- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response: 10.5
	Washington, DC 20549
	FORM N-Q

	QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
	MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number:	811-22067

Nicholas-Applegate Global Equity & Convertible Income Fund

(Registrant Name)

1345 Avenue of the Americas New York, New York		10105
(Address of Principal Executive Offices)		(Zip code)

Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code:	212-739-3371

Date of Fiscal Year End:	August 31, 2010

Date of Reporting Period:	November 30, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Schedule of Investments

Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Value*
COMMON STOCK—76.7%
			Australia—3.1%
			Airlines—0.3%
	152,554		Qantas Airways Ltd.			$362,614
			Biotechnology—0.5%
	17,462		CSL Ltd. (a)			503,637
			Commercial Banks—0.8%
	19,579		Commonwealth Bank of Australia			943,912
			Construction & Engineering—0.4%
	14,173		Leighton Holdings Ltd.			462,927
			Diversified Financial Services—0.5%
	139,994		Challenger Financial Services Group Ltd.			522,164
			Metals & Mining—0.6%
	13,924		BHP Billiton Ltd.			524,602
	58,602		OneSteel Ltd.			160,205
						684,807
			Austria—0.1%
			Building Products—0.0%
	3,027		Wienerberger AG (b)			52,199
			Metals & Mining—0.1%
	2,316		Voestalpine AG			82,724
			Belgium—0.2%
			Chemicals—0.2%
	5,374		Tessenderlo Chemie NV			177,074
			Canada—0.5%
			Communications Equipment—0.5%
	9,100		Research In Motion Ltd. (b)			526,799
			China—0.2%
			Electronic Equipment, Instruments—0.1%
	30,500		Kingboard Chemical Holdings Ltd.			122,503
			Independent Power Producers—0.1%
	38,000		China Resources Power Holdings Co., Ltd.			77,426
			Denmark—0.1%
			Construction & Engineering—0.1%
	2,000		FLSmidth & Co. AS			130,460
			Finland—0.2%
			Communications Equipment—0.1%
	7,353		Nokia Oyj			97,413
			Food & Staples Retailing—0.1%
	4,984		Kesko Oyj—Cl. B			169,794
			France—3.1%
			Airlines—0.1%
	4,355		Air France-KLM (b)			69,221
			Automobiles—0.4%
	9,874		Peugeot S.A. (b)			350,547
	1,838		Renault S.A. (b)			89,215
						439,762
			Commercial Banks—0.6%
	4,922		BNP Paribas			408,533
	12,598		Credit Agricole S.A.			261,866
						670,399
			Diversified Telecommunication—1.1%
	47,233		France Telecom S.A. (a)			1,228,136
			Electrical Equipment—0.3%
	4,912		Alstom S.A.			345,067
			Household Durables—0.1%
	2,043		SEB S.A.			117,563
			Oil, Gas & Consumable Fuels—0.5%
	8,490		Total S.A.			526,483
			Germany—2.2%
			Airlines—0.3%
	23,665		Deutsche Lufthansa AG			377,513
			Automobiles—1.1%
	17,212		Daimler AG (a)			870,998
	3,950		Porsche Automobile Holding SE			275,266
						1,146,264
			Chemicals—0.4%
	7,688		K+S AG			464,036
			Industrial Conglomerates—0.3%
	2,992		Siemens AG			293,405

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Value*
			Metals & Mining—0.1%
	1,548		Salzgitter AG			$147,834
			Multi-Utilities—0.0%
	568		RWE AG			52,141
			Greece—0.1%
			Commercial Banks—0.1%
	4,039		National Bank of Greece S.A. (b)			119,699
			Hong Kong—2.2%
			Airlines—0.3%
	197,000		Cathay Pacific Airways Ltd. (b)			338,370
			Diversified Financial Services—0.1%
	8,000		Hong Kong Exchanges & Clearing Ltd.			142,390
			Electric Utilities—0.2%
	59,000		Cheung Kong Infrastructure Holdings Ltd.			218,791
			Industrial Conglomerates—0.2%
	7,200		Jardine Matheson Holdings Ltd.			212,918
			Marine—0.1%
	10,500		Orient Overseas International Ltd.			47,373
			Paper & Forest Products—0.1%
	28,000		Lee & Man Paper Manufacturing Ltd.			71,329
			Real Estate Management & Development—1.0%
	41,000		Hang Lung Group Ltd.			201,664
	118,000		New World Development Ltd.			242,757
	56,000		Swire Pacific Ltd.—Cl. A			642,178
						1,086,599
			Semiconductors & Semiconductor Equipment—0.1%
	16,500		ASM Pacific Technology Ltd.			134,656
			Specialty Retail—0.1%
	19,500		Esprit Holdings Ltd.			131,171
			Ireland—0.0%
			Banks—0.0%
	20,740		Anglo Irish Bank Corp. PLC (b) (c)			311
			Insurance—0.0%
	9,738		Irish Life & Permanent PLC (b)			47,765
			Italy—0.7%
			Electric Utilities—0.3%
	54,358		Enel SpA			326,242
			Household Durables—0.2%
	14,735		Indesit Co. SpA (b)			166,458
			Oil, Gas & Consumable Fuels—0.2%
	13,395		ENI SpA			332,251
			Japan—5.1%
			Auto Components—0.1%
	5,800		Tokai Rika Co., Ltd.			119,077
			Commercial Banks—0.4%
	169,000		Hokuhoku Financial Group, Inc.			394,177
			Computers & Peripherals—0.1%
	13,000		Toshiba Corp.			68,748
			Consumer Finance—0.1%
	490		ORIX Corp.			33,895
	13,600		Promise Co., Ltd.			90,714
						124,609
			Diversified Telecommunication—0.1%
	2,100		Nippon Telegraph & Telephone Corp.			90,686
			Electronic Equipment, Instruments—0.3%
	3,500		FUJIFILM Holdings Corp.			95,240
	5,500		Mitsumi Electric Co., Ltd.			85,679
	23,000		Nippon Chemi-Con Corp. (b)			66,651
	14,000		Star Micronics Co., Ltd.			100,687
						348,257
			Health Care Equipment & Supplies—0.2%
	7,000		Olympus Corp.			212,021
			Household Durables—0.3%
	13,300		Sony Corp.			356,607
			Leisure Equipment & Products—0.5%
	5,000		Nikon Corp.			90,262
	7,900		Sankyo Co., Ltd.			444,383
						534,645
			Machinery—0.2%
	5,000		Glory Ltd.			106,647
	4,700		Shima Seiki Manufacturing Ltd.			89,756
						196,403
			Marine—0.4%
	71,000		Mitsui OSK Lines Ltd.			396,022
	32,000		Nippon Yusen KK			99,521
						495,543
			Metals & Mining—0.4%
	4,300		JFE Holdings, Inc.			141,100
	43,000		Nippon Steel Corp.			159,759
	56,000		Sumitomo Metal Industries Ltd.			141,917
						442,776
			Pharmaceuticals—0.2%
	6,000		Chugai Pharmaceutical Co., Ltd.			114,159
	3,300		Daiichi Sankyo Co., Ltd.			64,655
						178,814
			Real Estate Management & Development—0.1%
	2,000		Daito Trust Construction Co., Ltd.			94,865
			Road & Rail—0.1%
	1,700		East Japan Railway Co.			119,914
			Software—0.1%
	300		Nintendo Co., Ltd.			73,626
			Specialty Retail—0.0%
	3,000		Aoyama Trading Co., Ltd.			39,585
			Tobacco—0.0%
	16		Japan Tobacco, Inc.			47,488
			Trading Companies & Distribution—1.3%

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Value*
	54,000		ITOCHU Corp.			$369,793
	70,000		Marubeni Corp.			368,991
	26,000		Mitsui & Co., Ltd.			343,576
	36,900		Sumitomo Corp.			362,722
						1,445,082
			Wireless Telecommunication Services—0.2%
	50		KDDI Corp.			270,858
			Luxembourg—0.1%
			Metals & Mining—0.1%
	3,088		ArcelorMittal			121,091
			Netherlands—0.1%
			Diversified Financial Services—0.1%
	14,541		ING Groep NV (b)			135,440
			New Zealand—0.1%
			Construction Materials—0.1%
	27,259		Fletcher Building Ltd.			152,775
			Norway—0.5%
			Chemicals—0.4%
	10,500		Yara International ASA			451,564
			Energy Equipment & Services—0.1%
	3,400		TGS Nopec Geophysical Co. ASA (b)			55,641
			Singapore—1.1%
			Airlines—0.4%
	40,000		Singapore Airlines Ltd.			384,486
			Commercial Banks—0.2%
	36,000		Oversea-Chinese Banking Corp.			218,128
			Distributors—0.3%
	17,000		Jardine Cycle & Carriage Ltd.			298,405
			Electronic Equipment, Instruments—0.1%
	26,000		Venture Corp. Ltd.			153,940
			Real Estate Management & Development—0.1%
	71,000		Wing Tai Holdings Ltd.			83,685
			Transportation Infrastructure—0.0%
	29,200		Singapore Airport Terminal Services Ltd.			53,794
			Spain—1.6%
			Construction & Engineering—0.5%
	9,221		ACS Actividades de Construccion y Servicios S.A.			459,318
	2,822		Sacyr Vallehermoso S.A. (b)			39,032
						498,350
			Diversified Telecommunication—1.1%
	45,274		Telefonica S.A.			1,301,330
			Sweden—1.5%
			Commercial Banks—0.2%
	19,000		Nordea Bank AB			197,614
	4,200		Swedbank AB (b)			40,358
						237,972
			Household Durables—0.1%
	5,400		Electrolux AB (b)			132,263
			Machinery—0.4%
	20,200		Sandvik AB			238,239
	16,000		Trelleborg AB—Cl. B (b)			109,468
	14,200		Volvo AB—Cl. B			135,213
						482,920
			Specialty Retail—0.8%
	13,200		Hennes & Mauritz AB—Cl. B			780,344
			Switzerland—1.3%
			Biotechnology—0.3%
	5,878		Actelion Ltd. (b)			346,200
			Capital Markets—0.1%
	2,773		Credit Suisse Group AG			144,606
			Insurance—0.7%
	3,450		Zurich Financial Services AG (a)			746,487
			Textiles, Apparel & Luxury Goods—0.2%
	656		Swatch Group AG			165,806
			United Kingdom—7.3%
			Aerospace & Defense—0.1%
	11,929		BAE Systems PLC			64,356
			Capital Markets—0.1%
	17,856		3i Group PLC			79,517
			Commercial Banks—0.5%
	50,729		Barclays PLC			247,309
	18,343		Lloyds TSB Group PLC (b)			16,730
	51,937		Royal Bank of Scotland Group PLC (b)			28,553
	9,470		Standard Chartered PLC			231,568
						524,160
			Commercial Services & Supplies—0.1%
	13,579		Aggreko PLC			164,652
			Food & Staples Retailing—0.4%
	92,742		WM Morrison Supermarkets PLC (a)			419,726
			Industrial Conglomerates—0.1%
	4,961		Cookson Group PLC (b)			31,618
	4,730		Smiths Group PLC			74,270
						105,888
			Insurance—0.6%
	253,484		Old Mutual PLC (b)			473,810
	45,432		Standard Life PLC			155,881
						629,691

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Value*
			Machinery—0.2%
	17,900		Charter International PLC			$213,506
			Metals & Mining—1.6%
	6,416		Anglo American PLC (b)			275,629
	36,554		BHP Billiton PLC (a)			1,121,956
	5,372		Rio Tinto PLC			272,939
	4,527		Xstrata PLC (b)			80,061
						1,750,585
			Multiline Retail—0.8%
	26,858		Marks & Spencer Group PLC			170,379
	21,928		Next PLC			713,406
						883,785
			Oil, Gas & Consumable Fuels—1.9%
	16,993		BG Group PLC			308,175
			Royal Dutch Shell PLC,
	16,201		Class A			479,718
	45,399		Class B (a)			1,299,620
						2,087,513
			Professional Services—0.1%
	14,108		Michael Page International PLC			77,818
			Specialty Retail—0.1%
	72,326		Galiform PLC (b)			95,103
	16,621		Game Group PLC			41,526
						136,629
			Tobacco—0.4%
	14,650		British American Tobacco PLC (a)			444,999
			Wireless Telecommunication Services—0.3%
	165,068		Vodafone Group PLC			371,476
			United States—45.3%
			Aerospace & Defense—1.7%
	10,300		L-3 Communications Holdings, Inc.			807,211
	16,850		United Technologies Corp.			1,132,994
						1,940,205
			Auto Components—0.8%
	31,200		Johnson Controls, Inc.			843,960
			Automobiles—1.0%
	130,434		Ford Motor Co. (b)			1,159,558
			Beverages—3.2%
	40,985		Coca-Cola Co.			2,344,342
	15,600		Molson Coors Brewing Co.—Cl. B			705,276
	7,600		PepsiCo, Inc.			472,872
						3,522,490
			Biotechnology—0.9%
	22,800		Gilead Sciences, Inc. (b)			1,049,940
			Capital Markets—1.1%
	31,248		Lazard Ltd.—Cl. A			1,211,173
			Communications Equipment—3.4%
	44,800		Cisco Systems, Inc. (b)			1,048,321
	5,984		EchoStar Corp.—Cl. A (b)			116,269
	21,200		Harris Corp.			930,680
	5,266		Harris Stratex Networks, Inc.—Cl. A (b)			33,070
	34,200		Juniper Networks, Inc. (b)			893,646
	17,000		Qualcomm, Inc.			765,000
						3,786,986
			Computers & Peripherals—2.9%
	7,036		Apple, Inc. (b)			1,406,567
	51,700		EMC Corp. (b)			870,111
	7,500		International Business Machines Corp.			947,625
						3,224,303
			Diversified Financial Services—1.0%
	24,837		JP Morgan Chase & Co.			1,055,324
			Diversified Telecommunication Services—0.8%
	28,200		Verizon Communications, Inc.			887,172
			Electric Utilities—1.0%
	13,855		Entergy Corp.			1,089,696
			Electronic Equipment, Instruments & Components—0.5%
	14,000		Amphenol Corp.—Cl. A			576,800
			Energy Equipment & Services—2.0%
	9,700		Diamond Offshore Drilling, Inc.			965,538
	11,600		National Oilwell Varco, Inc.			499,032
	11,800		Schlumberger Ltd.			753,902
						2,218,472
			Food Products—0.6%
	20,500		Archer-Daniels-Midland Co.			631,605
			Health Care Equipment & Supplies—1.7%
	15,600		Baxter International, Inc.			850,980
	3,680		Intuitive Surgical, Inc. (b)			1,032,387
						1,883,367
			Health Care Providers & Services—2.7%
	23,000		CIGNA Corp.			737,840
	21,900		McKesson Corp.			1,358,238
	14,600		Medco Health Solutions, Inc. (b)			922,136
						3,018,214
			Hotels Restaurants & Leisure—0.9%
	15,000		McDonald’s Corp.			948,750
			Household Products—0.9%
	16,500		Procter & Gamble Co.			1,028,775
			Independent Power Producers & Energy Traders—1.2%
	12,500		Constellation Energy Group, Inc.			397,750
	38,461		NRG Energy, Inc. (b)			920,756
						1,318,506

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Value*
			Industrial Conglomerates—1.3%
	62,026		General Electric Co.			$993,657
	20,200		Textron, Inc.			405,010
						1,398,667
			Insurance—1.7%
	46,000		Genworth Financial, Inc.—Cl. A (b)			495,420
	11,760		MetLife, Inc.			402,074
	12,700		Prudential Financial, Inc.			633,095
	19,230		XL Capital Ltd.—Cl. A			352,102
						1,882,691
			Internet Software & Services—1.1%
	2,000		Google, Inc.—Cl. A (b)			1,166,000
			Machinery—2.1%
	18,700		AGCO Corp. (b)			566,797
	14,200		Deere & Co.			759,842
	18,600		Joy Global, Inc.			995,844
						2,322,483
			Media—0.6%
	29,919		DISH Network Corp.—Cl. A			619,622
			Metals & Mining—1.3%
	17,550		Freeport-McMoRan Copper & Gold, Inc. (b)			1,453,140
			Multiline Retail—0.8%
	19,500		Target Corp.			907,920
			Oil, Gas & Consumable Fuels—0.9%
	5,500		Occidental Petroleum Corp.			444,345
	5,900		Peabody Energy Corp.			262,314
	18,800		Valero Energy Corp.			298,732
						1,005,391
			Pharmaceuticals—3.5%
	16,000		Abbott Laboratories			871,840
	43,300		Bristol-Myers Squibb Co.			1,095,923
	18,224		Johnson & Johnson			1,145,196
	21,200		Merck & Co., Inc.			767,652
						3,880,611
			Semiconductors & Semiconductor Equipment—1.6%
	48,000		Intel Corp.			921,600
	33,900		Texas Instruments, Inc.			857,331
						1,778,931
			Software—2.1%
	35,700		Microsoft Corp.			1,049,937
	55,200		Oracle Corp.			1,218,815
						2,268,752
			Total Common Stock (cost- $128,986,938)			84,803,413

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Shares					Credit Rating
(000)					(Moody’s/S&P)		Value*
CONVERTIBLE PREFERRED STOCK— 12.5%
			Automobiles — 0.3%
	60		General Motors Corp., 6.25%, 7/15/33, Ser. C		WR/NR			$292,200
			Capital Markets — 0.2%
			Lehman Brothers Holdings, Inc. (c) (d) (e),
	42		6.00%, 10/12/10, Ser. GIS (General Mills, Inc.)		WR/NR			135,833
	9		28.00%, 3/6/09, Ser. RIG (Transocean, Inc.)		WR/NR			126,771
								262,604
			Chemicals — 0.4%
	12		Celanese Corp., 4.25%, 12/31/49		NR/NR			448,636
			Commercial Banks — 0.4%
	2		Fifth Third Bancorp, 8.50%, 12/31/49, Ser. G		Baa3/BB			207,264
	-(j)		Wells Fargo & Co., 7.50%, 12/31/49, Ser. L		Ba1/A-			223,000
								430,264
			Commercial Services & Supplies — 1.0%
	6		Avery Dennison Corp., 7.875%, 11/15/20		NR/BB+			245,160
	29		United Rentals, Inc., 6.50%, 8/1/28		Caa2/CCC			844,625
								1,089,785
			Consumer Finance — 0.5%
	1		SLM Corp., 7.25%, 12/15/10		Ba3/BB-			543,600
			Diversified Financial Services — 2.0%
	1		Bank of America Corp., 7.25%, 12/31/49, Ser. L		Ba3/B			745,938
	29		Vale Capital Ltd., 5.50%, 6/15/10,
			Ser. RIO (Compania Vale do Rio Doce) (e)		NR/NR			1,517,424
								2,263,362
			Electric Utilities — 1.2%
	30		AES Trust III, 6.75%, 10/15/29		B3/B			1,369,500
			Food Products — 0.8%
	10		Bunge Ltd., 4.875%, 12/31/49		Ba1/BB			862,500
			Insurance — 0.8%
	5		Assured Guaranty Ltd., 8.50%, 6/1/12		NR/NR			486,772
	14		XL Capital Ltd., 10.75%, 8/15/11		Baa2/BBB-			386,066
								872,838
			Machinery — 1.1%
	1		Stanley Works, 5.125%, 5/17/12, VRN		A3/BBB+			1,199,100
			Oil, Gas & Consumable Fuels — 0.5%
	7		Chesapeake Energy Corp., 5.00%, 12/31/49		NR/B			549,400
			Pharmaceuticals — 1.5%
	5		Merck & Co., Inc., 6.00%, 8/13/10		A2/A-			1,204,837
	-(j)		Mylan, Inc., 6.50%, 11/15/10		NR/B			417,079
								1,621,916
			Real Estate Investment Trusts (REIT)— 0.6%
	60		FelCor Lodging Trust, Inc., 1.95%, 12/31/49, Ser. A		Caa3/C			645,600
			Wireless Telecommunication Services — 1.2%
	23		Crown Castle International Corp., 6.25%, 8/15/12		NR/NR			1,313,813
			Total Convertible Preferred Stock (cost-$20,463,186)					13,765,118
Principal
Amount
(000)
CONVERTIBLE BONDS & NOTES — 7.4%
			Auto Components — 0.4%
	$325		BorgWarner, Inc., 3.50%, 4/15/12		NR/BBB			387,563
			Commercial Services & Supplies — 0.6%
	650		Bowne & Co., Inc., 6.00%, 10/1/33 (f)		B3/CCC+			622,375
			Communications Equipment — 0.4%
	810		Nortel Networks Corp., 2.125%, 4/15/14 (d)		WR/NR			492,075
			Computers & Peripherals — 1.3%
	1,400		Maxtor Corp., 6.80%, 4/30/10		Ba3/NR			1,434,999
			Electrical Equipment — 0.8%
	400		EnerSys, 3.375%, 6/1/38 (f)		B2/BB			355,000
	785		JA Solar Holdings Co., Ltd., 4.50%, 5/15/13		NR/NR			584,825
								939,825
			Energy Equipment & Services — 0.3%
	375		Hornbeck Offshore Services, Inc., 1.625%, 11/15/26 (f)		NR/BB-			316,875
			Internet Software & Services — 0.2%
	275		VeriSign, Inc., 3.25%, 8/15/37		NR/NR			230,313
			IT Services — 0.6%
	650		Alliance Data Systems Corp., 1.75%, 8/1/13		NR/NR			639,438
			Multi-Utilities — 1.1%
	425		PG&E Corp., 9.50%, 6/30/10		NR/NR			1,227,188
			Pharmaceuticals — 0.5%
	450		Biovail Corp., 5.375%, 8/1/14 (g) (h)		NR/NR			532,688
			Real Estate Investment Trusts (REIT)— 0.4%
	500		Developers Diversified Realty Corp., 3.00%, 3/15/12		NR/BB			459,375
			Semiconductors & Semiconductor Equipment — 0.8%
	450		Advanced Micro Devices, Inc., 5.75%, 8/15/12		NR/B-			442,688
	275		Micron Technology, Inc., 4.25%, 10/15/13		NR/NR			453,750
								896,438
			Total Convertible Bonds & Notes (cost-$8,804,750)					8,179,152

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments

November 30, 2009 (unaudited)

Principal
Amount					Credit Rating
(000)					(Moody’s/S&P)		Value*
CORPORATE BONDS & NOTES— 0.4%
			Banks—0.4%
			General Motors Acceptance Corp. LLC (g) (h),
	$260		7.50%, 12/31/13		Ca/CCC			$241,800
	312		8.00%, 12/31/18		Ca/CC			262,080
			Total Corporate Bonds & Notes (cost-$833,838)					503,880
Shares
RIGHTS (b) — 0.1%
			Germany—0.0%
			Chemicals—0.0%
	7,688		K+S AG					25,740
			Netherlands—0.1%
			Diversified Financial Services—0.1%
	14,541		ING Groep NV					36,021
			United Kingdom—0.0%
			Commercial Banks—0.0%
	24,579		Lloyds TSB Group PLC					7,160
			Total Rights (cost-$208,094)					68,921
Principal
Amount
(000)
SHORT-TERM INVESTMENT—2.8%
			Time Deposit — 2.8%
	$3,063		Citibank-London, 0.03%, 12/1/09 (cost-$3,062,584)					3,062,584
			Total Investments, before call options written
			(cost-$162,359,390)— 99.9%					110,383,068
Contracts
CALL OPTIONS WRITTEN (b) — (0.1)%
	5,000		Apple, Inc., strike price $210, expires 12/19/09					(9,700	)
	245		DAX Index, OTC, strike price €5,959, expires 12/18/09					(11,787	)
	1,900		Dow Jones € Stoxx 50 Price Index, OTC, strike price €2,982, expires 12/18/09					(39,568	)
	5,500		Freeport-McMoRan Copper & Gold, Inc., strike price $90, expires 12/19/09					(4,235	)
	775		FTSE 100 Index, OTC, strike price £5,526, expires 12/18/09					(20,643	)
	5,000		International Business Machines Corp., strike price $130, expires 12/19/09					(3,900	)
	13,000		Joy Global, Inc., strike price $60, expires 12/19/09					(7,800	)
	15,000		McKesson Corp., strike price $65, expires 12/19/09					(5,250	)
	10,000		Medco Health Solutions, Inc., strike price $65, expires 12/19/09					(7,000	)
	41,800		NIKKEI 225 Index, OTC, strike price ¥10,231, expires 12/11/09					(801	)
	12,650		OMX Stockholm 30 Index, OTC, strike price SEK 998, expires 12/18/09					(9,983	)
	675		S&P ASX 200 Index, OTC, strike price AUD 4,999, expires 12/17/09					(3,139	)
			Total Call Options Written (premiums received-$182,275)					(123,806	)
			Total Investments, net of call options written
			(cost-$162,177,115) (i)—99.8%					110,259,262
			Other assets less other liabilities—0.2%					272,919
			Net Assets—100.0%					$110,532,181

Notes to Schedule of Investments:
*	Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services.
	Portfolio securities and other financial instruments for which market quotations are not readily available or for whch a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees or persons acting at their discretion pursuant to procedures established by the Board of Trustees. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Synthetic convertible securities are valued based on quotations obtained from unaffiliated brokers who are the principal market-makers in such securities. Such valuations are derived by the brokers from proprietary models which are generally based on readily available market information including valuations of the common stock underlying the synthetic security, and the volatility observed in the market on such common stocks. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Investments initially valued in currencies other than U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the Net Asset Value (“NAV”) of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed and the NAV may change on a day when an investor is not able to purchase or sell shares. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold and these differences could be material. The Fund’s NAV is normally determined as of the close of regular trading (normally 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

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The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund’s NAV is calculated. With respect to certain foreign securities, the Fund may fair-value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund.

(a)	All or partial amount segregated as collateral for call options written.
(b)	Non-income producing.
(c)	Fair-Valued—Securities with an aggregate value of $262,915, representing 0.24% of net assets.
(d)	In default.
(e)	Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer. Such entity is identified in the parenthetical.
(f)	Step Bond: Coupon is a fixed rate for an initial period then resets at a specific date and rate.
(g)	144A —Exempt from registration under Rule 144A of the Securities Act of 1933.
	These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(h)	Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate market value of $1,036,568, representing 0.94% of net assets.
(i)	Securities with an aggregate value of $34,061,359, representing 30.82% of net assets, were valued utilizing modeling tools provided by a third-party vendor.
(j)	Amount less than 500.

Glossary:

€ — Euros

£ — Great British Pound

¥ — Japanese Yen

AUD — Australian Dollar

NR — Not Rated

OTC — Over-the-Counter

REIT — Real Estate Investment Trust

SEK — Swedish Krona

VRN — Variable Rate Note. Instruments whose interest rate change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2009.

WR — Withdrawn Rating

Other Investments:

Transactions in call options written for the three months ended November 30, 2009:

		Contracts		Premiums
Options outstanding, August 31, 2009		92,365		$328,562
Options written		393,260		751,334
Options terminated in closing purchase transactions		(22,915	)	(133,604	)
Options expired		(351,165	)	(764,017	)
Options outstanding, November 30, 2009		111,545		$182,275

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

	●	Level 1 — quoted prices in active markets for identical investments that the Fund has the ability to access
	●	Level 2 — valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges
	●	Level 3 — valuations based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique used.

The valuation techniques used by the Fund to measure fair value during the three months ended November 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs. When fair-valuing securities, the Fund utilized multi-dimensional relational pricing models and the estimation of the price that would have prevailed in a liquid market for international equities given information available at the time of evaluation.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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A summary of the inputs used at November 30, 2009 in valuing the Fund’s assets and liabilities is listed below:

					Level 2-		Level 3-
					Other Significant		Significant
			Level 1-		Observable		Observable		Value at
			Quoted Prices		Inputs		Inputs		11/30/09
Investments in Securities - Assets
Common Stock:
	Australia		-		$3,480,061		-		$3,480,061
	Austria		-		134,923		-		134,923
	Belgium		-		177,074		-		177,074
	China		-		199,929		-		199,929
	Denmark		-		130,460		-		130,460
	Finland		-		267,207		-		267,207
	France		-		3,396,631		-		3,396,631
	Germany		-		2,481,193		-		2,481,193
	Greece		-		119,699		-		119,699
	Hong Kong		-		2,383,597		-		2,383,597
	Ireland		-		47,765		$311		48,076
	Italy		-		824,951		-		824,951
	Japan		-		5,653,781		-		5,653,781
	Luxembourg		-		121,091		-		121,091
	New Zealand		-		152,775		-		152,775
	Norway		-		507,205		-		507,205
	Singapore		-		1,192,438		-		1,192,438
	Spain		-		1,799,680		-		1,799,680
	Sweden		-		1,633,499		-		1,633,499
	Switzerland		-		1,403,099		-		1,403,099
	United Kingdom		-		7,954,301		-		7,954,301
	All other		$50,741,743		-		-		50,741,743
Convertible Preferred Stock:
	Capital Markets		-		-		262,604		262,604
	Consumer Finance		-		543,600		-		543,600
	All other		12,958,914		-		-		12,958,914
Convertible Bonds & Notes			-		8,179,152		-		8,179,152
Corporate Bonds & Notes			-		503,880		-		503,880
Rights			68,921		-		-		68,921
Short-Term Instrment			-		3,062,584		-		3,062,584
Total Investments in Securities - Assets			$63,769,578		$46,350,575		$262,915		$110,383,068
Investments in Securities - Liabilities
Call Options Written			$(37,885	)	$(85,921	)	-		$(123,806	)
Total Investments			$63,731,693		$46,264,654		$262,915		$110,259,262

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended November 30, 2009, was as follows:

								Total		Total Change
		Beginning		Net Purchases				Realized		in Unrealized		Transfers in		Ending
		Balance		(Sales) and		Accrued		Gain		Appreciation		and/or out		Balance
		8/31/09		Settlements		Discounts		(Loss)		(Depreciation)		of Level 3		11/30/09
Investments in Securities - Assets
Common Stock:
Ireland		$298		-		-		-		$13		-		$311
Convertible Preferred Stock:
Capital Markets		262,604		-		-		-		-		-		262,604
Total Investments in Securities - Assets		$262,902		-		-		-		$13		-		$262,915

The net change in unrealized appreciation/depreciation of investments, which the Fund held at November 30, 2009, was $13.

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Item 2. Controls and Procedures

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits

     (a) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Nicholas-Applegate Global Equity & Convertible Income Fund

By  /s/ Brian S. Shlissel
President & Chief Executive Officer

Date: January 20, 2010

By  /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: January 20, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By  /s/ Brian S. Shlissel
President & Chief Executive Officer

Date: January 20, 2010

By  /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: January 20, 2010

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