He also exited long- and medium-term bonds for fear that rising rates would zap them.

FORBES: Russian Roulette Investing

In the first scenario of a steady, extended climb in rates, the firm found that investors would likely see the value of investments in mutual funds that hold short-term or medium-term bonds decline over a three-year period, while holders of stable-value accounts would see their balances continue to grow steadily.

WSJ: A 401(k) Defense Against Rising Rates

There are several reasons, one of the more subtle among them being that the insurer can fund the product entirely with medium- and long-term bonds, since there are no payments in the short term.

FORBES: A 10% Annual Payout For Retirees

Most of those Treasuries are of medium-term duration: very few 30-year bonds are in the mix.

FORBES: Federal Reserve Subverts Fiscal Responsibility With Cash Creation Machines Fully Cranked

One concern for large institutional investors like Mr. Oka buyers of government debt with some of the longest maturities is that market participants such as banks, who usually buy mostly short- and medium-term government debt, could start buying longer bonds too.

WSJ: Japanese Government Bonds Soar

Among the alleged baits recently used to separate unwary investors from their funds: film deals, 19th-century railroad bonds, gold mines, iron mines, equipment leases, "medium-term notes, " greeting card manufacturing, a board game teaching investors how to get wealthy and even Mormon church financings.

FORBES: Fraud per capita

The railway ministry, which is China's largest corporate-bond issuer, used all of last year's quota for long-dated bonds and also raised an additional 50 billion yuan via short-term bills and medium-term notes.

WSJ: China's Railway Ministry Gets Approval for Bonds