Nicholas-Applegate Convertible & Income Fund Reports Results for the Fiscal Quarter Ended May 31, 2009

NEW YORK--(BUSINESS WIRE)-- Nicholas-Applegate Convertible & Income Fund (the "Fund") (NYSE:NCV), a diversified closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter ended May 31, 2009.

(a) Net assets are inclusive of market value of Preferred Shares of $357 million and $525 million at May 31, 2009 and May 31, 2008, respectively.

(b) 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 (overdistributed) 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 (overdistributed) net investment income balance will remain constant. In accordance with federal income tax treatment, excludes market premium amortization on corporate bonds.

(c) Net Investment Income for the fiscal quarters ended May 31, 2009 and May 31, 2008 include market premium amortization of $453,114 ($0.01 per common share) and $645,559 ($0.01 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.

Allianz Global Investors Fund Management LLC ("AGIFM"), 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). Nicholas-Applegate Capital Management LLC, an affiliate of AGIFM, 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) 254-5197.

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 same or similar to the results 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 stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

Contacts

For Information on Nicholas-Applegate Closed-End Funds:

Financial Advisors: 800-628-1237

Shareholders: 800-285-4086

Media Relations: 212-739-3501