NEW YORK, June 9, 2008 (PRIME NEWSWIRE) -- PIMCO Global StocksPLUS & Income Fund (the "Fund") (NYSE:PGP), a non-diversified, closed-end management investment company which seeks total return comprised of current income, current gains and long-term capital appreciation, today announced its results for the fiscal quarter and year ended March 31, 2008.
At March 31,
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2008 2007
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Net Assets $214,857,827 $258,778,936
Shares Outstanding 9,391,112 9,391,112
Net Asset Value ("NAV") $22.88 $27.56
Market Price $22.20 $27.36
Discount to NAV (2.97)% (0.73)%
Quarter ended March 31,
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2008 2007
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Net Investment Income(a) $2,990,836 $2,670,278
Per Share(a) $0.32 $0.29
Net Realized and Change in
Unrealized Gain (Loss)(a) $(19,570,544) $2,378,159
Per Share(a) $(2.09) $0.26
Undistributed Net Investment Income
Per Share(b) $0.0391(c) $0.3545(d)
Year ended March 31,
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2008 2007
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Net Investment Income(a) $11,463,662 $9,680,243
Per Share(a) $1.22 $1.04
Net Realized and Change in
Unrealized Gain (Loss)(a) $(27,021,734) $27,317,985
Per Share(a) $(2.88) $2.92
(a) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts received under swap agreements as net realized gain (loss).
However, these amounts are treated as net income (loss) for federal
income tax purposes. By using GAAP, Net Investment Income for the
fiscal quarter and year ended March 31, 2008 was $4,450,429 ($0.48
per share) and $11,531,633 ($1.23 per share) lower, respectively (and
Net Realized and Change in Unrealized Gain (Loss) correspondingly
higher (lower)), than those figures would have been if swap amounts
were treated as net income in accordance with federal income tax
treatment. By using GAAP, Net Investment Income for the fiscal
quarter and year ended March 31, 2007 was $4,291,734 ($0.46 per
share) and $14,460,144 ($1.54 per share) lower, respectively (and Net
Realized and Change in Unrealized Gain correspondingly higher) than
those figures would have been if swap amounts were treated as net
income in accordance with federal income tax treatment.
(b) Note that generally there is a close correlation between what the
Fund earns (net of expenses) and what it pays in monthly dividends.
However, since net earning rates fluctuate from month to month while
monthly dividends have remained relatively stable, there will be
periods when the Fund may over-earn or under-earn its monthly
dividend which would have the effect of adding to or subtracting from
the Fund's undistributed net investment income balance. Fund
management analyzes the Fund's current and projected net earning
rates prior to recommending dividend amounts to the Fund's Board of
Trustees for declaration. There can be no assurance that the current
dividend rate or the undistributed net investment income balance will
remain constant. Inclusive of amounts received under swap agreements,
in accordance with federal income tax treatment.
(c) Calculated using the accumulated balance at March 31, 2008.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended March 31, 2007.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.