Pioneer ILS Interval Fund

The April/May 2020 subscription period opened on Tuesday, March 10 at 12:01 a.m. All requests are processed on a first come, first served basis. Once capacity limits have been reached requests will be placed on a waiting list in the order they were received. Please contact your Amundi Pioneer Representative for more details.

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Please review our repurchase and subscription calendar or contact your Amundi Pioneer representative for further details 2020 Calendar

ILS News

GENERIC Hurricane

Portfolio Event Update: Hurricane Dorian, Part 2

September 10, 2019

Hurricane Dorian made landfall in in the U.S. at Cape Hatteras, North Carolina, as a Category 1 hurricane early morning September 6.

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GENERIC Hurricane

Portfolio Event Update: Hurricane Dorian, Part 1

September 3, 2019

Hurricane Dorian made landfall in the Grand Bahama and Abaco Islands at around 7:00pm EST Monday, September 2 as a Category 5 hurricane.

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Why ILS White Paper

The Long-Term Case for Insurance Linked Securities

May 16, 2019

Historical insights and the industry response to an uncorrelated asset class.

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Generic 4

Annual Dividend and NAV Update

December 10, 2018

Read the annual update here.

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ILS News: California Wildfires 111518

Portfolio Event Update: California Wildfires

December 4, 2018

The two dominant California fires (Camp Fire in Northern California and the Woolsey Fire in Southern California) are now 100% contained. Please review our prior event updates that we published during November for details.

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ILS News: California Wildfires 111518

Portfolio Event Update: California Wildfires

November 26, 2018

The two dominant fires that started on November 8, the Camp Fire in Northern California and the Woolsey Fire in Southern California are now 100% contained. The Camp Fire is the state’s deadliest fire.

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ILS News: California Wildfires 111518

Portfolio Event Update: California Wildfires

November 15, 2018

Three fires started on November 8, one in Northern California (Camp Fire) and two in Southern California (Woolsey and Hill Fires). As of the evening of November 13, approximately 231,000 acres have already been burned and there have been 50 confirmed fatalities.  

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ILS News: Typhoon Jebi 101918

Portfolio Event Update: Typhoon Jebi

October 19, 2018 

As we outlined in our initial report, Typhoon Jebi, also known as Typhoon Maymay in the Philippines, did not make landfall in Taiwan, but sent large waves to the island, which resulted in several fatalities. 

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ILS News: Hurricane Michael 101118

Portfolio Event Update: Hurricane Michael

October 11, 2018

Hurricane Michael made landfall near Mexico Beach, Florida, just east of Panama City at around 2:00 pm CT Wednesday October 10 as a Category 4 hurricane, with sustained wind speeds around 155mph. Currently, forecasters are anticipating the storm will yield less flood damage than both hurricanes Florence and Harvey.

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ILS News: Typhoon Trami 100118

Portfolio Event Update: Typhoon Trami

October 1, 2018 

2018 has seen an unusually active season for typhoons in Japan. As a follow up to Typhoon Jebi from earlier in September, Typhoon Trami made landfall on September 30. Typhoon Trami was a powerful storm that made landfall at a speed of 120 mph and had a maximum radius of 174 miles. 

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ILS News: Hurricane Florence 091418

Portfolio Event Update: Hurricane Florence, Part 2

September 18, 2018

Hurricane Florence made landfall near Wrightsville Beach, just east of Wilmington, North Carolina, at 7:15 am ET Friday, September 14 as a Category 1 hurricane, with sustained winds of 90 mph. Hurricane Florence moved very slowly west to southwestward as it produced torrential rainfall over the Carolinas. Late on September 14, Florence weakened to a tropical storm while dropping heavy rain.

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ILS News: Hurricane Florence 091418

Portfolio Event Update: Hurricane Florence, Part 1

September 14, 2018

Hurricane Florence made landfall near Wrightsville Beach, just east of Wilmington North Carolina at 7:15 am ET Friday, September 14 as a Category 1 hurricane. Although there were numerous models and forecasted storm tracks leading up to landfall, the actual path of Florence took a more westerly path and had increased impact on the gulf side of the state. The hurricane is expected to slowly move southwestward off the coast of southern North Carolina and into South Carolina, continuing to lose energy. As the hurricane would be slowly wobbling the coastal area, the two main concerns are storm surge and inland flooding. See map below for details.

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ILS News: Hurricane Lane 082718

Portfolio Event Update: Hurricane Lane

August 27, 2018

Hurricane Lane was once a Category 5 storm in the Pacific Ocean. It passed west of the Hawaiian islands of Oahu, Molokai and Maui mid-day Friday, August 24 as a Category 1 storm. It did not make landfall. However, the outer rain bands did dump between 30-40 inches of rain, depending on location, according to the National Weather Service. The heavy rains are expected to bring flash flooding and possible mudslides over the next few days. Hurricane Lane was downgraded to a tropical storm as of Monday morning, August 27.

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ILS News: Western Japan Flood 070718

Portfolio Event Update: Western Japan Flood

July 7, 2018

Record rainfall has deluged central and southwestern Japan that started on July 7 causing widespread flooding, landslides along with building and infrastructure damage. Reports indicate that more than 30,000 people have been forced to relocate to evacuation centers. Government evacuation advisories were also issued in 19 prefectures which could result in tens of thousands more relocating as a result of the flooding. Most recent news reports cite 104 confirmed dead and 50 missing.

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ILS News: Osaka Earthquake 061818

Portfolio Event Update: Osaka Earthquake

June 18, 2018

A magnitude 5.3 earthquake struck the northern part of Osaka Japan in the Nara prefecture on June 18 at 7:58 am local time (22:58 UCT, June 17). The earthquake originally measured M6.1 but was subsequently downgraded by the US Geological Survey (USGS). The earthquake was at a shallow depth of 15.4 kilometers (9.6 miles) beneath the highly populated city of Osaka. Shallow quakes may cause more severe shaking.

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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:

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 on their financial, legal, and other appropriate securities, or any other relevant product or service. Amundi Pioneer does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer 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 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