Institute Comments on SEC Proposed Revisions to Form ADV

Washington, DC, June 14, 2000 - The Securities and Exchange Commission issued in April a proposal to significantly revise Form ADV and establish new rules under the Advisers Act relating to the form. In response, the Institute has filed the attached comment letter, which is supportive of the Commission's proposal and the implementation of the Investment Adviser Registration Depository ("IARD"). The Institute supports the proposal, but recommends various revisions to the proposal.