address 2
5887 T BAR LANE
City State/Province/Country ZIP/Postal Code
WINNECONNE WISCONSIN 54986
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA

13. Offering and Sales Amounts

Total Offering Amount $87,963,540 USD
or    Indefinite
Total Amount Sold $16,356,333 USD
Total Remaining to be Sold $71,607,207 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
51

15. Sales Commissions & Finder's Fees Expenses

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

Sales Commissions $7,916,719 USD
   Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

TOTAL COMMISSIONS AND FEES THAT WILL BE PAID IF ALL SECURITIES ARE SOLD AND ALL COMMISSIONS PAID.

16. Use of Proceeds

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

$5,980,000 USD
X Estimate

Clarification of Response (if Necessary):

Signature and Submission

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

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

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

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

Issuer Signature Name of Signer Title Date
VINTAGE, DST /s/ Tanya Muro TANYA MURO MANAGER 2022-04-21

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

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