What T. Rowe Price states about Y2k in its May 1, 1999 Prospectusgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
pg. 19...just thought I'd share this.
Year 2000 Processing Issue
Many computer programs used two digits rather than four to identify the year. These programs, if not adapted, will not correctly handle the change from "99" to "00" on January 1, 2000, and will not be able to perform necessary functions. The Year 2000 issue affects virtually all companies and organizations.
T. Row Price has implemented steps intended to assure that major computer systems and processes are capable of Year 2000 processing. We are working with third parties to assess the adequacy of the compliance efforts and are developing contingency plans intended to assure that third-party noncompliance will not materially affect T. Rowe Price's operations.
Companies, organizations, governmental entities, and markets in which the T. Rowe Price funds invest will be affected by thet Year 2000 issue, but at this time the funds cannot predict the degree of impact. For funds that invest in foreign markets, especially emerging markets, it is possible that foreign companies and markets will not be as prepared for Year 2000 as domestic companies and markets. To the extent the effect Year 2000 is negative, a fund's returns could be reduced.
-- Tim (firstname.lastname@example.org), June 20, 1999
Here's a CLASSIC snip:
"To the extent the effect Year 2000 is negative, a fund's returns could be reduced."
These folks will go down whistling this same tune as long as there is an ounce of breath left in them.
-- Ray (email@example.com), June 20, 1999.
Mom's Van Kampen stock fund (forget which one) not only mentions the possiblity of unforseen computer problems at the FUND, but also for the first time it mentions "market risk"
In other words, the equities themselves may become worthless if the companies the fund invests in have major problems.
In other words, the fund hasn't dumped any companies that have y2k problems yet BECAUSE THEY DONT KNOW which ones those are
So much for keeping detailed records. Disclosure shennanigans cut both ways.
-- otay (firstname.lastname@example.org), June 20, 1999.