<PAGE>

                             SECURITIES AND EXCHANGE COMMISSION
                                     450 Fifth Street, NW
                                     Washington, DC  20549

                        ------------------------------------------

                                          FORM 8-K
                                       CURRENT REPORT

                           Pursuant to Section 13 or 15(d) of the
                              Securities Exchange Act of 1934

                              For the Month of March, 2001

                                 PNC MORTGAGE SECURITIES CORP.
                              MORTGAGE PASS-THROUGH CERTIFICATES,
                                     SERIES:  2001-1
                 (Exact name of the registrant as specified in charter)

                 Delaware              333-72879-18            T/B/D
               (State or other         (Commission          (IRS Employer
               jurisdiction of         File Number)         Identification
               Incorporation)                               Number)


                                   75 NORTH FAIRWAY DRIVE
                                   VERNON HILLS, IL  60061

                         (Address of principal executive offices)

                    Registrant's telephone number, including area code:

                                      (847) 549-6500


<PAGE>
ITEM 5.

     See Exhibit A, the Distribution Report for the Month of March, 2001,
attached hereto.

ITEM 7.

    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:


     EXHIBITS:

     A.   PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
          SERIES:  2001-1    , Monthly Distribution Report for March 2001.

                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated:    April 10, 2001

                                  WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                              (Registrant)

                                              By:   /s/ (RICHIE MOORE)
                                                    ------------------
                                                    RICHIE MOORE
                                                    SECOND VICE PRESIDENT





<PAGE>
<TABLE>
<CAPTION>
                                                               EXHIBIT A
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.78099%
POOL NUMBER:  1697
____________________________________________________________________________________________
<S>                           <C>
ISSUE DATE:  01/30/2001
CERTIFICATE BALANCE AT ISSUE:    $245,740,542.00
<CAPTION>
                                                                 CERTIFICATE
                                                   TOTAL         ACCOUNT            CERTIFICATE
                                                   NUMBER OF     ACTIVITY           BALANCE
                                                   MORTGAGES     (@PC RATE)         OUTSTANDING
                                                   _________  __________________  __________________
<S>                                                <C>        <C>                 <C>
BALANCES FROM LAST FISCAL MONTH-END:                     614                         $241,351,007.53
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month                     $148,702.12
Unscheduled Principal Collection/Reversals                            $23,958.91
Liquidations-in-full                                      19       $8,317,596.40
Net principal Distributed                                          $8,490,257.43     ($8,490,257.43)

CAPITAL LOSS (PRINCIPAL WRITTEN OFF):                                                          $0.00

BALANCE CURRENT FISCAL MONTH-END:                        595                         $232,860,750.10

SCHEDULED INTEREST AT MORTGAGE RATE:                               $1,718,342.29

UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals                                  $0.00
Interest Uncollected on Liquidation                                        $0.00
Interest Uncollected on Non-Earning Assets                                 $0.00
Net Unscheduled Interest Distributed                                       $0.00

OTHER:
Loan Conversion Fees                                                       $0.00
Expense Reimbursements                                                     $0.00
Gain on Liquidations                                                       $0.00
Hazard Insurance Premium Refunds                                           $0.00
Net Other Distributions                                                    $0.00

SCHEDULED SERVICING FEE EXPENSES:                                    $153,452.23

UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals                              $0.00
Servicing Fees Uncollected on Liquidation                                  $0.00
Servicing Fees Uncollected/Non-Earning Assets                              $0.00
Net Unscheduled Service Fees Distributed                                   $0.00

MISCELLANEOUS EXPENSES:                                                    $0.00

NET FUNDS DISTRIBUTED:                                            $10,055,147.49

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.78099%
POOL NUMBER:  1697
____________________________________________________________________________________________

<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
  Loan Count Of              Aggregate Loss
  Incurred Loss                  Amount
__________________         _________________
<S>                        <C>
                 0                     $0.00
*Aggregate Loss Amount and Count do not include this month's activity

<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
     Principal          Scheduled         Interest        Net Interest                            Total
   Distribution       Interest Due       Adjustment       Distribution         Other          Distribution
__________________  ________________  ________________  ________________  ________________  ________________
<S>                 <C>               <C>               <C>               <C>               <C>
     $8,490,257.43     $1,564,890.06             $0.00     $1,564,890.06             $0.00    $10,055,147.49

<CAPTION>
INSURANCE RESERVES
                         Original         Claims In          Claims           Coverage          Coverage
  Insurance Type         Balance          Progress            Paid           Adjustments        Remaining
___________________  ________________  ________________  ________________  ________________  ________________
<S>             <C>                <C>                  <C>               <C>                 <C>
MPI                             $0.00             $0.00             $0.00             $0.00             $0.00
Special Hazard          $3,010,286.00             $0.00             $0.00             $0.00     $3,010,286.00
Bankruptcy Bond
   Single-Units           $122,281.00             $0.00             $0.00             $0.00       $122,281.00
   Multi-Units                  $0.00             $0.00             $0.00             $0.00             $0.00
Mortgage Repurchase     $4,914,810.84             $0.00             $0.00             $0.00     $4,914,810.84

<CAPTION>
DELINQUENT INSTALLMENTS
ONE                          TWO                          THREE
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
<S>    <C>                   <C>    <C>                   <C>    <C>
   10      $4,330,102.96         3        $906,101.27         0              $0.00

FOUR                         IN FORECLOSURE               ACQUIRED
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
    0              $0.00         0              $0.00         0              $0.00

</TABLE>

The Class Principal Balances of each Class of the Class IIB1, IIB2, IIB3, IIB4,
IIB5, IIB6 Certificates immediately after the principal and interest
distribution on 03/25/2001 are as follows:

<TABLE>
<CAPTION>
             <S>                <C>                         <C>                <C>
                Class       Class Principal Balance
                IIB1               $7,976,772.76
                IIB2               $3,067,989.98
                IIB3               $2,699,831.03
                IIB4               $1,349,916.51
                IIB5                 $981,756.56
                IIB6               $1,104,475.87
                              __________________
                Total             $17,180,742.71
                              ==================
</TABLE>

Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.

<PAGE>

<TABLE>
<CAPTION>
                                                                           EXHIBIT A

                  DELINQUENT* MORTGAGE LOANS (As of February 28, 2001):

SERIES:  2001-1                 POOL NUMBER:  1697

                           I                     II                      III
                     Total Loans In        Total Delinquent        Loans Delinquent
                     Mortgage Pool              Loans                  1 Month
                  --------------------   ---------------------   ---------------------
<S>               <C>                    <C>                     <C>
Dollar Amount:       $232,860,750.10**        $5,236,204.23***        $4,330,102.96***
Number:                          604                     13                      10
% of Pool:                    100.00%                  2.25%                   1.86%
(Dollars)
% of Pool:                    100.00%                  2.15%                   1.66%
(No. of Loans)

<CAPTION>
                           IV                      V                      VI
                    Loans Delinquent        Loans Delinquent           Loans In
                        2 Month                 3 Month               Foreclosure
                  --------------------   ---------------------   ---------------------
<S>               <C>                    <C>                     <C>
Dollar Amount:          $906,101.27***                $0.00***                $0.00***
Number:                           3                       0                       0
% of Pool:                    0.39%                    0.00%                   0.00%
(Dollars)
% of Pool:                    0.50%                    0.00%                   0.00%
(No. of Loans)

<CAPTION>
                          VII
                     Loans Acquired
                  --------------------
<S>               <C>
Dollar Amount:                $0.00***
Number:                           0
% of Pool:                     0.00%
(Dollars)
% of Pool:                     0.00%
(No. of Loans)

*  A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.

**  Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 2001 scheduled payments and February 01, 2001
unscheduled payments on the mortgage loans.

***  Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 2001.

Trading Factor, calculated as of distribution date : 0.32952004.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 2001, and
unscheduled prepayments in months prior to March ) can be calculated.
</TABLE>


<PAGE>
<TABLE>
<CAPTION>
                                                               EXHIBIT A
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.64475%
POOL NUMBER:  Group 1 = 1696, 1698
____________________________________________________________________________________________
<S>                           <C>
ISSUE DATE:  01/30/2001
CERTIFICATE BALANCE AT ISSUE:    $460,925,895.00
<CAPTION>
                                                                 CERTIFICATE
                                                   TOTAL         ACCOUNT            CERTIFICATE
                                                   NUMBER OF     ACTIVITY           BALANCE
                                                   MORTGAGES     (@PC RATE)         OUTSTANDING
                                                   _________  __________________  __________________
<S>                                                <C>        <C>                 <C>
BALANCES FROM LAST FISCAL MONTH-END:                    1159                         $446,157,685.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month                     $307,213.03
Unscheduled Principal Collection/Reversals                           $188,352.45
Liquidations-in-full                                      73      $27,343,491.36
Net principal Distributed                                         $27,839,056.84    ($27,839,056.84)

CAPITAL LOSS (PRINCIPAL WRITTEN OFF):                                                          $0.00

BALANCE CURRENT FISCAL MONTH-END:                       1086                         $418,318,628.72

SCHEDULED INTEREST AT MORTGAGE RATE:                               $3,078,236.62

UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals                                  $0.00
Interest Uncollected on Liquidation                                        $0.00
Interest Uncollected on Non-Earning Assets                                 $0.00
Net Unscheduled Interest Distributed                                       $0.00

OTHER:
Loan Conversion Fees                                                       $0.00
Expense Reimbursements                                                     $0.00
Gain on Liquidations                                                       $0.00
Hazard Insurance Premium Refunds                                           $0.00
Net Other Distributions                                                    $0.00

SCHEDULED SERVICING FEE EXPENSES:                                    $235,338.09

UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals                              $0.00
Servicing Fees Uncollected on Liquidation                                  $0.00
Servicing Fees Uncollected/Non-Earning Assets                              $0.00
Net Unscheduled Service Fees Distributed                                   $0.00

MISCELLANEOUS EXPENSES:                                                    $0.00

NET FUNDS DISTRIBUTED:                                            $30,681,955.37

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.64475%
POOL NUMBER:  Group 1 = 1696, 1698
____________________________________________________________________________________________

<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
  Loan Count Of              Aggregate Loss
  Incurred Loss                  Amount
__________________         _________________
<S>                        <C>
                 0                     $0.00
*Aggregate Loss Amount and Count do not include this month's activity

<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
     Principal          Scheduled         Interest        Net Interest                            Total
   Distribution       Interest Due       Adjustment       Distribution         Other          Distribution
__________________  ________________  ________________  ________________  ________________  ________________
<S>                 <C>               <C>               <C>               <C>               <C>
    $27,839,056.84     $2,842,898.53             $0.00     $2,842,898.53             $0.00    $30,681,955.37

<CAPTION>
INSURANCE RESERVES
                         Original         Claims In          Claims           Coverage          Coverage
  Insurance Type         Balance          Progress            Paid           Adjustments        Remaining
___________________  ________________  ________________  ________________  ________________  ________________
<S>             <C>                <C>                  <C>               <C>                 <C>
MPI                             $0.00             $0.00             $0.00             $0.00             $0.00
Special Hazard          $5,280,620.00             $0.00             $0.00             $0.00     $5,280,620.00
Bankruptcy Bond
   Single-Units           $173,919.00             $0.00             $0.00             $0.00       $173,919.00
   Multi-Units                  $0.00             $0.00             $0.00             $0.00             $0.00
Mortgage Repurchase     $9,218,517.90             $0.00             $0.00             $0.00     $9,218,517.90

<CAPTION>
DELINQUENT INSTALLMENTS
ONE                          TWO                          THREE
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
<S>    <C>                   <C>    <C>                   <C>    <C>
   22      $7,787,278.97         0              $0.00         0              $0.00

FOUR                         IN FORECLOSURE               ACQUIRED
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
    0              $0.00         0              $0.00         0              $0.00

</TABLE>

The Class Principal Balances of each Class of the Class CB1, CB2, CB3, CB4,
CB5, CB6 Certificates immediately after the principal and interest distribution
on 03/25/2001 are as follows:

<TABLE>
<CAPTION>
             <S>                <C>                         <C>                <C>
                Class       Class Principal Balance
                CB1                $8,975,781.57
                CB2                $4,833,114.77
                CB3                $2,531,631.54
                CB4                $1,841,185.58
                CB5                $1,150,741.61
                CB6                $1,380,889.94
                              __________________
                Total             $20,713,345.01
                              ==================
</TABLE>

Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.

<PAGE>

<TABLE>
<CAPTION>
                                                                           EXHIBIT A

                  DELINQUENT* MORTGAGE LOANS (As of February 28, 2001):

SERIES:  2001-1                 POOL NUMBER:  Group 1 = 1696, 1698

                           I                     II                      III
                     Total Loans In        Total Delinquent        Loans Delinquent
                     Mortgage Pool              Loans                  1 Month
                  --------------------   ---------------------   ---------------------
<S>               <C>                    <C>                     <C>
Dollar Amount:       $418,318,628.72**        $7,787,278.97***        $7,787,278.97***
Number:                         1124                     22                      22
% of Pool:                    100.00%                  1.86%                   1.86%
(Dollars)
% of Pool:                    100.00%                  1.96%                   1.96%
(No. of Loans)

<CAPTION>
                           IV                      V                      VI
                    Loans Delinquent        Loans Delinquent           Loans In
                        2 Month                 3 Month               Foreclosure
                  --------------------   ---------------------   ---------------------
<S>               <C>                    <C>                     <C>
Dollar Amount:                $0.00***                $0.00***                $0.00***
Number:                           0                       0                       0
% of Pool:                    0.00%                    0.00%                   0.00%
(Dollars)
% of Pool:                    0.00%                    0.00%                   0.00%
(No. of Loans)

<CAPTION>
                          VII
                     Loans Acquired
                  --------------------
<S>               <C>
Dollar Amount:                $0.00***
Number:                           0
% of Pool:                     0.00%
(Dollars)
% of Pool:                     0.00%
(No. of Loans)

*  A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.

**  Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 2001 scheduled payments and February 01, 2001
unscheduled payments on the mortgage loans.

***  Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 2001.

Trading Factor, calculated as of distribution date : 0.59196052.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 2001, and
unscheduled prepayments in months prior to March ) can be calculated.
</TABLE>
[{"type": "8-K", "sequence": "1", "filename": "0001.txt", "secsgml_size_bytes": 23150}]
{"company-data": {"conformed-name": "MORTGAGE PASS THROUGH CERTIFICATES SERIES 2001-1", "cik": "0001133463", "assigned-sic": "6189", "irs-number": "364185795", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-72879-18", "film-number": "1599125"}, "business-address": {"street1": "75 N FAIRWAY DR", "city": "VERNON HILLS", "state": "IL", "zip": "60061", "phone": "8475496500"}, "mail-address": {"street1": "75 N FAIRWAY DR", "city": "VERNON HILLS", "state": "IL", "zip": "60061"}}
SECURITIES AND EXCHANGE COMMISSION
                                     450 Fifth Street, NW
                                     Washington, DC  20549

                        ------------------------------------------

                                          FORM 8-K
                                       CURRENT REPORT

                           Pursuant to Section 13 or 15(d) of the
                              Securities Exchange Act of 1934

                              For the Month of March, 2001

                                 PNC MORTGAGE SECURITIES CORP.
                              MORTGAGE PASS-THROUGH CERTIFICATES,
                                     SERIES:  2001-1
                 (Exact name of the registrant as specified in charter)

                 Delaware              333-72879-18            T/B/D
               (State or other         (Commission          (IRS Employer
               jurisdiction of         File Number)         Identification
               Incorporation)                               Number)

                                   75 NORTH FAIRWAY DRIVE
                                   VERNON HILLS, IL  60061

                         (Address of principal executive offices)

                    Registrant's telephone number, including area code:

                                      (847) 549-6500
ITEM 5.

     See Exhibit A, the Distribution Report for the Month of March, 2001,
attached hereto.

ITEM 7.

    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:

     EXHIBITS:

     A.   PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
          SERIES:  2001-1    , Monthly Distribution Report for March 2001.

                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated:    April 10, 2001

                                  WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                              (Registrant)

                                              By:   /s/ (RICHIE MOORE)
                                                    ------------------
                                                    RICHIE MOORE
                                                    SECOND VICE PRESIDENT
EXHIBIT A
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.78099%
POOL NUMBER:  1697
____________________________________________________________________________________________
ISSUE DATE:  01/30/2001
CERTIFICATE BALANCE AT ISSUE:    $245,740,542.00
CERTIFICATE
                                                   TOTAL         ACCOUNT            CERTIFICATE
                                                   NUMBER OF     ACTIVITY           BALANCE
                                                   MORTGAGES     (@PC RATE)         OUTSTANDING
                                                   _________  __________________  __________________
BALANCES FROM LAST FISCAL MONTH-END:                     614                         $241,351,007.53
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month                     $148,702.12
Unscheduled Principal Collection/Reversals                            $23,958.91
Liquidations-in-full                                      19       $8,317,596.40
Net principal Distributed                                          $8,490,257.43     ($8,490,257.43)

CAPITAL LOSS (PRINCIPAL WRITTEN OFF):                                                          $0.00

BALANCE CURRENT FISCAL MONTH-END:                        595                         $232,860,750.10

SCHEDULED INTEREST AT MORTGAGE RATE:                               $1,718,342.29

UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals                                  $0.00
Interest Uncollected on Liquidation                                        $0.00
Interest Uncollected on Non-Earning Assets                                 $0.00
Net Unscheduled Interest Distributed                                       $0.00

OTHER:
Loan Conversion Fees                                                       $0.00
Expense Reimbursements                                                     $0.00
Gain on Liquidations                                                       $0.00
Hazard Insurance Premium Refunds                                           $0.00
Net Other Distributions                                                    $0.00

SCHEDULED SERVICING FEE EXPENSES:                                    $153,452.23

UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals                              $0.00
Servicing Fees Uncollected on Liquidation                                  $0.00
Servicing Fees Uncollected/Non-Earning Assets                              $0.00
Net Unscheduled Service Fees Distributed                                   $0.00

MISCELLANEOUS EXPENSES:                                                    $0.00

NET FUNDS DISTRIBUTED:                                            $10,055,147.49
WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.78099%
POOL NUMBER:  1697
____________________________________________________________________________________________
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
  Loan Count Of              Aggregate Loss
  Incurred Loss                  Amount
__________________         _________________
0                     $0.00
*Aggregate Loss Amount and Count do not include this month's activity
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
     Principal          Scheduled         Interest        Net Interest                            Total
   Distribution       Interest Due       Adjustment       Distribution         Other          Distribution
__________________  ________________  ________________  ________________  ________________  ________________
$8,490,257.43     $1,564,890.06             $0.00     $1,564,890.06             $0.00    $10,055,147.49
INSURANCE RESERVES
                         Original         Claims In          Claims           Coverage          Coverage
  Insurance Type         Balance          Progress            Paid           Adjustments        Remaining
___________________  ________________  ________________  ________________  ________________  ________________
MPI                             $0.00             $0.00             $0.00             $0.00             $0.00
Special Hazard          $3,010,286.00             $0.00             $0.00             $0.00     $3,010,286.00
Bankruptcy Bond
   Single-Units           $122,281.00             $0.00             $0.00             $0.00       $122,281.00
   Multi-Units                  $0.00             $0.00             $0.00             $0.00             $0.00
Mortgage Repurchase     $4,914,810.84             $0.00             $0.00             $0.00     $4,914,810.84
DELINQUENT INSTALLMENTS
ONE                          TWO                          THREE
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
10      $4,330,102.96         3        $906,101.27         0              $0.00

FOUR                         IN FORECLOSURE               ACQUIRED
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
    0              $0.00         0              $0.00         0              $0.00
The Class Principal Balances of each Class of the Class IIB1, IIB2, IIB3, IIB4,
IIB5, IIB6 Certificates immediately after the principal and interest
distribution on 03/25/2001 are as follows:
Class       Class Principal Balance
                IIB1               $7,976,772.76
                IIB2               $3,067,989.98
                IIB3               $2,699,831.03
                IIB4               $1,349,916.51
                IIB5                 $981,756.56
                IIB6               $1,104,475.87
                              __________________
                Total             $17,180,742.71
                              ==================
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
EXHIBIT A

                  DELINQUENT* MORTGAGE LOANS (As of February 28, 2001):

SERIES:  2001-1                 POOL NUMBER:  1697

                           I                     II                      III
                     Total Loans In        Total Delinquent        Loans Delinquent
                     Mortgage Pool              Loans                  1 Month
                  --------------------   ---------------------   ---------------------
Dollar Amount:       $232,860,750.10**        $5,236,204.23***        $4,330,102.96***
Number:                          604                     13                      10
% of Pool:                    100.00%                  2.25%                   1.86%
(Dollars)
% of Pool:                    100.00%                  2.15%                   1.66%
(No. of Loans)
IV                      V                      VI
                    Loans Delinquent        Loans Delinquent           Loans In
                        2 Month                 3 Month               Foreclosure
                  --------------------   ---------------------   ---------------------
Dollar Amount:          $906,101.27***                $0.00***                $0.00***
Number:                           3                       0                       0
% of Pool:                    0.39%                    0.00%                   0.00%
(Dollars)
% of Pool:                    0.50%                    0.00%                   0.00%
(No. of Loans)
VII
                     Loans Acquired
                  --------------------
Dollar Amount:                $0.00***
Number:                           0
% of Pool:                     0.00%
(Dollars)
% of Pool:                     0.00%
(No. of Loans)

*  A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.

**  Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 2001 scheduled payments and February 01, 2001
unscheduled payments on the mortgage loans.

***  Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 2001.

Trading Factor, calculated as of distribution date : 0.32952004.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 2001, and
unscheduled prepayments in months prior to March ) can be calculated.
EXHIBIT A
                     WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.64475%
POOL NUMBER:  Group 1 = 1696, 1698
____________________________________________________________________________________________
ISSUE DATE:  01/30/2001
CERTIFICATE BALANCE AT ISSUE:    $460,925,895.00
CERTIFICATE
                                                   TOTAL         ACCOUNT            CERTIFICATE
                                                   NUMBER OF     ACTIVITY           BALANCE
                                                   MORTGAGES     (@PC RATE)         OUTSTANDING
                                                   _________  __________________  __________________
BALANCES FROM LAST FISCAL MONTH-END:                    1159                         $446,157,685.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month                     $307,213.03
Unscheduled Principal Collection/Reversals                           $188,352.45
Liquidations-in-full                                      73      $27,343,491.36
Net principal Distributed                                         $27,839,056.84    ($27,839,056.84)

CAPITAL LOSS (PRINCIPAL WRITTEN OFF):                                                          $0.00

BALANCE CURRENT FISCAL MONTH-END:                       1086                         $418,318,628.72

SCHEDULED INTEREST AT MORTGAGE RATE:                               $3,078,236.62

UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals                                  $0.00
Interest Uncollected on Liquidation                                        $0.00
Interest Uncollected on Non-Earning Assets                                 $0.00
Net Unscheduled Interest Distributed                                       $0.00

OTHER:
Loan Conversion Fees                                                       $0.00
Expense Reimbursements                                                     $0.00
Gain on Liquidations                                                       $0.00
Hazard Insurance Premium Refunds                                           $0.00
Net Other Distributions                                                    $0.00

SCHEDULED SERVICING FEE EXPENSES:                                    $235,338.09

UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals                              $0.00
Servicing Fees Uncollected on Liquidation                                  $0.00
Servicing Fees Uncollected/Non-Earning Assets                              $0.00
Net Unscheduled Service Fees Distributed                                   $0.00

MISCELLANEOUS EXPENSES:                                                    $0.00

NET FUNDS DISTRIBUTED:                                            $30,681,955.37
WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                                  MASTER SERVICING
                         MORTGAGE PASS-THROUGH CERTIFICATES
                             03/2001 DISTRIBUTION REPORT

SERIES:  pncms 2001-1                                  WEIGHTED AVERAGE PC RATE:    7.64475%
POOL NUMBER:  Group 1 = 1696, 1698
____________________________________________________________________________________________
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
  Loan Count Of              Aggregate Loss
  Incurred Loss                  Amount
__________________         _________________
0                     $0.00
*Aggregate Loss Amount and Count do not include this month's activity
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
     Principal          Scheduled         Interest        Net Interest                            Total
   Distribution       Interest Due       Adjustment       Distribution         Other          Distribution
__________________  ________________  ________________  ________________  ________________  ________________
$27,839,056.84     $2,842,898.53             $0.00     $2,842,898.53             $0.00    $30,681,955.37
INSURANCE RESERVES
                         Original         Claims In          Claims           Coverage          Coverage
  Insurance Type         Balance          Progress            Paid           Adjustments        Remaining
___________________  ________________  ________________  ________________  ________________  ________________
MPI                             $0.00             $0.00             $0.00             $0.00             $0.00
Special Hazard          $5,280,620.00             $0.00             $0.00             $0.00     $5,280,620.00
Bankruptcy Bond
   Single-Units           $173,919.00             $0.00             $0.00             $0.00       $173,919.00
   Multi-Units                  $0.00             $0.00             $0.00             $0.00             $0.00
Mortgage Repurchase     $9,218,517.90             $0.00             $0.00             $0.00     $9,218,517.90
DELINQUENT INSTALLMENTS
ONE                          TWO                          THREE
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
22      $7,787,278.97         0              $0.00         0              $0.00

FOUR                         IN FORECLOSURE               ACQUIRED
Count  Principal Balance     Count  Principal Balance     Count  Principal Balance
_____  _________________     _____  _________________     _____  _________________
    0              $0.00         0              $0.00         0              $0.00
The Class Principal Balances of each Class of the Class CB1, CB2, CB3, CB4,
CB5, CB6 Certificates immediately after the principal and interest distribution
on 03/25/2001 are as follows:
Class       Class Principal Balance
                CB1                $8,975,781.57
                CB2                $4,833,114.77
                CB3                $2,531,631.54
                CB4                $1,841,185.58
                CB5                $1,150,741.61
                CB6                $1,380,889.94
                              __________________
                Total             $20,713,345.01
                              ==================
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
EXHIBIT A

                  DELINQUENT* MORTGAGE LOANS (As of February 28, 2001):

SERIES:  2001-1                 POOL NUMBER:  Group 1 = 1696, 1698

                           I                     II                      III
                     Total Loans In        Total Delinquent        Loans Delinquent
                     Mortgage Pool              Loans                  1 Month
                  --------------------   ---------------------   ---------------------
Dollar Amount:       $418,318,628.72**        $7,787,278.97***        $7,787,278.97***
Number:                         1124                     22                      22
% of Pool:                    100.00%                  1.86%                   1.86%
(Dollars)
% of Pool:                    100.00%                  1.96%                   1.96%
(No. of Loans)
IV                      V                      VI
                    Loans Delinquent        Loans Delinquent           Loans In
                        2 Month                 3 Month               Foreclosure
                  --------------------   ---------------------   ---------------------
Dollar Amount:                $0.00***                $0.00***                $0.00***
Number:                           0                       0                       0
% of Pool:                    0.00%                    0.00%                   0.00%
(Dollars)
% of Pool:                    0.00%                    0.00%                   0.00%
(No. of Loans)
VII
                     Loans Acquired
                  --------------------
Dollar Amount:                $0.00***
Number:                           0
% of Pool:                     0.00%
(Dollars)
% of Pool:                     0.00%
(No. of Loans)

*  A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.

**  Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 2001 scheduled payments and February 01, 2001
unscheduled payments on the mortgage loans.

***  Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 2001.

Trading Factor, calculated as of distribution date : 0.59196052.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 2001, and
unscheduled prepayments in months prior to March ) can be calculated.