NEW YORK, Jan. 16, 2009 (GLOBE NEWSWIRE) -- PIMCO Strategic Global Government Fund, Inc. (the "Fund") (NYSE:RCS), a non-diversified, closed-end management investment company which as a primary objective seeks to generate, over time, a level of income higher than that generated by high-quality, intermediate-term U.S. debt securities and a secondary objective, seeks to maintain volatility in the net asset value of the shares of the Fund comparable to that of high-quality, intermediate-term U.S. debt securities, today announced its results for the fiscal quarter and nine months October 31, 2008.
At October 31, 2008
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Net Assets $300,497,603
Shares Outstanding 38,031,744
Net Asset Value ("NAV") $7.90
Market Price $9.65
Premium to NAV 22.15%
Quarter ended
October 31, 2008
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Net Investment Income (a) $7,950,187
Per Share (a) $0.21
Net Realized and Change in Unrealized Loss (a) $(48,785,748)
Per Share (a) $(1.28)
Undistributed Net Investment Income
Per Common Share (b)(c) $0.3897
Nine Months
ended
October 31, 2008
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Net Investment Income (a) $24,588,204
Per Share (a) $0.65
Net Realized and Change in Unrealized Loss (a) $(76,171,272)
Per Share (a) $(2.00)
(a) The information provided is in accordance with generally accepted
accounting principals ("GAAP"), which requires the Fund to treat
amounts accrued under swap agreements as net realized and
unrealized 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 nine
months ended October 31, 2008 was $(244,948) (less than $(0.01)
per share) and $6,702,598 ($0.18 per share) (higher) lower,
respectively (and Net Realized and Change in Unrealized Loss
correspondingly (higher) lower), than those figures would have
been if swap amounts were treated as net income (loss) 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 earnings rates prior to recommending dividend
amounts to the Fund's Board of Directors 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 accrued under swap agreements,
in accordance with federal income tax treatment.
(c) Calculated using the accumulated balance at October 31, 2008.
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. There can be no assurance that the Fund will meet its objectives. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.