Warning Letter to SEC Investment Advisers Who Have Not Set Up an IARD Account

March 27, 2001

Re:	Electronic Investment Adviser Registration
	SEC file no. 801-00000

Dear Chief Executive Officer:

On September 12, 2000, the Commission adopted new rules that require each investment adviser registered with the Commission to amend its Form ADV electronically through the Investment Adviser Registration Depository ("IARD").

The Commission adopted the following electronic filing transition schedule for investment advisers based on an adviser's 801 number and fiscal year end date.

SEC File Number	Fiscal Year End	Filing Deadline
801-1 through 801-36806	December	January 31, 2001
801-36807 through 801-54145	December	February 28, 2001
801-54146 and higher	December	March 30, 2001
Any	Other than December	April 30, 2001

In October 2000, all investment advisers registered with the Commission were mailed information and IARD Entitlement Forms for setting up an IARD account. Your firm was required to return signed and completed IARD Entitlement Forms to NASDR in order to set up its IARD account. NASDR should have received all such forms by the dates shown on the schedule below.

Adviser's Filing Deadline	Forms to NASDR
January 31, 2001	November 1, 2000
February 28, 2001	November 17, 2000
March 30, 2001	December 4, 2000
April 30, 2001	January 8, 2001

IARD's records indicate that your firm has failed to return the required forms and has not set up an IARD account. An adviser cannot make an electronic filing using IARD without having first established an IARD account.

Any investment adviser that fails to file an electronic Form ADV using IARD by the appropriate filing deadline is in violation of Rule 204-1 of the Investment Advisers Act of 1940 ("Act"). The Commission, pursuant to Section 203(h) of the Act, has the authority to issue an order canceling the registration of any investment adviser that fails to make required filings with the Commission. If your firm intends to continue in business as an investment adviser registered with the Commission, it must make the required filing electronically through the IARD system.

In order to set up your IARD Account, your firm must complete and sign the IARD Entitlement Forms that were mailed in October 2000 to all SEC-registered investment advisers. If you need another set of IARD Entitlement Forms, please call (202) 942-7839 immediately and request that replacement forms be mailed to you.

It may be that your firm no longer meets the requirements for continued registration with the Commission and has decided not to amend its Form ADV by making an electronic filing on IARD. If this is the case, it should file a Form ADV-W to withdraw its SEC registration. An adviser needing to file Form ADV-W should use the paper version of the new Form ADV-W (amended October 10, 2000). Once received by the Office of Filings and Information Systems, Form ADV-W becomes effective immediately. A paper copy of the new Form ADV-W can be downloaded from the following Internet address:

http://www.sec.gov/divisions/investment/iard/iastuff.shtml

Three paper originals of new Form ADV-W should be mailed to the following address:

Office of Filings and Information Services
U.S. Securities and Exchange Commission
Washington, DC 20549

In addition, please provide this office with a copy of any Form ADV-W your firm mails to the above address in response to this letter. Please send the copy to the following address:

U.S. Securities and Exchange Commission
Office of Compliance Inspections and Examinations
Attn: Robert Lewis
Washington, DC 20549-0901

Additional information about electronic filing on IARD is available on our website at http://www.sec.gov/IARD. Any Registrant that fails either to file an electronic Form ADV or file a Form ADV-W will have its registration with the SEC canceled.

If you have any questions regarding this correspondence, you may contact Robert Lewis at (202) 942-7460 or James Reese at (202) 942-7404.

Sincerely,   Gene A. Gohlke Associate Director Office of Compliance Inspections and Examinations

Modified: 03/28/2001