It's with funds like this and other hi yield funds that I have made a lot of money over the years, look at the top 10-20 holdings and find ones that fit your criteria as to price/ maturity etc. and buy the individual bonds. Let Pimco pay to do all the due diligence, or Pioneer, or Fidelity, etc. and cherry pick the ones you like. I have a portfolio of over 50 individual names all maturing before 2018 all yielding to me over 10% and now all up between 5-8 points from where I bought them.
Congratulations. I own corp investment grade & high-yield bonds. Buy and read the "Bond Book" by A Grau cover to cover b4 u buy individual bonds. I did an am earning well over 8%. Stone Energy & Ford bonds are no brainer buys now. Albertson bonds too. Genworth a steal here.