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Quarterly Performance

As of 9/30/2017

 

 

Call 1-844-391-3034 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.

 

NAV results represent the percent change in net asset value per share. Performance is not indicative of future results. Periods of less than one year are not annualized. All results are historical and assume the reinvestment of dividends and capital gains. The Fund has no sales charge. The Fund’s gross expense ratio is 2.17% and the net expense ratio is 1.99%. The net expense ratio reflects contractual expense limitations currently in effect through March 1, 2018. 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. The BofA Merrill Lynch US 3-Month T-Bill Index measures the performance of 3-month US T-Bills.

 

The Swiss Re Global Cat Bond Index tracks the aggregate performance of all USD, EUR and JPY denominated cat bonds, capturing all ratings, perils and triggers. The index seeks to hedge out the EUR and JPY currency risk at the inception of the bonds. However, the index does not reflect the full ILS market because it does not include private market securities (e.g., quota shares, collateralized reinsurance, and ILW). Furthermore, the index also has a higher concentration to peak zone risks (US hurricane/earthquakes) than what is typically included in a Pioneer ILS portfolio.

 

Past performance does not guarantee future results. 

 

1Correlation - 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 (absolutely independent) to 1 (always moving together).

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 or summary prospectus and for other information on any Pioneer fund, call 1-844-391-3034 or visit our web site at amundipioneer.com.

Neither Amundi Pioneer, nor its representatives are legal or tax advisors. In addition, Amundi Pioneer does not provide advice or recommendations. The investments you choose should correspond to your financial needs, goals and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

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 predefined “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 securities 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 US Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the US 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.

USCEXP-2018-08-24-ADID-249944 -CLC-1Y-T

Fund Details

Structure: Interval Fund

 

Ticker: XILSX

 

CUSIP: 72369L107

 

Purchases / Redemption: Interval

Low Correlation¹ to Traditional Asset Classes

 

One of the most appealing aspects of ILS is its potential diversification properties. By definition, performance is driven by random meteorological or geophysical catastrophic events, which leads to a very low correlation to traditional financial market investments.