January 1 was the much-anticipated start of a new millennium, but it turned out to be just another trading day for the mutual fund industry. Fund companies that had spent millions of dollars to expand their computer data fields from two digits to four in order to accommodate the year 2000, experienced no problems retaining files or pricing securities, according to the SEC. The SEC announced last Wednesday it was "step[ping] down its Y2K monitoring efforts."

Mutual fund executives, attorneys and industry consultants said they were relieved as it became clear in the first few days of January that the industry would not suffer any adverse effects from the computer programming switch to the year 2000.

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