NEW YORK, March 19, 2009 (GLOBE NEWSWIRE) -- Nicholas-Applegate Convertible & Income Fund (NYSE:NCV) (the "Fund") announced today that the common share dividend previously declared on February 2, 2009, will be paid today.

Accordingly, the previously declared dividend of $0.09 per common share for NCV, which was postponed on March 2, 2009, will be paid on March 19, 2009 to shareholders of record on February 12, 2009.

The Fund's investment objective is to provide 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 prices and net asset values per share are available by calling the Fund's shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.

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 further declines in the securities markets and 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. The Fund's ability to maintain leverage and to declare and 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