NGZ Allianzgi Global Equity & Convertible Income Fund

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1: REPORT TO SHAREHOLDERS

August 31, 2011

AGIC Global Equity & Convertible Income Fund

Contents

Dear Shareholder:

The U.S. economy slowed considerably during the twelve-month fiscal period. At the start of the fiscal year, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, was growing at an annualized rate of 2.5%. GDP growth fell to 2.3% between October and December of 2010 and to 0.4% between January and March 2011. GDP growth perked up to an annualized rate of 1.3% between April and June 2011. As the fiscal year drew to a close, economic indicators pointed to a similarly anemic rate.

Several factors contributed to the economic slowdown: political unrest rippled across the Middle East, pushing oil prices higher; a devastating earthquake led to a nuclear meltdown in Japan, a key link in the global supply chain; Europe’s sovereign debt crisis appeared to widen; in the United States, bickering among the nation’s leaders eroded private sector confidence and led to a downgrade of the federal government’s credit rating.

All of this sparked a sharp sell-off in stocks (which occurred during the last four months of the fiscal period) and triggered a shift into U.S. Treasury bonds. As the fiscal year drew to a close, the yield on the benchmark 10-year bond plunged below 2.0%, the lowest level in half-a-century.

Worried about the deteriorating economy, the Federal Reserve revealed that it would keep interest rates near zero until “at least mid-2013.” It also hinted of new but unspecified measures to stimulate the economy.

Positioned To Face Today’s Challenges

Our near-term outlook for the economy is cautious. Unemployment remains high, housing prices have sunk to 2002 levels, and consumers are being pinched by energy and food prices, crimping what had already been a diminished ability to spend. It is a difficult situation, and while we expect things to improve, the healing process will be gradual.

For specific information on the Fund and its performance, please refer to the following pages. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Fund’s shareholder servicing agent at (800) 254-5197. In addition, a wide range of information and resources is available on our website, www.allianzinvestors.com/closedendfunds.

Together with Allianz Global Investors Fund Management LLC, the Fund’s investment manager, and Allianz Global Investors Capital LLC, the Fund’s sub-adviser, we thank you for investing with us.

We remain dedicated to serving your investment needs.

Sincerely,

Receive this report electronically and eliminate paper mailings. To enroll, go to www.allianzinvestors.com/edelivery.

AGIC Global Equity & Convertible Income Fund Fund Insights

August 31, 2011 (unaudited)

Performance Overview

For the fiscal year ended August 31, 2011, AGIC Global Equity & Convertible Income Fund (the “Fund”) returned 14.92% on net asset value and 12.59% on market price.

Market Environment

U.S. large-cap growth stocks and convertible securities advanced during the reporting period. The Russell 1000 Growth Index and the BofA Merrill Lynch All Convertibles Index rose 23.96% and 8.97%, respectively.

Despite the significant macro events that occurred during the period, the convertible and U.S. equity markets recorded strong gains. The disaster in Japan, sovereign debt issues in Europe and Middle East / North Africa turbulence impacted the market, although the markets ultimately moved higher. In the latter half of the period, however, U.S. equities and convertibles came under pressure due to reports of slowing global economic growth and macro-related factors including gridlock in Washington, S&P’s downgrade of the U.S. and ongoing sovereign debt risk throughout Europe.

Within the convertible market, sector performance was mostly positive for the period with transportation being the only negative performer. Energy, telecommunications, media and utilities were the best performers during the reporting period. Energy issuers were positively impacted as the macro headlines helped sentiment within the group. Defensive issues such as utilities strengthened in the latter half of the period as investors rotated into less volatile names. Separately, certain cyclical sectors, for instance, materials, underperformed on signs of a global economic slowdown. Transportation issuers fell on concerns higher crude oil prices may hurt future earnings and financials likely trailed due to increased regulatory burdens and European sovereign debt fears.

All sectors within U.S. equities produced positive returns for the period. The strongest performing industries included energy, consumer discretionary and utilities. Energy and utilities names were higher due to aforementioned reasons. Conversely, telecommunication services, financials and industrials

lagged by the greatest margin. Projections for slower economic growth impacted the industrials sector.

During the annual period, international equities advanced, primarily from higher global demand expectations from the fall of 2010. Investor sentiment initially improved as European securities rallied on increased confidence in bank stress tests, while Asian economies advanced largely on increased demand from emerging market economies. More recently, stocks have dropped as Europe’s debt crisis has intensified and an agreement to lift Washington’s borrowing limit failed to stave off a U.S. credit downgrade by Standard & Poor’s. Debt fears crept deeper into the heart of Europe amid speculation France’s AAA credit rating was in question. Stress fractures spread from France across Europe’s banking sector, as an upwelling of institutions sought emergency short-term European Central Bank (ECB) financing. As a whole, financials and utilities underperformed during the twelve-month period, while materials and energy shares advanced. Performance in Japan was volatile as the country continued to adjust following the earthquake and tsunami in early March. Shares in the core and northern sections of Europe were among the best performers, as was Asia ex-Japan.

Fund Commentary

U.S. equities positively impacted Fund performance. Materials, energy and telecommunication services stocks had the largest absolute returns. Materials stocks got a boost from soaring commodities, while energy names benefited from higher crude and the implications of geopolitical tensions. Equities within the telecommunication services sector outperformed as the market rotated into more counter-cyclical sectors during the latter half of the period. Conversely, stocks within the financials and utilities sectors recorded negative returns on average for the period. Regarding the former group, the potential for tighter oversight and greater regulation has been an issue confronting investors, however, the stability of U.S. financials came into question during the latter part of the reporting period given the uncertain status of many European banks.

AGIC Global Equity & Convertible Income Fund Fund Insights

August 31, 2011 (unaudited) (continued)

In the convertibles sleeve, consumer discretionary, energy and health care issues posted the strongest returns. Within consumer discretionary, automobile and automobile part companies were higher as auto sales exceeded expectations and production schedules were increased. The health care sector benefited from owning drug manufacturing companies, which were higher during the period on better-than-expected quarterly profits. On the downside, the transportation sector was the only sector to record a negative return for the period. In general, issuers were weighted down by higher energy prices followed by economic slowdown concerns in the latter half of the period.

Within the international sleeve, financials were the largest source of contribution for the annual period, led by a combination of a relative underweight position alongside positive stock selection. Bottom-up stock picking in utilities and energy sectors also added to performance. Stock selection in industrials detracted from results as did selections in the health care sector. From a country standpoint, the United Kingdom added significantly to results, led by a relative overweighting and strong stock selection. Investments in Germany and Japan were also positive for the period. Conversely, stock picking in France detracted from results. Additionally, bottom-up investments in Australia and Hong Kong lagged index performance for the period.

Outlook

The outlook for the convertible and U.S. equity markets is unchanged. The global economy is going through a soft patch, but we believe it should improve in the fourth quarter. The supply chain disruptions from the Japan disaster seem to be abating, and while European sovereign debt issues will continue to make headlines, corporate profits remain resilient. In addition, U.S. corporate cash levels are high, debt levels have been reduced and maturities have been extended.

The market has dealt with some important macro issues, in addition to softer recent economic statistics and a weaker equity market. The recent

lack of clarity, as well as the abundant negative headlines in the media, has made investors short-term focused and pessimistic.

For the balance of 2011, companies are expected to use the high cash levels on their balance sheets and future free cash flow to boost shareholder value. Share buybacks, increased dividends and merger and acquisition activity are possible uses of excess cash. This will benefit both equity and convertible investors.

For international equity markets, questions persist. The euro-zone debt crisis remains a prime threat to the global recovery, with political disunity and Spanish and Italian bond yields again on the rise. Market volatility could remain high as governments across Europe vote on whether to support an agreement to expand the region’s rescue fund and finance a second Greek bailout. Central bankers are recalibrating policy in the face of sinking growth estimates. The recent drop in energy prices should offer some respite, but longer-term inflation risks remain elevated. From an equity perspective, stock valuations are significantly below long-term norms. The MSCI EAFE Index is currently trading at a sizeable discount to its ten-year average price-earnings ratio. Within this environment, we continue to prefer cash-flow generating companies exhibiting sustainable growth characteristics. Heading into September 2011, the Fund maintained a significant overweighting relative to the benchmark in the telecommunication services and industrials sectors, while holding underweight positions in financials, consumer discretionary, and information technology. The portfolio was also overweight in the United Kingdom and Norway, with underweight positions in Japan and France. Selections are based upon a quantitative investment model which focuses on positive change at the company level.

The investment team continues to build the portfolio one company at a time, by identifying those organizations that are opportunistically capitalizing on change. In addition, we are maintaining our discipline of seeking to identify the best total return candidates with the optimal risk/reward profile.

AGIC Global Equity & Convertible Income Fund
Fund Performance & Statistics

August 31, 2011 (unaudited)

(1)  Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. The calculation assumes that all income dividends, capital gain and return of capital distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares. Total return for a period of more than one year represents the average annual total return.

Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund dividends.

An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are traded in the open market through a stock exchange. NAV is equal to total assets less total liabilities divided by the number of shares outstanding. Holdings are subject to change daily.

(2) Market Price Yield is determined by dividing the annualized current quarterly per share dividend (comprised of net investment income and gains from option premiums and the sale of portfolio securities, if any) payable to shareholders by the market price per share at August 31, 2011.

AGIC Global Equity & Convertible Income Fund Schedule of Investments

August 31, 2011

AGIC Global Equity & Convertible Income Fund Schedule of Investments

August 31, 2011 (continued)

AGIC Global Equity & Convertible Income Fund Schedule of Investments

August 31, 2011 (continued)

AGIC Global Equity & Convertible Income Fund Schedule of Investments

August 31, 2011 (continued)

AGIC Global Equity & Convertible Income Fund Schedule of Investments

August 31, 2011 (continued)