Filed with the U.S. Securities and Exchange Commission on December 8, 2021

Securities Act File No. 333-255986

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 1

PIMCO DYNAMIC INCOME FUND

(Exact Name of Registrant as Specified in Charter)

1633 Broadway

New York, New York 10019

(Address of Principal Executive Offices)

(844) 337-4626

(Registrant’s Telephone Number, Including Area Code)

Ryan G. Leshaw

c/o Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, California 92660

(Name and Address of Agent for Service)

Copies of Communications to:

David C. Sullivan, Esq.

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

This form is being filed solely to register additional shares of the Registrant in connection with an offering on an effective Registration Statement on Form N-14 (333-255986). The Registration Statement will become effective automatically upon filing with the Commission pursuant to Rule 462(b) under the Securities Act of 1933, as amended.

EXPLANATORY NOTE

Pursuant to a Registration Statement on Form N-14 (File No. 333-255986) filed on May 11, 2021, amended by pre-effective amendments filed on June 29, 2021 and June 30, 2021, and declared effective on June 30, 2021 (as amended, the “Initial Registration Statement”), the Registrant previously registered 143,636,539 common shares of beneficial interest (“Common Shares”) to be issued in connection with the reorganization of PIMCO Dynamic Credit and Mortgage Income Fund (“PCI”) and PIMCO Dynamic Opportunities Fund (“PKO”) with and into the Registrant. This Registration Statement is being filed for the sole purpose of registering 29,814,925 additional Common Shares of the Registrant pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which may be issued in connection with the Reorganizations as a result of adjustments to the exchange ratio under the Agreement and Plan of Reorganization to reflect changes in the net asset value per common share of PDI and the net assets of PCI and PKO. The contents of the Initial Registration Statement on Form N-14, including the prospectus and statement of additional information included therein and the exhibits thereto (other than the consents refiled herewith), declared effective on June  30, 2021, and the Registrant’s Annual Report dated June 30, 2021, are incorporated herein by reference.

PART C

OTHER INFORMATION

Item 15. Indemnification

Reference is made to Article VIII, Sections 1 through 4, of the Registrant’s Amended and Restated Agreement and Declaration of Trust.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust’s Amended and Restated Agreement and Declaration of Trust, its Amended and Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 16. Exhibits

(1) Charter of Registrant

(2) By-laws

(3) Voting Trust Agreement – None

(4) Agreement of Reorganization

(5) Instruments Defining the Rights of Holders of the Securities being Registered

(6) Investment Advisory Contracts

(7) Distribution Contracts

(8) Bonus or Profit Sharing Contracts – None

(9) Custodian Agreements

(10) Rule 12b-1 and Rule 18f-3 Plans – None

(11) Opinion of Counsel Regarding Legality of the Securities Being Registered. (11)

(12) Tax Opinion – To be filed by amendment.

(13) Other Material Contracts

(14) Other Opinions

(15) Omitted Financial Statements – None

(16) Powers of Attorney

(17) Additional Exhibits – None

(1) Incorporated by reference to Pre-Effective Amendment No. 3 the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-179887 and 811-22673 (filed on May  11, 2012).

(2) Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2, Registration No. 333-215573 and 811-22673 (filed on March  23, 2017).

(3) Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2, Registration No. 333- 227489 and 811-22673 (filed on November  4, 2019).

(4) Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2, Registration No. 333-227489 and 811-22673 (filed on November  14, 2019).

(5) Incorporated by reference to the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-250288 and 811-22673 (filed on November 19, 2020).

(6) Incorporated by reference to Post-Effective Amendment No. 2 to PIMCO Income Opportunity Fund Registration Statement on Form N-2, Registration Nos. 333-235485, 811-22121 (filed October  28, 2020).

(7) Incorporated by reference to Pre-Effective Amendment No. 1 to PIMCO Income Opportunity Fund Registration Statement on Form N-2, Registration Nos. 333-248710, 811-22121 (filed February  8, 2021).

(8) Incorporated by reference to the Registrant’s Registration Statement on Form N-14, Registration No. 333-255986 (filed May 10, 2021).

(9) Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-14, Registration Nos. 333-255986, 811-22673 (filed June  28, 2021).

(10) Incorporated by reference to Pre-Effective Amendment No.  4 to PIMCO Flexible Emerging Markets Income Fund Registration Statement on Form N-2, Registration Nos. 333-254586, 811-23648 (filed July 26, 2021).

(11) Filed herewith.

Item 17. Undertakings

(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933 [17 CFR 230.145(c)], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned registrant agrees to file, by post-effective amendment, opinions of counsel supporting the tax consequences of the Reorganizations within a reasonably prompt time after receipt of such opinions.

SIGNATURES

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the City of Boston, Massachusetts, on the 8th day of December, 2021.