When would “not applicable” be an appropriate response to Item 11?
We expect that very few advisers would check “not applicable.” You can only check “not applicable” if your fully disclosed investment style does not involve any judgments that would require you to take into account Y2K issues. For example, index investing or certain types of technical investing do not, by definition, involve any subjective judgments of factors such as Y2K effects on the underlying securities issuers.
