0001756908 2025-07-01 2025-12-31 0001756908 2025-12-31 0001756908 cik0001756908:CommonSharesMember 2025-07-01 2025-12-31 shares pure iso4217:USD shares 0001756908 false N-CSRS PIMCO Dynamic Income Strategy Fund 18.78 21.03 -0.107 <div style="margin-top:6pt; margin-bottom:0pt; text-indent:0%; font-size:9.5pt; font-family:Arial Narrow">Investment Objective and Strategy Overview </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial Narrow">PIMCO Dynamic Income Strategy Fund investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective. </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:0%; font-size:9.5pt; font-family:Arial Narrow">Fund Insights at NAV </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial Narrow">The following affected performance (on a gross basis) during the reporting period: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">»</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; text-align: left; line-height: normal;">Exposure to residential mortgage credit, primarily U.S. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> mortgage-backed securities contributed to performance, as the securities posted positive total returns. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">»</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; text-align: left; line-height: normal;">Exposure to high yield credit contributed to performance, as the securities posted positive total returns. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">»</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; text-align: left; line-height: normal;">Exposure to bank loans contributed to performance, as the securities posted positive total returns. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">»</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; text-align: left; line-height: normal;">Exposure to common equity detracted from performance, as shares of a privately held liquefied natural <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">gas-exporter</div> posted negative returns.</div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">»</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; text-align: left; line-height: normal;">The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of such leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. </div></td></tr></table> Common Shares 44707 Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.