Nicholas-Applegate Convertible & Income Fund Declares Monthly Dividend of 12.5 Cents per Common Share


NEW YORK, April 1, 2005 (PRIMEZONE) -- The Board of Trustees of 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, announced today that it has declared a dividend of $0.125 per common share.

The dividend will be payable on May 2, 2005 to shareholders of record on April 15, 2005, with an ex-dividend date of April 13, 2005.

At March 31, 2005 the Fund's net assets were approximately $1.6 billion (inclusive of $525 million of Preferred Shares).

Allianz Global Investors Fund Management LLC (formerly PA 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 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, including updated portfolio statistics and performance as of February 28, 2005, is available at www.allianzinvestors.com or by calling the Fund's transfer agent at 1-800-331-1710.



            

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