Nicholas-Applegate Convertible & Income Fund Reports Results for the Fiscal Quarter and Six Months Ended August 31, 2009

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NEW YORK--(Business Wire)--
Nicholas-Applegate Convertible & Income Fund (the "Fund") (NYSE:NCV), a
diversified 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 six months ended
August 31, 2009.

August 31,
2009 2008
Net Assets (a) $ 930,975,600 $ 1,326,418,226
Common Shares Outstanding 72,780,612 71,960,104
Net Asset Value ("NAV") $ 7.89 $ 11.14
Market Price $ 8.01 $ 11.58
Premium to NAV 1.52 % 3.95 %
Overdistributed Net Investment Income
Per Common Share (b) $ (0.0269 ) $ (0.0697 )

Quarter ended August 31,
2009 2008
Net Investment Income (c) $ 18,966,324 $ 30,412,979
Per Common Share (c) $ 0.26 $ 0.42
Net Realized and Change in Unrealized Gain (Loss) (c) $ 79,011,362 $ (113,334,698 )
Per Common Share (c) $ 1.10 $ (1.58 )

Six Months ended August 31,
2009 2008
Net Investment Income (c) $ 39,323,915 $ 63,756,713
Per Common Share (c) $ 0.54 $ 0.89
Net Realized and Change in Unrealized Gain (Loss) (c) $ 224,234,646 $ (100,337,319 )
Per Common Share (c) $ 3.10 $ (1.40 )

(a) Net assets are inclusive of market value of Preferred Shares of $357 million and $525 million at August 31, 2009 and August 31, 2008, respectively.

(b) 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 overdistributed 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 overdistributed net investment income balance will remain constant. Excludes market premium amortization on corporate bonds, in accordance with federal income tax treatment.

(c) Net Investment Income for the fiscal quarter and six months ended August 31, 2009 includes market premium amortization of $345,889 (less than $0.01 per common share) and $799,003 ($0.01 per common share), respectively. Net Investment Income for the fiscal quarter and six months ended August 31, 2008 includes market premium amortization of $511,396 ($0.01 per common share) and $1,156,955 ($0.02 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on
corporate bonds.

Allianz Global Investors Fund Management LLC ("AGIFM"), 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.
Nicholas-Applegate Capital Management LLC, an affiliate of AGIFM, 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) 254-5197.

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 stated objective. The Fund's ability to pay dividends to common
shareholders is subject to the restrictions in its registration statement,
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.

For Information on Nicholas-Applegate Closed-End Funds:
Financial Advisors, 800-628-1237
Shareholders, 800-285-4086
Media Relations, 212-739-3501

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