PIMCO Commercial Mortgage Securities Trust, Inc. Announces Portfolio Manager Change

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Oct. 1, 2001 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today announced that Daniel J. Ivascyn will assume day-to-day responsibility for managing the Fund effective immediately. Scott Mather, who had previously managed the Fund, is now focused exclusively on European-based fixed income asset management for PIMCO.

Mr. Ivascyn is a Vice President, portfolio manager and a member of PIMCO's mortgage team. Mr. Ivascyn joined the firm in 1998 having been previously associated with Bear Stearns in the asset backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 10 years of investment experience and holds a degree in Economics from Occidental College and an MBA in Analytic Finance from the University of Chicago Graduate School of Business.