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FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number    811-21338   

Nicholas-Applegate Convertible & Income Fund II 
(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.

Item 1. Schedule of Investments

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

  Shares       Credit Rating    
  (000)       (Moody's/S&P)   Value* 
CONVERTIBLE PREFERRED STOCK-44.1% 
      Agriculture-2.2%        
      Bunge Ltd.,         
  148       4.875%, 12/31/49    Ba1/BB   $20,474,825 
  8       5.125%, 12/10/10    NR/BB   8,520,000 
              28,994,825 
      Automotive-2.3%         
      General Motors Corp.,         
  680       5.25%, 3/6/32, Ser. B    Caa1/B-   13,579,600 
  750       6.25%, 7/15/33, Ser. C    Caa1/B-   16,500,000 
              30,079,600 
      Banking-2.1%         
  215   Washington Mutual Capital Trust, 5.375%, 5/1/41, Ser. UNIT    A3/BBB   7,295,280 
  162   Wells Fargo Co., 8.00%, 6/1/08, Ser. AAPL (Apple, Inc.) (e)    Aa1/AA+   21,180,076 
              28,475,356 
      Commercial Services-0.9%         
  287   United Rentals, Inc., 6.50%, 8/1/28    Caa1/B-   12,584,359 
               
      Electric-4.1%         
  367   AES Trust III, 6.75%, 10/15/29    B3/B-   17,902,280 
  278   Entergy Corp., 7.625%, 2/17/09    NR/BBB   19,927,040 
  48   NRG Energy, Inc., 5.75%, 3/16/09    B2/CCC+   17,652,000 
              55,481,320 
      Financial Services-14.0%         
  355   Citigroup Funding, Inc., 4.583%, 9/27/08, Ser. GNW (d)    Aa2/AA   9,250,940 
  1,101   Eksportfinans AS, 13.00%, 11/1/08, Ser. TWX (Time Warner, Inc.) (e)    Aaa/A+   19,071,665 
      Goldman Sachs Group, Inc.,         
  616       12.00%, 12/12/07, Ser. CSCO (Cisco Systems, Inc.) (e)    Aa3/NR   15,678,313 
  454       20.00%, 3/6/08, Ser. DISH (Echostar Communications Corp.) (e)    Aa3/NR   16,001,642 
  253   Lazard Ltd., 6.625%, 5/15/08    Ba1/NR   10,553,959 
      Lehman Brothers Holdings, Inc.,         
  802       6.00%, 10/12/10, Ser. GIS (General Mills, Inc.) (e)    A1/A+   20,688,005 
  228       8.50%, 8/25/08, Ser. UTX (United Technologies Corp.) (e)    A1/A+   16,345,250 
  434       20.00%, 2/24/08, Ser. HPQ (Hewlett-Packard Co.) (e)    A1/A+   18,315,358 
      Morgan Stanley,         
  219       20.00%, 12/15/07, Ser. XOM (Exxon Mobil Corp.) (e)    Aa3/AA-   15,905,188 
  497       20.00%, 1/31/08, Ser. T (AT&T, Inc.) (e)    Aa3/AA-   16,278,397 
  32       20.00%, 3/8/08, Ser. GOOG (Google, Inc.) (e)    Aa3/NR   14,952,924 
  496       20.00%, 3/24/08, Ser. DIS (The Walt Disney Co.) (e)   Aa3/NR   14,485,099 
              187,526,740 
      Hand/Machine Tools-1.2%         
  17   Stanley Works, 7.145%, 5/17/12 (d)    A2/A   16,372,288 
               
      Insurance-5.7%         
  16   Fortis Insurance NV, 7.75%, 1/26/08 (a) (b)    Aa3/A+   26,299,728 
  526   Metlife, Inc., 6.375%, 8/15/08    NR/BBB+   17,110,280 
  598   Platinum Underwriters Holdings Ltd., 6.00%, 2/15/09, Ser. A    NR/BB+   19,808,750 
  635   XL Capital Ltd., 7.00%, 2/15/09    A3/A-   13,601,700 
              76,820,458 
      Investment Companies-1.6%         
  314   Vale Capital Ltd., 5.50%, 6/15/10, Ser. RIO (Companhia Vale do Rio Doce) (e)    NR/NR   21,211,875 
               
      Metals & Mining-1.7%         
  152   Freeport-McMoRan Copper & Gold, Inc., 6.75%, 5/1/10    NR/B+   22,126,300 
               
      Oil & Gas-1.6%         
  179   Chesapeake Energy Corp., 5.00%, 12/31/49    NR/B   20,973,750 
               
      Packaging & Containers-0.5%         
  140   Owens-Illinois, Inc., 4.75, 12/31/49    Caa1/B-   6,704,100 
               
      Pharmaceuticals-1.2%         
  59   Schering-Plough Corp., 6.00%, 8/13/10    Baa3/BBB   15,885,687 
               
      Real Estate (REIT)-1.0%         
  606   FelCor Lodging Trust, Inc., 1.95%, 12/31/49, Ser. A    B2/B-   13,224,120 

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

  Shares       Credit Rating    
  (000)       (Moody's/S&P)   Value* 
      Sovereign-1.5%         
  459   Svensk Exportkredit AB, 10.00%, 10/20/08, Ser. TEVA (Teva Pharmaceutical Industries Ltd.) (e)   Aa1/AA+   $20,349,287 
               
      Telecommunications-1.4%         
  310   Crown Castle International Corp., 6.25%, 8/15/12    NR/NR   18,755,000 
               
      Waste Disposal-1.1%         
  51   Allied Waste Industries, Inc., 6.25%, 3/1/08, Ser. D    B3/B   14,865,937 
               
      Total Convertible Preferred Stock (cost-$569,235,622)        590,431,002 
 
CORPORATE BONDS & NOTES-40.0%
  Principal            
  Amount            
  (000)            
      Advertising-0.7%         
  $9,150   Affinion Group, Inc., 11.50%, 10/15/15    Caa1/B-   9,172,875 
               
      Apparel-0.3%         
  3,545   Levi Strauss & Co., 9.75%, 1/15/15    B2/B+   3,576,019 
               
      Automotive-2.8%         
  5,530   Accuride Corp., 8.50%, 2/1/15    B3/B-   4,783,450 
  3,385   American Axle & Manufacturing, Inc., 7.875%, 3/1/17    Ba3/BB   3,148,050 
  11,285   Exide Technologies, 10.50%, 3/15/13, Ser. B    Caa1/CCC+   10,833,600 
  11,040   General Motors Corp., 8.375%, 7/15/33    Caa1/B-   9,218,400 
  9,260   Goodyear Tire & Rubber Co., 11.00%, 3/1/11    Ba3/B+   9,908,200 
              37,891,700 
      Chemicals-1.4%         
  11,290   Georgia Gulf Corp., 10.75%, 10/15/16    B3/CCC+   7,846,550 
  6,298   Huntsman LLC, 11.625%, 10/15/10    Ba1/BB+   6,691,625 
  5,255   Momentive Performance Materials, Inc., 9.75%, 12/1/14 (a) (b)    B3/B-   4,900,288 
              19,438,463 
      Coal-0.4%         
  5,580   James River Coal Co., 9.375%, 6/1/12    Ca/CC   4,938,300 
               
      Commercial Services-1.5%         
  11,280   Cenveo Corp., 7.875%, 12/1/13    B3/B   10,095,600 
  9,440   Hertz Corp., 10.50%, 1/1/16    B2/B   9,817,600 
              19,913,200 
      Computers-0.6%         
  8,925   Unisys Corp., 8.00%, 10/15/12    B2/B+   8,054,813 
               
      Electric-2.5%         
  10,645   AES Corp., 9.50%, 6/1/09    B1/B   11,030,881 
  6,440   Energy Future Holdings Corp., 10.875%, 11/1/17 (a) (b)    B3/CCC+   6,343,400 
  10,570   PSEG Energy Holdings LLC, 10.00%, 10/1/09    Ba3/BB-   11,187,256 
  4,600   Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/1/15 (a) (b)    B3/CCC   4,450,500 
              33,012,037 
      Electronics-0.8%         
  10,335   Stoneridge, Inc., 11.50%, 5/1/12    B2/B   10,696,725 
               
      Financial Services-2.5%         
  6,755   AMR Holdings Co., 10.00%, 2/15/15    B1/B-   7,261,625 
  9,345   E*Trade Financial Corp., 8.00%, 6/15/11    Ba3/B   7,195,650 
  9,205   Ford Motor Credit Co., 7.00%, 10/1/13    B1/B   8,048,732 
  8,710   KAR Holdings, Inc., 8.75%, 5/1/14 (a) (b)    B3/CCC   8,100,300 
  3,223   MedCath Holdings Corp., 9.875%, 7/15/12    Caa1/B-   3,384,150 
              33,990,457 
      Healthcare-1.0%         
  5,865   Alliance Imaging, Inc., 7.25%, 12/15/12    B3/B-   5,483,775 
  7,985   Hanger Orthopedic Group, Inc., 10.25%, 6/1/14    Caa1/CCC+   8,224,550 
              13,708,325 
      Home Furnishings-0.8%         
  9,670   Central Garden & Pet Co., 9.125%, 2/1/13    Caa1/B-   8,654,650 
  1,800   Jarden Corp., 7.50%, 5/1/17    B3/B-   1,629,000 
              10,283,650 

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

  Principal            
  Amount       Credit Rating    
  (000)       (Moody's/S&P)   Value* 
      Manufacturing-1.8%         
  $11,265   Harland Clarke Holdings Corp., 9.50%, 5/15/15    Caa1/B-   $9,744,225 
  4,610   Polypore, Inc., 8.75%, 5/15/12    Caa1/CCC+   4,529,325 
  10,135   Sally Holdings LLC, 10.50%, 11/15/16    Caa1/CCC+   10,135,000 
              24,408,550 
      Metals & Mining-1.4%         
  7,090   PNA Group, Inc., 10.75%, 9/1/16    B3/B-   6,841,850 
  10,875   RathGibson, Inc., 11.25%, 2/15/14    B3/B-   11,201,250 
              18,043,100 
      Miscellaneous-0.5%         
  6,723   Dow Jones CDX High Yield, 10.50%, 12/29/09 (a) (b) (c)    NR/NR   7,059,149 
               
      Multi-Media-2.1%         
  12,791   CCH I LLC, 11.00%, 10/1/15    Caa2/CCC   11,192,125 
  1,400   Idearc, Inc., 8.00%, 11/15/16    B2/B+   1,316,000 
  7,030   Mediacom LLC, 9.50%, 1/15/13    B3/B   6,573,050 
  9,165   Sirius Satellite Radio, Inc., 9.625%, 8/1/13    Caa2/CCC   8,912,963 
              27,994,138 
      Office Furnishings-0.8%         
      Interface, Inc.,         
  4,625       9.50%, 2/1/14    B3/B-   4,833,125 
  5,715       10.375%, 2/1/10    B1/B+   6,015,037 
              10,848,162 
      Paper Products-1.2%         
  4,730   Neenah Paper, Inc., 7.375%, 11/15/14    B2/B+   4,422,550 
  11,055   NewPage Corp., 12.00%, 5/1/13    B3/CCC+   11,607,750 
              16,030,300 
      Pharmaceuticals-0.4%         
  7,235   Leiner Health Products, Inc., 11.00%, 6/1/12    Ca/CCC-   5,751,825 
               
      Pipelines-0.6%         
  8,650   Dynegy Holdings, Inc., 7.75%, 6/1/19    B2/B-   7,828,250 
               
      Retail-6.0%         
  12,160   Bon-Ton Stores, Inc., 10.25%, 3/15/14    B3/CCC+   9,788,800 
  11,520   Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/14    B3/CCC+   10,252,800 
  11,525   Claire's Stores, Inc., 10.50%, 6/1/17 (a) (b)    Caa2/CCC+   7,376,000 
  7,125   El Pollo Loco Finance Corp., 11.75%, 11/15/13    Caa1/CCC   6,946,875 
  10,975   Michaels Stores, Inc., 10.00%, 11/1/14    B2/CCC   10,865,250 
  11,295   Neiman-Marcus Group, Inc., 10.375%, 10/15/15    B3/B   12,057,412 
  4,090   R.H. Donnelley, Inc., 8.875%, 1/15/16    B3/B   3,885,500 
  10,960   Rite Aid Corp., 8.625%, 3/1/15    Caa1/CCC+   9,316,000 
  9,190   Star Gas Partners L.P., 10.25%, 2/15/13, Ser. B    Caa3/CCC   9,603,550 
              80,092,187 
      Semi-Conductors-0.7%         
  10,595   Freescale Semiconductor, Inc., 10.125%, 12/15/16    B2/B-   9,138,188 
               
      Software-0.7%         
  10,605   First Data Corp., 9.875%, 9/24/15 (a) (b)    B3/B-   9,875,906 
               
      Telecommunications-6.6%         
  8,295   Centennial Cellular Operating Co., 10.125%, 6/15/13    B2/CCC+   8,709,750 
  4,440   Centennial Communications Corp., 10.00%, 1/1/13    Caa1/CCC+   4,639,800 
  2,305   Cricket Communications, Inc., 9.375%, 11/1/14    Caa1/CCC   2,155,175 
  11,640   Hawaiian Telcom Communications, Inc., 12.50%, 5/1/15, Ser. B    Caa1/CCC   12,047,400 
  10,600   Intelsat Bermuda Ltd., 11.25%, 6/15/16    Caa1/B-   11,024,000 
  12,198   Level 3 Financing, Inc., 12.25%, 3/15/13    Caa1/CCC+   12,228,495 
  13,510   Millicom International Cellular S.A., 10.00%, 12/1/13    B1/B+   14,489,475 
  10,820   Nortel Networks Ltd., 10.75%, 7/15/16 (a) (b)    B3/B-   11,333,950 
  12,155   West Corp., 11.00%, 10/15/16    Caa1/B-   12,215,775 
              88,843,820 
      Theaters-0.9%         
  11,060   AMC Entertainment, Inc., 11.00%, 2/1/16    B2/CCC+   11,640,650 
               
      Travel Services-1.0%         
  12,440   Travelport LLC, 11.875%, 9/1/16    Caa1/CCC+   13,248,600 
               
      Total Corporate Bonds & Notes (cost-$559,534,258)        535,479,389 

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

  Principal            
  Amount       Credit Rating    
  (000)       (Moody's/S&P)   Value* 
CONVERTIBLE BONDS & NOTES-11.9%         
      Automotive-1.1%         
  $14,260   Ford Motor Co., 4.25%, 12/15/36    Caa1/CCC+   $15,311,675 
               
      Commercial Services-1.8%         
  10,125   Bowne & Co., Inc., 5.00%, 10/1/33    B2/B-   10,698,075 
  11,000   Memberworks, Inc., 5.50%, 10/1/10    NR/B-   13,680,700 
              24,378,775 
      Computers-1.5%         
  17,260   Maxtor Corp., 6.80%, 4/30/10    Ba1/NR   19,374,350 
               
      Electric-1.3%         
  5,425   PG&E Corp., 9.50%, 6/30/10    NR/NR   17,766,875 
               
      Hotels/Gaming-0.2%         
  2,125   Mandalay Resort Group, Inc., 5.9875%, 3/21/33 (d)    Ba2/BB   3,006,875 
               
      Oil & Gas-1.4%         
  11,305   Devon Energy Corp., 4.95%, 8/15/08    Baa1/BBB   18,596,725 
               
      Retail-1.4%         
  18,535   Sonic Automotive, Inc., 5.25%, 5/7/09    B2/B   18,256,975 
               
      Telecommunications-3.2%         
  20,000   Level 3 Communications, Inc., 6.00%, 3/15/10    Caa3/CCC   18,400,000 
  18,500   Nextel Communications, Inc., 5.25%, 1/15/10    Baa3/BBB   18,476,875 
  5,790   Nortel Networks Corp., 4.25%, 9/1/08    B3/B-   5,724,863 
              42,601,738 
               
      Total Convertible Bonds & Notes (cost-$150,049,275)        159,293,988 
               
U.S. GOVERNMENT SECURITIES-2.5%        
      United States Treasury Notes,         
  21,565   12.00%, 8/15/13        22,820,169 
  9,225   13.25%, 5/15/14        10,535,245 
      Total U.S. Government Securities (cost-$35,613,665)        33,355,414 
               
SHORT-TERM INVESTMENT-1.5%         
      Time Deposit-1.5%         
  19,846   JPMorgan—London, 3.96%, 12/3/07        19,845,922 
      (cost-$19,845,922)         
               
      Total Investments (cost-$1,334,278,742)—100.0%        $1,338,405,715 


Nicholas-Applegate Convertible & Income Fund II 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)    Private Placement. Restricted as to resale and may not have a readily available market. Securities with an aggregate market value of $85,739,221, representing 6.41% of total investments are restricted.  
(c)    Credit-linked trust certificate.   
(d)    Variable rate security. Interest rate disclosed reflects the rate in effect on November 30, 2007.   
(e)    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    $505,000,000    1/15/2008    $884,171    1 month LIBOR-BBA      $(12,927,250) 
                over 3% strike price       

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

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 II
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