PDX - PIMCO Dynamic Income Strategy Fund

What this means for you

Saba is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 13, 2026

   Saba filed an updated notice; it still owns 14.4%, as a passive investor.

   Original document →

2. May 15, 2026

   Saba cut its stake to 14.4% (from 16.8%), as a passive investor.

   Original document →

3. Jan 12, 2026

   Saba raised its stake to 16.8% (from 15.2%), as a passive investor.

   Original document →

4. Jan 12, 2026

   Saba cut its stake to 15.2% (from 16.8%), as a passive investor.

   Original document →

5. Aug 14, 2025

   Saba filed an updated notice; it still owns 16.8%, as a passive investor.

   Original document →

About this fund

• Run by Pacific Investment Management Company LLC. Part of the PIMCO fund family. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $1.03 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -14.2%; at +10%, about +11.5%. As of June 30, 2026, from the fund's annual report. Original document →
• Costs: 1.6% a year in management fees; 3% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 71 charge a lower management fee and 41 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $4.57 a share. $1.60 of that was income; $2.97 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $23.14. The shares traded at $20.82, about 10% below that. As of June 30, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 3.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2018.

How this has changed

• Payouts per share: $4.57 in the fiscal year ended June 30, 2026; $1.85 in the year ended June 30, 2025; $1.04 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.01% a year in the fiscal year ended June 30, 2026; 3.29% a year in the year ended June 30, 2025; 2.31% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $1.03 billion at June 30, 2026; $1.2 billion at June 30, 2025; $1.11 billion at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: about 32% on top of its own money at June 30, 2026; 26% at June 30, 2025; 20% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 44.7 million shares at June 30, 2026, about the same as at June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +4.3%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +18.9%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +48.6%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +30%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned +8.8%, counting payouts. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +160.6%. $10,000 of shares bought at the start (July 1, 2021) would have become about $26,100 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +4.3%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 51 funds that invest in bonds with a fiscal year ending within six months of this one, 30 reported a higher share return for that year and 20 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (29%), the rest shares, mortgage bonds and loans. About 81% issued in the U.S.

1. Venture Global, Inc. - 6%
2. Energy Transfer LP - 5.5%
3. CIT Mortgage Loan Trust - 5.4%
4. Mplx L.P. - 4.5%
5. Enterprise Products Partners LP - 3.9%
6. Bear Stearns Asset Backed Securities Trust, Bear Stearns Asset-Backed Securities I Trust - 3.7%
7. Enbridge, Inc. - 3%
8. Mustang Express preferred shares - 2.9%
9. TC Energy Corp. - 2.5%
10. Sunoco LP - 2.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →