Victory Pioneer ILS Interval Fund

Data through 2026-07-02 · latest filing N-23C3A filed 2026-07-09

Sponsored by Victory Capital / Pioneer. Interval Fund structure focused on insurance-linked securities.

Interval FundInsurance-linked securities

Sponsor: Victory Capital / Pioneer
CIK: 0001616037
Liquidity: Quarterly repurchase offers at NAV
Inception: 2014

Net assets: $823.2M

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-07-06 · period 2026-04-30

Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Total Assets 824,777 | Total Liabilities 1,550 | Net Assets $ 823,227”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1616037/000161603726000003/primary-document.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
NAV / share: $10.53

source

Repurchase offer notice (Form N-23c-3) · filed 2026-07-09 · period 2026-07-02

N-23c-3 informational NAV block

“On July 2, 2026, the NAV per share of the Fund was $10.53”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1616037/000119312526299389/f45749d1.htm | N-23c-3 informational NAV block
Net flows, last qtr: +1.5%
Distribution coverage (NII): 129%
Leverage in use: Unlevered
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

New share sales fell 74% versus the same period last year (137,590 -> 238,985, period ended 2025-10-31).

New share sales fell 74% versus the same period last year (137,590 -> 238,985, period ended 2025-10-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Why it matters and what changed

New sales have dropped sharply versus the same period last year. The fundraising flywheel funds liquidity: falling inflows make every future redemption harder to meet without selling assets.

502,936 -> 238,985 (down 52.5% vs prior period); trailing 4-period average $4.1M; same period prior year 137,590; breach persisted 2 consecutive periods (escalated per the two-stage ladder)

Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1616037/000094040025014050/xslFormNPORT-P_X01/primary_doc.xml

Historical findings (35)

Redemptions prorated for the period ending 2021-11-29: 12.3% requested, only 97.3% of requests fulfilled. (2021-11-29)
Redemptions prorated for the period ending 2021-11-29: 12.3% requested, only 97.3% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

NAV per share fell 13.1% from $9.93 to $8.63 (2019-04-30).
NAV per share fell 13.1% from $9.93 to $8.63 (2019-04-30). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 8.1% from $10.43 to $9.59 (2017-10-31).
NAV per share fell 8.1% from $10.43 to $9.59 (2017-10-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 6.0% from $11.09 to $10.43 (2017-04-30).
NAV per share fell 6.0% from $11.09 to $10.43 (2017-04-30). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

New share sales fell 91% versus the same period last year (285,000 -> 26,349, period ended 2025-07-31).
New share sales fell 91% versus the same period last year (285,000 -> 26,349, period ended 2025-07-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

New share sales fell 100% versus the same period last year (208,600 -> 0.00, period ended 2025-04-30).
New share sales fell 100% versus the same period last year (208,600 -> 0.00, period ended 2025-04-30). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

New share sales fell 38% versus the same period last year (99,985 -> 137,590, period ended 2024-10-31).
New share sales fell 38% versus the same period last year (99,985 -> 137,590, period ended 2024-10-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

New share sales fell 165% versus the same period last year (107,590 -> 285,000, period ended 2024-07-31).
New share sales fell 165% versus the same period last year (107,590 -> 285,000, period ended 2024-07-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

New share sales fell 77% versus the same period last year (208,224 -> 48,000, period ended 2024-01-31).
New share sales fell 77% versus the same period last year (208,224 -> 48,000, period ended 2024-01-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Net outflow of 6.1% of NAV in the period ended 2023-08-31.
Net outflow of 6.1% of NAV in the period ended 2023-08-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

New share sales fell 49% versus the same period last year (72,187 -> 107,590, period ended 2023-07-31).
New share sales fell 49% versus the same period last year (72,187 -> 107,590, period ended 2023-07-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Net outflow of 6.6% of NAV in the period ended 2023-05-31.
Net outflow of 6.6% of NAV in the period ended 2023-05-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

New share sales fell 629% versus the same period last year (84,200 -> 614,013, period ended 2023-04-30).
New share sales fell 629% versus the same period last year (84,200 -> 614,013, period ended 2023-04-30). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Net outflow of 11.5% of NAV in the period ended 2023-03-31.
Net outflow of 11.5% of NAV in the period ended 2023-03-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Net outflow of 9.5% of NAV in the period ended 2022-12-31.
Net outflow of 9.5% of NAV in the period ended 2022-12-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share fell 3.2% from $8.37 to $8.10 (2022-10-31).
NAV per share fell 3.2% from $8.37 to $8.10 (2022-10-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

New share sales fell 64% versus the same period last year (202,152 -> 72,187, period ended 2022-07-31).
New share sales fell 64% versus the same period last year (202,152 -> 72,187, period ended 2022-07-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Net outflow of 6.2% of NAV in the period ended 2022-06-30.
Net outflow of 6.2% of NAV in the period ended 2022-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share ($8.37) is 2.2% below its trailing four-observation average ($8.56) as of 2022-04-30.
NAV per share ($8.37) is 2.2% below its trailing four-observation average ($8.56) as of 2022-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Net outflow of 9.6% of NAV in the period ended 2021-12-31.
Net outflow of 9.6% of NAV in the period ended 2021-12-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

New share sales fell 103% versus the same period last year (35,139 -> 71,436, period ended 2021-10-31).
New share sales fell 103% versus the same period last year (35,139 -> 71,436, period ended 2021-10-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

New share sales fell 30% versus the same period last year (156,024 -> 202,152, period ended 2021-07-31).
New share sales fell 30% versus the same period last year (156,024 -> 202,152, period ended 2021-07-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Net outflow of 5.9% of NAV in the period ended 2021-06-30.
Net outflow of 5.9% of NAV in the period ended 2021-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share fell 3.6% from $8.88 to $8.56 (2021-04-30).
NAV per share fell 3.6% from $8.88 to $8.56 (2021-04-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

New share sales fell 23% versus the same period last year (28,500 -> 35,139, period ended 2020-10-31).
New share sales fell 23% versus the same period last year (28,500 -> 35,139, period ended 2020-10-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Gross share sales: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year [Notify, 2020-07-31]
Gross share sales triggered rule C13 for the period ending 2020-07-31.

Net outflow of 7.2% of NAV in the period ended 2020-06-30.
Net outflow of 7.2% of NAV in the period ended 2020-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share fell 3.8% from $8.79 to $8.46 (2020-04-30).
NAV per share fell 3.8% from $8.79 to $8.46 (2020-04-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($8.46) is 5.5% below its trailing four-observation average ($8.95) as of 2020-04-30.
NAV per share ($8.46) is 5.5% below its trailing four-observation average ($8.95) as of 2020-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Net outflow of 7.2% of NAV in the period ended 2020-03-31.
Net outflow of 7.2% of NAV in the period ended 2020-03-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Redemptions accelerated to $59.6M from $15.3M the prior period (period ended 2019-12-31).
Redemptions accelerated to $59.6M from $15.3M the prior period (period ended 2019-12-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

NAV per share ($8.79) is 4.9% below its trailing four-observation average ($9.24) as of 2019-10-31.
NAV per share ($8.79) is 4.9% below its trailing four-observation average ($9.24) as of 2019-10-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($8.63) is 8.6% below its trailing four-observation average ($9.44) as of 2019-04-30.
NAV per share ($8.63) is 8.6% below its trailing four-observation average ($9.44) as of 2019-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($9.93) is -0.4% below its trailing four-observation average ($9.89) as of 2018-10-31.
NAV per share ($9.93) is -0.4% below its trailing four-observation average ($9.89) as of 2018-10-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($9.61) is 5.6% below its trailing four-observation average ($10.18) as of 2018-04-30.
NAV per share ($9.61) is 5.6% below its trailing four-observation average ($10.18) as of 2018-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Filed performance

Window	Class	Basis	Return	Source
2025-11-01 to 2026-04-30 semiannual · annualization not stated	Fund	basis not stated in the filed row Filed return footnote (c) Not annualized for periods less than one year. (d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.	+11.24%	SEC source 0001616037-26-000003 N-CSRS filed 2026-07-06
2024-11-01 to 2025-10-31 fiscal year · annualization not stated	Fund	at NAV Filed return footnote (c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. Pioneer ILS Interval Fund \| Annual \| 10/31/25 31 Table of Contents Notes to Financial Statements \| 10/31/25 1. Organization and Signiﬁcant Accounting Policies Pioneer ILS Interval Fund (the “Fund”) was organized as a Delaware statutory trust on July 15, 2014. Prior to commencing operations on December 22, 2014, the Fund had no operations other than matters relating to its organization and registration as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The investment objective of the Fund is to seek total return.	+18.66%	SEC source 0001193125-26-004485 N-CSR filed 2026-01-06
2023-11-01 to 2024-10-31 fiscal year · annualization not stated	Fund	at NAV Filed return footnote (c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. 34 Pioneer ILS Interval Fund \| Annual Report \| 10/31/24 Table of Contents Notes to Financial Statements \| 10/31/24 1. Organization and Signiﬁcant Accounting Policies Pioneer ILS Interval Fund (the “Fund”) was organized as a Delaware statutory trust on July 15, 2014. Prior to commencing operations on December 22, 2014, the Fund had no operations other than matters relating to its organization and registration as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The investment objective of the Fund is to seek total return.	+17.29%	SEC source 0001193125-25-002053 N-CSR filed 2025-01-06
2022-11-01 to 2023-10-31 fiscal year · annualization not stated	Fund	at NAV Filed return footnote (c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. 32 Pioneer ILS Interval Fund \| Annual Report \| 10/31/23 Table of Contents Notes to Financial Statements \| 10/31/23 1. Organization and Signiﬁcant Accounting Policies Pioneer ILS Interval Fund (the “Fund”) was organized as a Delaware statutory trust on July 15, 2014. Prior to commencing operations on December 22, 2014, the Fund had no operations other than matters relating to its organization and registration as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The investment objective of the Fund is to seek total return.	+19.22%	SEC source 0001193125-24-001474 N-CSR filed 2024-01-03

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Common shares · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 10% of shares/quarter. Rationed in 1 of 19 disclosed periods; last gated Q4 2021.

Period	Requested	Filled	Cap used	Status
2026-05-18	Pending	100%	34%	filled
2026-02-23	Pending	100%	15%	filled
2025-12-03	Pending	100%	26%	filled
2025-08-11	Pending	100%	18%	filled
2025-05-19	Pending	100%	30%	filled
2025-02-24	Pending	100%	37%	filled
2024-12-04	Pending	100%	46%	filled
2024-08-12	Pending	100%	28%	filled
2024-05-20	Pending	100%	24%	filled
2024-02-26	Pending	100%	31%	filled
2023-11-27	Pending	100%	51%	filled
2023-08-07	Pending	100%	Pending	filled
2023-05-15	Pending	100%	Pending	filled
2023-02-21	Pending	100%	Pending	filled
2022-11-28	Pending	100%	Pending	filled
2022-08-08	Pending	100%	Pending	filled
2022-05-16	Pending	100%	Pending	filled
2022-02-22	Pending	100%	Pending	filled
2021-11-29	Pending	97%	100%	rationed

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($823,227,000) as of 2026-04-30; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Common shares	Pending	Pending	Pending	Pending	Pending

Management fee: 1.75% of avg daily net assets tiered per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-004485.

Filed fee conditions

Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 1.75% of the Fund's average daily net assets up to $1 billion, and 1.70% of the Fund's average daily net assets over $1 billion. For the year ended October 31, 2025, the effective management fee was equivalent to 1.75% of the Fund's average daily net assets (the Fund's net assets have not yet crossed the $1 billion tier threshold) -- not a documented skip, since the filing itself states this current effective rate. Effective April 1, 2025 the Adviser has separately contractually agreed to waive fees/reimburse expenses so total annual fund operating expenses do not exceed 1.93%, through April 1, 2028.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Common shares	1.75%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-26-266096	Pending	Pending	Pending	1.91%filed basis * Filed label: Ratio of net expenses to average net assets; period 2025-10-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001193125-26-004485

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)

Term	Description	Value	Effective
advisory_fee_schedule	Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 1.75% of the Fund's average daily net assets up to $1 billion, and 1.70% of the Fund's average daily net assets over $1 billion. For the year ended October 31, 2025, the effective management fee was equivalent to 1.75% of the Fund's average daily net assets (the Fund's net assets have not yet crossed the $1 billion tier threshold) -- not a documented skip, since the filing itself states this current effective rate. Effective April 1, 2025 the Adviser has separately contractually agreed to waive fees/reimburse expenses so total annual fund operating expenses do not exceed 1.93%, through April 1, 2028.	1.75 pct_annual_of_avg_daily_net_assets_tiered	Pending

Recent filings

Filed	Form	Accession
2026-07-09	N-23C3A	0001193125-26-299389
2026-07-06	N-CSRS	0001616037-26-000003
2026-06-25	NPORT-P	0001004726-26-005221
2026-06-10	486BPOS	0001193125-26-266096
2026-04-17	N-23C3A	0001193125-26-160803
2026-04-01	NPORT-P	0000940400-26-012923
2026-03-05	497	0001193125-26-093427
2026-01-23	N-23C3A	0001193125-26-020645
2026-01-06	N-CSR	0001193125-26-004485
2025-12-19	NPORT-P	0000940400-25-014050
2025-12-15	497	0001193125-25-319127
2025-11-26	497	0001193125-25-298641
2025-10-24	N-23C3A	0001193125-25-249445
2025-10-09	497	0001193125-25-235736
2025-09-26	NPORT-P	0000940400-25-002591