Pioneer Investments:

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

Inception Date
April 29, 2011

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

Investment Objectives
A high level of current income. Capital appreciation is a secondary objective.



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


Kevin Choy
Vice President
Portfolio Manager

  Overall A Share Load-Waived Morningstar Rating™

  Overall A Share Load-Adjusted Morningstar Rating™

  Overall Y Share Morningstar Rating™

Among 241 Nontraditional bond peers, class A & Y shares as of 5/31/16

  3- Year     5-Year
  Load-Waived Load-Adjusted     Load-Waived Load-Adjusted
Class A    
Class Y    

Morningstar Rankings - Nontraditional Bond Funds

  1-Year     3-Year     5-Year
Class A 33%
Class Y 30%

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

additional morningstar information read more

The Pioneer Dynamic Credit Fund is a flexible, focused and disciplined approach to global credit.

The Fund seeks performance consistent with “high quality” high yield markets with significantly less drawdown during times of market stress.


What Makes This Fund Different?

Flexibility – allows us to take advantage of global credit opportunities that arise from market dislocations, changes in valuations and volatility. Over time, the Fund adjusts exposure levels across a wide range of credit asset classes across the global fixed income markets.

Focused - on the overarching objective of constructing a portfolio around credit exposure that can deliver strong, stable cash flows over a credit cycle. By design, we will take focused exposures that are large enough to potentially impact performance, in an effort to avoid the risk of over-diversification*.

Disciplined – at all levels of managing risk. Utilizing proprietary risk budgeting tools allows us to monitor the portfolio top down. The Fund also manages risk in two important ways:

  • Through asset allocation and security selection we can target, what we believe to be, the optimal asset class, sector and securities that can best "pursue" our target for return and income.
  • By implementing a flexible hedging strategy that adapts to the credit cycle and can limit drawdown during extreme market stress.
We seek to capitalize on opportunities rising from market dislocations and volatility across global fixed income asset classes and employ a scenario-based approach in an effort to uncover securities that may potentially offer the strongest risk-adjusted return. The Fund integrates risk management throughout the entire investment process.

Seeking to protect during times of severe market drawdown is important.

Call 1-800-622-9876 or visit for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. NAV results represent the percent change in net asset value per share. POP returns reflect deduction of a maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

Average Annual Total Returns as of 3/31/16

  YTD     1-Year %     3-Year %     Since Inception
Class Y Share 2.26     -1.26     0.50     2.59
Class A Share (NAV) 2.18     -1.62     0.18     2.19
Class A Sare (POP) -2.43     -6.05     -1.33     1.24
BofA ML USD 3-Month LIBOR Index³ 0.15     0.33     0.28     0.32
Morningstar Non-Traditional Bond Category Average 0.02     -2.24     -0.08     1.02

A Share Gross and Net Expense Ratio: 1.14%. Y Share Gross Expense Ratio: 0.93% and Net Expense Ratio: 0.85%.

The Net Expense Ratio reflects contractual expense limitations currently in effect through 8/1/2016 for Class Y Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

† BB Rated.

¹The Bank of America Merrill Lynch U.S. High Yield Index is a commonly accepted measure of the performance of high yield securities.

²The BofA Merrill Lynch U.S. High Yield BB/B Constrained Index contains all securities in the BofA Merrill Lynch U.S. High Yield Index rated BB+ through B- by S&P (or equivalent as rated by Moody’s or Fitch), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.

³The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index represents the London Interbank Offered Rate (LIBOR) with a constant 3-month average maturity. LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates.