this is going to sound stupid, but if your buying a Pimco product, you have to have faith in Pimco, Gross, et al. so far, so good. hopefully they have a fleet of people looking at bonds and doing their own DD, not just relying on Moody's or whoever. PHK has an expense ratio of 1.61%, kind of high for me, hope they're earning every damn dime of it. plus, I watch this stuff every day.