NEW YORK, Feb. 2, 2009 (GLOBE NEWSWIRE) -- The Boards of Trustees of Nicholas-Applegate Convertible & Income Fund (NYSE:NCV) and Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ) (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:



 Nicholas-Applegate Convertible & Income 
  Fund                                             $0.09  per common share
 Nicholas-Applegate Convertible & Income 
  Fund II                                          $0.085 per common share

The dividends will be payable on March 2, 2009 to shareholders of record on February 12, 2009, with an ex-dividend date of February 10, 2009.

At January 30, 2009, the Funds' net assets (a) were approximately:



                                                (in millions)
 Nicholas-Applegate Convertible & Income Fund      $737.7
 Nicholas-Applegate Convertible & Income Fund II   $564.1

 (a) Net assets are inclusive of market value of Preferred Shares of
 $357 million and $274 million for NCV & NCZ, respectively.

The Funds' investment objective is to provide total return through a combination of capital appreciation and high current income. There can be no assurance that the Funds will achieve their stated objectives.

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 prices, net asset values per share, as well as other information, including updated portfolio statistics and performance is available at www.allianzinvestors.com or by calling the Funds' 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 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. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents.

Nicholas-Applegate Closed-end Funds
Financial Advisors:
  (800) 628-1237
Shareholders:
  (800) 285-4086
Media Relations:
  (212) 739-3501