[en] Neutron energy spectra from the exclusive pion capture reaction Ho(π, γxn)Dy are presented. Neutron time-of-flight data was collected in coincidence with nuclear gamma rays which identified the final nuclear state. Most of the ground state band levels up to 12⁺ in even-even Dy isotopes were included. These correspond to odd neutron multiplicities from 3 to 11. The spectra show significant changes with neutron multiplicity, exhibiting a sharp cut-off at characteristic energies. Structure in the high energy component of the spectra has been resolved for the first time, and its correlation to the population of high-spin states is observed. This discrete component is strongest in coincidence with the 8⁺ → 6⁺ transition in ¹⁶⁰Dy and ¹⁵⁸Dy (neutron multiplicities 5 and 7). The capture reaction preferentially populates the 4⁺ and 6⁺ states in the ground state bands of ¹⁶⁰Dy and ¹⁶²Dy, corresponding to neutron multiplicities 5 and 3