PDX 8-K: Mark R. Kiesel exits; Devir, Sharenow, Ivascyn, Murata, Bui lead

Rhea-AI Filing Summary

PIMCO Dynamic Income Strategy Fund announced a portfolio leadership change: effective immediately, Mark R. Kiesel no longer manages the Fund.

Day-to-day management continues under John M. Devir, Greg E. Sharenow, Daniel J. Ivascyn, Alfred T. Murata, and Giang Bui. The Fund’s common shares trade on the NYSE under the symbol PDX.

Insights

Closed-End Fund Governance Analyst

Manager change disclosed; core portfolio team remains in place. Net impact appears neutral pending future updates.

The fund reports that, effective November 14, 2025, Mark R. Kiesel no longer manages the PIMCO Dynamic Income Strategy Fund. Day-to-day management continues under John M. Devir, Greg E. Sharenow, Daniel J. Ivascyn, Alfred T. Murata, and Giang Bui. This indicates continuity of a multi-manager structure rather than a wholesale shift.

Manager composition matters because closed-end funds execute defined mandates through specific portfolio managers. The disclosure lists remaining managers’ focus areas—credit research, commodities/real assets, income-oriented and securitized strategies, and CLOs/bank loans—signaling ongoing coverage of the fund’s core strategy set. The filing does not announce changes to investment objectives, policies, leverage, or fee arrangements.

Watch for subsequent filings or shareholder reports for any adjustments to portfolio positioning, risk disclosures, or benchmark/mandate clarifications following this change. If the fund schedules an update, it would likely appear in future 8-Ks, annual/semiannual reports, or prospectus supplements after November 2025.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) November 14, 2025

PIMCO Dynamic Income Strategy Fund

(Exact Name of Registrant as Specified in Its Charter)

Massachusetts

(State or Other Jurisdiction of Incorporation)

811-23390		83-2312108
(Commission File Number)		(IRS Employer Identification No.)
1633 Broadway, New York, NY		10019
(Address of Principal Executive Offices)		(Zip Code)

(844) 337-4626

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common shares		PDX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

Effective immediately, Mark R. Kiesel no longer manages the PIMCO Dynamic Income Strategy Fund (the “Fund”). John M. Devir, Greg E. Sharenow, Daniel J. Ivascyn, Alfred T. Murata, and Giang Bui will continue to be primarily responsible for the day-to-day management of the Fund.

Mr. Devir is a managing director and portfolio manager in the Newport Beach office. He is the head of Americas credit research, lead analyst for global energy, and lead portfolio manager for MLP and energy infrastructure and long/short equity strategies. Prior to joining PIMCO in 2011, he was a managing director and head of equity strategies at Barclays Capital in New York.

Mr. Sharenow is a managing director and portfolio manager in the Newport Beach office, focusing on commodities and real assets. Prior to joining PIMCO in 2011, he was an energy trader at Hess Energy Trading, Goldman Sachs, and DE Shaw.

Mr. Ivascyn is Group Chief Investment Officer and a managing director in the Newport Beach office. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments.

Mr. Murata is a managing director and portfolio manager in the Newport Beach office, managing income-oriented, multisector credit, opportunistic and securitized strategies. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest rate derivatives at Nikko Financial Technologies.

Ms. Bui is an executive vice president in the Newport Beach office and a portfolio manager and trader of securitized debt instruments and bank loans, focusing on collateralized loan obligations (CLOs), leveraged loans, asset-backed collateralized debt obligations, and off-the-run sectors within structured products. Ms. Bui joined PIMCO in 2000 and is a member of the bank loan portfolio management team, responsible for bank loan investments and the management of PIMCO-issued CLOs.

SIGNATURE

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.

				PIMCO Dynamic Income Strategy Fund
				By:		/s/ Ryan G. Leshaw
				Name:		Ryan G. Leshaw
				Title:		Secretary and Chief Legal Officer
Date: November 14, 2025

FAQ

What change did PIMCO Dynamic Income Strategy Fund (PDX) disclose?

Effective immediately, Mark R. Kiesel no longer manages the Fund.

Who will manage PIMCO Dynamic Income Strategy Fund going forward?

John M. Devir, Greg E. Sharenow, Daniel J. Ivascyn, Alfred T. Murata, and Giang Bui will continue day-to-day management.

When did the management change take effect for PDX?

The change is effective immediately, as disclosed.

What is the trading symbol and exchange for the Fund?

The Fund’s common shares trade on the New York Stock Exchange under the symbol PDX.

Is this update part of an 8-K filing for PDX?

Yes. The disclosure was provided under Item 8.01 (Other Events).

Who are the key roles among the continuing managers?

Roles include Group CIO Daniel J. Ivascyn and portfolio leads across credit, commodities, income-oriented and securitized strategies as described.