The securities industry has a number of initiatives and task forces to prepare computer systems for the new millennium. The Institute is actively involved in these efforts, and is distributing information to our members. Every Institute member, and every industry service provider, must meet this challenge. The history of our industry, from the creation of the first mutual fund in 1924, through the passage of the Investment Company Act in 1940, and continuing today, bears this out. Our industry's success is attributable to the responsible decisions and acts of thousands of individuals, including many of you here this morning.
History teaches that our industry is dependent on investor confidence.
Thus, the future level of public confidence in mutual funds will depend on how well all of you in the mutual fund industry help investors establish realistic expectations, and on how well you adhere to the highest standards in managing investors' assets. The Institute is committed to assisting you in any way possible. By working together, we can assure continued public confidence in mutual fund investing, and hence, the continued success of our industry.