Pioneer ILS Interval Fund

The final opening for the Fund in 2020 will be November 30 to December 11, 2020. From a capacity perspective, this will be the largest window for the year. Subscription requests for this window will begin to be accepted starting on Tuesday, September 1, 2020. Once capacity limits have been reached requests will be placed on a waiting list in the order they were received. Please contact your Amundi US Representative for more details.

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Please review our repurchase and subscription calendar or contact your Amundi US representative for further details. 
2021 Calendar

ILS News


ILS Monthly Perspective: December 2020

January 13, 2021

Recent investment results, correlations and historical return patterns; January webinar update; preliminary 2021 outlook; and more.

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ILS Monthly Perspective: November 2020

December 8, 2020

Recent investment and dividend update; 2021 repurchase and subscription schedule; and allocation, correlation, and return updates.

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ILS Monthly Perspective: October 2020

November 18, 2020

Recent investment results; webinar review; market outlook for 2021; and allocation, correlation, and return updates.

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ILS Monthly Perspective: September 2020

October 8, 2020

Recent investment results, upcoming Webinar October 28th, preliminary 2021 outlook; and wildfire and hurricane updates.

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Hurricane Sally Sept 2020

Portfolio Event Update: Hurricane Sally

September 16, 2020

Hurricane Sally made landfall in the US in the early morning on September 16, 2020, near Gulf Shores, Alabama.

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ILS Monthly Perspective: August 2020

September 8, 2020

A review of recent investment results, a hurricane forecast update, California wildfires update, and a discussion on quota shares.

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GENERIC Hurricane

Portfolio Event Update: Hurricane Laura

August 27, 2020

Hurricane Laura made landfall in the US in the early morning on August 27, 2020, near Cameron, LA, as a Category 4 hurricane. During the meteorological history of this event, the storm first was classified as Tropical Depression 13 on August 19, 2020.

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Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund and should be read carefully before you invest or send money. To obtain a prospectus and for other information on any Pioneer fund, call 1-844-391-3034.

A Word about Risk:

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment.

Certain fees and expenses are associated with an investment in Pioneer ILS Interval Fund.

Please see a prospectus for a complete discussion of the Fund’s risks. The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment. The Fund is not a complete investment program. The Fund is operated as an interval fund, meaning the Fund will seek to conduct quarterly repurchase offers for a percentage of the Fund’s outstanding shares. Although the Fund will make quarterly repurchase offers, the Fund’s shares should be considered illiquid. 

The Fund invests primarily in insurance-linked securities (“ILS”).  ILS include event-linked bonds, quota share instruments (also known as “reinsurance sidecars”), collateralized reinsurance investments, industry loss warranties and other insurance and reinsurance-related securities. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of the security. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. ILS may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.  The Fund has limited transparency into the individual contracts underlying certain ILS, which may make the risk assessment of such securities more difficult. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. ILS in which the Fund invests may have limited liquidity or may be illiquid and, therefore, may be impossible or difficult to purchase, sell, or unwind.  ILS also may be difficult to value. The values of Fund holdings may go up or down, due to market conditions, inflation, changes in interest or currency rates, lack of liquidity in the financial markets or adverse investor sentiment. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. When interest rates rise, the prices of fixed income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. The Fund may use derivatives, such as swaps, inverse floating-rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. To the extent the Fund invests a significant percentage of its assets in a single industry, such as the financial segment, the Fund may be particularly susceptible to adverse economic, regulatory or other events affecting that industry and may be more risky than a Fund that does not concentrate in an industry. As a non-diversified Fund, the Fund can invest a higher percentage of its assets in the securities of any one or more issuers than a diversified fund. Being non-diversified may magnify the Fund’s losses from adverse events affecting a particular issuer.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi US does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Distributor US, Inc.
(Formerly Amundi Pioneer Distributor, Inc.)
60 State Street, Boston, MA  02109
Underwriter of Pioneer mutual funds, Member  SIPC.  

Not FDIC insured | May lose value | No bank guarantee