NEW YORK, Oct. 20, 2005 (PRIMEZONE) -- Nicholas-Applegate Convertible & Income Fund (NYSE:NCV) and Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ) (the "Funds"), today announced a conference call with Douglas Forsyth, the Funds' portfolio manager, will occur on Monday, October 24, 2005 at 4:15 PM ET. Mr. Forsyth is a Senior Portfolio Manager and a member of Nicholas-Applegate's Executive Committee.
During the conference call, Mr. Forsyth intends to provide an investment update, talk about the market environment and outlook for high-yield and convertible securities and the performance of the Funds.
The Dial-in number for this call is (888) 515-1794 and the pass code is 3224322. The call will be available for replay for 4 weeks. The replay number is (888) 203-1112 and the pass code is 3224322.
The Funds also today announced that the portfolio manager has extended the Funds' existing hedge against rising interest rates by entering into additional interest rate cap agreements. The portfolio management team saw an opportunity to reduce the Funds' duration and sensitivity to short-term interest rates. "The caps help us because they set a ceiling on our borrowing costs for an extended period," Mr. Forsyth stated.
The Funds are diversified, closed-end management investment companies that seek to provide total return through a combination of capital appreciation and high current income. The Funds are invested in high-yield and convertible securities with at least 50% of total assets in convertible securities.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' 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 Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing price, net asset value per share as well as other information, including updated portfolio statistics and performance is available at www.allianzinvestors.com or by calling the Funds' transfer agent at 1-800-331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.