PIMCO Commercial Mortgage Securities Trust, Inc. Releases Investment Performance Results

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Jan. 31, 2002 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM) today released its investment performance results and statistical portfolio information for the period October 1, 2001, through December 31, 2001 (fourth quarter).

PIMCO Commercial Mortgage Securities Trust, Inc. (the "Fund") is a closed-end bond fund that invests principally in investment grade commercial mortgage-backed securities ("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. Pacific Investment Management Company LLC ("PIMCO"), an investment adviser with more than $241.3 billion of assets under management as of December 31, 2001, 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
      12/31/01                NYSE Share Price     Net Asset Value

   Fourth quarter                   4.71%              -0.80%
   One year                        24.20%              10.69%
   Three years (annualized)        11.44%               7.81%
   Five years (annualized)         12.10%               8.39%

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 0.05%, 8.44%, 6.28% and 7.43% for the three months, one year, three years and five years ended December 31, 2001, respectively (3- and 5-year numbers are annualized).

                                  Price Information
  Pricing Date               NYSE Share Price        Net Asset Value
  December 31, 2001               $14.1500               $12.85
  September 30, 2001              $14.0000               $13.46
  December 31, 2000               $12.5625               $12.86

                               Premium/(Discount) to Net Asset Value
   December 31, 2001                          10.12%
   September 30, 2001                          4.01%
   December 31, 2000                          (2.31)%
                           Dividend Information
   Regular monthly dividend per share:                $ 0.09375
   Special dividend per share 
    (declared December 12, 2001):                     $ 0.22300
   Total dividends declared in the quarter:           $ 0.50425
   Total dividends declared for calendar 2001:        $ 1.34800
   Annualized dividend yield at 12/31/01 based 
     on NYSE share price:                               7.95%*
   Annualized dividend yield at 12/31/01 
     based on net asset value:                          8.75%*
   * Excluding special dividend declared on 12/12/01.

                          Portfolio Statistics
          The Fund's investment portfolio had the following
                characteristics as of December 31, 2001:

 Net Assets:              $141.7mm
 Average Duration:        4.36 years
 Average Maturity:        5.38 years
 Quality Ratings:         18.7% AAA, 6.4% AA, 11.3% A, 34.4% BBB, 
                          22.7% BB, 6.5% B, 0.0% less than B
 Average Quality:         BBB+
 Sector Weightings:       23% Multi-family (apartment buildings), 
                          9% Healthcare (hospitals and nursing
                          care facilities), 12% Hospitality (hotels 
                          and motels), 34% Multi-class (a mix of all
                          commercial property types, including 
                          office buildings and industrial properties),
                          12% Real Estate ABS, 2% Corporate, 3%
                          Commercial Paper, 5% Other

Market Commentary

Fixed income securities were among the best performing investments in an otherwise volatile and disappointing year in financial markets. The Federal Reserve supplied a powerful tailwind, easing 11 times for a total of 4.75%. Seeking to revive the flagging U.S. economy and calm the markets after the terrorist attacks on September 11, the central bank drove the nominal federal funds rate to its lowest level in 40 years.

The Fed action fueled a strong rally on the short end of the yield curve over the course of 2001. Two-year Treasury yields fell 2.07%, closing at 3.02%, while the 10-year Treasury yield held firm, finishing the year at 5.05%, down 0.06%.

During the fourth quarter, expectations of an imminent recovery and eventual Fed tightening caused bonds to give back some of their gains. The retreat began in November, as a fall in jobless claims suggested that company layoffs were slowing. Resilient consumer confidence, bolstered by sharply lower gasoline prices and a continued boom in mortgage refinancings, added to the optimism. Intermediate yields climbed as much as 0.50% and forward markets priced in almost 2.0% of Fed tightening by the end of 2002. The long end of the yield curve held up better, aided by the Treasury's announcement that it would stop selling 30-year bonds.

The U.S. offered the only hope for a revival of global growth amid a synchronized global slowdown. Eurozone economies, especially Germany, veered close to recession as consumer and business confidence remained weak. Japan sank back into recession for the third time in a decade as consumer spending and exports slumped. Weak export markets also exerted a strong drag on emerging economies, particularly in East Asia.

Most fixed income sectors provided positive total returns in 2001. The best performers for the year were short and intermediate maturity Treasuries and corporate bonds. Non-investment grade corporates led the bond markets during a difficult fourth quarter. Mortgages continued to offer attractive yield premiums but the sector modestly lagged Treasuries on a duration-adjusted basis for the quarter and the year. Heightened market volatility detracted from mortgage returns relative to like-duration Treasuries.

The Fund's portfolio of commercial mortgage backed securities ("CMBS") posted a -0.80% return for the fourth quarter based on net asset value and a favorable 4.71% return based on its NYSE share price. In comparison, the Lehman Brothers Aggregate Bond Index (which includes Treasury, investment-grade corporate and residential mortgage-backed securities) returned 0.05% for the same period. NYSE share price return was significantly boosted as the Fund's trading premium to its net asset value widened over the quarter from 4.01% to 10.12%. Longer term performance continues to be strong with the Fund posting an annualized return based on net asset value of 7.81% for the three-year period and 8.39% for the five-year period ended December 31, 2001, outperforming the Index returns of 6.28% and 7.43% over the same periods. The Fund maintained an uninterrupted and constant dividend throughout the quarter, holding the monthly per share rate steady at $0.09375. In addition, a special dividend of $0.223 per share was declared towards the end of the quarter from ordinary income accumulated over the year in excess of the Fund's regular monthly distributions. These dividend payouts, excluding the special dividend, equate to an annualized dividend yield of 7.95% based on the Fund's NYSE trading price as of December 31, 2001.

For further information, please contact Jeff Sargent, PIMCO Commercial Mortgage Securities Trust, Inc. at (949) 720-4712.

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