IIS gives me 401.3 error

I’m hosting my own web site(s) and everytime I try to access any virtual sites or directories I receive:

“HTTP Error 401
401.3 Unauthorized: Unauthorized due to ACL on resource”

The web sharing was set to correctly (read & scripts)

The IISproperties were set correctly (Home dir, no IP restrictions, logon as anonymous, synch password)

What am I missing?