<SEC-DOCUMENT>0001062993-25-002038.txt : 20250211
<SEC-HEADER>0001062993-25-002038.hdr.sgml : 20250211
<ACCEPTANCE-DATETIME>20250211113221
ACCESSION NUMBER:		0001062993-25-002038
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250211
DATE AS OF CHANGE:		20250211

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Income Strategy Fund
		CENTRAL INDEX KEY:			0001756908
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92233
		FILM NUMBER:		25608333

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(844) 312-2113

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Energy & Tactical Credit Opportunities Fund
		DATE OF NAME CHANGE:	20181024

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		ORGANIZATION NAME:           	
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
	<headerData>
		<submissionType>SCHEDULE 13G/A</submissionType>
		<previousAccessionNumber>0001062993-22-020986</previousAccessionNumber>
		<filerInfo>
			<filer>
				<filerCredentials>
					<cik>0001510281</cik>
					<ccc>XXXXXXXX</ccc>
				</filerCredentials>
			</filer>
			<liveTestFlag>LIVE</liveTestFlag>



		</filerInfo>
	</headerData>
	<formData>
		<coverPageHeader>
			<amendmentNo>6</amendmentNo>
			<securitiesClassTitle>Common Shares, $0.00001 par value)</securitiesClassTitle>
			<eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
			<issuerInfo>
				<issuerCik>0001756908</issuerCik>
				<issuerName>PIMCO Dynamic Income Strategy Fund</issuerName>
				<issuerCusip>69346N107</issuerCusip>
				<issuerPrincipalExecutiveOfficeAddress>
					<com:street1>1633 Broadway</com:street1>
					<com:city>New York</com:city>
					<com:stateOrCountry>NY</com:stateOrCountry>
					<com:zipCode>10019</com:zipCode>
				</issuerPrincipalExecutiveOfficeAddress>
			</issuerInfo>
			<designateRulesPursuantThisScheduleFiled>
				<designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
			</designateRulesPursuantThisScheduleFiled>
		</coverPageHeader>
		<coverPageHeaderReportingPersonDetails>


			<reportingPersonName>Saba Capital Management, L.P.</reportingPersonName>
			<citizenshipOrOrganization>DE</citizenshipOrOrganization>
			<reportingPersonBeneficiallyOwnedNumberOfShares>
				<soleVotingPower>0</soleVotingPower>
				<sharedVotingPower>6810213</sharedVotingPower>
				<soleDispositivePower>0</soleDispositivePower>
				<sharedDispositivePower>6810213</sharedDispositivePower>
			</reportingPersonBeneficiallyOwnedNumberOfShares>
			<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6810213</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
			<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
			<classPercent>15.23</classPercent>
			<typeOfReportingPerson>PN</typeOfReportingPerson>
			<typeOfReportingPerson>IA</typeOfReportingPerson>
			<comments>The percentages used herein are calculated based upon 44,707,000 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSR filed 9/5/24.</comments>
		</coverPageHeaderReportingPersonDetails>
		<coverPageHeaderReportingPersonDetails>


			<reportingPersonName>Boaz R. Weinstein</reportingPersonName>
			<citizenshipOrOrganization>NY</citizenshipOrOrganization>
			<reportingPersonBeneficiallyOwnedNumberOfShares>
				<soleVotingPower>0</soleVotingPower>
				<sharedVotingPower>6810213</sharedVotingPower>
				<soleDispositivePower>0</soleDispositivePower>
				<sharedDispositivePower>6810213</sharedDispositivePower>
			</reportingPersonBeneficiallyOwnedNumberOfShares>
			<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6810213</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
			<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
			<classPercent>15.23</classPercent>
			<typeOfReportingPerson>OO</typeOfReportingPerson>
			<comments>The percentages used herein are calculated based upon 44,707,000 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSR filed 9/5/24.</comments>
		</coverPageHeaderReportingPersonDetails>
		<coverPageHeaderReportingPersonDetails>

			<reportingPersonName>Saba Capital Management GP, LLC</reportingPersonName>
			<citizenshipOrOrganization>DE</citizenshipOrOrganization>
			<reportingPersonBeneficiallyOwnedNumberOfShares>
				<soleVotingPower>0</soleVotingPower>
				<sharedVotingPower>6810213</sharedVotingPower>
				<soleDispositivePower>0</soleDispositivePower>
				<sharedDispositivePower>6810213</sharedDispositivePower>
			</reportingPersonBeneficiallyOwnedNumberOfShares>
			<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6810213</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
			<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
			<classPercent>15.23</classPercent>
			<typeOfReportingPerson>OO</typeOfReportingPerson>
			<comments>The percentages used herein are calculated based upon 44,707,000 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSR filed 9/5/24.</comments>
		</coverPageHeaderReportingPersonDetails>
		<items>
			<item1>
				<issuerName>PIMCO Dynamic Income Strategy Fund</issuerName>
				<issuerPrincipalExecutiveOfficeAddress>1633 Broadway, , New York, NEW YORK 10019</issuerPrincipalExecutiveOfficeAddress>
			</item1>
			<item2>
				<filingPersonName>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.</filingPersonName>
				<principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.</principalBusinessOfficeOrResidenceAddress>
				<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.</citizenship>
			</item2>
			<item3>
				<notApplicableFlag>Y</notApplicableFlag>
			</item3>
			<item4>
				<amountBeneficiallyOwned>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.</amountBeneficiallyOwned>
				<classPercent>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.</classPercent>
				<numberOfSharesPersonHas>
					<solePowerOrDirectToVote>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.</solePowerOrDirectToVote>
					<sharedPowerOrDirectToVote>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.</sharedPowerOrDirectToVote>
					<solePowerOrDirectToDispose>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.</solePowerOrDirectToDispose>
					<sharedPowerOrDirectToDispose>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.</sharedPowerOrDirectToDispose>
				</numberOfSharesPersonHas>
			</item4>
			<item5>
				<notApplicableFlag>Y</notApplicableFlag>
			</item5>
			<item6>
				<notApplicableFlag>N</notApplicableFlag>
				<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
			</item6>
			<item7>
				<notApplicableFlag>Y</notApplicableFlag>
			</item7>
			<item8>
				<notApplicableFlag>Y</notApplicableFlag>
			</item8>
			<item9>
				<notApplicableFlag>Y</notApplicableFlag>
			</item9>
			<item10>
				<notApplicableFlag>N</notApplicableFlag>
				<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.
</certifications>
			</item10>
		</items>
		<signatureInformation>
			<reportingPersonName>Saba Capital Management, L.P.</reportingPersonName>
			<signatureDetails>
				<signature>/s/ Michael D'Angelo</signature>
				<title>General Counsel</title>
				<date>02/10/2025</date>
			</signatureDetails>
		</signatureInformation>
		<signatureInformation>
			<reportingPersonName>Boaz R. Weinstein</reportingPersonName>
			<signatureDetails>
				<signature>/s/ Michael D'Angelo</signature>
				<title>Authorized Signatory</title>
				<date>02/10/2025</date>
			</signatureDetails>
		</signatureInformation>
		<signatureInformation>
			<reportingPersonName>Saba Capital Management GP, LLC</reportingPersonName>
			<signatureDetails>
				<signature>/s/ Michael D'Angelo</signature>
				<title>Attorney-in-fact*</title>
				<date>02/10/2025</date>
			</signatureDetails>
		</signatureInformation>
		<signatureComments>* Pursuant to a Power of Attorney dated as of November 16, 2015</signatureComments>
	</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
