AllianzGI Equity nvertible Income Fund : June 2021

Virtus AllianzGI Equity & Convertible Income Fund

Section 19(a) Notice

June 25, 2021 - Virtus AllianzGI Equity & Convertible Income Fund (NYSE: NIE) (the "Fund") declared a distribution of $0.3800 per share to shareholders of record at the close of business on June 14, 2021, payable June 25, 2021. The Fund estimates that approximately 100 percent of the distribution is from profits from the sale of portfolio securities or other capital gains. All amounts are based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution. A return of capital distribution, if any, does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

Please note, the amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099- DIV for the calendar year that will tell you how to report these distributions for federal tax purposes.

Broker/Dealers - Please forward this notice (with the distribution, if applicable) to your clients who received this distribution.

For more information on Virtus AllianzGI Equity & Convertible Income Fund, contact shareholder services at [phone], by email at [e-mail], or through the closed end fund section of www.virtus.com.

Cusip: 92841M101