NGZ Allianzgi Global Equity & Convertible Income Fund

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-22067

Registrant Name: Nicholas–Applegate Global Equity & Convertible Income Fund

Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105

Name and Address of Agent for Service: Lawrence G. Altadonna – 1345 Avenue of the Americas
New York, New York 10105

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

Date of Fiscal Year End: August 31, 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.

Item 1. Schedule of Investments

Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
COMMON STOCK—63.1%
		Australia—2.4%
		Airlines—0.5%
152,554		Qantas Airways Ltd.		$	791,546
		Banking—0.6%
19,579		Commonwealth Bank of Australia			1,037,867
		Engineering & Construction—0.5%
14,173		Leighton Holdings Ltd.			768,452
		Financial Services—0.4%
139,994		Challenger Financial Services Group Ltd.			690,592
		Metals & Mining—0.4%
8,488		BHP Billiton Ltd.			324,020
58,602		OneSteel Ltd.			345,435
					669,455
		Austria—0.4%
		Building Materials—0.1%
3,027		Wienerberger AG			171,630
		Manufacturing—0.2%
9,755		RHI AG			400,926
		Metals & Mining—0.1%
2,316		Voestalpine AG			169,786
		Belgium—0.2%
		Chemicals—0.2%
5,374		Tessenderlo Chemie NV			297,376
		Bermuda—0.2%
		Apparel—0.2%
19,500		Esprit Holdings Ltd.			292,792
		Transportation—0.0%
10,500		Orient Overseas International Ltd.			80,660
		Cayman Islands—0.3%
		Chemicals—0.1%
30,500		Kingboard Chemical Holdings Ltd.			166,147
		Paper/Paper Products—0.1%
28,000		Lee & Man Paper Manufacturing Ltd.			122,431
		Semiconductors—0.1%
16,500		ASM Pacific Technology			117,325
		Denmark—0.1%
		Building/Construction—0.1%
2,000		FLSmidth & Co. AS			202,359
		Finland—0.6%
		Food —0.2%
4,984		Kesko Oyj			293,081
		Hand/Machine Tools—0.2%
10,308		Konecranes Oyj			394,502
		Telecommunications—0.2%
7,353		Nokia Oyj			290,837

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		France—2.9%
		Airlines—0.1%
4,355		Air France-KLM		$	156,083
		Automotive—0.6%
9,874		Peugeot S.A.			768,000
1,838		Renault S.A.			267,497
					1,035,497
		Banking—0.5%
3,453		BNP Paribas			390,518
12,598		Credit Agricole S.A.			444,417
					834,935
		Home Furnishings—0.1%
681		SEB S.A.			122,485
		Oil & Gas—0.5%
10,721		Total S.A.			869,900
		Telecommunications—1.1%
47,233		France Telecom S.A.			1,795,980
		Germany—4.1%
		Airlines—0.4%
23,665		Deutsche Lufthansa AG			641,852
		Automotive—2.0%
17,212		Daimler AG			1,754,615
395		Porsche Automobil Holding SE			872,709
3,044		Volkswagen AG			733,113
					3,360,437
		Banking—0.1%
72,326		GALIFORM PLC (a)			138,917
		Chemicals—0.7%
7,712		BASF AG			1,073,512
		Electric—0.1%
568		RWE AG			77,847
		Metals & Mining—0.8%
1,548		Salzgitter AG			248,861
19,059		ThyssenKrupp AG			1,129,095
					1,377,956
		Greece—0.2%
		Banking—0.2%
3,884		National Bank of Greece S.A.			261,702
		Honk Kong—1.0%
		Airlines—0.3%
197,000		Cathay Pacific Airways Ltd.			520,331
		Financial Services—0.2%
8,000		Hong Kong Exchanges & Clearing Ltd.			243,632
		Real Estate—0.4%
41,000		Hang Lung Group Ltd.			235,005
118,000		New World Development Ltd.			452,101
					687,106
		Utilities—0.1%
38,000		China Resources Power Holdings Co.			131,655

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		Ireland—0.3%
		Banking—0.2%
20,740		Anglo Irish Bank Corp. PLC		$	350,950
		Financial Services—0.1%
9,738		Irish Life & Permanent PLC			188,463
		Italy—0.8%
		Energy—0.4%
54,358		Enel SpA			653,006
		Home Furnishings—0.1%
14,735		Indesit Co. SpA			249,130
		Utilities—0.3%
13,386		ENI SpA			480,737
		Japan—5.8%
		Agriculture—0.1%
16		Japan Tobacco, Inc.			91,012
		Automotive—0.1%
5,800		Tokai Rika Co., Ltd.			176,651
		Electrical Components & Equipment—0.1%
13,000		Toshiba Corp.			106,699
		Electronics—0.4%
5,500		Mitsumi Electric Co., Ltd.			218,163
23,000		Nippon Chemi-Con Corp.			145,122
14,000		Star Micronics Co., Ltd.			372,461
					735,746
		Financial Services—0.1%
490		ORIX Corp.			101,431
		Home Furnishings—0.4%
13,300		Sony Corp.			720,591
		Machinery-Diversified—0.1%
4,700		Shima Seiki Manufacturing Ltd.			232,665
		Manufacturing—0.4%
3,500		FUJIFILM Holdings Corp.			154,848
5,000		Glory Ltd.			136,236
5,000		Nikon Corp.			156,973
7,000		Olympus Corp.			290,028
					738,085
		Metals & Mining—0.4%
4,300		JFE Holdings, Inc.			237,523
43,000		Nippon Steel Corp.			261,179
25,000		Sumitomo Metal Industries Ltd.			111,711
					610,413
		Pharmaceuticals—0.1%
6,000		Chugai Pharmaceutical Co., Ltd.			105,121
3,300		Daiichi Sankyo Co., Ltd.			103,735
					208,856
		Real Estate—0.1%
2,000		Daito Trust Construction Co., Ltd.			96,375
		Retail—0.1%
3,000		Aoyama Trading Co., Ltd.			76,553
1,800		Fast Retailing Co., Ltd.			118,753
					195,306

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		Telecommunications—0.3%
50		KDDI Corp.		$	357,518
21		Nippon Telegraph & Telephone Corp.			95,451
					452,969
		Toys/Games/Hobbies—0.5%
1,300		Nintendo Co., Ltd.			799,622
		Transportation—1.2%
17		East Japan Railway Co.			140,958
71,000		Mitsui OSK Lines Ltd.			1,071,983
91,000		Nippon Yusen KK			795,323
					2,008,264
		Wholesale—1.4%
54,000		ITOCHU Corp.			575,884
70,000		Marubeni Corp.			539,239
26,000		Mitsui & Co., Ltd.			601,194
36,900		Sumitomo Corp.			557,421
					2,273,738
		Luxembourg—0.1%
		Metals & Mining—0.1%
3,088		ArcelorMittal			227,600
		Netherlands—1.0%
		Insurance—0.3%
14,541		ING Groep NV			565,948
		Oil & Gas—0.7%
11,800		Schlumberger Ltd.			1,102,710
		New Zealand—0.2%
		Building Materials—0.2%
27,259		Fletcher Building Ltd.			247,188
		Norway—0.0%
		Oil & Gas—0.0%
3,400		TGS Nopec Geophysical Co. ASA (a)			46,615
		Singapore—0.8%
		Airlines—0.3%
40,000		Singapore Airlines Ltd.			495,246
		Banking—0.1%
36,000		Oversea-Chinese Banking Corp.			212,404
		Electronics—0.1%
26,000		Venture Corp Ltd.			227,304
		Real Estate—0.1%
71,000		Wing Tai Holdings Ltd.			129,948
		Wholesale—0.2%
17,000		Jardine Cycle & Carriage Ltd.			246,922
		Spain—1.7%
		Building/Construction—0.5%
9,221		ACS Actividades de Construccion y Servicios S.A.			595,488
2,822		Sacyr Vallehermoso S.A.			125,291
					720,779

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		Insurance—0.3%
111,620		Mapfre S.A.		$	511,108
		Telecommunications—0.9%
45,274		Telefonica S.A.			1,521,765
		Sweden—1.9%
		Banking—0.3%
19,000		Nordea Bank AB			319,318
4,200		Swedbank AB			135,416
					454,734
		Hand/Machine Tools—0.2%
20,200		Sandvik AB			365,906
		Home Furnishings—0.1%
5,400		Electrolux AB			91,012
		Machinery-Diversified—0.1%
14,200		Volvo AB			241,962
		Manufacturing—0.7%
12,500		Alfa Laval AB			806,067
16,000		Trelleborg AB			356,590
					1,162,657
		Retail—0.5%
13,200		Hennes & Mauritz AB			824,471
		Switzerland—2.1%
		Engineering & Construction—0.5%
30,992		ABB Ltd.			914,856
		Financial Service—0.1%
2,773		Credit Suisse Group			168,074
		Insurance—1.0%
6,395		Swiss Reinsurance			475,991
4,166		Zurich Financial Services AG			1,217,909
					1,693,900
		Pharmaceuticals—0.2%
5,878		Actelion Ltd. (a)			261,029
		Retail—0.1%
656		Swatch Group AG			184,665
		Software—0.2%
10,951		Temenos Group AG (a)			265,503
		United Kingdom—6.0%
		Banking—0.5%
19,664		Barclays PLC			227,313
17,896		Lloyds TSB Group PLC			182,263
50,671		Royal Bank of Scotland Group PLC (a)			478,500
					888,076
		Commercial Services—0.1%
13,579		Aggreko PLC			141,497
14,108		Michael Page International PLC			94,847
					236,344
		Food—0.4%
92,458		WM Morrison Supermarkets PLC			586,572

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		Insurance—0.7%
253,484		Old Mutual PLC		$	877,982
45,432		Standard Life PLC			244,907
					1,122,889
		Metals & Mining—1.3%
6,416		Anglo American PLC			432,368
36,554		BHP Billiton PLC			1,207,668
983		Rio Tinto PLC (a)			114,181
4,527		Xstrata PLC			317,946
					2,072,163
		Manufacturing—0.2%
17,900		Charter PLC (a)			317,543
		Oil & Gas—1.5%
		Royal Dutch Shell PLC
16,201		Class A			655,498
45,399		Class B (b)			1,825,231
					2,480,729
		Retail—0.7%
16,621		Game Group PLC			67,345
26,858		Marks & Spencer Group PLC			322,070
21,928		Next PLC			784,440
					1,173,855
		Telecommunications—0.4%
165,068		Vodafone Group PLC			617,778
		Venture Capital—0.2%
17,856		3i Group PLC			399,056
		United States—30.0%
		Aerospace/Defense—1.5%
11,900		Boeing Co.			1,101,226
12,000		L-3 Communications Holdings, Inc. (b)			1,327,800
					2,429,026
		Automotive—0.7%
31,200		Johnson Controls, Inc. (b)			1,204,944
		Beverages—1.6%
21,600		Coca-Cola Co. (b)			1,341,360
25,200		Molson Coors Brewing Co.			1,356,768
					2,698,128
		Chemicals—0.8%
13,200		Monsanto Co. (b)			1,311,684
		Commercial Services—0.9%
21,900		McKesson Corp. (b)			1,461,387
		Computers—1.3%
51,700		EMC Corp. (a) (b)			996,259
10,500		International Business Machines Corp.			1,104,390
					2,100,649
		Cosmetics/Personal Care—0.7%
16,500		Procter & Gamble Co. (b)			1,221,000
		Electric—0.8%
12,500		Constellation Energy Group, Inc. (b)			1,252,625
		Healthcare-Products—1.6%
22,000		Baxter International, Inc. (b)			1,317,140
4,000		Intuitive Surgical, Inc. (a) (b)			1,310,720
					2,627,860
		Insurance—1.5%
23,000		Cigna Corp. (b)			1,233,030
12,700		Prudential Financial, Inc. (b)			1,195,578
					2,428,608

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Shares				Value*
		Machinery-Construction & Mining—0.6%
14,000		Terex Corp. (a) (b)		$	902,300
		Machinery-Diversified—1.4%
18,700		AGCO Corp. (a) (b)			1,289,178
6,100		Deere & Co. (b)			1,047,980
					2,337,158
		Manufacturing—1.5%
29,800		General Electric Co. (b)			1,141,042
20,200		Textron, Inc. (b)			1,394,810
					2,535,852
		Metals & Mining—1.4%
11,600		Freeport-McMoRan Copper & Gold, Inc. (b)			1,147,588
11,800		United States Steel Corp. (b)			1,152,860
					2,300,448
		Oil & Gas—2.3%
11,200		Diamond Offshore Drilling, Inc. (b)			1,304,016
17,200		National Oilwell Varco, Inc. (a) (b)			1,172,180
18,800		Valero Energy Corp. (b)			1,223,316
					3,699,512
		Pharmaceuticals—4.2%
23,100		Abbott Laboratories (b)			1,328,481
43,300		Bristol-Myers Squibb Co. (b)			1,282,979
30,700		Gilead Sciences, Inc. (a) (b)			1,428,778
14,300		Medco Health Solutions, Inc. (a) (b)			1,429,857
24,000		Merck & Co., Inc. (b)			1,424,640
					6,894,735
		Retail—1.5%
21,900		McDonald's Corp. (b)			1,280,493
19,500		Target Corp. (b)			1,171,170
					2,451,663
		Semiconductors—1.4%
48,000		Intel Corp. (b)			1,251,840
33,900		Texas Instruments, Inc.			1,070,223
					2,322,063
		Software—1.4%
35,700		Microsoft Corp. (b)			1,199,520
57,800		Oracle Corp. (a) (b)			1,166,404
					2,365,924
		Telecommunications—2.9%
21,200		Harris Corp. (b)			1,330,724
34,200		Juniper Networks, Inc. (a) (b)			1,016,424
30,000		Qualcomm, Inc. (b)			1,223,400
28,200		Verizon Communications, Inc. (b)			1,218,522
					4,789,070
		Total Common Stock (cost—$108,623,298)			103,872,247
CONVERTIBLE PREFERRED STOCK—26.7%
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)
		Agriculture—0.8%
$10		Bunge Ltd., 4.875%, 12/31/49	Ba1/BB		1,382,500
		Automotive—0.8%
60		General Motors Corp., 6.25%, 7/15/33, Ser. C	Caa1/B-		1,320,000
		Banking—0.9%
11		Wells Fargo & Co., 8.00%, 6/1/08, Ser. AAPL (Apple, Inc.) (f)	Aa1/AA+		1,436,380
		Commercial Services—0.8%
29		United Rentals, Inc., 6.50%, 8/1/28	Caa1/B-		1,272,375

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Electric—2.6%
$30		AES Trust III, 6.75%, 10/15/29	B3/B-	$	1,464,000
21		Entergy Corp., 7.625%, 2/17/09	NR/BBB		1,505,280
4		NRG Energy, Inc., 5.75%, 3/16/09	B2/CCC+		1,379,062
					4,348,342
		Financial Services—9.8%
46		Citigroup Funding, Inc., 4.583%, 9/27/08, Ser. GNW (Genworth Financial, Inc.) (c) (f)	Aa2/AA		1,199,220
90		Eksportfinans AS, 13.00%, 11/1/08, Ser. TWX (Time Warner, Inc.) (f)	Aa2/AA		1,559,700
		Goldman Sachs Group, Inc.,
47		12.00%, 12/12/07, Ser. CSCO (Cisco Systems, Inc.) (f)	Aa3/NR		1,197,090
37		20.00%, 3/6/08, Ser. DISH (EchoStar Communications Corp.) (f)	Aa3/NR		1,285,895
38		Lazard Ltd., 6.625%, 5/15/08	Ba1/NR		1,565,250
		Lehman Brothers Holdings, Inc.,
60		6.00%, 10/12/10, Ser. GIS (General Mills, Inc.) (f)	A1/A+		1,540,857
18		8.50%, 8/25/08, Ser. UTX (United Technologies Corp.) (f)	A1/A+		1,260,688
31		20.00%, 2/24/08, Ser. HPQ (Hewlett-Packard Co.) (f)	A1/A+		1,315,392
		Morgan Stanley,
19		20.00%, 12/15/07, Ser. XOM (Exxon Mobil Corp.) (f)	Aa3/AA-		1,415,407
41		20.00%, 1/31/08, Ser. T (AT&T, Inc.) (f)	Aa3/AA-		1,341,725
3		20.00%, 3/8/08, Ser. GOOG (Google, Inc.) (f)	Aa3/NR		1,333,764
38		20.00%, 3/24/08, Ser. DIS (Walt Disney Co.) (f)	Aa3/NR		1,094,813
					16,109,801
		Hand/Machine Tools—0.8%
1		Stanley Works, 6.53%, 5/17/12 (c)	A2/A		1,324,925
		Insurance—3.4%
1		Fortis Insurance NV, 7.75%, 1/26/08 (d) (e)	Aa3/A+		1,766,160
40		Metlife, Inc., 6.375%, 8/15/08	NR/BBB+		1,302,400
42		Platinum Underwriters Holdings Ltd., 6.00%, 2/15/09, Ser. A	NR/BB+		1,391,250
50		XL Capital Ltd., 7.00%, 2/15/09	A3/A-		1,071,000
					5,530,810
		Investment Companies—0.8%
20		Vale Capital Ltd., 5.50%, 6/15/10, Ser. RIO (Companhia Vale do Rio Doce) (f)	NR/NR		1,370,250
		Oil & Gas—0.9%
12		Chesapeake Energy Corp., 5.00%, 12/31/49	NR/B		1,410,000
		Packaging & Containers—0.9%
32		Owens-Illinois, Inc., 4.75%, 12/31/49	Caa1/B-		1,547,100
		Pharmaceuticals—0.8%
5		Schering-Plough Corp., 6.00%, 8/13/10	Baa3/BBB		1,285,469
		Real Estate (REIT)—0.8%
60		FelCor Lodging Trust, Inc., 1.95%, 12/31/49, Ser. A	B2/B-		1,310,400
		Sovereign—1.1%
39		Svensk Exportkredit AB, 10.00%, 10/20/08, Ser. TEVA (Teva Pharmaceutical Industries Ltd.) (f)	Aa1/AA+		1,749,161
		Telecommunications—0.8%
23		Crown Castle International Corp., 6.25%, 8/15/12	NR/NR		1,376,375
		Waste Disposal—0.7%
4		Allied Waste Industries, Inc., 6.25%, 3/1/08, Ser. D	B3/B		1,206,938
		Total Convertible Preferred Stock (cost-$45,965,287)			43,980,826

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody's/S&P)	Value*
CONVERTIBLE BONDS & NOTES—6.9%
		Automotive—0.8%
$1,200		Ford Motor Co., 4.25%, 12/15/36	Caa1/CCC+	$	1,288,500
		Commercial Services—0.8%
1,300		Bowne & Co., Inc., 5.00%, 10/1/33	B2/B-		1,373,580
		Computers—1.0%
1,400		Maxtor Corp., 6.80%, 4/30/10	Ba1/NR		1,571,500
		Electric—0.9%
425		PG&E Corp., 9.50%, 6/30/10	NR/NR		1,391,875
		Oil & Gas—0.8%
825		Devon Energy Corp., 4.95%, 8/15/08	Baa1/BBB		1,357,125
		Telecommunications—2.6%
1,550		Level 3 Communications, Inc., 6.00%, 3/15/10	Caa3/CCC		1,426,000
1,400		Nextel Communications, Inc., 5.25%, 1/15/10	Baa3/BBB		1,398,250
1,500		Nortel Networks Corp., 4.25%, 9/1/08, GDR	B3/B-		1,483,125
					4,307,375
		Total Convertible Bonds & Notes (cost-$11,570,336)			11,289,955
SHORT-TERM INVESTMENT—3.1%
		Time Deposit—3.1%
5,111		Wells Fargo, 3.96%, 12/3/07			5,110,788
		(cost-$5,110,788)
		Total Investments, before call options written (cost—$171,269,709)—99.8%			164,253,816
CALL OPTIONS WRITTEN (a) —(0.6)%
Contracts
165		Abbott Laboratories, strike price $57.50, expires 12/22/07			(18,975	)
130		AGCO Corp., strike price $75, expires 1/19/08			(32,500	)
155		Baxter International, Inc., strike price $60, expires 12/22/07			(17,825	)
300		Bristol-Myers Squibb Co., strike price $30, expires 12/22/07			(18,000	)
160		Cigna Corp., strike price $55, expires 12/22/07			(12,000	)
150		Coca-Cola Co., strike price $62.50, expires 12/22/07			(13,500	)
85		Constellation Energy Group, Inc., strike price $105, expires 12/22/07			(5,100	)
		DAX Index, Over-the-Counter,
2		strike price €7,812, expires 12/21/07			(46,211	)
2		strike price €8,135.40, expires 12/21/07			(6,334	)
45		Deere & Co., strike price $175, expires 1/19/08			(37,800	)
80		Diamond Offshore Drilling, Inc., strike price $115, expires 12/22/07			(37,600	)
		Dow Jones € Stoxx 50 Price Index, Over-the-Counter,
15		strike price €4,379, expires 12/21/07			(171,101	)
10		strike price €4,510.95, expires 12/21/07			(35,979	)
360		EMC Corp., strike price $25, expires12/22/07			(1,800	)
80		Freeport-McMoran Copper & Gold, Inc., strike price $110, expires 12/22/07			(12,400	)
		FTSE 100 Index, Over-the-Counter,
3		strike price GBP 6,676.97, expires 12/21/07			(16,549	)
3		strike price GBP 6,524, expires 12/21/07			(48,398	)
210		General Electric Co., strike price $42.50, expires 12/22/07			(420	)
215		Gilead Sciences, Inc., strike price $47.50, expires 12/22/07			(19,780	)
150		Harris Corp., strike price $65, expires 12/22/07			(12,000	)
335		Intel Corp., strike price $27.50, expires 12/22/07			(5,360	)
30		Intuitive Surgical, Inc., strike price $340, expires 12/22/07			(29,100	)
220		Johnson Controls, Inc., strike price $45, expires 12/22/07			(2,200	)

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Contracts				Value*
240		Juniper Networks, Inc., strike price $37.50, expires 12/22/07		$	(1,200	)
85		L-3 Communications Holdings, Inc., strike price $115, expires 12/22/07			(11,475	)
155		McDonalds Corp., strike price $65, expires 12/22/07			(775	)
155		McKesson Corp., strike price $67.50, expires 12/22/07			(16,275	)
100		Medco Health Solutions, Inc., strike price $100, expires 12/22/07			(28,000	)
170		Merck & Co., Inc., strike price $60, expires 12/22/07			(17,000	)
250		Microsoft Corp., strike price $37.50, expires 12/22/07			(1,750	)
95		Monsanto Co., strike price $95, expires 12/22/07			(66,500	)
120		National Oilwell Varco, Inc., strike price $85, expires 12/22/07			(1,200	)
		NIKKEI 225 Index, Over-the-Counter,
270		strike price ¥ 16,307, expires 12/14/07			(15,254	)
259		strike price ¥ 15,850, expires 12/14/07			(43,914	)
151		OMX Stockholm 30 Index, Over-the-Counter, strike price SEK 1,167, expires 12/28/07			(15,689	)
400		Oracle Corp., strike price $22.50, expires 12/22/07			(8,000	)
115		Procter & Gamble Co., strike price $75, expires 12/22/07			(9,200	)
90		Prudential Financial, Inc., strike price $105, expires 12/22/07			(1,800	)
210		Qualcomm, Inc., strike price $42.50, expires 12/22/07			(9,240	)
6		S&P 200 Index, Over-the-Counter, strike price AUD 6,766, expires 12/20/07			(12,661	)
4		Swiss Market Index, Over-the-Counter, strike price CHF 8,813, expires 12/21/07			(48,066	)
135		Target Corp., strike price $65, expires 12/22/07			(9,450	)
100		Terex Corp., strike price $90, expires 12/22/07			(500	)
140		Textron, Inc., strike price $72.50, expires 12/22/07			(6,300	)
85		United States Steel Corp., strike price $110, expires 12/22/07			(7,650	)
130		Valero Energy Corp., strike price $70, expires 12/22/07			(5,200	)
200		Verizon Communications, Inc., strike price $45, expires 12/22/07			(8,000	)
		Total Call Options Written (premium received—$1,373,056)			(946,031	)
		Total Investments, net of call options written (cost—$169,896,653) (g)—99.2 %			163,307,785
		Other assets less liabilities—0.8%			1,236,196
		Net Assets—100.0%			$ 164,543,981

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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, including over-the-counter options, are valued daily using prices supplied by an independent pricing service or dealer quotations, using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean 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. Exchange traded options are valued at the settlement price determined by the relevant exchange. 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.
	The prices of certain portfolio securities or other 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 a Fund’s net asset value is calculated. With respect to certain foreign securities, the Fund may fair value securities using modeling tools provided by a third-party vendor. 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. Fair value pricing may require subjective determinations about the value of portfolio securities or other assets, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of portfolio securities or other assets held by the Fund.
(a)	Non-income producing.
(b)	All or partial amount segregated as collateral for call options written.
(c)	Variable rate security. Interest rate disclosed reflects the rate in effect on November 30, 2007.
(d)	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.
(e)	Private Placement. Restricted as to resale and may not have a readily available market. Securities with an aggregate market value of $1,766,160, representing 1.07% of net assets are restricted.
(f)	Securities exchangeable or convertible into securities of an entity different than the issuer. Such entity is identified in the parenthetical.
(g)	Securities with an aggregate value of $53,434,901, representing 32.5% of net assets have been fair valued utilizing modeling tools provided by a third party vendor.

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Glossary:
€ — Euros
¥ — Japanese Yen
AUD — Australian Dollar
CHF — Swiss Franc
GDR — Global Depositary Receipt
GBP — Great Bristish Pound
NR — Not Rated
REIT — Real Estate Investment Trust
SEK — Swedish Krona

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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments
November 30, 2007 (unaudited)

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Other Investments:
Transactions in call options written for the period September 28, 2007* through November 30, 2007
		Contracts			Premiums
Options outstanding, September 28, 2007		-			$	-
Options written		14,482				2,671,456
Options terminated in closing purchase transactions		(3,466	)			(639,468	)
Options expired		(4,446	)			(658,932	)
Options outstanding, November 30, 2007		6,570			$	1,373,056
*Commencement of operations

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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)) 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 changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR270.30a -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 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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