Alter Advisers & Associates is a small investment adviser partnership registered only in a single state. One of the partners has died, and the surviving spouse has sold that partnership interest to the surviving partners.

Which of the following statements are true?

I. Alter Advisers must inform the state Administrator of this event.

II. Alter Advisers must inform the SEC of this event.

III. Alter Advisers must notify the firm’s clients of this event.