PIMCO Portfolio Managers Dan Ivascyn and Alfred Murata to Join PIMCO Diversified Income Strategy

NEWPORT BEACH, CA--(Marketwired - May 26, 2016) - PIMCO, a leading global investment management firm, has announced additions to the portfolio management team of PIMCO Diversified Income, a suite of actively managed fixed income strategies which invests across credit and emerging market bond sectors and serves as a complement to traditional core bond holdings. The PIMCO Diversified Income Fund (PDIIX) received the Lipper award for Best Multi-Sector Income Fund over 10 years in both 2015 and 2014 and Best Multi-Sector Income Fund over five years in 2012.

PIMCO's Group Chief Investment Officer and Portfolio Manager, Dan Ivascyn and Alfred Murata, Managing Director and Portfolio Manager, will join Curtis Mewbourne, Managing Director and Portfolio Manager and Eve Tournier, Executive Vice President and Head of European Credit Portfolio Management, as co-managers on the strategy. Mr. Mewbourne will retire from PIMCO at the end of September after a 17-year career at the firm.

Mr. Ivascyn and Mr. Murata were named Morningstar's 2013 U.S. Fixed Income Fund Managers of the Year for their management of the PIMCO Income Fund, which like the PIMCO Diversified Income Fund, is part of PIMCO's successful income suite of strategies that seek to deliver strong returns over multi-year periods.

"In the current environment of low yields and high volatility, strategies that seek capital preservation and consistent, sustainable income over different market cycles and economic environments help clients meet their long-term investment objectives," said Mr. Ivascyn. "The ability to access a broad diversified set of opportunities with an emphasis on flexibility and risk management is key."

Mr. Mewbourne, who worked for Salomon Brothers and Lehman Brothers prior to joining PIMCO, has managed institutional accounts and mutual funds across a wide range of strategies during his tenure with the firm. He has also made important leadership contributions to the growth of the firm's emerging markets, insurance and diversified income businesses and held leadership positions in executive and portfolio management teams, including the New York trade floor. The funds he managed received several Lipper awards for investment performance in various strategies and he was nominated for Morningstar's U.S. Fixed Income Manager of the Year in 2010.

"Curtis has made invaluable contributions to the firm throughout his career at PIMCO and we wish him all the best for his planned retirement later this year," said Mr. Ivascyn.

"PIMCO is an amazing place. It has been truly a privilege to work with some of the most talented and hard working professionals in the industry," said Mr. Mewbourne.

Mr. Ivascyn and Mr. Murata will also be co-managing the PIMCO Floating Income Fund (PFIIX) and the PIMCO Diversified Income Active Exchange-Traded Fund (DI) along with Mr. Mewbourne and Ms. Tournier. All of these portfolio management responsibilities are effective immediately.

Professional Biographies

Daniel J. Ivascyn
Mr. Ivascyn is Group Chief Investment Officer and a managing director in the Newport Beach office. He is lead portfolio manager for the firm's income strategies and credit hedge fund and mortgage opportunistic strategies. He is a member of PIMCO's Executive Committee and a member of the Investment Committee. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 24 years of investment experience and holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Occidental College.

Alfred T. Murata
Mr. Murata is a managing director and portfolio manager in the Newport Beach office on the mortgage credit team. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest rate derivatives at Nikko Financial Technologies. He has 16 years of investment experience and holds a Ph.D. in engineering-economic systems and operations research from Stanford University. He also earned a J.D. from Stanford Law School and is a member of the State Bar of California.

Eve Tournier
Ms. Tournier is an executive vice president in the London office and head of pan-European credit portfolio management. Prior to joining PIMCO in 2008, she was a managing director and European head of high yield credit trading with Deutsche Bank in London. Previously, she worked in credit derivatives trading at Deutsche Bank and at JPMorgan in New York. She has 17 years of investment experience and holds a master's degree in operations research and financial engineering from Cornell University and an undergraduate degree from Ecole Centrale de Lyon.

About PIMCO

PIMCO is a leading global investment management firm, with 13 offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund's prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com. Please read them carefully before you invest or send money.

A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. The strategy may invest all of its assets in high-yield, lower-rated, securities which involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss.

Exchange Traded Funds ("ETF") are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or "baskets" of shares. Shares of an ETF are bought and sold at market price (not NAV). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF's prospectus.

Premiums (when market price is above NAV) or discounts (when market price is below NAV) reflect the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A discount or premium could be significant. Data in chart format displaying the frequency distribution of discounts and premiums of the Market Price against the NAV can be found for each Fund at www.pimcoetfs.com.

Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results.

The Morningstar Fixed Income Fund Manager of the Year (2013) award is based on the strength of the manager, performance, strategy, and firm's stewardship. Lipper awards recognize funds that have delivered consistently strong risk-adjusted performance, relative to peers.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2016, PIMCO. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.