UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                    811-21284

Nicholas-Applegate Convertible & Income Fund
(Exact name of registrant as specified in charter)
	1345 Avenue of the Americas,
	New York, NY		10105
	(Address of principal executive offices)		(Zip code)
Lawrence G. Altadonna
1345 Avenue of the Americas,
New York, NY 10105
(Name and address of agent for service)

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

Date of fiscal year end: February 29, 2008

Date of reporting period:            November 30, 2007

Form N-Q is to be used by the registered management investment company, other than a small business investment company 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 30b 1-5 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 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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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 Convertible & Income Fund Schedule of Investments November 30, 2007 (unaudited)
Shares			Credit Rating
(000)			(Moody's/S&P)			Value*
CONVERTIBLE PREFERRED STOCK-43.7%
		Agriculture-2.0%
		Bunge Ltd.,
165		4.875%, 12/31/49	Ba1/BB			$22,797,425
8		5.125%, 12/10/10	NR/BB			8,520,000
						31,317,425
		Automotive-2.0%
		General Motors Corp.,
785		5.25%, 3/6/32, Ser. B	Caa1/B-			15,676,450
700		6.25%, 7/15/33, Ser. C	Caa1/B-			15,400,000
						31,076,450
		Banking-2.1%
227		Washington Mutual Capital Trust, 5.375%, 5/1/41, Ser. UNIT	A3/BBB			7,710,555
181		Wells Fargo Co., 8.00%, 6/1/08, Ser. AAPL (Apple, Inc.) (e)	Aa1/AA+			23,634,980
						31,345,535
		Commercial Services-0.9%
305		United Rentals, Inc., 6.50%, 8/1/28	Caa1/B-			13,373,626
		Electric-4.7%
441		AES Trust III, 6.75%, 10/15/29	B3/B-			21,508,600
342		Entergy Corp., 7.625%, 2/17/09	NR/BBB			24,485,888
68		NRG Energy, Inc., 5.75%, 3/16/09	B2/CCC+			25,117,325
						71,111,813
		Financial Services-13.7%
366		Citigroup Funding, Inc., 4.583%, 9/27/08, Ser. GNW (d)	Aa2/AA			9,540,317
1,216		Eksportfinans AS, 13.00%, 11/1/08, Ser. TWX (Time Warner, Inc.) (e)	Aaa/A+			21,081,079
		Goldman Sachs Group, Inc.,
684		12.00%, 12/12/07, Ser. CSCO (Cisco Systems, Inc.) (e)	Aa3/NR			17,429,121
505		20.00%, 3/6/08, Ser. DISH (Echostar Communications Corp.) (e)	Aa3/NR			17,803,481
281		Lazard Ltd. 6.625%, 5/15/08	Ba1/NR			11,736,871
		Lehman Brothers Holdings, Inc.,
892		6.00%, 10/12/10, Ser. GIS (General Mills, Inc.) (e)	A1/A+			23,012,196
255		8.50%, 8/25/08, Ser. UTX (United Technologies Corp.) (e)	A1/A+			18,254,906
483		20.00%, 2/24/08, Ser. HPQ (Hewlett-Packard Co.) (e)	A1/A+			20,378,879
		Morgan Stanley,
243		20.00%, 12/15/07, Ser. XOM (Exxon Mobil Corp.) (e)	Aa3/AA-			17,665,374
554		20.00%, 1/31/08, Ser. T (AT&T, Inc.) (e)	Aa3/AA-			18,114,596
36		20.00%, 3/8/08, Ser. GOOG (Google, Inc.) (e)	Aa3/NR			16,660,511
554		20.00%, 3/24/08, Ser. DIS (The Walt Disney Co.) (e)	Aa3/NR			16,181,329
						207,858,660
		Hand/Machine Tools-1.1%
18		Stanley Works, 7.145%, 5/17/12 (d)	A2/A			17,224,025
		Insurance-5.7%
18		Fortis Insurance NV, 7.75%, 1/26/08 (a) (b)	Aa3/A+			29,278,116
629		Metlife, Inc., 6.375%, 8/15/08	NR/BBB+			20,473,728
687		Platinum Underwriters Holdings Ltd., 6.00%, 2/15/09, Ser. A	NR/BB+			22,756,875
687		XL Capital Ltd., 7.00%, 2/15/09	A3/A-			14,720,895
						87,229,614
		Investment Companies-1.6%
356		Vale Capital Ltd., 5.50%, 6/15/10, Ser. RIO (Companhia Vale do Rio Doce) (e)	NR/NR			23,996,250
		Metals & Mining-1.6%
169		Freeport-McMoRan Copper & Gold, Inc., 6.75%, 5/1/10	NR/B+			24,601,000
		Oil & Gas-1.6%
203		Chesapeake Energy Corp., 5.00%, 12/31/49	NR/B			23,893,625
		Packaging & Containers-0.6%
193		Owens-Illinois, Inc., 4.75, 12/31/49	Caa1/B-			9,213,362
		Pharmaceuticals-1.2%
66		Schering-Plough Corp., 6.00%, 8/13/10	Baa3/BBB			17,780,062
		Real Estate (REIT)-1.0%
677		FelCor Lodging Trust, Inc., 1.95%, 12/31/49, Ser. A	B2/B-			14,781,312

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Nicholas-Applegate Convertible & Income Fund Schedule of Investments November 30, 2007 (unaudited)
Shares			Credit Rating
(000)			(Moody's/S&P)			Value*
		Sovereign-1.5%
511		Svensk Exportkredit AB, 10.00%, 10/20/08, Ser. TEVA (Teva Pharmaceutical Industries Ltd.) (e)	Aa1/AA+			$22,633,209
		Telecommunications-1.3%
330		Crown Castle International Corp., 6.25%, 8/15/12	NR/NR			19,965,000
		Waste Disposal-1.1%
57		Allied Waste Industries, Inc., 6.25%, 3/1/08, Ser. D	B3/B			16,661,625
		Total Convertible Preferred Stock (cost-$639,092,264)				664,062,593
CORPORATE BONDS & NOTES-41.2%
Principal
Amount
(000)
		Advertising-0.7%
$10,700		Affinion Group, Inc., 11.50%, 10/15/15	Caa1/B-			10,726,750
		Apparel-0.3%
3,990		Levi Strauss & Co., 9.75%, 1/15/15	B2/B+			4,024,912
		Automotive-2.9%
6,470		Accuride Corp., 8.50%, 2/1/15	B3/B-			5,596,550
3,615		American Axle & Manufacturing, Inc., 7.875%, 3/1/17	Ba3/BB			3,361,950
13,215		Exide Technologies, 10.50%, 3/15/13, Ser. B	Caa1/CCC+			12,686,400
12,875		General Motors Corp., 8.375%, 7/15/33	Caa1/B-			10,750,625
10,890		Goodyear Tire & Rubber Co., 11.00%, 3/1/11	Ba3/B+			11,652,300
						44,047,825
		Chemicals-1.5%
13,210		Georgia Gulf Corp., 10.75%, 10/15/16	B3/CCC+			9,180,950
7,403		Huntsman LLC, 11.625%, 10/15/10	Ba1/BB+			7,865,688
6,165		Momentive Performance Materials, Inc., 9.75%, 12/1/14 (a) (b)	B3/B-			5,748,863
						22,795,501
		Coal-0.4%
6,280		James River Coal Co., 9.375%, 6/1/12	Ca/CC			5,557,800
		Commercial Services-1.5%
12,965		Cenveo Corp., 7.875%, 12/1/13	B3/B-			11,603,675
11,060		Hertz Corp., 10.50%, 1/1/16	B2/B			11,502,400
						23,106,075
		Computers-0.6%
10,325		Unisys Corp., 8.00%, 10/15/12	B2/B+			9,318,312
		Electric-2.6%
13,025		AES Corp., 9.50%, 6/1/09	B1/B			13,497,156
7,560		Energy Future Holdings Corp., 10.875%, 11/1/17 (a) (b)	B3/CCC+			7,446,600
12,630		PSEG Energy Holdings LLC, 10.00%, 10/1/09	Ba3/BB-			13,367,554
5,400		Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/1/15 (a) (b)	B3/CCC			5,224,500
						39,535,810
		Electronics-0.8%
12,170		Stoneridge, Inc., 11.50%, 5/1/12	B2/B			12,595,950
		Financial Services-2.7%
8,725		AMR Holdings Co., 10.00%, 2/15/15	B1/B-			9,379,375
11,230		E*Trade Financial Corp., 8.00%, 6/15/11	Ba3/B			8,647,100
10,795		Ford Motor Credit Co., 7.00%, 10/1/13	B1/B			9,439,008
9,990		KAR Holdings, Inc., 8.75%, 5/1/14 (a) (b)	B3/CCC			9,290,700
3,655		MedCath Holdings Corp., 9.875%, 7/15/12	Caa1/B-			3,837,750
						40,593,933
		Healthcare-1.1%
6,735		Alliance Imaging, Inc., 7.25%, 12/15/12	B3/B-			6,297,225
9,015		Hanger Orthopedic Group, Inc., 10.25%, 6/1/14	Caa1/CCC+			9,285,450
1,350		Psychiatric Solutions, Inc., 7.75%, 7/15/15	B3/B-			1,323,000
						16,905,675
		Home Furnishings-0.8%
11,370		Central Garden & Pet Co., 9.125%, 2/1/13	Caa1/B-			10,176,150
2,050		Jarden Corp., 7.50%, 5/1/17	B3/B-			1,855,250
						12,031,400

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Nicholas-Applegate Convertible & Income Fund Schedule of Investments November 30, 2007 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)			Value*
		Manufacturing-1.9%
$13,310		Harland Clarke Holdings Corp., 9.50%, 5/15/15	Caa1/B-			$11,513,150
5,390		Polypore, Inc., 8.75%, 5/15/12	Caa1/CCC+			5,295,675
11,865		Sally Holdings LLC, 10.50%, 11/15/16	Caa1/CCC+			11,865,000
						28,673,825
		Metals & Mining-1.4%
8,310		PNA Group, Inc., 10.75%, 9/1/16	B3/B-			8,019,150
12,735		RathGibson, Inc., 11.25%, 2/15/14	B3/B-			13,117,050
						21,136,200
		Miscellaneous-0.6%
9,477		Dow Jones CDX High Yield, 10.50%, 12/29/09 (a) (b) (c)	NR/NR			9,950,851
		Multi-Media-2.1%
14,370		CCH I LLC, 11.00%, 10/1/15	Caa2/CCC			12,573,750
1,900		Idearc, Inc., 8.00%, 11/15/16	B2/B+			1,786,000
8,220		Mediacom LLC, 9.50%, 1/15/13	B3/B			7,685,700
10,835		Sirius Satellite Radio, Inc., 9.625%, 8/1/13	Caa2/CCC			10,537,038
						32,582,488
		Office Furnishings-0.8%
		Interface, Inc.,
5,375		9.50%, 2/1/14	B3/B-			5,616,875
6,600		10.375%, 2/1/10	B1/B+			6,946,500
						12,563,375
		Paper Products-1.2%
5,525		Neenah Paper, Inc., 7.375%, 11/15/14	B2/B+			5,165,875
12,945		NewPage Corp., 12.00%, 5/1/13	B3/CCC+			13,592,250
						18,758,125
		Pharmaceuticals-0.5%
8,530		Leiner Health Products, Inc., 11.00%, 6/1/12	Ca/CCC-			6,781,350
		Pipelines-0.5%
8,100		Dynegy Holdings, Inc., 7.75%, 6/1/19	B2/B-			7,330,500
		Retail-6.1%
13,640		Bon-Ton Stores, Inc., 10.25%, 3/15/14	B3/CCC+			10,980,200
13,480		Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/14	B3/CCC+			11,997,200
13,475		Claire's Stores, Inc., 10.50%, 6/1/17 (a) (b)	Caa2/CCC+			8,624,000
8,405		El Pollo Loco Finance Corp., 11.75%, 11/15/13	Caa1/CCC			8,194,875
12,825		Michaels Stores, Inc., 10.00%, 11/1/14	B2/CCC			12,696,750
13,355		Neiman-Marcus Group, Inc., 10.375%, 10/15/15	B3/B			14,256,462
4,695		R.H. Donnelley, Inc., 8.875%, 1/15/16	B3/B			4,460,250
12,840		Rite Aid Corp., 8.625%, 3/1/15	Caa1/CCC+			10,914,000
10,900		Star Gas Partners L.P., 10.25%, 2/15/13, Ser. B	Caa3/CCC			11,390,500
						93,514,237
		Semi-Conductors-0.7%
12,405		Freescale Semiconductor, Inc., 10.125%, 12/15/16	B2/B-			10,699,312
		Software-0.8%
12,395		First Data Corp., 9.875%, 9/24/15 (a) (b)	B3/B-			11,542,844
		Telecommunications-6.8%
9,705		Centennial Cellular Operating Co., 10.125%, 6/15/13	B2/CCC+			10,190,250
5,195		Centennial Communications Corp., 10.00%, 1/1/13	Caa1/CCC+			5,428,775
2,695		Cricket Communications, Inc., 9.375%, 11/1/14	Caa1/CCC			2,519,825
13,560		Hawaiian Telcom Communications, Inc., 12.50%, 5/1/15, Ser. B	Caa1/CCC			14,034,600
12,400		Intelsat Bermuda Ltd., 11.25%, 6/15/16	Caa1/B-			12,896,000
13,555		Level 3 Financing, Inc., 12.25%, 3/15/13	Caa1/CCC+			13,588,888
15,700		Millicom International Cellular S.A., 10.00%, 12/1/13	B1/B+			16,838,250
12,680		Nortel Networks Ltd., 10.75%, 7/15/16 (a) (b)	B3/B-			13,282,300
14,220		West Corp., 11.00%, 10/15/16	Caa1/B-			14,291,100
						103,069,988
		Theaters-0.9%
12,940		AMC Entertainment, Inc., 11.00%, 2/1/16	B2/CCC+			13,619,350
		Travel Services-1.0%
14,560		Travelport LLC, 11.875%, 9/1/16	Caa1/CCC+			15,506,400
		Total Corporate Bonds & Notes (cost-$652,363,618)				626,968,788

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Nicholas-Applegate Convertible & Income Fund Schedule of Investments November 30, 2007 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)			Value*
CONVERTIBLE BONDS & NOTES-11.4%
		Automotive-1.1%
$15,930		Ford Motor Co., 4.25%, 12/15/36	Caa1/CCC+			$17,104,838
		Commercial Services-1.7%
9,100		Bowne & Co., Inc., 5.00%, 10/1/33	B2/B-			9,615,060
13,440		Memberworks, Inc., 5.50%, 10/1/10	NR/B-			16,715,328
						26,330,388
		Computers-1.3%
17,355		Maxtor Corp., 6.80%, 4/30/10	Ba1/NR			19,480,987
		Electric-1.3%
6,075		PG&E Corp., 9.50%, 6/30/10	NR/NR			19,895,625
		Hotels/Gaming-0.2%
2,365		Mandalay Resort Group, Inc., 5.9875%, 3/21/33 (d)	Ba2/BB			3,346,475
		Oil & Gas-1.4%
12,755		Devon Energy Corp., 4.95%, 8/15/08	Baa1/BBB			20,981,975
		Retail-1.4%
21,008		Sonic Automotive, Inc., 5.25%, 5/7/09	B2/B			20,692,880
		Telecommunications-3.0%
20,550		Level 3 Communications, Inc., 6.00%, 3/15/10	Caa3/CCC			18,906,000
20,500		Nextel Communications, Inc., 5.25%, 1/15/10	Baa3/BBB			20,474,375
5,567		Nortel Networks Corp., 4.25%, 9/1/08	B3/B-			5,504,371
						44,884,746
		Total Convertible Bonds & Notes (cost-$161,557,860)				172,717,914
U.S. GOVERNMENT SECURITIES-2.6%
		United States Treasury Notes,
25,435		12.00%, 8/15/13				26,915,419
10,775		13.25%, 5/15/14				12,305,395
		Total U.S. Government Securities (cost-$41,897,897)				39,220,814
SHORT-TERM INVESTMENT-1.1%
		Time Deposit-1.1%
17,514		Bank of America—London, 3.96%, 12/3/07				17,514,049
		(cost-$17,514,049)
		Total Investments (cost-$1,512,425,688)—100.0%				$1,520,484,158

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Nicholas-Applegate Convertible & Income Fund Schedule of Investments November 30, 2007 (unaudited)
Notes to Schedule of Investments:
*		Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees or persons acting at their discretion pursuant to guidelines 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. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund’s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (“NYSE”) on each day the NYSE is open for business.
(a)		144A Security-security 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.
(b) (c) (d) (e)		Private Placement. Restricted as to resale and may not have a readily available market. Securities with an aggregate market value of $100,388,774, representing 6.60% of total investments are restricted. Credit-linked trust certificate. Variable rate security. Interest rate disclosed reflects the rate in effect on November 30, 2007. Securities exchangeable or convertible into securities of an entity different than the issuer. Such entity is identified in the parenthetical.

Glossary:
NR — Not Rated
REIT — Real Estate Investment Trust

Other Investments:

Interest rate cap agreement outstanding at November 30, 2007:

		Notional		Termination				Payment received		Unrealized
Counterparty		Amount		Date		Premium		by Fund		Depreciation
UBS AG		$525,000,000		1/15/2008		$919,187		1 month LIBOR-BBA		$(13,439,250)
								over 3% strike price

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Item 2. Controls and Procedures

(a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17CFR270.30a-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 CFR270.30a-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 Convertible & Income Fund

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

Date: January 23, 2008

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

Date: January 23, 2008

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 dated indicated.

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

Date: January 23, 2008

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

Date: January 23, 2008

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