<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>auditletter.txt
<DESCRIPTION>AUDIT LETTER
<TEXT>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Nicholas-Applegate Equity & Convertible Income Fund

In planning and performing our audit of the financial statements
Nicholas-Applegate Equity & Convertible Income Fund ("the Fund")
as of and for the year ended January 31, 2008, in accordance
with the standards of the Public Company Accounting Oversight
Board (United States), we considered the Fund's internal control
over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, but not for
the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting.  Accordingly,
we do not express an opinion on the effectiveness of the Fund's
internal control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of controls.  A Fund's internal control over financial
reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with
generally accepted accounting principles.  A Fund's internal control
over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of
the assets of the Fund; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Fund are being
made only in accordance with authorizations of management and trustees
of the Fund; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of
a Fund's assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists when
the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis.  A material
weakness is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Fund's
annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies in the Fund's
internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of January 31, 2008.

This report is intended solely for the information and use of management
and the Board of Trustees of Nicholas-Applegate Equity & Convertible
Income Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.





PricewaterhouseCoopers LLP
March 27, 2008







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