Tiger Woods equalled Byron Nelson's 54-year-old PGA Tour record of making 113 consecutive cuts but it was Vijay Singh who led the way after the second round of the $4 million (2.4 million pound) Funai Classic.
Fijian Singh fired a seven-under-par 65 for a 15-under total of 129, one stroke ahead of Bob Estes (63). John Rollins and David Peoples were joint third on 131.
Davis Love III, Stewart Cink, Bob Tway, Scott Verplank, Rocco Mediate and Brent Schwarzrock were tied for fifth place on 132.
World number one Woods shot a 67 at the Magnolia course for an 11-under tally of 133, safely inside the cut mark which fell at 139. The Palm course was also used for the opening two rounds here at the Walt Disney World Resort.
"I'm very proud (of the record)," Woods told reporters. "It's certainly not something that is easy to do."
Woods's streak began at the 1998 Buick Invitational. Since then, he has played in 19 tournaments that did not have a cut, plus four WGC-Match Play Championships.
Of those 23 no-cut events, Woods won nine and was placed in the top 10 in 11 more.
In 145 professional starts, the 27-year-old American has missed two cuts, at the 1997 Canadian Open and the 1998 Pebble Beach National Pro-Am.
The final round at Pebble Beach was postponed because of rain until later in the year, and Woods, four-over after two rounds, chose to withdraw.
Nelson's streak also ended at Pebble Beach, which was then called the Bing Crosby Invitational, when he pulled out after two rounds in 1949.
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Woods said: "There were times when I obviously should have missed (the cut). With a little bit of luck and a lot of hard work, it certainly pays off in the end."
Part of the reason he was able to tie Nelson's record is the fact he plays a limited schedule.
"The type of responsibilities I have, the type of distractions, it just kind of wears me out," said Woods. "If I played 25-30 events, I just wouldn't have the same energy to go ahead and compete at what I think is a normal level.
"That's why I don't play as much because when I do play, I'm raring to go. I have all my energy and I can maximise it on the golf course."
As for Nelson, Woods said he had been "a model of what all golfers should be. His playing record is phenomenal but I think he's a better person than his playing record.
"That speaks volumes about what kind of person he is."
Nelson won 54 PGA Tour events and was a five-times major winner, the U.S. Masters (twice), the U.S. PGA Championship (twice) and the 1939 U.S. Open.
Woods's record-equalling achievement stole the spotlight from Singh, who started his round at the 10th on the Palm course and reeled off five birdies in a row from the first before eagling the par-five seventh.
"On the back nine I made some putts and my swing started feeling good again. I guess it is all momentum," said world number three Singh.
"If you have the momentum on your side, then it flows and it is going to go good."
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