Nicholas-Applegate Global Equity & Convertible Income Fund Reports Results for the Fiscal Quarter & Six Months Ended February...

Nicholas-Applegate Global Equity & Convertible Income Fund (the "Fund") (NYSE: NGZ), a diversified closed-end management investment company which seeks total return comprised of capital appreciation, current income and gains announced its results for the fiscal quarter and six months ended February 28, 2010.

At February 28,

2010

2009

        
        
        
      
      
        
          Net Assets
        
        
        
        
          $
        
        
          109,632,937
        
        
        
        
        
        
        
        
        
        
          $
        
        
          76,509,083
        
        
        
      
      
        
          Shares Outstanding
        
        
        
        
        
        
          7,004,189
        
        
        
        
        
        
        
        
        
        
        
        
          7,004,189
        
        
        
      
      
        
          Net Asset Value ("NAV")
        
        
        
        
          $
        
        
          15.65
        
        
        
        
        
        
        
        
        
        
          $
        
        
          10.92
        
        
        
      
      
        
          Market Price
        
        
        
        
          $
        
        
          14.20
        
        
        
        
        
        
        
        
        
        
          $
        
        
          8.93
        
        
        
      
      
        
          Discount to NAV
        
        
        
        
        
        
          (9.27
        
        
          )%
        
        
        
        
        
        
        
        
        
        
          (18.22
        
        
          )%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          

Quarter ended February 28,

2010

2009

        
        
        
      
      
        
          Net Investment Income
        
        
        
        
          $
        
        
          290,598
        
        
        
        
        
        
        
        
        
        
          $
        
        
          836,244
        
        
        
      
      
        
          Per Share
        
        
        
        
          $
        
        
          0.04
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.12
        
        
        
      
      
        
          Net Realized and Change in Unrealized Gain (Loss)
        
        
        
        
          $
        
        
          911,415
        
        
        
        
        
        
        
        
        
        
          $
        
        
          (5,688,515
        
        
          )
        
      
      
        
          Per Share
        
        
        
        
          $
        
        
          0.13
        
        
        
        
        
        
        
        
        
        
          $
        
        
          (0.82
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          

Six Months ended February 28,

2010

2009

        
        
        
      
      
        
          Net Investment Income
        
        
        
        
          $
        
        
          824,761
        
        
        
        
        
        
        
        
        
        
          $
        
        
          1,889,115
        
        
        
      
      
        
          Per Share
        
        
        
        
          $
        
        
          0.12
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.27
        
        
        
      
      
        
          Net Realized and Change in Unrealized Gain (Loss)
        
        
        
        
          $
        
        
          9,958,709
        
        
        
        
        
        
        
        
        
        
          $
        
        
          (50,382,950
        
        
          )
        
      
      
        
          Per Share
        
        
        
        
          $
        
        
          1.42
        
        
        
        
        
        
        
        
        
        
          $
        
        
          (7.20
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

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 [phone].

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 the same or similar to what is 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.