Nicholas-Applegate Convertible & Income Fund II Reports Results for the Fiscal Quarter Ended September 30, 2005


NEW YORK, Dec. 1, 2005 (PRIMEZONE) -- Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE:NCZ), a 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 ended September 30, 2005.



                                       At September 30,
                                   2005               2004
                               --------------    --------------

 Net Assets(a)                 $1,378,426,371    $1,344,392,689
 Common Shares Outstanding         57,377,578        56,462,399
 Net Asset Value ("NAV")               $15.22            $14.87
 Market Price                          $14.94            $14.85
 Discount to NAV                        (1.84)%           (0.13)%

 (a) Net assets are inclusive of
     $505 million Preferred shares issuance.



                                  Quarter ended September 30,
                                   2005               2004
                            ---------------        -------------
 Net Investment Income      $19,250,330 (b)         $20,162,186
 Per Common Share                 $0.34 (b)               $0.35
 Net Realized and Change
  in Unrealized Gain (Loss) $39,700,929 (b)        $(16,295,035)
 Per Common Share                 $0.69 (b)              $(0.29)
 3 Month Average
  Undistributed 
  Net Investment Income
  Per Common Share              $0.1318 (c)                 N/A


 (b) The information provided is in accordance with generally accepted
     accounting principles ("GAAP"), which requires the Fund to treat
     amounts received under interest rate cap agreements as net
     realized gain (loss). However, these amounts are treated as net
     income (loss) for federal income tax purposes. By using GAAP, Net
     Investment Income for the fiscal quarter ended September 30, 2005
     was $2,105,416 ($0.04 per common share) lower and Net Realized
     and Change in Unrealized Gain (Loss), correspondingly higher than
     if payments received from interest rate cap agreements were
     treated as net income (loss) in accordance with federal income
     tax treatment. In addition, the fiscal quarter figures include
     amortization of market premium of $2,567,090 ($0.04 per common
     share). For tax purposes, the Fund has elected not to amortize
     market premium.

 (c) Calculated using the month-end tax-basis balances for the three
     months ended September 30, 2005. Please note that generally there
     is a close correlation between what the Fund earns (net of
     expenses) and what it pays in monthly dividends. However, since
     net earning rates fluctuate from month to month while monthly
     dividends have remained relatively stable, there will be periods
     when the Fund may modestly over-earn or under-earn its monthly
     dividend which would have the effect of adding to or subtracting
     from the Fund's undistributed net investment income balance. Fund
     management analyzes the 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 undistributed net investment income
     balance will remain constant. This figure is inclusive of amounts
     received under interest rate cap agreements, in accordance with
     federal income tax treatment and excludes market premium which
     the Fund, for tax purposes, has elected not to amortize.

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 price, net asset value per share, as well as other information is available at www.allianzinvestors.com/closedendfunds or by calling the Fund's transfer agent at (800) 331-1710.

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. In making an investment decision, individuals should utilize other information sources and the advice of their own professional advisor.



            

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