SCHEDULE: Saba Capital Reports Stake in PIMCO Income Fund

Saba Capital Management, L.P. and associated entities have updated their Schedule 13G filing, reporting beneficial ownership of 14.35% of PIMCO Dynamic Income Strategy Fund's common shares.

Summary

• Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, have filed an amended Schedule 13G.
• This filing indicates a change in beneficial ownership of PIMCO Dynamic Income Strategy Fund's common shares.
• The reporting persons collectively beneficially own 6,416,087 shares.
• This represents 14.35% of the class of securities outstanding.
• The percentages are based on 44,706,947 shares outstanding as of April 27, 2026, as disclosed in a prior DEF 14A filing.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting a change in beneficial ownership without new operational or financial performance data.

Positives

• Saba Capital Management has clearly disclosed its significant beneficial ownership stake, providing transparency to the market.
• The filing confirms a substantial holding, which could indicate confidence in the fund's strategy or potential for value creation.

Negatives

• The filing does not provide any new financial performance data or operational updates for the PIMCO Dynamic Income Strategy Fund itself.
• The information is a disclosure of ownership, not an assessment of the fund's current health or future prospects.

Risks

• Increased concentration of ownership by a single entity could lead to potential activist investor strategies or influence over fund management decisions.
• The filing does not detail the specific investment strategy or rationale behind Saba Capital's significant stake, leaving its intentions open to interpretation.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the PIMCO Dynamic Income Strategy Fund's future performance.

Management Comments

• 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.
• 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.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors accumulating significant stakes in publicly traded companies and funds. Saba Capital's filing indicates a substantial position in a fixed-income focused closed-end fund, a sector that has seen increased investor interest and scrutiny.

Stakeholder Impact

• Shareholders of PIMCO Dynamic Income Strategy Fund may see increased volatility or strategic shifts due to Saba Capital's significant ownership.
• The fund's management may face increased scrutiny or engagement from Saba Capital regarding fund strategy and operations.

Next Steps

• Saba Capital Management will continue to monitor its beneficial ownership and may file further amendments to Schedule 13G if changes occur.
• The market will observe any future actions or communications from Saba Capital regarding its stake in the PIMCO Dynamic Income Strategy Fund.

Key Dates

Keywords

PIMCO Dynamic Income Strategy Fund, Schedule 13G, Saba Capital Management, Beneficial Ownership, Investment Fund, Common Shares, SEC Filing, Boaz R. Weinstein