The Y2K threat - real or imaginary - is over. But mutual fund companies can not now divert all of the resources devoted to Y2K preparations to modernizing their technology.

North American securities firms have spent $6.07 billion on Y2K since 1996, according to data compiled by the Securities Industry Association of Washington, D.C. and the TowerGroup of Needham, Mass. The majority of that spending came in 1998 and 1999.

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