NEW YORK, Aug. 20, 2007 (PRIME NEWSWIRE) -- The Board of Trustees of Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE:NCZ), today announced the Fund will increase its monthly dividend from 11.5625 cents per common share to 11.875 cents per common share, effective with the next dividend declaration on September 4, 2007.
The Fund is a closed-end management investment company that seeks total return through a combination of capital appreciation and high current income. There can be no assurance that the Fund will achieve its stated objective.
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, including updated portfolio statistics and performance, is available at http://www.allianzinvestors.com or by calling the Fund's shareholder servicing agent at (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 Fund's 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.