PIMCO Dynamic Income Strategy Fund (PDX): Saba Capital discloses 14.35% ownership stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., together with Saba Capital Management GP, LLC and Boaz R. Weinstein, reports beneficial ownership of common shares of PIMCO Dynamic Income Strategy Fund on an amended Schedule 13G (Amendment No. 12). The Reporting Persons collectively report beneficial ownership of 6,416,087 common shares, representing 14.35% of the fund’s common stock, based on 44,706,947 shares outstanding as of April 27, 2026, as disclosed in the fund’s DEF 14A filed May 13, 2026. Voting and dispositive powers over these shares are reported as shared among the Reporting Persons, and the funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds from these shares.

Key Figures

Shares beneficially owned: 6,416,087 shares Ownership percentage: 14.35% Shares outstanding baseline: 44,706,947 shares +2 more

5 metrics

Shares beneficially owned 6,416,087 shares Common shares of PIMCO Dynamic Income Strategy Fund reported by the Reporting Persons

Ownership percentage 14.35% Portion of PIMCO Dynamic Income Strategy Fund common stock beneficially owned

Shares outstanding baseline 44,706,947 shares Common shares outstanding as of April 27, 2026, per DEF 14A

Shared voting power 6,416,087 shares Shares over which the Reporting Persons have shared power to vote or direct the vote

Shared dispositive power 6,416,087 shares Shares over which the Reporting Persons have shared power to dispose

Key Terms

beneficial owner, shared voting power, shared dispositive power, Schedule 13G, +1 more

5 terms

beneficial owner regulatory

"the beneficial owner of the Common Stock reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power regulatory

"Shared Voting Power 6,416,087.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 6,416,087.00"

Schedule 13G regulatory

"have agreed to file this statement and any subsequent amendments hereto jointly"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Investment Company Act of 1940 regulatory

"investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

FAQ

What percentage of PIMCO Dynamic Income Strategy Fund (PDX) shares does Saba Capital report owning?

Saba Capital and related Reporting Persons report beneficial ownership of 14.35% of PIMCO Dynamic Income Strategy Fund’s common shares, based on 44,706,947 shares outstanding as of April 27, 2026, as disclosed in the fund’s DEF 14A filed May 13, 2026.

How many PIMCO Dynamic Income Strategy Fund (PDX) shares are reported owned by Saba Capital?

The Reporting Persons disclose beneficial ownership of 6,416,087 common shares of PIMCO Dynamic Income Strategy Fund. This share amount corresponds to a 14.35% stake, calculated using 44,706,947 shares outstanding as of April 27, 2026.

Who are the Reporting Persons in this PIMCO Dynamic Income Strategy Fund (PDX) Schedule 13G/A?

The Reporting Persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They have entered into a Joint Filing Agreement to submit this statement and any subsequent amendments jointly under Rule 13d-1(k)(1).

What voting and dispositive powers over PIMCO Dynamic Income Strategy Fund (PDX) shares are reported by Saba?

The Reporting Persons report 0 shares with sole voting or dispositive power and 6,416,087 shares with shared voting and shared dispositive power. These powers relate to the common shares beneficially owned as disclosed in the Schedule 13G/A cover pages.

Who receives dividends and sale proceeds from the PIMCO Dynamic Income Strategy Fund (PDX) shares held by Saba?

The filing states that the funds and accounts advised by Saba Capital have the right to receive dividends from, and the proceeds of sales of, the common stock of PIMCO Dynamic Income Strategy Fund reported as beneficially owned.

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Available on EDGAR 08/13/2026 - 04:41 PM Accepted by SEC EDGAR 08/13/2026 - 04:40 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

PIMCO Dynamic Income Strategy Fund

(Name of Issuer)

Common Shares, $0.00001 par value

(Title of Class of Securities)

69346N107

(CUSIP Number)

06/30/2026

(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:	08/13/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/13/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/13/2026

Comments accompanying signature: *** Pursuant to a Power of Attorney dated as of November 16, 2015