NEW YORK, Feb. 6, 2009 (GLOBE NEWSWIRE) -- Nicholas-Applegate Convertible & Income Fund (the "Fund") (NYSE:NCV), a closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter and nine months ended November 30, 2008.


                                              At November 30,
                                              ---------------
                                          2008                2007
                                          ----                ----
 Net Assets (a)                         $804,770,059   $1,528,288,129
 Common Shares Outstanding                72,082,429       71,371,209
 Net Asset Value ("NAV")                       $5.06           $14.06
 Market Price                                  $3.48           $13.20
 Discount to NAV                              (31.23)%          (6.12)%

                                          Quarter ended November 30,
                                          --------------------------
                                          2008                2007
                                          ----                ----
 Net Investment Income (b)               $27,023,305      $29,101,370
 Per Common Share (b)                          $0.37            $0.41
 Net Realized and Change in
  Unrealized Loss (b)                  $(443,831,944)     $(6,578,565)
 Per Common Share (b)                         $(6.15)          $(0.10)
 Undistributed Net Investment Income
  Per Common Share (c) (d)                   $0.0312          $0.0674

                                        Nine Months ended November 30,
                                        ------------------------------
                                          2008                2007
                                          ----                ----
 Net Investment Income (b)               $90,780,018      $91,793,979
 Per Common Share (b)                          $1.26            $1.29
 Net Realized and Change
  in Unrealized Loss (b)               $(544,169,263)    $(46,858,455)
 Per Common Share (b)                         $(7.55)          $(0.66)

 (a)  Net assets are inclusive of market value of Preferred Shares of
      $440 million. The Fund redeemed $83 million of Preferred Shares
      from December 26, 2008 through December 31, 2008.

 (b)  Net Investment Income for the fiscal quarter and nine months
      ended November 30, 2008 includes amortization of market premium
      of $1,400,390 ($0.02 per common share) and $2,557,345 ($0.04 per
      common share), respectively. Net Investment Income for the
      fiscal quarter and nine months ended November 30, 2007 includes
      amortization of market premium of $957,723 ($0.02 per common
      share) and $3,939,026 ($0.06 per common share), respectively.
      For tax purposes, the Fund has elected not to amortize market
      premium on corporate bonds.

      The information provided is in accordance with generally
      accepted accounting principles ("GAAP"), which requires the
      Fund to treat amounts received under interest rate cap
      agreements as net realized gain (loss). However, these amounts
      are treated as net income (loss) for federal income tax
      purposes. By using GAAP, Net Investment Income for the fiscal
      quarter and nine months ended November 30, 2007 was $3,326,021
      ($0.04 per common share) and $9,449,854 ($0.13 per common share)
      lower, respectively (and Net Realized and Change in Unrealized
      Loss correspondingly lower) than those figures would have been
      if payments received from interest rate cap agreements were
      treated as net income in accordance with federal income
      tax treatment.

 (c)  Calculated using the accumulated balance at November 30, 2008
      and November 30, 2007, respectively.

 (d)  Note that generally there is a close correlation between what
      the Fund earns (net of expenses) and what it pays in monthly
      dividends. However, since net earning rates fluctuate from month
      to month while monthly dividends have remained relatively
      stable, there will be periods when the Fund may over-earn or
      under-earn its monthly dividend, which would have the effect of
      adding to or subtracting from the Fund's undistributed net
      investment income balance. Fund management analyzes the Fund's
      current and projected net earning rates prior to recommending
      dividend amounts to the Fund's Board of Trustees for
      declaration. There can be no assurance that the current dividend
      rate or the undistributed net investment income balance will
      remain constant. These figures are inclusive of amounts received
      under interest rate cap agreements, in accordance with federal
      income tax treatment and excludes the amortization of market
      premium on corporate bonds.

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 same or similar to the results 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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

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