Nicholas-Applegate Convertible & Income Fund Declares Common Share Dividend

NEW YORK, March 24, 2009 (GLOBE NEWSWIRE) -- Nicholas-Applegate Convertible &
Income Fund (NYSE:NCV) ( the "Fund") announced today that it has declared a
dividend of $0.09 per common share, which consists of the monthly dividend
amount that was scheduled to have been declared on March 2, 2009, but was
previously postponed.

The dividend will be payable on April 17, 2009 to shareholders of record on
April 13, 2009, with an ex-dividend date of April 8, 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.

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