NEWPORT BEACH, Calif., July 10, 2002 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM) (the "Fund") today announced that effective July 31, 2002, the Fund, in compliance with New Rule 35d-1 under the Investment Company Act of 1940, as amended, has adopted a non-fundamental policy to invest, under normal circumstances, at least 80% of its net assets and amounts borrowed for investment purposes in commercial mortgage-backed securities ("CMBS"). For this purpose, "CMBS" are fixed income instruments representing interest in mortgage loans on commercial real estate properties, such as office buildings, shopping malls, hotels, apartment buildings, nursing homes, and industrial properties. The Fund has also adopted a policy to provide shareholders at least 60 days' prior notice of any change in this investment policy of the Fund. Prior to the change, the Fund was subject to a similar requirement with regard to 65% of its total assets. Pacific Investment Management Company LLC ("PIMCO") does not believe that the new policy will result in any changes in the Fund's investment portfolio, as it currently complies with the higher content standard.
The Fund is a closed-end bond fund that invests principally in investment grade CMBS. The primary investment objective of the Fund is to achieve high current income, with capital gain from the disposition of investments as a secondary objective. PIMCO, an investment adviser with more than $253.7 billion of assets under management as of March 31, 2002, is responsible for managing the Fund's investment portfolio.