NGZ Allianzgi Global Equity & Convertible Income Fund

Allianz Global Investors Fund Management LLC (“AGIFM”), investment manager to Nicholas-Applegate Convertible & Income Fund (NYSE:NCV), Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ), Nicholas-Applegate International & Premium Strategy Fund (NYSE:NAI), Nicholas-Applegate Equity & Convertible Income Fund (NYSE:NIE) and Nicholas-Applegate Global Equity & Convertible Income Fund (NYSE:NGZ) (each a “Fund” and, collectively, the “Funds”) announced that, effective on or about August 25, 2010, the Portfolio Management Agreements between Nicholas-Applegate Capital Management LLC (“NACM”), the current investment sub-adviser to each Fund, and AGIFM, will be novated from NACM to Allianz Global Investors Capital LLC (“AGIC”), the indirect parent of NACM and an affiliate of AGIFM.

As a result of the novations, AGIC, an investment adviser registered with the Securities and Exchange Commission, will replace NACM to become the investment sub-adviser for each Fund and will be responsible for day-to-day portfolio management. The novations will coincide with a larger corporate reorganization that will transfer the advisory businesses of NACM and its affiliate, Oppenheimer Capital LLC (“OpCap”), to AGIC. Since 2009, AGIC has assumed a number of non-advisory functions from both NACM and OpCap, and the transactions planned for August 2010 mark the last step in the full integration of these businesses under a single name.

The novations of the Portfolio Management Agreements will not result in any change in the investment objective or strategies, portfolio management personnel or responsibilities or fees and expenses of each Fund. In connection with the novations and the substitution of AGIC as sub-adviser for the Funds, the name of each Fund will change, effective on or about August 25, 2010, as indicated in the following list. The New York Stock Exchange ticker symbols for each Fund will remain the same.

  Current Name   Ticker   New Fund Name Nicholas-Applegate Convertible & Income Fund   NCV   AGIC Convertible & Income Fund Nicholas-Applegate Convertible & Income Fund II   NCZ   AGIC Convertible & Income Fund II Nicholas-Applegate International & Premium Strategy Fund   NAI   AGIC International & Premium Strategy Fund Nicholas-Applegate Equity & Convertible Income Fund   NIE   AGIC Equity & Convertible Income Fund Nicholas-Applegate Global Equity & Convertible Income Fund   NGZ   AGIC Global Equity & Convertible Income Fund

The investment objective of NCV and NCZ is to seek total return through a combination of capital appreciation and high current income. NAI seeks total return comprised of current income, current gains and long-term capital appreciation. The investment objective of NIE and NGZ is to seek total return comprised of capital appreciation, current income and gains. There can be no assurance that the Funds will meet their objectives.

AGIFM, 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. The Funds' 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 http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 254-5197.

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 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 their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Each Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement and other governing documents as well as the Investment Company Act of 1940.