NICHOLAS-APP SBI : AGIC Equity & Convertible Income Fund Reports Results for the Fiscal Quarter and Nine Months Ended October 31, 2010

AGIC Equity & Convertible Income Fund (the "Fund") (NYSE: NIE), a diversified closed-end management investment company which seeks total return comprised of capital appreciation, current income and gains, today announced its results for the fiscal quarter and nine months ended October 31, 2010.

				At October 31,
				2010		2009
Net Assets				$419,151,611		$379,995,823
Shares Outstanding				22,304,189		22,304,189
Net Asset Value ("NAV")				$18.79		$17.04
Market Price				$17.44		$14.98
Discount to NAV				(7.18)%		(12.09)%
				Quarter ended October 31,
				2010		2009
Net Investment Income				$2,318,946		$1,852,789
Per Share				$0.10		$0.09
Net Realized and Change in Unrealized Gain				$32,247,308		$22,444,940
Per Share				$1.45		$1.00
				Nine months ended October 31,
				2010		2009
Net Investment Income				$6,576,092		$7,071,685
Per Share				$0.29		$0.32
Net Realized and Change in Unrealized Gain				$39,219,205		$92,533,784
Per Share				$1.76		$4.15

Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group. Allianz Global Investors Capital LLC, an affiliate of AGIFM, serves as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at [phone].

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

For Information on Allianz Global Investors CapitalClosed-End Funds:
Financial Advisors: [phone]
Shareholders: [phone]
Media Relations: [phone]