Fidelity has the Brokerage window but my company doesnt allow it. I tried :). I petition the company administrators every now and then. They dont answer! :) Brightscope.com helped me find who they were. Otherwise they don't show up.
As for distributions, ordinarily you are right but the financial administrators like Fidelity were allowed to create "pooled" funds. The benifit for the consumer being that it was a lower cost version of its public twin. For instance they have an equivalent to Contrafund, but its a dark twin and doesn't make distributions. Seems like I am losing but that's the hand that is dealt.
RE: Junk bond funds (corporate bonds) in your 401K.