11.   The Japanese company has invested its borrowings in government bonds.

12.   The phone companies have invested in technologies and strategic alliances designed to enter the business.

13.   The race is on to find a cure for AIDS, and drug companies have already invested millions in research.

14.   The state-run telephone companies have invested too little for years.

15.   We will require the gas and electricity companies to invest in insulation and other energy-saving measures.

16.   The company invested thousands in an electronic order-control system.

17.   The company has invested extensively in Britain.

18.   Already, fewer venture capital companies are investing in new biotech companies, despite record levels of venture capital investment this year.

19.   Although the fund company long invested only in United States stocks, it has branched out recently.

20.   And any gains have been more than offset by the losses during that stretch, as the company has invested heavily in its new strategy.