<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-02-22</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001383441</issuerCik>
        <issuerName>Nicholas-Applegate Equity &amp; Convertible Income Fund</issuerName>
        <issuerTradingSymbol>NIE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000914540</rptOwnerCik>
            <rptOwnerName>NICHOLAS APPLEGATE CAPITAL MANAGEMENT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 WEST BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>32ND FL</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92101</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Investment Adviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Nicholas-Applegate Capital Management LLC is the investment adviser of the Issuer.</remarks>

    <ownerSignature>
        <signatureName>Brian S. Shlissel, Attorney in fact for Nicholas-Applegate Capital Management LLC</signatureName>
        <signatureDate>2007-03-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
