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Tickers, CUSIPs
Class A: RCRAX, 72388E100
Class C: RCRCX, 72388E209
Class Y: RCRYX, 72388E308

To help investors allocate capital in potentially high-yielding fixed income markets, while cushioning their portfolio against various types of downside risk

Applies three layers of risk management: portfolio diversification, adaptive hedge and event-driven hedge

Inception Date
April 29, 2011

BofA Merrill Lynch U.S. Dollar 3-Month
LIBOR Index¹


Michael Temple, SVP
Director of Credit Research, U.S.
Portfolio Manager


Thomas Swaney
Senior Vice President, Head of Alternative Fixed Income, U.S.

Pioneer Dynamic Credit Fund

  Overall Load-Waived Morningstar Rating™

Among 237 Non-traditional Bond peers, class A shares as of 8/31/15

Pioneer Dynamic Credit Fund recently celebrated its fourth anniversary and earned a high rating among its Morningstar peers.

  Overall Rating 3-Year Rating 1-Year
Percentile Rank /
# of Funds
Percentile Rank /
# of Funds
Load-Waived 70%
295/418 funds
52/237 funds

The mutual fund shown may have experienced negative performance during one or more of the time periods represented by the Morningstar ratings shown.

What Makes This Fund Different?

  • Portfolio Management – The portfolio management team average over 21 years of investment experience and are supported by Pioneer’s core fixed income team averaging over 20 years of experience.

  • Dynamic Investment Approach – The Portfolio’s unconstrained approach to income investing allows for opportunistic allocation among a diverse range of credit sectors.

  • Risk Management Strategy – In addition to the strategy’s portfolio construction and asset allocation, the fund may implement structural hedging techniques to limit drawdown during times of severe market stress.

How does the Fund pursue a high level of current income while cushioning against downside risk?

Credit Expertise – The portfolio management team brings extensive investment experience and credit expertise to all sectors of the market with rigorous research that underlies the Fund’s innovative and actively managed strategy.

Flexibility – The Fund’s dynamic approach to seeking high current income in volatile markets allows flexibility to invest anywhere in the credit markets, in almost any fixed income security.

Multi-layered Risk Management – Pioneer Dynamic Credit Fund features a multi-layered risk management strategy that incorporates broad diversification² across multiple credit sectors as well as risk management tools that aim to smooth the effects of volatility over time.