No, certainly nothing to get excited about because the only reason this is done is to give the accounting of capital gains to uncle sam. This fund was listed in a recent article as one to be aware of with high capital gains. However, even if you have it in a taxable account, the great return it has provided should soften the blow of the taxes!
The law requires that all profits be passed on to the fund’s investors in order for the fund to qualify for special tax rules afforded to mutual funds. With such high turnover PIMCO always has had high capital gains distributions.