Contact: Christoph Hofmann

(800) 285-4086

Nicholas-Applegate Equity & Convertible Income Fund

Reports Results for the Fiscal Quarter and Period Ended October 31, 2007

NEW YORK, Jan. 3, 2008 (PRIME NEWSWIRE) -- Nicholas-Applegate Equity & Convertible Income Fund (the "Fund") (NYSE:NIE), a closed-end management investment company which seeks total return comprised of capital appreciation, current income and gains, today announced its results for the fiscal quarter and period ended October 31, 2007.

(a) Commencement of operations

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). Nicholas-Applegate Capital Management 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.