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Pioneer ILS Interval Fund

Daily Pricing* as of

Performance is not indicative of future results.

Insurance-Linked Securities May Offer Investors:

  • Low Correlations. Insurance-Linked Securities (ILS) provide a unique opportunity to invest in an alternative asset class that is uncorrelated with financial markets.1 This may result in strong diversification benefits and an attractive risk-return profile.²

  • A Measurable Risk Profile. Unlike corporate bonds, where risk is tied to financial performance, ILS have well-modeled and time-tested actuarial risk - the risk of securities defaulting due to specific disasters - to assess potential returns and losses.

  • A Hedge Against Interest Rate Risk. The primarily floating rate structure of ILS links a component of their performance to a benchmark rate (such as LIBOR),3 leaving investors with limited interest rate risk.
  1. Correlation - The degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (never move together) to 1 (always move together).
  2. Diversification does not assure a profit or protect against loss.
  3. London Interbank Offer Rate (LIBOR) is used as a reference for short-term interest rates.


Why Invest in ILS with Amundi Pioneer?

  • Experience and Commitment: Amundi Pioneer has been investing in ILS since early 2007. We manage ILS as a component of many of our diversified portfolios and on a dedicated basis. As of June 30, 2017, Amundi Pioneer has over $1.44 billion in exposure to ILS. 

  • Extensive Risk Analysis: The Fund's process is built upon a significant analytical foundation, using industry analytics to evaluate the risk of individual investment opportunities.

  • Comprehensive Research Coverage: Amundi Pioneer supplements its robust proprietary research capabilities with third party analysis, to incorporate broad industry trends as well as in-depth company-specific analysis into the investment decision. Our comprehensive coverage permits analysis of reinsurers from multiple views: equity, corporate bond and ILS risk.

  • Global Presence and Access: As an asset manager with over $138 trillion in assets4, Amundi Pioneer has cultivated partnerships with many reinsurers, providing us strong market access to the ILS sector.
4. Source Amundi Asset Management based on pro forma combined figures for Pioneer Investments and Amundi Asset Management as of end December 2016. 

More About Insurance-Linked Securities.

  • Insurance-Linked Securities are financial instruments whose performance is determined by insurance loss events primarily driven by weather-related and other natural catastrophes - such as hurricanes and earthquakes. These events are typically low-frequency but high-severity occurrences.

  • In exchange for higher potential yields, investors assume the risk of a disaster during the life of their bonds, with their principal used to cover damage caused if the catastrophe is severe enough.

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 invests primarily in insurance-linked securities ("ILS"), which are high yield debt securities that involve a high degree of risk. 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.

Insurance-linked securities may include event-linked bonds (also known as insurance-linked bonds or catastrophe bonds). The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event that leads to physical or economic loss, such as a hurricane or an aerospace catastrophe. Event-linked bonds 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 may also invest in structured reinsurance investments or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business (known as "quota share" instruments or "reinsurance sidecars"). Investors participate in the premiums and losses associated with these underlying contracts, into which the Fund has limited transparency. 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. Certain securities, including ILS, structured reinsurance investments, and derivatives, may be impossible or difficult to purchase, sell, or unwind. Such securities and derivatives 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, and lack of liquidity in the bond market. 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 in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying fsecurities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in floating rate loans and similar instruments which may be illiquid or less liquid than other investments. The value of any collateral can decline or be insufficient to meet the issuer's obligations. The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.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. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund will be successful.

* All results are historical and assume the reinvestments of dividends and capital gains. NAV results represent the percent change in net asset value per share.


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. See the prospectus and financial statements for more information.

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Portfolio Mangement

Charles Melchreit, CFA, SVP

Director of Investment Grade
Portfolio Manager

Chin Liu

Portfolio Manager