PIMCO Dynamic Income (NYSE: PDX) director logs in-kind share distribution

Rhea-AI Filing Summary

Saba Capital Management, L.P., a director of PIMCO Dynamic Income Strategy Fund, reported a change in its holdings of the fund’s common stock. On 11/28/2025 it disposed of 654,907 shares in a transaction coded “J,” described as a pro-rata in-kind distribution made for no consideration, meaning no cash changed hands. Following this distribution, Saba Capital Management reported indirect beneficial ownership of 6,834,300 common shares of PIMCO Dynamic Income Strategy Fund.

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

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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)
11/28/2025

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	11/28/2025		J(1)		654,907	D	$0	6,834,300	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:

1. Pro-rata distribution in-kind for no consideration.

	Saba Capital Management, L.P. By: Zachary Gindes	12/02/2025
	Boaz Weinstein	12/02/2025
	** 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 transaction did Saba Capital report for PIMCO Dynamic Income Strategy Fund (PDX)?

Saba Capital Management, L.P. reported a disposition of 654,907 shares of PIMCO Dynamic Income Strategy Fund common stock on 11/28/2025.

What was the nature of the share disposition reported for PDX?

The filing describes the transaction as a pro-rata distribution in-kind for no consideration, meaning shares were distributed rather than sold for cash.

At what price were the PIMCO Dynamic Income Strategy Fund shares transferred?

The 654,907 shares were reported as disposed of at a price of $0, consistent with an in-kind distribution instead of a market sale.

How many PIMCO Dynamic Income Strategy Fund shares does Saba Capital report owning after the transaction?

After the reported transaction, Saba Capital Management, L.P. reported indirect beneficial ownership of 6,834,300 shares of PIMCO Dynamic Income Strategy Fund common stock.

What is Saba Capital Management’s relationship to PIMCO Dynamic Income Strategy Fund?

Saba Capital Management, L.P. is identified in the filing as a director of PIMCO Dynamic Income Strategy Fund.

Was this PDX transaction part of a Rule 10b5-1 trading plan?

The provided excerpt includes a checkbox for Rule 10b5-1 plans, but it does not show that this box was selected for the reported transaction.