NIE Virtus Equity and Convertible Income Fund

Allianz Global Investors Fund Management LLC (“AGIFM”), the investment manager to AllianzGI Convertible & Income Fund (NYSE:NCV), AllianzGI Convertible & Income Fund II (NYSE:NCZ) and AllianzGI Equity & Convertible Income Fund (NYSE:NIE) (each a “Fund,” and, collectively, the “Funds”) announced that, effective today, each Fund has rescinded its non-fundamental investment policy to maintain a portfolio (or, with respect to NIE, the portion of NIE’s portfolio allocated to income-producing convertible securities) with a weighted average maturity typically ranging from five to ten years.

The rescission of each Fund’s non-fundamental investment policy mentioned above will provide the Fund’s portfolio managers with greater flexibility to meet the Fund’s investment objective under changing market conditions. This change will also bring the Funds into line with more recent funds offered by AGIFM and Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), the sub-adviser to each Fund, with significant convertible bond exposure.

AGIFM, an indirect, wholly-owned subsidiary of Allianz Asset Management of America, L.P., serves as the Funds’ investment manager and is a member of Munich-based Allianz Group. AllianzGI U.S., an affiliate of AGIFM, serves as the Funds’ sub-adviser.

The Funds’ daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at us.allianzgi.com/closedendfunds or by calling the Funds’ shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds’ performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

For Information on Allianz Closed-End Funds:Financial Advisors: 800-926-4456Shareholders: 800-254-5197Media Relations: 212-739-3501

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