PIMCO Commercial Mortgage Securities Trust, Inc. Release Investment Performance Results and Statistical Portfolio Information


NEWPORT BEACH, Calif., April 30, 1999 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE: PCM) today released its investment performance results and statistical portfolio information for the period January 1, 1999, through March 31, 1999 (first quarter).

PIMCO Commercial Mortgage Securities Trust, Inc. (the "Fund") is a closed-end bond fund which invests principally in investment grade commercial mortgage-backed securities. 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. Pacific Investment Management Company ("PIMCO"), an investment adviser with more than $165 billion of assets under management as of March 31, 1999, is responsible for managing the Fund's investment portfolio.


      Investment Performance, Price and Dividend Information

          The Fund's valuation and investment performance 
                   information are as follows:

                          Total Return Investment Performance
Periods Ended                  Based on           Based on
  3/31/99                  NYSE Share Price    Net Asset Value
  -------                  ----------------    ---------------

First quarter                   -2.53%              1.18%
One year                         3.99%              6.59%
Three years (annualized)        10.87%             10.02%
Five years (annualized)         10.48%              9.68%

The Fund's total return investment performance is net of all fees and expenses and assumes the reinvestment of dividends. For comparison purposes, the Lehman Brothers Aggregate Bond Index, a broad market measure of domestic fixed income performance, rose -0.50%, 6.49%, 7.75% and 7.79% (annualized), respectively, for the three months, one year, three years and five years ended March 31, 1999.


                                      Price Information
Pricing Date               NYSE Share Price           Net Asset Value
------------               ----------------           ---------------
March 31, 1999                 $13.1250                   $13.62 
December 31, 1998               13.7500                    13.74
March 31, 1998                  13.8125                    13.95


                            Premium/(Discount) to Net Asset Value
                            -------------------------------------
March 31, 1999                           (3.63)%
December 31, 1998                         0.07 %
March 31, 1998                           (0.99)%


                       Dividend Information
                       --------------------
Regular monthly dividend per share:                $ 0.09375
Total dividends declared in the quarter:           $ 0.28125
Annualized dividend yield at 3/31/99 based 
  on NYSE share price:                               8.57%
Annualized dividend yield at 3/31/99 based 
  on net asset value:                                8.26%


                        Portfolio Statistics
                        --------------------
           The Fund's investment portfolio had the following 
                characteristics as of March 31, 1999:

Net Assets:             $149,873,932
Average Duration:       4.92 years
Average Maturity:       6.09 years
Quality Ratings:        18.01% AAA, 8.81% AA, 16.13% A, 29.59% BAA, 
                        18.75 % BB, 8.71% B
Average Quality:        BAA+
Sector Weightings:      29% Multi-family (apartment buildings), 
                        18% Healthcare (hospitals and nursing care 
                        facilities), 8% Hospitality (hotels and motels), 
                        1% Retail (shopping centers), 35% Multi-class (a 
                        mix of all commercial property types, including 
                        office buildings and industrial properties), 
                        1% Commercial Paper, 8% Other


                         Market Commentary

Interest rates rose during the first quarter as continued evidence of strong U.S. economic growth heightened concern that the Federal Reserve would boost rates to keep inflation subdued. As a result, yields on U.S. Treasuries rose across most maturity ranges, with yields on intermediate and long maturity Treasuries rising the furthest. The yield on 30-year U.S. Treasuries jumped 0.53%, ending the quarter at 5.62%, near where it was last August before turbulence in global financial markets sparked a flight to safety that pushed yields below 5%. A steeper yield curve resulted by quarter-end, with 30-year Treasury bonds offering a 1.10% yield advantage over their 6-month counterparts.

Despite the economy's rapid growth, there were few signs that inflation was actually increasing, which allowed the Fed to leave rates unchanged during the quarter. The Fed was also reluctant to curtail growth in the U.S. with many of the world's economies in or near recession. While rates rose in the U.S., volatility in global bond markets diminished. Brazil's decision to devalue its currency early in the quarter did not prompt any significant loss of liquidity in global bond markets and caused only temporary widening of yield premiums on non-Treasury bonds. The market's measured response to Brazil's devaluation stood in contrast with the turmoil created last year by Russia's debt default and devaluation, the near-collapse of several large hedge funds and concern about weak Asian economies. Financial markets displayed more resilience because the Fed's string of three rate cuts last fall boosted investors' confidence and lowered their aversion to risk. Continued expansion of the U.S. economy offered reassurance that the U.S. could continue to function as consumer of last resort for the exports of struggling economies.

In this environment, the Fund's portfolio of commercial mortgage-backed securities ("CMBS") delivered solid performance on a net asset value basis. The Fund posted a 1.18% return for the first quarter, outperforming the Lehman Brothers Aggregate Bond Index (which includes Treasury, investment-grade corporate and residential mortgage-backed securities) which returned -0.50% for the same period. NYSE share price performance lagged the Fund's return based on net asset value and the return of the Lehman Index due to a significant widening of the Fund's trading discount over the quarter from 0.07% to -3.63%. Nevertheless, longer term performance has been strong with the Fund posting a return based on NYSE share price of 10.87% for the three-year period and 10.48% for the five-year period ended March 31, 1999, outperforming the Index return of 7.75% and 7.79% over the same periods, respectively. The Fund maintained an uninterrupted and constant dividend throughout the quarter, holding the monthly per share rate steady at $0.09375. These dividend pay-outs equate to an annualized dividend yield of 8.57% based on the Fund's NYSE trading price as of March 31, 1999.

For further information, please contact Jeff Sargent, PIMCO Commercial Mortgage Securities Trust, Inc., at (949) 760-4743.

Past performance is no guarantee of future results. Investment return, dividend rate and share price will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.



            

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