Nicholas-Applegate Convertible & Income Fund and Nicholas-Applegate Convertible &...

Nicholas-Applegate Convertible & Income Fund and Nicholas-Applegate Convertible
& Income Fund II Declare Monthly Common Share Income Dividends

NEW YORK, Sept. 2, 2008 (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 $0.125 per common
share
Nicholas-Applegate Convertible & Income Fund II $0.11875 per common
share
The dividends will be payable on October 1, 2008 to shareholders of record on
September 12, 2008, with an ex-dividend date of September 10, 2008.

At August 29, 2008, the Funds' net assets (a) were approximately:

(in millions)
Nicholas-Applegate Convertible & Income Fund $1,326.6
Nicholas-Applegate Convertible & Income Fund II $1,158.6

(a) Net assets are inclusive of market value of Preferred Shares
of $525 million and $505 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.

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CONTACT: Christoph Hofmann
(800) 285-4086