Saba Capital trims PIMCO Dynamic Income (NYSE: PDX) stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a more than ten percent owner of PIMCO Dynamic Income Strategy Fund, reported two open-market sales of the fund’s common stock. It sold 28,460 shares at $20.34 on February 20, 2026 and 28,531 shares at $20.37 on February 19, 2026, totaling 56,991 shares. After these indirect transactions, Saba’s reported holdings were 6,500,174 common shares.

Insider Trade Summary

Net Seller: 56,991 shares ($1,160,053)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 56,991 shs ($1.16M)

Type	Security	Shares	Price	Value
Sale	Common Stock	28,460	$20.34	$579K
Sale	Common Stock	28,531	$20.37	$581K

Holdings After Transaction: Common Stock — 6,500,174 shares (Indirect, -)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIMCO Dynamic Income Strategy Fund [ PDX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/19/2026		S		28,531	D	$20.37	6,528,634	I	-
Common Stock	02/20/2026		S		28,460	D	$20.34	6,500,174	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	02/23/2026
	Boaz Weinstein	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did Saba Capital report for PDX?

Saba Capital reported selling 56,991 shares of PIMCO Dynamic Income Strategy Fund common stock. The transactions were open-market sales over two days, reflecting routine portfolio activity by a more than ten percent owner rather than any change in company operations.

How many PDX shares did Saba Capital sell on each date?

Saba Capital sold 28,531 PIMCO Dynamic Income Strategy Fund shares on February 19, 2026, at $20.37 and 28,460 shares on February 20, 2026, at $20.34. Together, these Form 4-reported transactions total 56,991 common shares sold.

What price did Saba Capital receive for its PDX share sales?

Saba Capital’s reported sale prices were $20.37 per share on February 19, 2026, and $20.34 per share on February 20, 2026. Both transactions involved open-market sales of PIMCO Dynamic Income Strategy Fund common stock, as disclosed in the Form 4.

How many PDX shares does Saba Capital own after these transactions?

After the reported sales, Saba Capital’s indirect ownership stood at 6,500,174 PIMCO Dynamic Income Strategy Fund common shares. This post-transaction balance reflects the holdings reported in the Form 4 following the February 20, 2026 open-market sale.

Is Saba Capital a major holder of PIMCO Dynamic Income Strategy Fund (PDX)?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a more than ten percent owner of PIMCO Dynamic Income Strategy Fund. Even after selling 56,991 shares, it continued to report indirect ownership of 6,500,174 common shares of the fund.