PIMCO Dynamic Income Strategy Fund reports a Schedule 13G/A amendment showing that Saba Capital Management and affiliated reporting persons beneficially hold 6,416,087 shares of Common Shares. The filing states this equals 14.35% of the class based on 44,706,947 shares outstanding as of 4/27/26, per the issuer's DEF 14A filed 5/13/26.
The statement lists shared voting and dispositive power of 6,416,087 for Saba Capital, Saba GP and Boaz R. Weinstein, and notes the funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds.
Positive
None.
Negative
None.
Insights
Saba Capital reports a sizeable 6,416,087-share stake representing 14.35% of the class.
The filing shows shared voting and dispositive power of 6,416,087 held by Saba entities and Mr. Weinstein, using a 4/27/26 outstanding share base of 44,706,947 per the DEF 14A filed 5/13/26. This is a disclosure of beneficial ownership under Schedule 13G/A.
Cash‑flow treatment is not stated; subsequent filings or the issuer's disclosures may clarify any activism plans or transactions.
The filing records shared control but does not assert sole voting/dispositive authority.
The cover rows report Sole Voting Power 0 and Shared Voting Power 6,416,087, indicating pooled authority across the named reporting persons. The statement also references a Joint Filing Agreement dated 10/20/2022.
Investor implications depend on holder actions; any change in voting or disposition plans would be disclosed in later amendments.
Key Figures
Shares beneficially owned:6,416,087 sharesPercent of class:14.35%Shares outstanding used:44,706,947 shares+1 more
4 metrics
Shares beneficially owned6,416,087 sharesshared voting/dispositive power reported on Schedule 13G/A
Percent of class14.35%calculated using 44,706,947 shares outstanding as of 4/27/26
Shares outstanding used44,706,947 sharesas of 4/27/26 per DEF 14A filed 5/13/26
Joint Filing Agreement date10/20/2022agreement among reporting persons to file jointly
"Amendment No. 11 ) PIMCO Dynamic Income Strategy Fund Common Shares"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficial ownershipfinancial
"Amount beneficially owned: The information required by Items 4(a) - (c)"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 6,416,087.00"
DEF 14Aregulatory
"as disclosed in the company's DEF 14A filed 5/13/26"
A Form 14A is a document that companies send to shareholders before important meetings, such as votes on company decisions. It provides detailed information about the topics to be discussed or voted on, helping shareholders make informed choices. This form is essential because it ensures transparency and allows investors to understand what they are approving or rejecting.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 11)
PIMCO Dynamic Income Strategy Fund
(Name of Issuer)
Common Shares, $0.00001 par value
(Title of Class of Securities)
69346N107
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
69346N107
1
Names of Reporting Persons
Saba Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,416,087.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,416,087.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,416,087.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.35 %
12
Type of Reporting Person (See Instructions)
PN, IA
Comment for Type of Reporting Person: The percentages used herein are calculated based upon 44,706,947 shares of common stock outstanding as of 4/27/26, as disclosed in the company's DEF 14A filed 5/13/26.
SCHEDULE 13G
CUSIP Number(s):
69346N107
1
Names of Reporting Persons
Boaz R. Weinstein
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,416,087.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,416,087.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,416,087.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.35 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentages used herein are calculated based upon 44,706,947 shares of common stock outstanding as of 4/27/26, as disclosed in the company's DEF 14A filed 5/13/26.
SCHEDULE 13G
CUSIP Number(s):
69346N107
1
Names of Reporting Persons
Saba Capital Management GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,416,087.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,416,087.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,416,087.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.35 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentages used herein are calculated based upon 44,706,947 shares of common stock outstanding as of 4/27/26, as disclosed in the company's DEF 14A filed 5/13/26.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PIMCO Dynamic Income Strategy Fund
(b)
Address of issuer's principal executive offices:
1633 Broadway, New York, NEW YORK 10019
Item 2.
(a)
Name of person filing:
Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"), Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"), and Mr. Boaz R. Weinstein (together, the "Reporting Persons"). The Reporting Persons have entered into a Joint Filing Agreement, dated October 20, 2022, pursuant to which the Reporting Persons have agreed to file this statement and any subsequent amendments hereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any of the forgoing persons or the Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)
Citizenship:
Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
(d)
Title of class of securities:
Common Shares, $0.00001 par value
(e)
CUSIP No.:
69346N107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(b)
Percent of class:
Not Applicable
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Not Applicable
(ii) Shared power to vote or to direct the vote:
Not Applicable
(iii) Sole power to dispose or to direct the disposition of:
Not Applicable
(iv) Shared power to dispose or to direct the disposition of:
Not Applicable
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Saba Capital Management, L.P.
Signature:
/s/ Michael D'Angelo
Name/Title:
General Counsel
Date:
05/15/2026
Boaz R. Weinstein
Signature:
/s/ Michael D'Angelo
Name/Title:
Authorized Signatory
Date:
05/15/2026
Saba Capital Management GP, LLC
Signature:
/s/ Michael D'Angelo
Name/Title:
Attorney-in-fact*
Date:
05/15/2026
Comments accompanying signature: *** Pursuant to a Power of Attorney dated as of November 16, 2015
What stake does Saba Capital report in PIMCO Dynamic Income Strategy Fund (PDX)?
Saba Capital reports beneficial ownership of 6,416,087 shares, which the filing states equals 14.35% of the class based on 44,706,947 shares outstanding as of 4/27/26 per the DEF 14A filed 5/13/26.
Who are the reporting persons named on the Schedule 13G/A for PDX?
The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, acting under a Joint Filing Agreement dated 10/20/2022.
Does the filing show sole voting or dispositive power over the reported shares?
No. The cover reports Sole Voting Power 0 and Sole Dispositive Power 0; it reports Shared Voting Power 6,416,087 and Shared Dispositive Power 6,416,087 for the reporting persons.
Are dividends and sale proceeds payable to Saba's funds and accounts?
Yes. Item 6 states the funds and accounts advised by Saba Capital have the right to receive dividends from, and proceeds of sales of, the reported Common Stock.
What outstanding share base does the Schedule 13G/A use to compute the percentage?
The filing cites 44,706,947 shares outstanding as of 4/27/26, referencing the issuer's DEF 14A filed on 5/13/26 to compute the 14.35% figure.
