11.   As part of that reform, the ministry has given pension fund managers more choice about who can handle their money.

12.   Bonds initially fell on the report, said Kikuo Shirose, a pension fund manager at Tokyo-Mitsubishi Asset Management Co.

13.   Bonds fell at first on the report, said Kikuo Shirose, a pension fund manager at Tokyo-Mitsubishi Asset Management Co.

14.   A few large Japanese brokerage companies and some pension fund managers have parked their money in bonds until the time is right to invest in stocks, Sims said.

15.   Although conservative low-yielding investments often appeal to novice investors, they do not provide the long-term returns sought by professional pension managers.

16.   But pension managers say they need to break through the mysteries and risks of hedge funds first.

17.   But they have persuaded relatively few professional pension managers.

18.   By and large, pension fund managers have earned even better returns than mutual funds have in recent years.

19.   Corporate treasurers, pension fund managers and housewives loaded up on stocks.

20.   Even if that seems far off, pension fund managers will continue to gain force in the coming years.