NEWPORT BEACH, Calif., April 14, 2004 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today held its Annual Meeting of Shareholders of the Fund. The meeting was held for the following purposes: (1) to consider a proposal to liquidate the Fund, and (2) to consider whether to elect Messrs. E. Philip Cannon and William J. Popejoy to serve as members of the Fund's Board of Directors for the terms expiring in 2007, and until their successors are elected and qualify.
Consistent with the Board's recommendation to shareholders, the proposal to liquidate the Fund failed to receive the necessary affirmative vote of two-thirds (66 2/3%) of the Fund's shares outstanding. Therefore, the Fund will not be liquidated as proposed. The proposal to elect Messrs. Cannon and Popejoy to serve as members of the Board of Directors was approved.
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