# EDGAR Filing Document

**Accession Number:** 0001616037
**File Stem:** 0001821268-23-000016
**Filing Date:** 2023-1
**Character Count:** 281630
**Document Hash:** 9980e909d37e891be4cc82bd7f37bf85
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-23-000016.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001821268-23-000016

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pioneer ILS Interval Fund
- **CENTRAL INDEX KEY:** 0001616037
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22987
- **FILM NUMBER:** 23510849

**BUSINESS ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** (617) 742-7825

**MAIL ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22987

Pioneer ILS Interval Fund

(Exact name of registrant as specified in charter)

60 State Street, Boston, MA 02109

(Address of principal executive offices) (ZIP code)

Christopher J. Kelley, Amundi Asset Management, Inc.,

60 State Street, Boston, MA 02109

(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 742-7825

Date of fiscal year end: October 31, 2022

Date of reporting period: November 1, 2021 through October 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

**Pioneer ILS**<br> **Interval Fund**

Annual Report \| October 31, 2022

**Ticker Symbol: XILSX**

![Logo Description automatically generated with low confidence](image_001.gif)

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**visit us: www.amundi.com/us**

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| | |
|:---|:---|
| **Table of Contents** |  |
| [President's Letter](#ILSI_Letter) | [2](#ILSI_Letter) |
| [Portfolio Management Discussion](#ILSI_QnA) | [4](#ILSI_QnA) |
| [Portfolio Summary](#ILSI_Summary) | [12](#ILSI_Summary) |
| [Prices and Distributions](#ILSI_Prices) | [14](#ILSI_Prices) |
| [Performance Update](#ILSI_Performance) | [15](#ILSI_Performance) |
| [Schedule of Investments](#ILSI_SoI) | [16](#ILSI_SoI) |
| [Financial Statements](#ILSI_Financials) | [29](#ILSI_Financials) |
| [Notes to Financial Statements](#ILSI_Notes) | [34](#ILSI_Notes) |
| [Report of Independent Registered Public Accounting Firm](#ILSI_Report) | [49](#ILSI_Report) |
| [Additional Information (unaudited)](#ILSI_AddtInfo) | [51](#ILSI_AddtInfo) |
| [Approval of Renewal of Investment Management Agreement](#ILSI_Approval) | [52](#ILSI_Approval) |
| [Trustees, Officers and Service Providers](#ILSI_Trustees) | [57](#ILSI_Trustees) |

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**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **1**

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**President's Letter**<br>Dear Shareholders,

The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world's economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.

While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an "endemic" disease, the pandemic's effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.

With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia's invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.

The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors' concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.

Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results, which created a power shift in the US House

**2 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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of Representatives, are another development that will garner investors' attention as we move into 2023, as changing political conditions have often contributed to increased market volatility.

In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US's investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.

At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.

Today, as shareholders, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

![Text, letter Description automatically generated](image_002.gif)

Lisa M. Jones<br> Head of the Americas, President and CEO of US<br> Amundi Asset Management US, Inc.<br> December 2022

Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **3**

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**Portfolio Management Discussion** **\| 10/31/22**

*In the following interview, Chin Liu discusses the factors that affected the performance of the Pioneer ILS Interval Fund during the 12-month period ended October 31, 2022. Mr. Liu, Managing Director, Director of Insurance-Linked Securities (ILS), Fixed-Income Solutions and Responsible Investment Research, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund, along with P. Campbell Brown, a vice president and a portfolio manager at Amundi US.*

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| | |
|:---|:---|
| **Q** | **How did the Fund perform during the 12-month period that ended on October 31, 2022?** |

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| | |
|:---|:---|
| **A** | Pioneer ILS Interval Fund returned -1.97% at net asset value (NAV) during the 12-month period ended October 31, 2022, while the Fund's benchmark, the ICE Bank of America (ICE BofA) 3-month US Treasury Bill Index, returned 0.78%. |

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| | |
|:---|:---|
| **Q** | **What were some key factors that affected the performance of ILS during the 12-month period ended October 31, 2022?** |

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| | |
|:---|:---|
| **A** | ILS performed well through the first 10 months of the period, a time when most major asset classes were losing considerable ground due to the effects of high inflation, rising interest rates, and increased geopolitical concerns. During that 10-month span, ILS benefited from a low level of insured losses and a positive pricing environment. However, the supportive backdrop changed late in the period, when the ILS asset class experienced declines in September and October, mainly due to the effects of Hurricane Ian's making landfall in the southeastern United States. In addition to the humanitarian toll, insured loss estimates from the hurricane stood in a range between $40 billion to $65 billion as of October 31, 2022. While the effects of Hurricane Ian were a setback for the Fund's performance, the Fund's return still compared favorably with the performance of most other fixed-income asset classes over the full 12-month period. |

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|:---|:---|
| **Q** | **How does the Fund's having exposure to Hurricane Ian during the 12-month period ended October 31, 2022 shed light on your overall investment philosophy in managing the Fund?** |

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|:---|:---|
| **A** | While having exposure to Hurricane Ian detracted from the Fund's performance during the 12-month period, each time such an event occurs, we view it as an opportunity to reflect on our portfolio management philosophy and investment process. First, we believe our approach of being sponsor- and vehicle-agnostic - meaning that there are no direct |

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**4 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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affiliations or ownership conditions in place with a reinsurer - has continued to serve the Fund's shareholders well. Additionally, some ILS vehicles, like catastrophe (CAT) bonds, have tended to have greater concentration in states like Florida. We therefore have continued to look for what we believe are the best relative values between all ILS vehicle types, while seeking to maintain peril and geographic diversification\* within the portfolio.

Second, we have tried to avoid involving the portfolio in aggregate transactions (in other words, transactions that can be triggered by both severity of a single loss as well as frequency of multiple losses). In recent years, the industry has observed an increase in frequency of events, but not severity. Aggregate transactions have tended to pick up losses from both frequency and severity, whereas catastrophe models generally have demonstrated better accuracy with regard to evaluating severity. In addition, wind events have typically been very well modeled. Over the years, agencies have been able to refine and enhance the modeling for such events and their potential outcomes. As a result, the ability of investors to evaluate, analyze, and price the risks involved has improved. This development has continued to reinforce our view that it is preferable to avoid perils, such as cyber-related perils, and some others, where the modeling, data, governance, and legal frameworks have not been as robust as we would like.

With that said, we do not believe pricing improvement will present itself uniformly across all types of ILS issues: CAT bonds, collateralized reinsurance, quota shares, and industry loss warranties (reinsurance products where payouts are triggered by catastrophic insured industry loss). We believe our vehicle-agnostic investment philosophy has allowed us to take advantage of pricing dislocations among different ILS formats. As always, we have continued to shift the Fund's allocations across various ILS formats in an attempt to capture what we believe are the best relative values. We believe this is a more prudent approach than chasing the highest premiums/returns, or overweighting the portfolio to specific perils or regions.

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|:---|:---|
| **Q** | **Did you make any changes to your investment strategy during the 12-month period ended October 31, 2022?** |

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| | |
|:---|:---|
| **A** | During the period, we sought to keep the portfolio well diversified across different regions and perils, focusing on sponsor quality and deal structure, while trying to avoid investments in the riskiest parts of the ILS market. Our goal is to have the portfolio broadly reflect the risks and |

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\* Diversification does not assure a profit nor protect against loss.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **5**

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returns associated with investing in the reinsurance industry, to collect sufficient premiums to offset what we feel is a reasonable level of loss, and to deliver an attractive return for the Fund's investors.

We have typically not invested the Fund in every new ILS deal; instead, we have continued to employ a due diligence process to evaluate each investment, seeking to identify the appropriate structure as well as potential alignment of interest between the Fund and the ceding insurer. Since Amundi US is not directly nor indirectly owned or affiliated with a reinsurer, we believe the Fund has been able to avoid potential conflicts of interest. In addition, we believe that policy could help limit the Fund's exposures to the idiosyncratic risks associated with holding large positions with one reinsurer. We have remained focused on seeking to add value to the Fund through our security selection process, by paying rigorous attention to sourcing investments that offer what we believe are attractive yields, and through careful management of the portfolio's risk profile.

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| | |
|:---|:---|
| **Q** | **How would you characterize the pricing environment in the ILS market during the 12-month period ended October 31, 2022?** |

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|:---|:---|
| **A** | Early in the period, pricing of ILS renewals was in line with our traditionally conservative expectations. The April 1, 2022 renewals were completed in an orderly fashion, as there remained sufficient, though not abundant, capital supply in the market. However, the June 1 and July 1 renewals were more challenging, due to a mismatch between supply and demand. Prior to the impact of Hurricane Ian, most market participants were expecting the pricing backdrop to remain generally favorable, with improvements anticipated for the upcoming January 1 ("1/1") renewal. Hurricane Ian exacerbated the existing supply/demand imbalances, however, and created one of the most disrupted ILS markets experienced in the past three decades. With that said, Ian also fostered expectations that the cost of reinsurance protection would rise significantly. |

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Two main factors have contributed to the imbalance between supply and demand within the ILS market. First, insurance companies have sought to acquire significantly more reinsurance coverage, largely driven by global inflationary pressures. At the same time, reinsurance companies and ILS capital were unable to keep pace with increased demand. In early September, prior to Hurricane Ian, two of the top five largest insurers (Allstate and State Farm) advised the broader market that they each would likely need to sponsor $1 billion more in reinsurance for their 2023 renewals. Other insurers made similar announcements as well. In fact, it

**6 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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has been estimated that the insurance industry will need to have an additional $20 to $30 billion in reinsurance for the upcoming January renewals in order to meet the increased demand.

While demand has been rising, many reinsurance companies have seen negative effects on their balance sheets from adverse macroeconomic conditions and diminished investment returns. As a result, it is anticipated that reinsurers may not be able to deploy as much capacity, as many have lost equity value and experienced weaker balance sheets from mark-to-market losses on their fixed-income investments. (Mark-to-market involves recording the price or value of a security, portfolio, or account to reflect the current market value rather than the book value.)

Recent US dollar (USD) strength has further reduced industry capacity, especially for the four largest reinsurers in Continental Europe. In addition, capital inflows are not expected to increase enough by the end of 2022 to offset either the greater demand from insurance companies or the potentially diminished capacity from traditional reinsurers. Moreover, Hurricane Ian further reduced the amount of available capital for some reinsurers and ILS managers.

As a result of these pronounced imbalances, the pendulum has shifted in favor of reinsurance companies and ILS markets that have stable capacity. Those sources of capital now have much greater pricing power and the ability to demand more favorable terms and conditions. We will look to capitalize on this unique opportunity as we head into the January 2023 renewal period.

In addition, while we believe it is important to understand rate-on-line (ROL) pricing increases, we feel ROL provides only one part of the equation that we evaluate when choosing the Fund's investments. We also consider the risks, loss probabilities, and contract terms associated with each investment opportunity. (Rate On Line is a percentage derived by dividing reinsurance premium by reinsurance limit.)

By evaluating those factors in an integrated fashion, using both quantitative and qualitative research and modeling, we believe we are prudently managing the portfolio's allocations as we seek to pursue attractive returns each year. In addition, we have continued to focus on the terms and conditions offered with each transaction.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **7**

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|:---|:---|
| **Q** | **Did the Fund have any exposure to derivative securities during the 12-month period ended on October 31, 2022? If so, did the derivatives have any effect on performance?** |

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|:---|:---|
| **A** | We invested the portfolio in some forward foreign currency exchange contracts (currency forwards) in an effort to hedge the risk of having investments denominated in non-USD currencies. That aspect of our investment approach had no material impact on the Fund's results over the 12-month period. |

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|:---|:---|
| **Q** | **Could you discuss the Fund's distributions\*\* to shareholders during the 12-month period ended October 31, 2022?** |

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| | |
|:---|:---|
| **A** | The Fund does not distribute income monthly. Instead, distributions are determined each year based on the premiums earned from the portfolio's investments over the previous 12 months. In November 2021, the Fund paid a dividend of $0.1675 per share, a decrease from the November 2020 dividend payment of $0.4416 per share. |

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|:---|:---|
| **Q** | **What are some of your other key thoughts on the ILS asset class heading into the Fund's new fiscal year?** |

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|:---|:---|
| **A** | There has been a range of news stories about the potential effects the conflict in Ukraine could have on the reinsurance industry. However, we feel it is important to keep in mind that war is an absolute exclusion in property catastrophe insurance and reinsurance contracts. With the exception of a minimal amount of aviation exposure, we have generally avoided investing the Fund in all other specialty sectors outside of property catastrophe – such as political risk and credit surety – that may come with potential exposure to the war in Ukraine. We believe that all of the currently available information regarding the portfolio's risk exposures has been reflected in the Fund's net asset value as of October 31, 2022. |

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More broadly speaking, we have continued to recognize the primary value proposition of ILS as an asset class with low structural correlation to the performance of other asset classes, and offering, in our view, a compelling set of risk/return characteristics. We believe those factors remain true as investors have begun confronting the reality of rising interest rates in both the present and the near term, and possibly for longer.

\*\* Distributions are not guaranteed.

**8 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Please refer to the Schedule of Investments on pages 16–28 for a full listing of Fund securities.**

**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

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

**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.**

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **9**

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**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.**

**The market price of securities may fluctuate when interest rates change. 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.**

**The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate), or SOFR (Secured Overnight Financing Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and financial markets generally.**

**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.**

**10 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**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.**

**Please see a prospectus for a complete discussion of the Fund's risks.**

***Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully. There is no assurance that these and other strategies used by the Fund will be successful.***

**Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.**

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **11**

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**Portfolio Summary** **\| 10/31/22**

**Portfolio Diversification**

(As a percentage of total investments)\*

![Graphical user interface, text, application Description automatically generated](image_003.gif)

**Sector Diversification by Risk**

(As a percentage of total investments)\*

![Graphical user interface, text, application Description automatically generated](image_004.gif)

† Amount rounds to less than 0.1%.

**12 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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| | | |
|:---|:---|:---|
| **10 Largest Holdings** | **10 Largest Holdings** | |
| (As a percentage of total investments)\* | (As a percentage of total investments)\* |  |
| 1. | Berwick Re 2022, 12/31/27 | 6.56% |
| 2. | Gullane Re 2022, 12/31/27 | 6.44 |
| 3. | Thopas Re 2022, 12/31/27 | 5.62 |
| 4. | Merion Re 2022-2, 12/31/27 | 3.85 |
| 5. | Torricelli Re 2022, 6/30/28 | 2.99 |
| 6. | Bantry Re 2022, 12/31/27 | 2.90 |
| 7. | Carnoustie Re 2022, 12/31/27 | 2.75 |
| 8. | Sussex Re 2022, 12/31/27 | 2.51 |
| 9. | Viribus Re 2022, 12/31/27 | 2.45 |
| 10. | Pangaea Re 2022-1, 12/31/27 | 2.37 |

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\* Excludes short-term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **13**

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**Prices and Distributions** **\| 10/31/22**

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| | | |
|:---|:---|:---|
| **Net Asset Value** | <br>**10/31/22** | <br>**10/31/21** |
| &nbsp;&nbsp;Net Asset Value | $8.10 | $8.43 |

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**Distributions**

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| | | | |
|:---|:---|:---|:---|
| | **Net Investment**<br>**Income** | **Short-Term**<br>**Capital Gains** | **Long-Term**<br>**Capital Gains** |
| 11/1/21–10/31/22 | $0.1675 | $— | $— |

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The data shown above represents past performance, which is no guarantee of future results.

**Index Definition**

The **ICE Bank of America (ICE BofA) 3-Month U.S. Treasury Bill Index** is an unmanaged market index of U.S. Treasury securities maturing in 90 days, that assumes reinvestment of all income. Indices are unmanaged and their returns assume reinvestment of dividends and do not reflect any fees or expenses associated with a closed-end interval fund. It is not possible to invest directly in an index.

The index defined here pertains to the "Value of $1,000,000 Investment" chart appearing on page 15.

**14 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Performance Update** **\| 10/31/22**

**Investment Returns**

The mountain chart on the right shows the change in market value, including the reinvestment of dividends and distributions, of a $1,000,000 investment made in common shares of Pioneer ILS Interval Fund during the periods shown, compared to that of the ICE Bank of America (ICE BofA) 3-Month U.S. Treasury Bill Index.\*

**Average Annual Total Returns**

(As of October 31, 2022)

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| | | |
|:---|:---|:---|
| <br>**Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(NAV)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ICE BofA**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3-Month**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bill Index** |
| Life of Fund |  |  |
| (12/17/14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |

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| |
|:---|
| **Expense Ratio** |
| (Per prospectus dated March 1, 2022) |
| **Gross** |
| 1.91% |

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![Graphical user interface Description automatically generated with medium confidence](image_005.gif)

**Call 1-844-391-3034 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.**

**Performance data shown represents past performance. Past performance is no guarantee of future results. Investment return and market price 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, including short-term performance, is not indicative of future results. All results are historical and assume the reinvestment of dividends and capital gains.

The Fund has no sales charges. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

\* Performance of common shares of the Fund shown in the graph above is from the inception of common shares on 12/17/14 through 10/31/22. Index information shown in the graph above is from 12/31/14 through 10/31/22.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions.

Please refer to the financial highlights for a more current expense ratio.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **15**

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**Schedule of Investments** **\| 10/31/22**

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| | | |
|:---|:---|:---|
| **Principal**<br>**Amount USD ($)** | | <br>**Value** |
|  | **INSURANCE-LINKED SECURITIES — 96.8% of** | **INSURANCE-LINKED SECURITIES — 96.8% of** |
|  | **Net Assets#** |  |
|  | **Event Linked Bonds — 16.8%** |  |
|  | **Earthquakes – California — 0.3%** |  |
| 2,000,000(a) | Sutter Re, 9.046%, (3 Month U.S. Treasury Bill + |  |
|  | 500 bps), 5/23/23 (144A) | $1920000 |
| 300,000(a) | Ursa Re, 9.796%, (3 Month U.S. Treasury Bill + 575 bps), |  |
|  | 12/10/22 (144A) | 294000 |
|  |  | $2214000 |
|  | **Earthquakes – U.S. & Canada — 0.2%** |  |
| 1,500,000(a) | Acorn Re, 6.546%, (3 Month U.S. Treasury Bill + |  |
|  | 250 bps), 11/7/24 (144A) | $1395000 |
|  | **Inland Flood – U.S. — 1.3%** |  |
| 13,000,000(a) | FloodSmart Re, 15.296%, (3 Month U.S. Treasury Bill + |  |
|  | 1,125 bps), 2/25/25 (144A) | $6500000 |
| 9,950,000(a) | FloodSmart Re, 17.626%, (3 Month U.S. Treasury Bill + |  |
|  | 1,358 bps), 3/1/24 (144A) | 3980000 |
| 1,250,000(a) | FloodSmart Re, 19.126%, (3 Month U.S. Treasury Bill + |  |
|  | 1,508 bps), 2/27/23 (144A) | 125000 |
| 3,000,000(a) | FloodSmart Re, 21.376%, (3 Month U.S. Treasury Bill + |  |
|  | 1,733 bps), 3/1/24 (144A) | 150000 |
|  |  | $10755000 |
|  | **Multiperil – Florida — 0.0%†** |  |
| 250,000(a) | Sanders Re II, 9.836%, (3 Month U.S. Treasury Bill + |  |
|  | 579 bps), 6/7/23 (144A) | $237500 |
|  | **Multiperil – Japan — 0.1%** |  |
| 750,000(a) | Umigame Re Pte, 6.343%, (3 Month U.S. Treasury Bill + |  |
|  | 225 bps), 4/7/25 (144A) | $720000 |
| 500,000(a) | Umigame Re Pte, 8.843%, (3 Month U.S. Treasury Bill + |  |
|  | 475 bps), 4/7/25 (144A) | 477500 |
|  |  | $1197500 |
|  | **Multiperil – U.S. — 3.5%** |  |
| 1,250,000(a) | Blue Halo Re, 13.796%, (3 Month U.S. Treasury Bill + |  |
|  | 975 bps), 2/24/25 (144A) | $1209376 |
| 1,600,000(a) | Caelus Re VI, 9.426%, (3 Month U.S. Treasury Bill + |  |
|  | 538 bps), 6/7/23 (144A) | 1548800 |
| 2,500,000(a) | Caelus Re VI, 9.426%, (3 Month U.S. Treasury Bill + |  |
|  | 538 bps), 6/7/24 (144A) | 2395000 |
| 3,000,000(a) | Four Lakes Re, 14.206%, (3 Month U.S. Treasury Bill + |  |
|  | 1,016 bps), 1/5/24 (144A) | 2850000 |
| 3,000,000(a) | Matterhorn Re, 8.366%, (SOFR + 532 bps), 3/24/25 (144A) | 2902500 |
| 4,000,000(a) | Matterhorn Re, 10.801%, (SOFR + 775 bps), 3/24/25 (144A) | 3800000 |
| 366,992(a) | Residential Reinsurance Re 2016 , 4.546%, (3 Month U.S. |  |
|  | Treasury Bill + 50 bps), 12/6/22 (144A) | 146797 |
| 1,500,000(a) | Residential Reinsurance Re 2018, 15.856%, (3 Month U.S. |  |
|  | Treasury Bill + 1,181 bps), 12/6/22 (144A) | 1476000 |

---

The accompanying notes are an integral part of these financial statements.

**16 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Multiperil – U.S. — (continued)** |  |
| 2,500,000(a) | Residential Reinsurance Re 2019, 16.436%, (3 Month U.S. |  |
|  | Treasury Bill + 1,239 bps), 12/6/23 (144A) | $2406250 |
| 2,250,000(a) | Residential Reinsurance Re 2020, 12.026%, (3 Month U.S. |  |
|  | Treasury Bill + 798 bps), 12/6/24 (144A) | 2176875 |
| 4,500,000(a) | Residential Reinsurance Re 2021, 15.956%, (3 Month U.S. |  |
|  | Treasury Bill + 1,191 bps), 12/6/25 (144A) | 4095000 |
| 3,000,000(a) | Sanders Re II, 8.296%, (3 Month U.S. Treasury Bill + |  |
|  | 425 bps), 4/7/24 (144A) | 2925000 |
|  |  | $27931598 |
|  | **Multiperil – U.S. & Canada — 6.2%** |  |
| 500,000(a) | Kilimanjaro III Re, 8.296%, (3 Month U.S. Treasury Bill + |  |
|  | 425 bps), 4/20/26 (144A) | $465000 |
| 2,250,000(a) | Kilimanjaro III Re, 15.296%, (3 Month U.S. Treasury Bill + |  |
|  | 1,125 bps), 4/21/25 (144A) | 1912500 |
| 2,250,000(a) | Kilimanjaro III Re, 15.296%, (3 Month U.S. Treasury Bill + |  |
|  | 1,125 bps), 4/20/26 (144A) | 1912500 |
| 250,000(a) | Matterhorn Re, 8.662%, (SOFR + 575 bps), 12/8/25 (144A) | 235000 |
| 1,750,000(a) | Mona Lisa Re, 11.046%, (3 Month U.S. Treasury Bill + |  |
|  | 700 bps), 7/8/25 (144A) | 1653750 |
| 6,940,000(a) | Mona Lisa Re, 12.046%, (3 Month U.S. Treasury Bill + |  |
|  | 800 bps), 1/9/23 (144A) | 6714450 |
| 12,000,000(a) | Mystic Re IV, 9.856%, (3 Month U.S. Treasury Bill + |  |
|  | 581 bps), 1/8/25 (144A) | 11370000 |
| 7,250,000(a) | Mystic Re IV, 11.69%, (3 Month U.S. Treasury Bill + |  |
|  | 1,169 bps), 1/8/25 (144A) | 6887500 |
| 7,000,000(a) | Mystic Re IV, 13.796%, (3 Month U.S. Treasury Bill + |  |
|  | 975 bps), 1/8/24 (144A) | 6860000 |
| 2,500,000(a) | Tailwind Re, 10.796%, (3 Month U.S. Treasury Bill + |  |
|  | 675 bps), 1/8/25 (144A) | 2350000 |
| 1,500,000(a) | Tailwind Re, 12.796%, (3 Month U.S. Treasury Bill + |  |
|  | 875 bps), 1/8/25 (144A) | 1410000 |
| 2,500,000(a) | Tailwind Re, 15.796%, (3 Month U.S. Treasury Bill + |  |
|  | 1,175 bps), 1/8/25 (144A) | 2343750 |
| 5,750,000(a) | Vista Re, 10.406%, (3 Month U.S. Treasury Bill + |  |
|  | 636 bps), 5/21/24 (144A) | 5548750 |
|  |  | $49663200 |
|  | **Multiperil – U.S. Regional — 0.5%** |  |
| 250,000(a) | First Coast Re II Pte, 9.753%, (3 Month U.S. Treasury Bill + |  |
|  | 566 bps), 6/7/23 (144A) | $212500 |
| 4,000,000(a) | Matterhorn Re, 9.046%, (3 Month U.S. Treasury Bill + |  |
|  | 500 bps), 1/8/24 (144A) | 3520000 |
|  |  | $3732500 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **17**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Windstorm – Florida — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7,000,000(a) | First Coast Re III Pte, 10.27%, (3 Month U.S. Treasury |  |
|  | Bill + 618 bps), 4/7/25 (144A) | $5250000 |
| 250,000(a) | Integrity Re II Pte, 11.335%, (3 Month USD LIBOR + |  |
|  | 753 bps), 4/12/23 (144A) | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1,750,000(a) | Merna Reinsurance II, 9.546%, (3 Month U.S. Treasury Bill + |  |
|  | 550 bps), 7/8/24 (144A) | 1225000 |
|  |  | $6575000 |
|  | **Windstorm – Japan — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4,750,000(a) | Sakura Re, 6.296%, (3 Month U.S. Treasury Bill + |  |
|  | 225 bps), 4/7/25 (144A) | $4512500 |
|  | **Windstorm – North Carolina — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1,000,000(a) | Cape Lookout Re, 9.046%, (3 Month U.S. Treasury Bill + |  |
|  | 500 bps), 3/28/25 (144A) | $952500 |
|  | **Windstorm – Texas — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7,250,000(a) | Alamo Re, 8.136%, (3 Month U.S. Treasury Bill + |  |
|  | 409 bps), 6/7/24 (144A) | $6815000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,000,000(a) | Alamo Re II, 9.613%, (1 Month U.S. Treasury Bill + |  |
|  | 552 bps), 6/8/23 (144A) | 4890000 |
|  |  | $11705000 |
|  | **Windstorm – U.S. Regional — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4,750,000(a) | Matterhorn Re, 7.355%, (3 Month USD LIBOR + 425 bps), |  |
|  | 12/7/22 (144A) | $4702500 |
| &nbsp;&nbsp;&nbsp;&nbsp;9,500,000(a) | Matterhorn Re, 8.605%, (3 Month USD LIBOR + 550 bps), |  |
|  | 12/7/22 (144A) | 9405000 |
|  |  | $14107500 |
|  | **Total Event Linked Bonds** | **$134978798** |
| **Face** |  |  |
| **Amount USD ($)** |  |  |
|  | **Collateralized Reinsurance — 19.2%** |  |
|  | **Earthquakes – California — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2,515,000(b)(c)+ | Adare Re 2022, 12/31/27 | $2616930 |
|  | **Multiperil – Massachusetts — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1,000,250(b)(c)+ | Ailsa Re 2022, 5/31/28 | $983797 |
| 750,000(c)+ | Portsalon Re 2022, 5/31/28 | 651814 |
|  |  | $1635611 |
|  | **Multiperil – U.S. — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6,410,084(b)(c)+ | Ballybunion Re 2020, 2/28/23 | $724173 |
| 13,944,962(b)(c)+ | Ballybunion Re 2022, 12/31/27 | 14127181 |
| &nbsp;&nbsp;&nbsp;&nbsp;8,471,244(c)+ | Ballybunion Re 2022-2, 5/31/28 | 8560876 |
| &nbsp;&nbsp;&nbsp;&nbsp;1,053,631(c)+ | Ballybunion Re 2022-3, 6/30/28 | 1048856 |
| &nbsp;&nbsp;&nbsp;&nbsp;4,994,779(b)(c)+ | Maidstone Re 2018, 1/31/23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1,000,000(b)(c)+ | Port Royal Re 2022, 4/30/28 | 980218 |

---

The accompanying notes are an integral part of these financial statements.

**18 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

---

| | | |
|:---|:---|:---|
| **Face**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Multiperil – U.S. — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3,062,750(b)(c)+ | Riviera Re 2017, 4/30/23 | $393257 |
| &nbsp;&nbsp;&nbsp;11,084,286(b)(c)+ | Riviera Re 2018-2, 4/30/23 | 3060656 |
|  |  | $28895217 |
|  | **Multiperil – Worldwide — 13.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5,775,000(b)(c)+ | Amaranth Re 2022, 12/31/27 | $5595793 |
| &nbsp;&nbsp;&nbsp;&nbsp;3,500,000(c)+ | Aureolin Re 2022, 3/31/28 | 3315986 |
| &nbsp;&nbsp;&nbsp;&nbsp;2,000,000(b)+ | Celadon Re 2022, 3/31/28 | 1845763 |
| &nbsp;&nbsp;&nbsp;10,000,000(b)(c)+^ | Cerulean Re 2018-B1, 7/31/23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3,000,000(b)(c)+ | Clarendon Re 2022, 12/31/27 | 2887143 |
| &nbsp;&nbsp;&nbsp;&nbsp;4,537,500(b)(c)+ | Cypress Re 2017, 1/31/23 | 454 |
| &nbsp;&nbsp;&nbsp;11,935,217(b)(c)+ | Dartmouth Re 2018, 1/31/23 | 2134299 |
| &nbsp;&nbsp;&nbsp;&nbsp;7,900,000(b)(c)+ | Dartmouth Re 2021, 12/31/24 | 4496680 |
| &nbsp;&nbsp;&nbsp;&nbsp;7,900,000(b)(c)+ | Dartmouth Re 2022, 12/31/27 | 7276740 |
| &nbsp;&nbsp;&nbsp;15,000,000(b)(c)+ | Gamboge Re 2022, 3/31/28 | 14221420 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,400,000(b)(c)+ | Kingston Heath Re 2020, 2/28/23 | 2479149 |
| &nbsp;&nbsp;&nbsp;&nbsp;8,999,880(b)(c)+ | Kingston Heath Re 2021, 12/31/24 | 3113058 |
| &nbsp;&nbsp;&nbsp;&nbsp;7,300,000(b)(c)+ | Kingston Heath Re 2022, 12/31/27 | 6959264 |
| &nbsp;&nbsp;&nbsp;&nbsp;2,608,000(c)+ | Limestone Re 2019-2, 3/1/23 (144A) |  |
| 194,000(c)+ | Limestone Re 2019-2, 3/1/23 (144A) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1,539,000(c)+ | Limestone Re 2020-1, 3/1/24 (144A) | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,273,540(b)(c)+ | Lindrick Re 2018, 6/15/23 | 3613875 |
| &nbsp;&nbsp;&nbsp;12,000,000(c)+ | Merion Re 2022-1, 12/31/27 | 11522434 |
| &nbsp;&nbsp;&nbsp;&nbsp;9,250,000(b)(c)+ | Old Head Re 2022, 12/31/27 | 8631838 |
| &nbsp;&nbsp;&nbsp;&nbsp;3,500,000(b)(c)+ | Pine Valley Re 2022, 12/31/27 | 3445120 |
| &nbsp;&nbsp;&nbsp;&nbsp;8,750,000(b)(c)+ | Porthcawl Re 2022, 12/31/27 | 8255586 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,150,000(b)(c)+ | Portsalon Re 2021, 6/30/25 | 3362424 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,000,000(b)(c)+ | Resilience Re, 5/1/23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8,050,000(b)(c)+ | Walton Health Re 2019, 6/30/23 | 4368465 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,250,000(c)+ | Walton Health Re 2022, 12/15/27 | 4652111 |
| &nbsp;&nbsp;&nbsp;&nbsp;9,650,000(b)(c)+ | Walton Heath Re 2021, 1/15/24 | 6755000 |
|  |  | $108952301 |
|  | **Windstorm – Florida — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8,569,000(b)(c)+ | Formby Re 2018, 2/28/23 | $570164 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,500,405(b)(c)+ | Portrush Re 2017, 6/15/23 | 2339872 |
|  |  | $2910036 |
|  | **Windstorm – U.S. — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5,000,000(c)+ | Byzantine Re 2022, 11/30/27 | $4854937 |
| &nbsp;&nbsp;&nbsp;&nbsp;4,650,000(c)+ | Shadow Creek Re 2021, 7/31/25 | 70612 |
|  |  | $4925549 |
|  | **Windstorm – U.S. Multistate — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3,850,000(c)+ | White Heron Re 2021, 6/30/25 | $82390 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **19**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

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| | | |
|:---|:---|:---|
| **Face**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Windstorm – U.S. Regional — 0.6%** |  |
| 2,350,000(b)(c)+ | Oakmont Re 2017, 4/30/23 | $69090 |
| 11,521,321(b)(c)+ | Oakmont Re 2020, 4/30/24 | 430068 |
| 4,874,600(c)+ | Oakmont Re 2022, 4/1/28 | 4705660 |
|  |  | $5204818 |
|  | **Total Collateralized Reinsurance** | **$155222852** |
|  | **Reinsurance Sidecars — 58.9%** |  |
|  | **Multiperil – U.S. — 3.2%** |  |
| 19,250,000(b)(c)+ | Carnoustie Re 2020, 12/31/23 | $2610300 |
| 19,816,277(b)(c)+ | Carnoustie Re 2021, 12/31/24 | 939283 |
| 20,287,672(b)(c)+ | Carnoustie Re 2022, 12/31/27 | 21495587 |
| 33,700,000(b)(d)+ | Harambee Re 2018, 12/31/22 |  |
| 27,831,163(d)+ | Harambee Re 2019, 12/31/22 | 13915 |
| 27,000,000(d)+ | Harambee Re 2020, 12/31/23 | 432000 |
| 28,100(b)(c)+ | Sector Re V, 3/1/26 (144A) | 459345 |
|  |  | $25950430 |
|  | **Multiperil – U.S. Regional — 0.0%†** |  |
| 5,110,275(b)(c)+^ | Brotherhood Re, 1/31/23 | $— |
|  | **Multiperil – Worldwide — 55.7%** |  |
| 4,200(b)(c)+ | Alturas Re 2019-1, 3/10/23 (144A) | $19207 |
| 85,044(d)+ | Alturas Re 2019-2, 3/10/23 | 28932 |
| 186,581(d)+ | Alturas Re 2019-3, 9/12/23 | 4217 |
| 506,411(c)+ | Alturas Re 2020-1A, 3/10/23 (144A) | 14686 |
| 694,693(c)+ | Alturas Re 2020-1B, 3/10/23 (144A) | 20146 |
| 1,171,512(d)+ | Alturas Re 2020-2, 3/10/23 | 248361 |
| 2,000,000(b)(d)+ | Alturas Re 2020-3, 9/30/24 |  |
| 9,000,000(b)(d)+ | Alturas Re 2021-2, 12/31/24 |  |
| 7,273,599(b)(d)+ | Alturas Re 2021-3, 7/31/25 | 1838038 |
| 7,101,742(b)(d)+ | Alturas Re 2022-2, 12/31/27 | 6562010 |
| 22,000,000(b)(c)+ | Bantry Re 2019, 12/31/22 | 747200 |
| 30,000,000(b)(c)+ | Bantry Re 2021, 12/31/24 | 3898480 |
| 21,715,174(b)(c)+ | Bantry Re 2022, 12/31/27 | 22642026 |
| 53,833,776(b)(c)+ | Berwick Re 2018-1, 12/31/22 | 4161351 |
| 38,460,846(b)(c)+ | Berwick Re 2019-1, 12/31/22 | 4596071 |
| 51,030,677(b)(c)+ | Berwick Re 2020-1, 12/31/23 | 5103 |
| 49,420,000(b)(c)+ | Berwick Re 2022, 12/31/27 | 51196310 |
| 2,750,000(b)(c)+ | Clearwater Re 2020, 6/30/23 | 554675 |
| 10,045,000(b)(c)+ | Clearwater Re 2021, 6/30/23 | 10426710 |
| 266,939(c)+ | Eden Re II, 3/22/23 (144A) | 693961 |
| 2,830,000(b)(c)+ | Eden Re II, 3/22/24 (144A) | 1069740 |
| 2,520,195(b)(c)+ | Eden Re II, 3/21/25 (144A) | 1388627 |
| 16,700,000(b)(c)+ | Eden Re II, 3/20/26 (144A) | 15068410 |
| 21,917,000(b)(c)+ | Gleneagles Re 2018, 12/31/22 | 2592781 |

---

The accompanying notes are an integral part of these financial statements.

**20 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

---

| | | |
|:---|:---|:---|
| **Face**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Multiperil – Worldwide — (continued)** |  |
| 22,970,000(b)(c)+ | Gleneagles Re 2021, 12/31/24 | $5105900 |
| 17,548,844(b)(c)+ | Gleneagles Re 2022, 12/31/27 | 18097247 |
| 47,710,184(c)+ | Gullane Re 2018, 12/31/22 | 2953473 |
| 47,295,700(b)(c)+ | Gullane Re 2022, 12/31/27 | 50306475 |
| 3,250,000(b)(d)+ | Lion Rock Re 2019, 1/31/23 |  |
| 3,500,000(b)(d)+ | Lion Rock Re 2020, 1/31/23 |  |
| 3,500,000(b)(d)+ | Lion Rock Re 2021, 12/31/24 | 1013600 |
| 13,577,448(b)(d)+ | Lorenz Re 2019, 6/30/23 | 184422 |
| 44,514,882(b)(c)+ | Merion Re 2018-2, 12/31/22 | 6739553 |
| 47,630,000(b)(c)+ | Merion Re 2021-2, 12/31/24 | 9359295 |
| 31,748,721(b)(c)+ | Merion Re 2022-2, 12/31/27 | 30101328 |
| 12,750,000(b)(c)+ | Pangaea Re 2018-1, 12/31/22 | 268445 |
| 17,500,000(b)(c)+ | Pangaea Re 2018-3, 7/1/23 | 363010 |
| 12,750,000(b)(c)+ | Pangaea Re 2019-1, 2/1/23 | 265678 |
| 16,380,464(b)(c)+ | Pangaea Re 2019-3, 7/1/23 | 589220 |
| 25,000,000(c)+ | Pangaea Re 2020-3, 7/1/24 | 351954 |
| 28,383,000(b)(c)+ | Pangaea Re 2021-3, 7/1/25 | 719977 |
| 17,340,421(b)(c)+ | Pangaea Re 2022-1, 12/31/27 | 18532230 |
| 16,700,000(c)+ | Pangaea Re 2022-3, 5/31/28 | 17139143 |
| 2,767,000(b)(c)+ | Phoenix One Re, 1/4/27 (144A) | 3112875 |
| 3,865,000(c)+ | RosaPenna Re 2021, 7/31/25 | 50606 |
| 1,600,000(c)+ | RosaPenna Re 2022, 6/30/28 | 1618599 |
| 2,495,047(c)+ | Sector Re V, 3/1/24 (144A) | 1970943 |
| 20,526(b)(c)+ | Sector Re V, 3/1/24 (144A) | 508258 |
| 944,953(c)+ | Sector Re V, 3/1/24 (144A) | 746458 |
| 287,975(c)+ | Sector Re V, 12/1/24 (144A) | 829070 |
| 125,000(c)+ | Sector Re V, 12/1/24 (144A) | 359870 |
| 37,417(c)+ | Sector Re V, 3/1/25 (144A) | 268869 |
| 4,434(b)(c)+ | Sector Re V, 12/1/25 (144A) | 127921 |
| 7,741(b)(c)+ | Sector Re V, 12/1/25 (144A) | 223328 |
| 17,959,262(c)+ | Sector Re V, 3/1/27 (144A) | 16710674 |
| 6,840,810(c)+ | Sector Re V, 3/1/27 (144A) | 6233720 |
| 10,374(b)(c)+ | Sector Re V, 3/1/26 (144A) | 938383 |
| 9,322(b)(c)+ | Sector Re V, 3/1/26 (144A) | 843227 |
| 3,000,000(b)(c)+ | Sector Re V, 12/1/26 (144A) | 2802185 |
| 5,491,777(b)(c)+ | Sector Re V, 12/1/26 (144A) | 5129364 |
| 33,083,230(c)+ | Sussex Re 2020-1, 12/31/22 | 49625 |
| 35,500,000(c)+ | Sussex Re 2021-1, 12/31/24 | 3376050 |
| 20,750,000(b)(c)+ | Sussex Re 2022, 12/31/27 | 19602525 |
| 16,586,501(d)+ | Thopas Re 2019, 12/31/22 | 28197 |
| 19,180,000(b)(d)+ | Thopas Re 2020, 12/31/23 |  |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **21**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

---

| | | |
|:---|:---|:---|
| **Face**<br>**Amount USD ($)** | | <br>**Value** |
|  | **Multiperil – Worldwide — (continued)** |  |
| &nbsp;&nbsp;&nbsp;40,000,000(d)+ | Thopas Re 2021, 12/31/24 | $— |
| &nbsp;&nbsp;&nbsp;43,771,241(b)(d)+ | Thopas Re 2022, 12/31/27 | 43850029 |
| &nbsp;&nbsp;&nbsp;28,214,522(d)+ | Torricelli Re 2021, 7/31/25 | 1586644 |
| &nbsp;&nbsp;&nbsp;26,000,000(d)+ | Torricelli Re 2022, 6/30/28 | 23712702 |
| &nbsp;&nbsp;&nbsp;35,000,000(c)+ | Versutus Re 2018, 12/31/22 |  |
| &nbsp;&nbsp;&nbsp;30,889,158(c)+ | Versutus Re 2019-A, 12/31/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1,188,665(c)+ | Versutus Re 2019-B, 12/31/22 |  |
| &nbsp;&nbsp;&nbsp;27,500,000(b)(d)+ | Viribus Re 2018, 12/31/22 |  |
| &nbsp;&nbsp;&nbsp;11,676,844(b)(d)+ | Viribus Re 2019, 12/31/22 | 82906 |
| &nbsp;&nbsp;&nbsp;17,333,977(b)(d)+ | Viribus Re 2020, 12/31/23 | 762695 |
| &nbsp;&nbsp;&nbsp;18,736,586(b)(d)+ | Viribus Re 2022, 12/31/27 | 19111318 |
| &nbsp;&nbsp;&nbsp;40,641,287(b)(c)+ | Woburn Re 2018, 12/31/22 | 1397177 |
| &nbsp;&nbsp;&nbsp;17,003,469(b)(c)+ | Woburn Re 2019, 12/31/22 | 3253356 |
|  |  | $449155566 |
|  | **Total Reinsurance Sidecars** | **$475105996** |
|  | **Industry Loss Warranties — 1.9%** |  |
|  | **Earthquakes – U.S. — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5,000,000(b)(c)+ | Vermillion Re 2022, 12/31/27 | $4941473 |
|  | **Windstorm – U.S. — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;12,000,000(b)(c)+ | Ballylifin Re 2021, 9/15/25 | $1496400 |
| &nbsp;&nbsp;&nbsp;&nbsp;5,000,000(c)+ | Ballylifin Re 2022, 5/31/28 | 131421 |
|  |  | $1627821 |
|  | **Windstorm – U.S. Regional — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8,750,000(c)+ | Flavescent Re 2022, 11/30/27 | $8520320 |
|  | **Total Industry Loss Warranties** | **$15089614** |
|  | **TOTAL INSURANCE-LINKED SECURITIES** |  |
|  | (Cost $826,392,008) | **$780397260** |
| **Shares** |  |  |
|  | **SHORT TERM INVESTMENTS — 3.1% of Net Assets** |  |
|  | **Open-End Fund — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;25,187,029(e) | Dreyfus Government Cash Management, Institutional |  |
|  | Shares, 2.91% | $25187029 |
|  |  | $25187029 |
|  | **TOTAL SHORT TERM INVESTMENTS** |  |
|  | (Cost $25,187,029) | **$25187029** |
|  | **TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.9%** |  |
|  | (Cost $851,579,037) | **$805584289** |
|  | **OTHER ASSETS AND LIABILITIES — 0.1%** | $927796 |
|  | **NET ASSETS — 100.0%** | **$806512085** |

---

The accompanying notes are an integral part of these financial statements.

**22 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

bps Basis Points.

LIBOR London Interbank Offered Rate.

SOFR Secured Overnight Financing Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such
securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At October 31, 2022, the
value of these securities amounted to $194,537,764, or 24.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate note. Coupon rate, reference index and spread shown at October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued as participation notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Issued as preference shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate periodically changes. Rate disclosed is the 7-day yield at October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Amount rounds to less than 0.1%.

+ Security is valued using significant unobservable inputs (Level 3).

^ Security is valued using fair value methods.

# Securities are restricted as to resale.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | **Cost** | **Value** |
| Acorn Re | 10/25/2021 | $1500000 | $1395000 |
| Adare Re 2022 | 12/30/2021 | 2515000 | 2616930 |
| Ailsa Re 2022 | 6/30/2022 | 967081 | 983797 |
| Alamo Re | 5/21/2021 | 7250000 | 6815000 |
| Alamo Re II | 5/29/2020 | 5002100 | 4890000 |
| Alturas Re 2019-1 | 12/20/2018 | 4200 | 19207 |
| Alturas Re 2019-2 | 12/19/2018 | 85044 | 28932 |
| Alturas Re 2019-3 | 6/26/2019 | 186581 | 4217 |
| Alturas Re 2020-1A | 12/27/2019 | 429736 | 14686 |
| Alturas Re 2020-1B | 1/1/2020 | 694693 | 20146 |
| Alturas Re 2020-2 | 1/1/2020 | 1212952 | 248361 |
| Alturas Re 2020-3 | 7/1/2020 |  |  |
| Alturas Re 2021-2 | 12/29/2020 | 470315 |  |
| Alturas Re 2021-3 | 7/1/2021 | 2633068 | 1838038 |
| Alturas Re 2022-2 | 1/18/2022 | 7101742 | 6562010 |
| Amaranth Re 2022 | 1/21/2022 | 5106527 | 5595793 |
| Aureolin Re 2022 | 5/5/2022 | 3143000 | 3315986 |
| Ballybunion Re 2020 | 12/31/2019 | 439873 | 724173 |
| Ballybunion Re 2022 | 3/9/2022 | 13944962 | 14127181 |
| Ballybunion Re 2022-2 | 8/9/2022 | 8471244 | 8560876 |
| Ballybunion Re 2022-3 | 8/5/2022 | 1053631 | 1048856 |
| Ballylifin Re 2021 | 9/15/2021 | 3571411 | 1496400 |
| Ballylifin Re 2022 | 7/20/2022 | 4072500 | 131421 |
| Bantry Re 2019 | 2/1/2019 |  | 747200 |
| Bantry Re 2021 | 1/11/2021 | 4327043 | 3898480 |
| Bantry Re 2022 | 2/2/2022 | 21715174 | 22642026 |
| Berwick Re 2018-1 | 1/10/2018 | 7828268 | 4161351 |
| Berwick Re 2019-1 | 12/31/2018 | 4595744 | 4596071 |
| Berwick Re 2020-1 | 9/18/2020 |  | 5103 |
| Berwick Re 2022 | 12/28/2021 | 49420000 | 51196310 |
| Blue Halo Re | 2/11/2022 | 1250000 | 1209376 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **23**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | **Cost** | **Value** |
| Brotherhood Re | 1/22/2018 | $824596 | $— |
| Byzantine Re 2022 | 9/26/2022 | 4707375 | 4854937 |
| Caelus Re VI | 2/20/2020 | 2499629 | 2395000 |
| Caelus Re VI | 2/20/2020 | 1598924 | 1548800 |
| Cape Lookout Re | 3/16/2022 | 1000000 | 952500 |
| Carnoustie Re 2020 | 7/16/2020 | 876020 | 2610300 |
| Carnoustie Re 2021 | 1/11/2021 | 663925 | 939283 |
| Carnoustie Re 2022 | 1/18/2022 | 20287672 | 21495587 |
| Celadon Re 2022 | 9/13/2022 | 1701203 | 1845763 |
| Cerulean Re 2018-B1 | 9/10/2018 | 3687081 |  |
| Clarendon Re 2022 | 2/23/2022 | 2579882 | 2887143 |
| Clearwater Re 2020 | 6/19/2020 | 119480 | 554675 |
| Clearwater Re 2021 | 4/15/2021 | 10045000 | 10426710 |
| Cypress Re 2017 | 1/24/2017 | 15250 | 454 |
| Dartmouth Re 2018 | 1/18/2018 | 4465646 | 2134299 |
| Dartmouth Re 2021 | 1/19/2021 | 2954173 | 4496680 |
| Dartmouth Re 2022 | 1/26/2022 | 5643950 | 7276740 |
| Eden Re II | 1/22/2019 | 115300 | 693961 |
| Eden Re II | 9/28/2020 | 2528669 | 1069740 |
| Eden Re II | 1/25/2021 | 2520196 | 1388627 |
| Eden Re II | 1/21/2022 | 16700000 | 15068410 |
| First Coast Re II Pte | 12/31/2020 | 250686 | 212500 |
| First Coast Re III Pte | 3/4/2021 | 7000000 | 5250000 |
| Flavescent Re 2022 | 7/26/2022 | 7896875 | 8520320 |
| FloodSmart Re | 2/9/2021 | 1252802 | 125000 |
| FloodSmart Re | 2/16/2021 | 9927893 | 3980000 |
| FloodSmart Re | 2/16/2021 | 3000000 | 150000 |
| FloodSmart Re | 2/14/2022 | 13000000 | 6500000 |
| Formby Re 2018 | 7/9/2018 | 322380 | 570164 |
| Four Lakes Re | 11/5/2020 | 3000000 | 2850000 |
| Gamboge Re 2022 | 4/11/2022 | 13489409 | 14221420 |
| Gleneagles Re 2018 | 12/27/2017 | 1759342 | 2592781 |
| Gleneagles Re 2021 | 1/13/2021 | 5526251 | 5105900 |
| Gleneagles Re 2022 | 1/18/2022 | 17548844 | 18097247 |
| Gullane Re 2018 | 3/2/2018 |  | 2953473 |
| Gullane Re 2022 | 2/14/2022 | 47295700 | 50306475 |
| Harambee Re 2018 | 12/19/2017 | 715477 |  |
| Harambee Re 2019 | 12/20/2018 |  | 13915 |
| Harambee Re 2020 | 2/27/2020 |  | 432000 |
| Integrity Re II Pte | 3/18/2020 | 250000 | 100000 |
| Kilimanjaro III Re | 4/8/2021 | 2250000 | 1912500 |
| Kilimanjaro III Re | 4/8/2021 | 2250000 | 1912500 |
| Kilimanjaro III Re | 4/8/2021 | 500000 | 465000 |
| Kingston Heath Re 2020 | 1/21/2020 | 2552472 | 2479149 |
| Kingston Heath Re 2021 | 1/13/2021 | 4213948 | 3113058 |
| Kingston Heath Re 2022 | 1/31/2022 | 6033946 | 6959264 |
| Limestone Re | 6/20/2018 | 35212 |  |
| Limestone Re 2019-2 | 12/11/2020 | 143252 |  |
| Limestone Re 2020-1 | 12/27/2019 | 7695 | 19699 |
| Lindrick Re 2018 | 6/21/2018 | 3164888 | 3613875 |
| Lion Rock Re 2019 | 12/17/2018 |  |  |
| Lion Rock Re 2020 | 3/27/2020 | 42913 |  |
| Lion Rock Re 2021 | 3/1/2021 | 1780675 | 1013600 |
| Lorenz Re 2019 | 6/26/2019 | 3137924 | 184422 |
| Maidstone Re 2018 | 1/8/2018 | 1130274 |  |
| Matterhorn Re | 1/29/2020 | 4000000 | 3520000 |

---

The accompanying notes are an integral part of these financial statements.

**24 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | **Cost** | **Value** |
| Matterhorn Re | 11/24/2020 | $4750609 | $4702500 |
| Matterhorn Re | 11/24/2020 | 9501176 | 9405000 |
| Matterhorn Re | 12/15/2021 | 250000 | 235000 |
| Matterhorn Re | 3/10/2022 | 3000000 | 2902500 |
| Matterhorn Re | 3/10/2022 | 4000000 | 3800000 |
| Merion Re 2018-2 | 12/28/2017 | 1831881 | 6739553 |
| Merion Re 2021-2 | 12/28/2020 | 12959835 | 9359295 |
| Merion Re 2022-1 | 1/25/2022 | 10317215 | 11522434 |
| Merion Re 2022-2 | 3/1/2022 | 31748721 | 30101328 |
| Merna Reinsurance II | 6/8/2021 | 1749818 | 1225000 |
| Mona Lisa Re | 12/30/2019 | 6939399 | 6714450 |
| Mona Lisa Re | 6/22/2021 | 1750000 | 1653750 |
| Mystic Re IV | 12/15/2020 | 7000000 | 6860000 |
| Mystic Re IV | 6/9/2021 | 11978177 | 11370000 |
| Mystic Re IV | 6/9/2021 | 5632039 | 6887500 |
| Oakmont Re 2017 | 5/10/2017 |  | 69090 |
| Oakmont Re 2020 | 12/3/2020 | 108711 | 430068 |
| Oakmont Re 2022 | 5/9/2022 | 4419248 | 4705660 |
| Old Head Re 2022 | 1/6/2022 | 6966675 | 8631838 |
| Pangaea Re 2018-1 | 12/26/2017 | 1823341 | 268445 |
| Pangaea Re 2018-3 | 6/27/2018 | 4215068 | 363010 |
| Pangaea Re 2019-1 | 1/9/2019 | 133859 | 265678 |
| Pangaea Re 2019-3 | 7/10/2019 | 491414 | 589220 |
| Pangaea Re 2020-3 | 9/2/2020 |  | 351954 |
| Pangaea Re 2021-3 | 6/17/2021 | 1485008 | 719977 |
| Pangaea Re 2022-1 | 1/11/2022 | 17340421 | 18532230 |
| Pangaea Re 2022-3 | 6/27/2022 | 16700000 | 17139143 |
| Phoenix One Re | 12/21/2020 | 2767000 | 3112875 |
| Pine Valley Re 2022 | 1/12/2022 | 3190296 | 3445120 |
| Port Royal Re 2022 | 6/3/2022 | 966840 | 980218 |
| Porthcawl Re 2022 | 1/24/2022 | 6915405 | 8255586 |
| Portrush Re 2017 | 6/12/2017 | 4218727 | 2339872 |
| Portsalon Re 2021 | 8/3/2021 | 2566318 | 3362424 |
| Portsalon Re 2022 | 7/20/2022 | 606475 | 651814 |
| Residential Reinsurance Re 2016 | 4/28/2016 | 366992 | 146797 |
| Residential Reinsurance Re 2018 | 11/15/2018 | 1495590 | 1476000 |
| Residential Reinsurance Re 2019 | 11/5/2019 | 2496454 | 2406250 |
| Residential Reinsurance Re 2020 | 10/30/2020 | 2250268 | 2176875 |
| Residential Reinsurance Re 2021 | 10/28/2021 | 4500000 | 4095000 |
| Resilience Re | 2/8/2017 | 2413 |  |
| Riviera Re 2017 | 4/13/2017 | 2695500 | 393257 |
| Riviera Re 2018-2 | 4/10/2018 | 2851779 | 3060656 |
| RosaPenna Re 2021 | 7/16/2021 |  | 50606 |
| RosaPenna Re 2022 | 9/6/2022 | 1600000 | 1618599 |
| Sakura Re | 3/24/2021 | 4750000 | 4512500 |
| Sanders Re II | 3/18/2020 | 3001399 | 2925000 |
| Sanders Re II | 5/6/2022 | 250562 | 237500 |
| Sector Re V | 4/23/2019 | 2243543 | 1970943 |
| Sector Re V | 5/1/2019 | 73763 | 508258 |
| Sector Re V | 5/1/2019 | 944953 | 746458 |
| Sector Re V | 1/1/2020 | 287975 | 829070 |
| Sector Re V | 12/4/2020 | 41252 | 268869 |
| Sector Re V | 12/4/2020 | 4434 | 127921 |
| Sector Re V | 12/11/2020 | 143456 | 359870 |
| Sector Re V | 12/21/2020 | 7741 | 223328 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **25**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | **Cost** | **Value** |
| Sector Re V | 4/26/2021 | $9322 | $843227 |
| Sector Re V | 5/21/2021 | 10374 | 938383 |
| Sector Re V | 5/21/2021 |  | 459345 |
| Sector Re V | 12/6/2021 | 3000000 | 2802185 |
| Sector Re V | 1/5/2022 | 5491777 | 5129364 |
| Sector Re V | 5/19/2022 | 17959262 | 16710674 |
| Sector Re V | 5/19/2022 | 6840810 | 6233720 |
| Shadow Creek Re 2021 | 8/31/2021 |  | 70612 |
| Sussex Re 2020-1 | 1/21/2020 |  | 49625 |
| Sussex Re 2021-1 | 12/30/2020 | 3480705 | 3376050 |
| Sussex Re 2022 | 1/27/2022 | 20750000 | 19602525 |
| Sutter Re | 6/30/2022 | 1988491 | 1920000 |
| Tailwind Re | 12/29/2021 | 2500000 | 2350000 |
| Tailwind Re | 12/29/2021 | 1500000 | 1410000 |
| Tailwind Re | 12/29/2021 | 2500000 | 2343750 |
| Thopas Re 2019 | 12/21/2018 |  | 28197 |
| Thopas Re 2020 | 12/30/2019 |  |  |
| Thopas Re 2021 | 12/30/2020 |  |  |
| Thopas Re 2022 | 2/7/2022 | 43771241 | 43850029 |
| Torricelli Re 2021 | 7/1/2021 |  | 1586644 |
| Torricelli Re 2022 | 7/26/2022 | 26000000 | 23712702 |
| Umigame Re Pte | 6/18/2021 | 750000 | 720000 |
| Umigame Re Pte | 6/18/2021 | 500000 | 477500 |
| Ursa Re | 11/20/2019 | 300000 | 294000 |
| Vermillion Re 2022 | 2/22/2022 | 4777500 | 4941473 |
| Versutus Re 2018 | 12/20/2017 |  |  |
| Versutus Re 2019-A | 1/28/2019 |  |  |
| Versutus Re 2019-B | 12/24/2018 |  |  |
| Viribus Re 2018 | 12/22/2017 | 1072498 |  |
| Viribus Re 2019 | 3/25/2019 |  | 82906 |
| Viribus Re 2020 | 12/30/2019 | 1667280 | 762695 |
| Viribus Re 2022 | 4/11/2022 | 18736586 | 19111318 |
| Vista Re | 2/24/2022 | 5781685 | 5548750 |
| Walton Health Re 2019 | 7/18/2019 | 2570134 | 4368465 |
| Walton Health Re 2022 | 7/13/2022 | 4375875 | 4652111 |
| Walton Heath Re 2021 | 6/28/2021 | 8260400 | 6755000 |
| White Heron Re 2021 | 6/9/2021 |  | 82390 |
| Woburn Re 2018 | 3/20/2018 | 12796113 | 1397177 |
| Woburn Re 2019 | 1/30/2019 | 2665487 | 3253356 |
| **Total Restricted Securities** |  |  | $780397260 |
| **% of Net assets** |  |  | 96.8% |

---

Purchases and sales of securities (excluding short-term investments) for the year ended October 31, 2022, aggregated $570,382,494 and $390,462,642, respectively.

Prior to September 8, 2022, the Fund was permitted to engage in purchase and sale transactions ("cross trades") with certain funds and accounts for which Amundi Asset Management US, Inc. (the "Adviser") serves as the Fund's investment adviser, in accordance with Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are reflected at current market prices. During the year ended October 31, 2022, the Fund engaged in purchases of $1,546,065 and sales of $6,650,104 pursuant to these procedures, which resulted in a net realized gain/(loss) of $36,236.

The accompanying notes are an integral part of these financial statements.

**26 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

At October 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $867,587,843 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $49148883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (111152437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation | $(62003554) |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.

Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.

The following is a summary of the inputs used as of October 31, 2022, in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earthquakes – California | $— | $— | $2616930 | $2616930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Massachusetts |  |  | 1635611 | 1635611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. |  |  | 28895217 | 28895217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide |  |  | 108952301 | 108952301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – Florida |  |  | 2910036 | 2910036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. |  |  | 4925549 | 4925549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Multistate |  |  | 82390 | 82390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Regional |  |  | 5204818 | 5204818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. |  |  | 25950430 | 25950430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. Regional |  |  | —\* | —\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide |  |  | 449155566 | 449155566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industry Loss Warranties |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earthquakes - U.S. |  |  | 4941473 | 4941473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. |  |  | 1627821 | 1627821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Regional |  |  | 8520320 | 8520320 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Insurance-Linked |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities |  | 134978798 |  | 134978798 |
| Open-End Fund | 25187029 |  |  | 25187029 |
| **Total Investments in Securities** | **$25187029** | **$134978798** | **$645418462** | **$805584289** |
| \* Securities valued at $0. |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **27**

------

**Schedule of Investments** **\| 10/31/22 (continued)**

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

---

| | |
|:---|:---|
| | **Insurance-**<br>**Linked**<br>**Securities** |
| Balance as of 10/31/21 | $737043564 |
| Realized gain (loss)<sup>(1)</sup> | (22375607) |
| Changed in unrealized appreciation (depreciation)<sup>(2)</sup> | 3405090 |
| Return of capital | (319692103) |
| Purchases | 521469472 |
| Sales | (274431954) |
| Transfers in to Level 3\* |  |
| Transfers out of Level 3\* |  |
| **Balance as of 10/31/22** | **$645418462** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Realized gain (loss) on these securities is included in the realized gain (loss) from investments
on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized
appreciation (depreciation) from investments on the Statement of Operations.

\* Transfers are calculated on the beginning of period value. During the year ended October 31, 2022, there were no transfers in or out of Level 3.

Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at October 31, 2022: <u>$391,737</u>

The accompanying notes are an integral part of these financial statements.

**28 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

**Statement of Assets and Liabilities** **\| 10/31/22**

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $851,579,037) | $805584289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1409712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 24578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$807022247** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $222465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 36353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareowner communications expense | 20626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 193043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 29305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$510162** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $958597391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (152085306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$806512085** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Based on $806,512,085/99,618,398 shares | $8.10 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **29**

------

**Statement of Operations**

**FOR THE YEAR ENDED 10/31/22**

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | $32195334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 14636178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | **$46831512** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | $15487467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 241624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 392327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareowner communications expense | 70885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 4437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 41125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 281713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing expense | 35247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | 320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 41729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 43946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | $16641135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | **$30190377** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(26480223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 473248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currencies | 28228 | $(25978747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(19574637) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (21814) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currencies | 17 | $(19596434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | **$(45575181)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | **$(15384804)** |

---

The accompanying notes are an integral part of these financial statements.

**30 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br>**10/31/22** | **Year Ended**<br>**10/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $30190377 | $33826511 |
| Net realized gain (loss) on investments | (25978747) | (8923130) |
| Change in net unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on investments | (19596434) | (27247553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | **$(15384804)** | **$(2344172)** |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($0.17 and $0.44 per share, respectively) | $(19546484) | $(43564995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | $(19546484) | $(43564995) |
| **FROM FUND SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | $121778168 | $319301830 |
| Reinvestment of distributions | 3828499 | 25619090 |
| Cost of shares repurchased | &nbsp;&nbsp;(267085897) | (192215223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Fund share transactions | $(141479230) | $152705697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(176410518)** | **$106796530** |
| **NET ASSETS:** |  |  |
| Beginning of year | $982922603 | $876126073 |
| End of year | **$806512085** | **$982922603** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/22**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/22**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/21**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/21**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **FUND SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**TRANSACTION** |  |  |  |  |
| Shares sold | 14625711 | $121778168 | 37395585 | $319301830 |
| Reinvestment of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;distributions | &nbsp;&nbsp;&nbsp;&nbsp;461821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828499 | 3028261 | 25619090 |
| Less shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;repurchased | (32116986) | &nbsp;&nbsp;(267085897) | (22406401) | (192215223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(decrease) | (17029454) | $(141479230) | 18017445 | $152705697 |

---

The accompanying notes are an integral part of these financial statements.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **31**

------

**Statement of Cash Flows**

**FOR THE YEAR ENDED 10/31/22**

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(15384804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities | (250933075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition and maturity of investment securities | 390180188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases of short term investments | (18809842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion and amortization of discount/premium on investment securities | (548649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments in unaffiliated issuers | 26480223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized depreciation on investments in unaffiliated issuers | 19574637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized depreciation on forward foreign currency |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exchange contracts | 21814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest receivable | 304084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in due from affiliates | (3668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (2092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in management fees payable | (47092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in administrative fees payable | 29305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in Trustees' fees payable | (3729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in professional fees payable | 10747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in transfer agent fees payable | (168650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in shareowner communication expense payable | (13655) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued expenses payable | (21105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash, restricted cash and foreign currencies from operating activities | $150664441 |
| **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 121778168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareowners | (19546484) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less shares repurchased | (267085897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3828499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash, restricted cash and foreign currencies used in | $(161025714) |
| **NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY** | $(10361273) |
| **Cash, Restricted Cash and Foreign Currencies:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year\* | $10361273 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year\* | $— |

---

\* The following table provides a reconciliation of cash, restricted cash and foreign currencies reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Year Ended**<br>**10/31/22** | **Year Ended**<br>**10/31/21** |
| Cash |  | $— | $10361273 |
|  | **Total cash, restricted cash and foreign currencies** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**shown in the Statement of Cash Flows** | **$—** | **$10361273** |

---

The accompanying notes are an integral part of these financial statements.

**32 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year**<br>**Ended**<br>**10/31/22** | **Year**<br>**Ended**<br>**10/31/21** | **Year**<br>**Ended**<br>**10/31/20** | **Year**<br>**Ended**<br>**10/31/19** | **Year**<br>**Ended**<br>**10/31/18** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of period | $8.43 | $8.88 | $8.79 | $9.93 | $9.59 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | $0.28 | $0.30 | $0.33 | $0.06 | $0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.44) | (0.31) | 0.31 | (0.65) | 0.17 |
| **Net increase (decrease) from investment operations** | **$(0.16)** | **$(0.01)** | **$0.64** | **$(0.59)** | **$0.48** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $(0.17) | $(0.44)(b) | $(0.55)(b) | $(0.55)(b) | $(0.14) |
| **Total distributions** | **$(0.17)** | **$(0.44)** | **$(0.55)** | **$(0.55)** | **$(0.14)** |
| **Net increase (decrease) in net asset value** | **$(0.33)** | **$(0.45)** | **$0.09** | **$(1.14)** | **$0.34** |
| Net asset value, end of period | $8.10 | $8.43 | $8.88 | $8.79 | $9.93 |
| **Total return at net asset value(c)** | **(1.97)%** | **(0.11)%** | **7.77%** | **(5.85)%** | **5.04%** |
| Ratio of net expenses to average net assets | 1.88% | 1.91% | 1.93% | 1.96% | 1.95% |
| Ratio of net investment income (loss) to average net assets | 3.41% | 3.46% | 3.92% | 0.68% | 3.19% |
| Portfolio turnover rate | 45% | 70% | &nbsp;&nbsp;60% | 50% | &nbsp;&nbsp;42% |
| Net assets, end of period (in thousands) | $806512 | $982923 | $876126 | $831640 | $991447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The per-share data presented above is based on the average shares outstanding for the period
presented.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of distributions made to shareowners during the year was in excess of the net
investment income earned by the Fund during the year.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Report **\|** 10/31/22 **33**

------

**Notes to Financial Statements** **\| 10/31/22**

**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.

Amundi Asset Management US, Inc., an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Fund's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund's distributor (the "Distributor"). Shares are offered at the Fund's current net asset value ("NAV") per share.

The Fund's ability to accept offers to purchase shares may be limited when appropriate investments for the Fund are not available. Shares are generally available for purchase by registered investment advisers acting in a fiduciary capacity on behalf of their clients and by or through other qualified intermediaries and programs sponsored by such qualified financial intermediaries. Shares are also available to certain direct investors, which may be individuals, trusts, foundations and other institutional investors. Initial investments are subject to investment minimums described in the prospectus. Registered investment advisers and other financial intermediaries may impose different or additional minimum investment and eligibility requirements from those of the fund. The Adviser or the Distributor may waive the Fund's minimum investment requirements.

The Fund is an "interval" fund and makes periodic offers to repurchase shares (See Note 6). Except as permitted by the Fund's structure, no shareowner will have the right to require the Fund to repurchase its shares. No public market for shares exists, and none is expected to develop in the future. Consequently, shareowners generally will not be able to liquidate their investment other than as a result of repurchases of their shares by the Fund.

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other

**34 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the fund uses derivatives in only a limited manner.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:

**A. Security Valuation**

The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE.

Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **35**

------

Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.

The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.

Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.

Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value.

Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities.

Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after

**36 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material.

At October 31, 2022, two securities were valued using fair value methods representing 0.00% of net assets. The value of this fair valued security was $0.

**B. Investment Income and Transactions**

Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.

Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.

Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.

Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.

**C. Foreign Currency Translation**

The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.

Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **37**

------

**D. Federal Income Taxes**

It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of October 31, 2022, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.

The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.

At October 31, 2022, the Fund reclassified $5,737,864 to decrease distributable earnings and $5,737,864 to increase paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.

At October 31, 2022, the Fund was permitted to carry forward indefinitely $10,608,170 of short-term and $91,849,113 of long-term losses.

The tax character of distributions paid during the years ended October 31, 2022 and October 31, 2021, was as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | $19546484 | $43564995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$19546484** | **$43564995** |

---

The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2022:

---

| | |
|:---|:---|
| | **2022** |
| **Distributable earnings/(losses):** |  |
| Undistributed ordinary income | $12375531 |
| Capital loss carryforward | (102457283) |
| Net unrealized depreciation | (62003554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(152085306)** |

---

**38 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

------

The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax adjustments relating to wash sales and ILS securities.

**E. Risks**

The value of securities held by the Fund 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, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.

Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **39**

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At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

The Fund invests primarily in insurance-linked securities ("ILS"). ILS may include event-linked bonds (also known as insurance-linked bonds or catastrophe bonds), quota share instruments (also known as "reinsurance sidecars"), collateralized reinsurance investments, industry loss warranties, event-linked swaps, securities of companies in the insurance or reinsurance industries, 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 or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. ILS carry significant risk. See note 1.G.

The Fund may invest in securities and other obligations of any credit quality, including those that are rated below investment grade ("high yield"), or are unrated but are determined by the Adviser to be of equivalent credit quality. Below investment grade securities are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. Below investment grade securities, including floating rate loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities.

The Fund may invest a significant amount of its total assets in illiquid securities. Illiquid securities are securities that the Fund reasonably expects cannot be sold or disposed of in the current market in seven calendar days or less without the sale or disposition significantly changing the market value of the securities.

The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes

**40 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.

The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Fund will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. In March, 2022, the U.S. federal government enacted legislation to establish a process for replacing LIBOR in existing

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **41**

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contracts that do not already provide for the use of a clearly defined or practicable replacement benchmark rate as described in the legislation. Generally speaking, for contracts that do not contain a fallback provision as described in the legislation, a benchmark replacement recommended by the Federal Reserve Board will effectively automatically replace the USD LIBOR benchmark in the contract after June 30, 2023. The recommended benchmark replacement will be based on the SOFR published by the Federal Reserve Bank of New York, including any recommended spread adjustment and benchmark replacement conforming changes. The process of transitioning from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Fund. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time.

With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases or sales or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.

**42 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks.

**F. Restricted Securities**

Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.

Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at October 31, 2022 are listed in the Schedule of Investments.

**G. Insurance-Linked Securities ("ILS")**

The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events 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. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, 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's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **43**

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the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.

Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.

**H. Forward Foreign Currency Exchange Contracts**

The Fund may enter into forward foreign currency exchange contracts ("contracts") for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 5).

During the year ended October 31, 2022, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.

The average market value of forward foreign currency exchange contracts open during the year ended October 31, 2022 was $0 and $3,122,247 for buys and sells, respectively. There were no open forward foreign currency exchange contracts outstanding at October 31, 2022.

**44 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**I. Statement of Cash Flows**

Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the Fund's Statement of Assets and Liabilities includes cash on hand at the Fund's custodian bank and does not include any short-term investments. For the year ended October 31, 2022, the Fund had no restricted cash presented on the Statement of Assets and Liabilities.

**2. Management Agreement**

The Adviser manages the Fund's portfolio. Management fees payable under the Fund's Investment Management 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, 2022, the effective management fee was equivalent to 1.75% of the Fund's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $222,348 in management fees, administrative costs and certain other reimbursements payable to the Adviser at October 31, 2022. Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $3,668 in certain other reimbursements receivable from the Adviser at October 31, 2022.

**3. Compensation of Trustees and Officers**

The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended October 31, 2022, the Fund paid $41,729 in Trustees' compensation, which is reflected on the Statement of Operations as Trustees' fees. At October 31, 2022, the Fund had a payable for Trustees' fees on its Statement of Assets and Liabilities of $0.

**4. Transfer Agent**

For the period from November 1, 2021 to November 21, 2021, DST Systems, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **45**

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payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts.

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended October 31, 2022, such out-of-pocket expenses by class of shares were as follows:

---

| | |
|:---|:---|
| **Shareowner Communications:** | |
| Fund | $70885 |
| &nbsp;&nbsp;**Total** | **$70885** |

---

**5. Additional Disclosures about Derivative Instruments and Hedging Activities**

The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks:

Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and Statement of Cash Flows by risk exposure at October 31, 2022, was as follows:

**46 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of**<br>**Operations**<br>**/ Statement of Cash Flows** | <br>**Interest**<br>**Rate Risk** | <br>**Credit**<br>**Risk** | **Foreign**<br>**Exchange**<br>**Rate Risk** | <br>**Equity**<br>**Risk** | <br>**Commodity**<br>**Risk** |
| **Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exchange contracts | $— | $— | $473248 | $— | $— |
| &nbsp;&nbsp;**Total Value** | **$—** | **$—** | **$473248** | **$—** | **$—** |
| **Change in Net Unrealized** |  |  |  |  |  |
| &nbsp;&nbsp;**Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exchange contracts | $— | $— | $(21814) | $— | $— |
| &nbsp;&nbsp;**Total Value** | **$—** | **$—** | **$(21814)** | **$—** | **$—** |

---

**6. Repurchase Offers**

The Fund is a closed-end "interval" fund. The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareowner approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of the Fund's outstanding shares at NAV on a regular schedule.

The Fund is required to make repurchase offers every three months. Quarterly repurchase offers occur in the months of January, April, July and October. The Fund will typically seek to conduct quarterly repurchase offers for 10% of the Fund's outstanding shares at their NAV per share unless the Fund's Board of Trustees has approved a higher or lower amount for that repurchase offer. Repurchase offers in excess of 5% are made solely at the discretion of the Fund's Board of Trustees and investors should not rely on any expectation of repurchase offers in excess of 5%. Even though the Fund makes quarterly repurchase offers investors should consider the Fund's shares illiquid.

In the event a repurchase offer by the Fund is oversubscribed, the Fund may repurchase, but is not required to repurchase, additional shares up to a maximum amount of 2% of the outstanding shares of the Fund. If the Fund determines not to repurchase additional shares beyond the repurchase offer amount, or if shareowners submit for repurchase an amount of shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the shares submitted for repurchase on a pro rata basis.

Shares repurchased during the year ended October 31, 2022 were as follows:

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **47**

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Percentage** |  |  |  |
|  |  |  |  | **of** | **of** | **of** | **of** |
|  |  |  |  | **Outstanding** | **Amount** |  |  |
|  |  |  | **NAV on** | **Shares** | &nbsp;&nbsp;**of Shares** |  |  |
| **Commence-** | **Repurchase Repurchase** | **Repurchase Repurchase** | **Repurchase the Fund** | **Repurchase the Fund** | &nbsp;&nbsp;**the Fund** | **Percentage** | &nbsp;&nbsp; **Number** |
| **ment** | **Request** | **Pricing** | **Pricing** | **Offered to** | &nbsp;&nbsp;**Offered to** | **of Shares** | &nbsp;&nbsp;**of Shares** |
| **Date** | **Deadline** | **Date** | **Date** | **Repurchase** | &nbsp;&nbsp;**Repurchase** | **Tendered** | &nbsp;&nbsp;**Tendered** |
| 10/22/21 | 11/29/21 | 12/13/21 | $8.24 | 12%\* | 14620537.726 | 102.7280% | &nbsp;&nbsp;15019390.230 |
| 1/21/22 | 2/22/22 | 3/7/22 | $8.30 | 10% | 11213903.771 | 55.6612% | &nbsp;&nbsp;6241795.552 |
| 4/14/22 | 5/16/22 | 5/31/22 | $8.36 | 10% | 10861561.715 | 59.0062% | &nbsp;&nbsp;6408996.471 |
| 7/8/22 | 8/8/22 | 8/22/22 | $8.49 | 10% | &nbsp;&nbsp;10462517.52 | 48.5715% | &nbsp;&nbsp;5081801.760 |

---

\* The Fund repurchased an additional 2% of the outstanding shares of the Fund in an effort to accommodate shareholder repurchase requests.

**7. Changes in Custodian and Sub-Administrator, and Transfer Agent**

Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.

Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.

**48 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees and the Shareholders of Pioneer ILS Interval Fund:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Pioneer ILS Interval Fund (the "Fund"), including the schedule of investments, as of October 31, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer ILS Interval Fund at October 31, 2022, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **49**

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![A picture containing opener, tool Description automatically generated](image_006.gif)

We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.

Boston, Massachusetts<br> December 30, 2022

**50 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Additional Information** **(unaudited)**

For the year ended October 31, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

Information regarding the repurchase offer with a commencement date of 10/21/22 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  | | **Percentage** |  |  |  |
| |  |  | | **of** | **of** | **of** | **of** |
| |  |  | | **Outstanding** | **Amount** |  |  |
| |  |  | | **Shares** | **of Shares** |  |  |
| | **Repurchase Repurchase** | **Repurchase Repurchase** | | **the Fund** | **the Fund** | **Percentage** | **Number** |
| | **Request** | **Pricing** | | **Offered to** | **Offered to** | **of Shares** | **of Shares** |
| <br>**Commence-**<br>**ment**<br>**Date** | **Deadline** | **Date** | <br>**NAV on**<br>**Repurchase**<br>**Pricing**<br>**Date** | **Repurchase** | **Repurchase** | **Tendered** | **Tendered** |
| 10/21/22 | 11/28/22 | 12/12/22 | $8.06 | 12%\* | 12,430,284.88 116.9259% | 12,430,284.88 116.9259% | 14534222.51 |

---

\* The Fund repurchased an additional 2% of the outstanding shares of the Fund in an effort to accommodate shareholder repurchase requests.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **51**

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**Approval of Renewal of Investment Management Agreement**

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer ILS Interval Fund (the "Fund") pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund's Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.

The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment

**52 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

**Nature, Extent and Quality of Services**

The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US's investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Fund, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund's business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.

**Performance of the Fund**

In considering the Fund's performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **53**

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performance of the Fund's benchmark index. They also discuss the Fund's performance with Amundi US on a regular basis. The Trustees' regular reviews and discussions were factored into the Trustees' deliberations concerning the renewal of the investment management agreement.

**Management Fee and Expenses**

The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund's shareowners. The Trustees noted that they separately review and consider the impact of the Fund's transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund's expense ratio.

The Trustees considered that the Fund's management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Fund's management fee was in the fifth quintile relative to the management fees paid by other funds in its Strategic Insight peer group. The Trustees considered that the expense ratio of the Fund's shares for the most recent fiscal year was in the fourth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the expense ratio of the Fund's shares was in the fourth quintile relative to its Strategic Insight peer group.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Fund and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some

**54 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Fund.

The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

**Profitability**

The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Fund was not unreasonable.

**Economies of Scale**

The Trustees considered Amundi US's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **55**

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**Other Benefits**

The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Fund, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.

**Conclusion**

After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.

**56 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Trustees, Officers and Service Providers**

**Investment Adviser and Administrator**<br> Amundi Asset Management US, Inc.<br>**Custodian and Sub-Administrator**<br> The Bank of New York Mellon Corporation<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br>**Principal Underwriter**<br> Amundi Distributor US, Inc.<br>**Legal Counsel**<br> Morgan, Lewis & Bockius LLP<br>**Transfer Agent**<br> BNY Mellon Investment Servicing (US) Inc.

**Proxy Voting Policies and Procedures of the Fund** are available without charge, upon request, by calling our toll free number 1-800-710-0935. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

**Trustees and Officers**

The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 50 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.

The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **57**

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**Independent Trustees**

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Trustee**<br>**During At Least The Past Five Years** |
| **Thomas J. Perna (72)** | Trustee since 2014. | Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | products for securities lending industry); and Senior Executive | communications and securities |
|  | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
|  | or removal. | (1986 – 2004) | services industry) (2009 – present); |
|  |  |  | Director, Quadriserv, Inc. (2005 – |
|  |  |  | 2013); and Commissioner, New |
|  |  |  | Jersey State Civil Service |
|  |  |  | Commission (2011 – 2015) |
| **John E.** | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & | Chairman, The Lakeville Journal |
| **Baumgardner, Jr. (71)\*** | Serves until a successor | Cromwell LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or |  | community newspaper group) |
|  | earlier retirement |  | (2015-present) |
|  | or removal. |  |  |
| **Diane Durnin (65)** | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY |  |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) |  |
|  | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): |  |
|  | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment |  |
|  | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon |  |
|  |  | Asset Management (2005-2007); Executive Vice President Head of Products, |  |
|  |  | Marketing and Client Service, Dreyfus Corporation (investment management |  |
|  |  | firm) (2000-2005); Senior Vice President Strategic Product and Business |  |
|  |  | Development, Dreyfus Corporation (1994-2000) |  |

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**58 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Independent Trustees** **(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Trustee**<br>**During At Least The Past Five Years** |
| **Benjamin M. Friedman (78)** | Trustee since 2014. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
|  | trustee is elected or |  | Institutional Funds Master Portfolio |
|  | earlier retirement |  | (oversaw 17 portfolios in fund |
|  | or removal. |  | complex) (1989 - 2008) |
| **Craig C. MacKay (59)** | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Group Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
|  | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | (2022 – present); Board Member of |
|  | earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) | Carver Bancorp, Inc. (holding |
|  | or removal. | (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, | company) and Carver Federal |
|  |  | LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
|  |  |  | Advisory Council Member, |
|  |  |  | MasterShares ETF (2016 – 2017); |
|  |  |  | Advisory Council Member, The Deal |
|  |  |  | (financial market information |
|  |  |  | publisher) (2015 – 2016); Board Co- |
|  |  |  | Chairman and Chief Executive Officer, |
|  |  |  | Danis Transportation Company |
|  |  |  | (privately-owned commercial carrier) |
|  |  |  | (2000 – 2003); Board Member and |
|  |  |  | Chief Financial Officer, Customer |
|  |  |  | Access Resources (privately-owned |
|  |  |  | teleservices company) (1998 – 2000); |
|  |  |  | Board Member, Federation of |
|  |  |  | Protestant Welfare Agencies (human |
|  |  |  | services agency) (1993 – present); |
|  |  |  | and Board Treasurer, Harlem Dowling |
|  |  |  | Westside Center (foster care agency) |
|  |  |  | (1999 – 2018) |

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**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **59**

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---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Trustee**<br>**During At Least The Past Five Years** |
| **Lorraine H. Monchak (66)** | Trustee since 2017. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union |  |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments |  |
|  | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) |  |
|  | until a successor trustee | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, |  |
|  | is elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability |  |
|  | retirement or removal. | Management Group, Federal Farm Funding Corporation (government-sponsored | Management Group, Federal Farm Funding Corporation (government-sponsored |
|  |  | issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson |  |
|  |  | Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies |  |
|  |  | Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)** | Trustee since 2014. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief Executive | Income Fund, Inc. (closed-end |
|  | trustee is elected or | Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) | investment company) |
|  | earlier retirement | (investment banking firm) (1981 – 2019) | (2004 – present); and Member, |
|  | or removal. |  | Board of Governors, Investment |
|  |  |  | Company Institute (2000 – 2006) |
| **Fred J. Ricciardi (75)** | Trustee since 2014. | Private investor (2020 – present); Consultant (investment company |  |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and |  |
|  | trustee is elected or | investment company services) (1969 – 2012); Director, BNY International |  |
|  | earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas |  |
|  | or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial |  |
|  |  | Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland |  |
|  |  | (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY |  |
|  |  | Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, |  |
|  |  | BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |

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\* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund.

**60 Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22

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**Interested Trustees**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Trustee**<br>**During At Least The Past Five Years** |
| **Lisa M. Jones (60)\*\*** | Trustee since 2017. | Director, CEO and President of Amundi US, Inc. (investment management | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi Asset | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | Management US, Inc. (since September 2014); Director, CEO and President | accounting software for reporting |
|  | earlier retirement | of Amundi Distributor US, Inc. (since September 2014); Director, CEO and | and reconciliation services) |
|  | or removal | President of Amundi Asset Management US, Inc. (since September 2014); | (September 2022 – present) |
|  |  | Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset |  |
|  |  | Management US, Inc. (September 2014 – 2018); Managing Director, Morgan |  |
|  |  | Stanley Investment Management (investment management firm) (2010 – 2013); | Stanley Investment Management (investment management firm) (2010 – 2013); |
|  |  | Director of Institutional Business, CEO of International, Eaton Vance |  |
|  |  | Management (investment management firm) (2005 – 2010); Director of |  |
|  |  | Amundi Holdings US, Inc. (since 2017) |  |
| **Kenneth J. Taubes (64)\*\*** | Trustee since 2014. | Director and Executive Vice President (since 2008) and Chief Investment |  |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); |  |
|  | trustee is elected or | Director and Executive Vice President and Chief Investment Officer, U.S. of |  |
|  | earlier retirement | Amundi US (since 2008); Executive Vice President and Chief Investment |  |
|  | or removal | Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio |  |
|  |  | Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. |  |
|  |  | (since 2017) |  |

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\*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates.

**Pioneer ILS Interval Fund \|** Annual Report **\|** 10/31/22 **61**

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**Fund Officers**

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Officer**<br>**During At Least The Past Five Years** |
| **Christopher J. Kelley (57)** | Since 2014. Serves at | Vice President and Associate General Counsel of Amundi US since |  |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds |  |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from |  |
|  |  | September 2003 to May 2010; Vice President and Senior Counsel of |  |
|  |  | Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (59)** | Since 2014. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant |  |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US |  |
|  | the Board | from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (45)** | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since |  |
| Assistant Secretary | the discretion of | September 2019; Private practice from 2017 – 2019. |  |
|  | the Board |  |  |
| **Anthony J. Koenig, Jr. (58)** | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of |  |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since |  |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 |  |
| Accounting Officer |  | to May 2021; and Chief of Staff, US Investment Management of Amundi US |  |
|  |  | from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)** | Since 2014. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer |  |
| Assistant Treasurer | the discretion of | of all of the Pioneer Funds since 1999 |  |
|  | the Board |  |  |
| **Gary Sullivan (64)** | Since 2014. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant |  |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 |  |
|  | the Board |  |  |

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**62 Pioneer ILS Interval Fund \|** Annual Report \|10/31/22

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**Fund Officers** **(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position**<br>**Held With the Fund** | **Term of Office and**<br>**Length of Service** | <br>**Principal Occupation(s) During At Least The Past Five Years** | **Other Directorships Held by Officer**<br>**During At Least The Past Five Years** |
| **Antonio Furtado (40)** | Since 2020. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; |  |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund |  |
|  | the Board | Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)** | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; |  |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of |  |
|  | the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of |  |
|  |  | Amundi US from 2000 - 2001 |  |
| **John Malone (51)** | Since 2018. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset |  |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer Funds |  |
|  | the Board | since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. |  |
|  |  | since January 2014. |  |
| **Brandon Austin (50)** | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money |  |
| Anti-Money | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director of |  |
| Laundering Officer | of the Board | Financial Security of Amundi US since July 2021; Vice President, Head of |  |
|  |  | BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez |  |
|  |  | Wealth Management (investment management firm) (2013 – 2021) |  |

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**How to Contact Amundi**

**We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.**

---

| | |
|:---|:---|
| **Call us for:** | |
| **Account Information,** including existing accounts, |  |
| new accounts, prospectuses, applications |  |
| and service forms | **1-800-225-6292** |
| **FactFone<sup>SM</sup>** for automated fund yields, prices, |  |
| account information and transactions | **1-800-225-4321** |
| **Retirement plans information** | **1-800-622-0176** |

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**Write to us:**<br>Amundi<br> P.O. Box 9897<br> Providence, R.I. 02940-8097

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| | |
|:---|:---|
| **Our toll-free fax** | **1-800-225-4240** |
| **Our internet e-mail address** | **us.askamundi@amundi.com/us** |
| (for general questions about Amundi only) |  |
| **Visit our web site: www.amundi.com/us.** |  |

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This report must be preceded or accompanied by a prospectus.

**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://www.sec.gov.**

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![A picture containing company name Description automatically generated](image_007.gif)

Amundi Asset Management US, Inc.<br> 60 State Street<br> Boston, MA 02109<br> **www.amundi.com/us**

Securities offered through Amundi Distributor US, Inc.,<br> 60 State Street, Boston, MA 02109<br> Underwriter of Pioneer Mutual Funds, Member SIPC<br>© 2022 Amundi Asset Management US, Inc. 28991-07-1222

ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period covered by this report.

(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's Board of Trustees has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the
issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19)
of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

The audit fees for the Fund were $172,172 payable to Ernst & Young LLP for the year ended October 31, 2022 and $160,160 for the year ended October 31, 2021.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no audit-related services in 2022 and 2021.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The Fund paid aggregate non-audit fees to Ernst & Young LLP for tax services of $30,424 and $28,301 during the fiscal years ended October 31, 2022 and 2021, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no other fees in 2022 and 2021.

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.

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| | | | |
|:---|:---|:---|:---|
| SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SERVICE CATEGORY DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| I. AUDIT SERVICES | Services that are directly | Services that are directly | o Accounting research assistance |
|  | related to performing the | related to performing the | o SEC consultation, registration |
|  | independent audit of the Funds | independent audit of the Funds | statements, and reporting |
|  |  |  | o Tax accrual related matters |
|  |  |  | o Implementation of new accounting standards |
|  |  |  | o Compliance letters (e.g. rating agency letters) |
|  |  |  | o Regulatory reviews and assistance |
|  |  |  | regarding financial matters |
|  |  |  | o Semi-annual reviews (if requested) |
|  |  |  | o Comfort letters for closed end offerings |
| II. AUDIT-RELATED | Services which are not | Services which are not | o AICPA attest and agreed-upon procedures |
| SERVICES | prohibited under Rule | prohibited under Rule | o Technology control assessments |
|  | 210.2-01(C)(4) (the "Rule") | 210.2-01(C)(4) (the "Rule") | o Financial reporting control assessments |
|  | and are related extensions of | and are related extensions of | o Enterprise security architecture |
|  | the audit services support the | the audit services support the | assessment |
|  | audit, or use the knowledge/expertise | audit, or use the knowledge/expertise |  |
|  | gained from the audit procedures as a | gained from the audit procedures as a |  |
|  | foundation to complete the project. | foundation to complete the project. |  |
|  | In most cases, if the Audit-Related | In most cases, if the Audit-Related |  |
|  | Services are not performed by the | Services are not performed by the |  |
|  | Audit firm, the scope of the Audit | Audit firm, the scope of the Audit |  |
|  | Services would likely increase. | Services would likely increase. |  |
|  | The Services are typically well-defined | The Services are typically well-defined |  |
|  | and governed by accounting | and governed by accounting |  |
|  | professional standards (AICPA, | professional standards (AICPA, |  |
|  | SEC, etc.) | SEC, etc.) |  |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE APPROVAL POLICY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE REPORTING POLICY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | o A summary of all such | o A summary of all such |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the audit period for all | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the audit period for all | services and related fees | services and related fees |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved specific service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved specific service | reported at each regularly | reported at each regularly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subcategories. Approval of the | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subcategories. Approval of the | scheduled Audit Committee | scheduled Audit Committee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;independent auditors as | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;independent auditors as | meeting. | meeting. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for a Fund shall | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for a Fund shall |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;constitute pre approval for | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;constitute pre approval for |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | o A summary of all such | o A summary of all such |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the fund fiscal year within | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the fund fiscal year within | services and related fees | services and related fees |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a specified dollar limit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a specified dollar limit | (including comparison to | (including comparison to |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for all pre-approved | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for all pre-approved | specified dollar limits) | specified dollar limits) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific service subcategories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific service subcategories | reported quarterly. | reported quarterly. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to exceed the | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to exceed the |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved dollar limit for | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved dollar limit for |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services (see general | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services (see general |  |  |
| Audit Committee approval policy | Audit Committee approval policy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;below for details on obtaining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;below for details on obtaining |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific approvals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific approvals) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to use the Fund's | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to use the Fund's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for Audit-Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for Audit-Related |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services not denoted as | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services not denoted as |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"pre-approved", or | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"pre-approved", or |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add a specific service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add a specific service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subcategory as "pre-approved" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subcategory as "pre-approved" |  |  |

---

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
| III. TAX SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services which are not | o Tax planning and support |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prohibited by the Rule, | o Tax controversy assistance |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if an officer of the Fund | o Tax compliance, tax returns, excise |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determines that using the | tax returns and support |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund's auditor to provide | o Tax opinions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services creates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;significant synergy in |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the form of efficiency, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;minimized disruption, or |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability to maintain a |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;desired level of |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;confidentiality. | |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE APPROVAL POLICY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | o A summary of |
| for the fund fiscal year | all such services and |
| within a specified dollar limit | related fees |
|  | (including comparison |
|  | to specified dollar |
|  | limits) reported |
|  | quarterly. |
| &nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to exceed the |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved dollar limits for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services (see general |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee approval policy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;below for details on obtaining |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific approvals) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to use the Fund's |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for tax services not |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denoted as pre-approved, or to |  |
| add a specific service subcategory as |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"pre-approved" | |

---

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
| IV. OTHER SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services which are not | o Business Risk Management support |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prohibited by the Rule, | o Other control and regulatory |
| A. SYNERGISTIC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if an officer of the Fund | compliance projects |
| UNIQUE QUALIFICATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determines that using the |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund's auditor to provide |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services creates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;significant synergy in |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the form of efficiency, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;minimized disruption, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability to maintain a |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;desired level of |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;confidentiality, or where |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Fund's auditors |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;posses unique or superior |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;qualifications to provide |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services, resulting |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in superior value and |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;results for the Fund. | |

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;o "One-time" pre-approval | o A summary of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the fund fiscal year within | all such services and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a specified dollar limit | related fees |
|  | (including comparison |
|  | to specified dollar |
|  | limits) reported |
|  | quarterly. |
| &nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to exceed the |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved dollar limits for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these services (see general |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee approval policy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;below for details on obtaining |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specific approvals) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;o Specific approval is |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;needed to use the Fund's |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auditors for "Synergistic" or |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Unique Qualifications" Other |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services not denoted as |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approved to the left, or to |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;add a specific service |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subcategory as "pre-approved" | |

---

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
|  |  | SUBCATEGORIES |
| PROHIBITED SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services which result | 1. Bookkeeping or other services |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the auditors losing | &nbsp;&nbsp;&nbsp;&nbsp;related to the accounting records or |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;independence status | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial statements of the audit |
|  | under the Rule. | client\* |
|  |  | 2. Financial information systems design |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and implementation\* |
|  |  | 3. Appraisal or valuation services, |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fairness\* opinions, or |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contribution-in-kind reports |
|  |  | 4. Actuarial services (i.e., setting |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;actuarial reserves versus actuarial |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;audit work)\* |
|  |  | 5. Internal audit outsourcing services\* |
|  |  | 6. Management functions or human |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resources |
|  |  | 7. Broker or dealer, investment |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advisor, or investment banking services |
|  |  | 8. Legal services and expert services |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unrelated to the audit |
|  |  | 9. Any other service that the Public |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Accounting Oversight Board |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determines, by regulation, is |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impermissible |

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;o These services are not to be | o A summary of all |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;performed with the exception of the(\*) | services and related |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;services that may be permitted | fees reported at each |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if they would not be subject to audit | regularly scheduled |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;procedures at the audit client (as | Audit Committee meeting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defined in rule 2-01(f)(4)) level | will serve as continual |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the firm providing the service. | confirmation that has |
|  | not provided any |
|  | restricted services. |

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GENERAL AUDIT COMMITTEE APPROVAL POLICY:

o For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence.

o Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services

Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the

new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to

affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended October 31, 2022 and 2021, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The Fund paid aggregate non-audit fees to Ernst & Young LLP for tax services of $30,424 and $28,301 during the fiscal years ended October 31, 2022 and 2021, respectively.

(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities.

**Policy**

Each of the Pioneer Funds and certain other clients of Amundi Asset Management US, Inc. ("Amundi US") have delegated responsibility to vote proxies related to portfolio holdings to Amundi US. Amundi US is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf, including voting proxies for securities held by the client. When Amundi US has been delegated proxy-voting authority for a client, the duty of care requires Amundi US to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, Amundi US must place the client's interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of the client. It is Amundi US's policy to vote proxies presented to Amundi US in a timely manner in accordance with these principles.

Amundi US's sole concern in voting proxies is the economic effect of the proposal on the value of portfolio holdings, considering both the short- and long-term impact. In many instances, Amundi US believes that supporting the company's strategy and voting "for" management's proposals builds portfolio value. In other cases, however, proposals set forth by management may have a negative effect on that value, while some shareholder proposals may hold the best prospects for enhancing it. Amundi US monitors developments in the proxy voting arena and will revise this policy as needed.

Amundi US believes that environmental, social and governance (ESG) factors can affect companies' long-term prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate performance and economic value are considered by our investment professionals as part of the investment management process, Amundi US also considers these factors when reviewing proxy proposals. This approach is consistent with the stated investment objectives and policies of funds and investment strategies.

It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi US reserves the right in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of our clients. Further, the Pioneer Funds or other clients of Amundi US may direct Amundi US to vote contrary to guidelines.

Amundi US's clients may request copies of their proxy voting records and of Amundi US's proxy voting policies and procedures by either sending a written request to Amundi US's Proxy Coordinator, or clients may review Amundi US's proxy voting policies and procedures on-line at amundi.com/usinvestors. Amundi US may describe to clients its proxy voting policies and procedures by delivering a copy of Amundi US's Form ADV (Part II), by separate notice to the client or by other means.

**Applicability**

This Proxy Voting policy and the procedures set forth below are designed to complement Amundi US's investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in accounts managed by Amundi US. This policy sets forth Amundi US's position on a number of issues for which proxies may be solicited but it does not include all potential voting scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by closed-end Funds, Amundi US will vote shares of closed-end Funds on a case-by-case basis.

**Purpose**

The purpose of this policy is to ensure that proxies for United States ("US") and non-US companies that are received in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight Group (as described below) specifically determines otherwise, all shares in a company held by Amundi US-managed accounts for which Amundi US has proxy-voting authority will be voted alike, unless a client has given specific voting instructions on an issue.

Amundi US does not delegate the authority to vote proxies relating to securities held by its clients to any of its affiliates. Any questions about this policy should be directed to Amundi US's Chief of Staff, US Investment Management (the "Proxy Coordinator").

**Procedures**

**Proxy Voting Service**

Amundi US has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established by Amundi US and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Coordinator's attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. Amundi US reserves the right to attend a meeting in person and may do so when it determines that the company or the matters to be voted on at the meeting are strategically important to its clients.

To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi US may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis. Amundi US does not, as a policy, follow the assessments or recommendations provided by the proxy voting service without its own analysis and determination.

**Proxy Coordinator**

The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi US's clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio Management Group, or, to the extent applicable, investment sub-advisers. The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service. The Proxy Coordinator is responsible for verifying with the General Counsel or his or her designee whether Amundi US's voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan's director or other fiduciaries).

**Referral Items**

The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are described by Amundi US's proxy voting guidelines as to be voted on a case-by-case basis, that are not covered by Amundi US's guidelines or where Amundi US's guidelines may be unclear with respect to the matter to be voted on. Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief Investment Officer, U.S. or his or her designated equity portfolio-management representative. Any such recommendation will include: (i) the manner in which the proxies should be voted; (ii) the rationale underlying any such decision; and (iii) the disclosure of any contacts or communications made between Amundi US and any outside parties concerning the proxy proposal prior to the time that the voting instructions are provided.

**Securities Lending**

In accordance with industry standards, proxies are not available to be voted when the shares are out on loan through either Amundi US's lending program or a client's managed security lending program. However, Amundi US will reserve the right to recall lent securities so that they may be voted according to Amundi US's instructions. If a portfolio manager would like to vote a block of previously lent shares, the Proxy Coordinator will work with the portfolio manager and Investment Operations to recall the security, to the extent possible, to facilitate the vote on the entire block of shares. Certain clients participate in securities lending programs. Although such programs allow for the recall of securities for any reason, Amundi US may determine not to vote securities on loan and it may not always be possible for securities on loan to be recalled in time to be voted.

**Share-Blocking**

"Share-blocking" is a market practice whereby shares are sent to a custodian (which may be different than the account custodian) for record keeping and voting at the general meeting. The shares are unavailable for sale or delivery until the end of the blocking period (typically the day after general meeting date).

Amundi US will vote in those countries with "share-blocking." In the event a manager would like to sell a security with "share-blocking", the Proxy Coordinator will work with the Portfolio Manager and Investment Operations Department to recall the shares (as allowable within the market time-frame and practices) and/or communicate with executing brokerage firm. A list of countries with "share-blocking" is available from the Investment Operations Department upon request.

**Proxy Voting Oversight Group**

The members of the Proxy Voting Oversight Group include Amundi US's Chief Investment Officer, U.S. or his or her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance Officer of the Adviser and Funds. Other members of Amundi US will be invited to attend meetings and otherwise participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group.

The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary) Amundi US's proxy voting policies and procedures. The Group meets at least annually to evaluate and review this policy and the services of its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will meet as necessary to vote on referral items and address other business as necessary.

**Amendments**

Amundi US may not amend this policy without the prior approval of the Proxy Voting Oversight Group.

**Form N-PX**

The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form N-PX documents receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer signing the forms.

The Investment Operations department will provide the Compliance department with a copy of each Form N-PX filing prepared by the proxy voting service.

Compliance files N-PX. The Compliance department will ensure that a corresponding Form N-PX exists for each Amundi US registered investment company.

Following this review, each Form N-PX is formatted for public dissemination via the EDGAR system.

Prior to submission, each Form N-PX is to be presented to the Fund officer for a final review and signature.

Copies of the Form N-PX filings and their submission receipts are maintained according to Amundi US record keeping policies.

**Proxy Voting Guidelines**

**Administrative**

While administrative items appear infrequently in U.S. issuer proxies, they are quite common in non-U.S. proxies.

We will generally support these and similar management proposals:

■ Corporate name change.

■ A change of corporate headquarters.

■ Stock exchange listing.

■ Establishment of time and place of annual meeting.

■ Adjournment or postponement of annual meeting.

■ Acceptance/approval of financial statements.

■ Approval of dividend payments, dividend reinvestment plans and other dividend-related proposals.

■ Approval of minutes and other formalities.

■ Authorization of the transferring of reserves and allocation of income.

■ Amendments to authorized signatories.

■ Approval of accounting method changes or change in fiscal year-end.

■ Acceptance of labor agreements.

■ Appointment of internal auditors.

Amundi US will vote on a case-by-case basis on other routine administrative items; however, Amundi US will oppose any routine proposal if insufficient information is presented in advance to allow Amundi US to judge the merit of the proposal. Amundi US has also instructed its proxy voting service to inform Amundi US of its analysis of any administrative items that may be inconsistent, in its view, with Amundi US's goal of supporting the value of its clients' portfolio holdings so that Amundi US may consider and vote on those items on a case-by-case basis in its discretion.

**Auditors**

We normally vote for proposals to:

Ratify the auditors. We will consider a vote against if we are concerned about the auditors' independence or their past work for the company. Specifically, we will oppose the ratification of auditors and withhold votes for audit committee members if non-audit fees paid by the company to the auditing firm exceed the sum of audit fees plus audit-related fees plus permissible tax fees according to the disclosure categories proposed by the Securities and Exchange Commission.

■ Restore shareholder rights to ratify the auditors.

We will normally oppose proposals that require companies to:

■ Seek bids from other auditors.

■ Rotate auditing firms, except where the rotation is statutorily required or where rotation would demonstrably strengthen financial
disclosure.

■ Indemnify auditors.

■ Prohibit auditors from engaging in non-audit services for the company.

**Board of Directors**

On issues related to the board of directors, Amundi US normally supports management. We will, however, consider a vote against management in instances where corporate performance has been poor or where the board appears to lack independence.

**General Board Issues**

Amundi US will vote for:

■ Audit, compensation and nominating committees composed of independent directors exclusively.

■ Indemnification for directors for actions taken in good faith in accordance with the business judgment rule. We will vote against
proposals for broader indemnification.

■ Changes in board size that appear to have a legitimate business purpose and are not primarily for anti-takeover reasons.

■ Election of an honorary director.

We will vote against:

■ Minimum stock ownership by directors.

■ Term limits for directors. Companies benefit from experienced directors, and shareholder control is better achieved through annual
votes.

■ Requirements for union or special interest representation on the board.

■ Requirements to provide two candidates for each board seat.

We will vote on a case-by case basis on these issues:

■ Separate chairman and CEO positions. We will consider voting with shareholders on these issues in cases of poor corporate performance.

**Elections of Directors**

In uncontested elections of directors we will vote against:

■ Individual directors with absenteeism above 25% without valid reason. We support proposals that require disclosure of director attendance.

■ Insider directors and affiliated outsiders who sit on the audit, compensation, stock option or nominating committees. For the purposes
of our policy, we use the definition of affiliated directors provided by our proxy voting service.

We will also vote against:

■ Directors who have failed to act on a takeover offer where the majority of shareholders have tendered their shares.

■ Directors who appear to lack independence or are associated with poor corporate or governance performance.

We will vote on a case-by case basis on these issues:

Re-election of directors who have implemented or renewed a dead hand or modified dead-hand poison pill (a "dead-hand poison pill" is a shareholder rights plan that may be altered only by incumbent or "dead" directors. These plans prevent a potential acquirer from disabling a poison pill by obtaining control of the board through a proxy vote).

■ Contested election of directors.

■ Election of a greater number of independent directors (in order to move closer to a majority of independent directors) in cases of
poor performance.

■ Mandatory retirement policies.

■ Directors who have ignored a shareholder proposal that has been approved by shareholders for two consecutive years.

We will vote for:

■ Precatory and binding resolutions requesting that the board changes the company's bylaws to stipulate that directors need to
be elected with affirmative majority of votes cast, provided that the resolutions allow for plurality voting in cases of contested elections.

**Takeover-Related Measures**

Amundi US is generally opposed to proposals that may discourage takeover attempts. We believe that the potential for a takeover helps ensure that corporate performance remains high.

Amundi US will vote for:

■ Cumulative voting.

■ Increasing the ability for shareholders to call special meetings.

■ Increasing the ability for shareholders to act by written consent.

■ Restrictions on the ability to make greenmail payments.

■ Submitting rights plans to shareholder vote.

■ Rescinding shareholder rights plans ("poison pills").

■ Opting out of the following state takeover statutes:

– Control share acquisition statutes, which deny large holders voting rights on holdings over a specified threshold.

– Control share cash-out provisions, which require large holders to acquire shares from other holders.

– Freeze-out provisions, which impose a waiting period on large holders before they can attempt to gain control.

– Stakeholder laws, which permit directors to consider interests of non-shareholder constituencies.

– Disgorgement provisions, which require acquirers to disgorge profits on purchases made before gaining control.

– Fair price provisions.

– Authorization of shareholder rights plans.

– Labor protection provisions.

– Mandatory classified boards.

We will vote on a case-by-case basis on the following issues:

■ Fair price provisions. We will vote against provisions requiring supermajority votes to approve takeovers. We will also consider voting
against proposals that require a supermajority vote to repeal or amend the provision. Finally, we will consider the mechanism used to
determine the fair price; we are generally opposed to complicated formulas or requirements to pay a premium.

■ Opting out of state takeover statutes regarding fair price provisions. We will use the criteria used for fair price provisions in
general to determine our vote on this issue.

■ Proposals that allow shareholders to nominate directors.

We will vote against:

■ Classified boards, except in the case of closed-end funds, where we shall vote on a case-by-case basis.

■ Limiting shareholder ability to remove or appoint directors. We will support proposals to restore shareholder authority in this area.
We will review on case-by-case basis proposals that authorize the board to make interim appointments.

■ Classes of shares with unequal voting rights.

■ Supermajority vote requirements.

■ Severance packages ("golden" and "tin" parachutes). We will support proposals to put these packages to shareholder
vote.

■ Reimbursement of dissident proxy solicitation expenses. While we ordinarily support measures that encourage takeover bids, we believe
that management should have full control over corporate funds.

■ Extension of advance notice requirements for shareholder proposals.

■ Granting board authority normally retained by shareholders, particularly the right to amend the corporate charter.

■ Shareholder rights plans ("poison pills"). These plans generally allow shareholders to buy additional shares at a below-market
price in the event of a change in control and may deter some bids.

**Capital Structure**

Managements need considerable flexibility in determining the company's financial structure, and Amundi US normally supports managements' proposals in this area. We will, however, reject proposals that impose high barriers to potential takeovers.

Amundi US will vote for:

■ Changes in par value.

■ Reverse splits, if accompanied by a reduction in number of shares.

■ Shares repurchase programs, if all shareholders may participate on equal terms.

■ Bond issuance.

■ Increases in "ordinary" preferred stock.

■ Proposals to have blank-check common stock placements (other than shares issued in the normal course of business) submitted for shareholder
approval.

■ Cancellation of company treasury shares.

We will vote on a case-by-case basis on the following issues:

■ Reverse splits not accompanied by a reduction in number of shares, considering the risk of delisting.

■ Increase in authorized common stock. We will make a determination considering, among other factors:

– Number of shares currently available for issuance;

Size of requested increase (we would normally approve increases of up to 100% of current authorization);

– Proposed use of the proceeds from the issuance of additional shares; and

– Potential consequences of a failure to increase the number of shares outstanding (e.g., delisting or bankruptcy).

■ Blank-check preferred. We will normally oppose issuance of a new class of blank-check preferred, but may approve an increase in a
class already outstanding if the company has demonstrated that it uses this flexibility appropriately.

■ Proposals to submit private placements to shareholder vote.

■ Other financing plans.

We will vote against preemptive rights that we believe limit a company's financing flexibility.

**Compensation**

Amundi US supports compensation plans that link pay to shareholder returns and believes that management has the best understanding of the level of compensation needed to attract and retain qualified people. At the same time, stock-related compensation plans have a significant economic impact and a direct effect on the balance sheet. Therefore, while we do not want to micromanage a company's compensation programs, we place limits on the potential dilution these plans may impose.

Amundi US will vote for:

■ 401(k) benefit plans.

■ Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs are less than 5% of outstanding shares. Larger blocks
of stock in ESOPs can serve as a takeover defense. We will support proposals to submit ESOPs to shareholder vote.

■ Various issues related to the Omnibus Budget and Reconciliation Act of 1993 (OBRA), including:

– Amendments to performance plans to conform with OBRA;

– Caps on annual grants or amendments of administrative features;

– Adding performance goals; and

– Cash or cash-and-stock bonus plans.

■ Establish a process to link pay, including stock-option grants, to performance, leaving specifics of implementation to the company.

■ Require that option repricing be submitted to shareholders.

■ Require the expensing of stock-option awards.

■ Require reporting of executive retirement benefits (deferred compensation, split-dollar life insurance, SERPs, and pension benefits).

■ Employee stock purchase plans where the purchase price is equal to at least 85% of the market price, where the offering period is
no greater than 27 months and where potential dilution (as defined below) is no greater than 10%.

We will vote on a case-by-case basis on the following issues:

■ Shareholder proposals seeking additional disclosure of executive and director pay information.

■ Executive and director stock-related compensation plans. We will consider the following factors when reviewing these plans:

The program must be of a reasonable size. We will approve plans where the combined employee and director plans together would generate less than 15% dilution. We will reject plans with 15% or more potential dilution.

– Dilution = (A + B + C) / (A + B + C + D), where

– A = Shares reserved for plan/amendment,

– B = Shares available under continuing plans,

– C = Shares granted but unexercised and

– D = Shares outstanding.

– The plan must not:

– Explicitly permit unlimited option repricing authority or have allowed option repricing in the past without shareholder approval.

– Be a self-replenishing "evergreen" plan or a plan that grants discount options and tax offset payments.

– We are generally in favor of proposals that increase participation beyond executives.

– We generally support proposals asking companies to adopt rigorous vesting provisions for stock option plans such as those that vest incrementally over, at least, a three- or four-year period with a pro rata portion of the shares becoming exercisable on an annual basis following grant date.

We generally support proposals asking companies to disclose their window period policies for stock transactions. Window period policies ensure that employees do not exercise options based on insider information contemporaneous with quarterly earnings releases and other material corporate announcements.

– We generally support proposals asking companies to adopt stock holding periods for their executives.

■ All other employee stock purchase plans.

■ All other compensation-related proposals, including deferred compensation plans, employment agreements, loan guarantee programs and
retirement plans.

■ All other proposals regarding stock compensation plans, including extending the life of a plan, changing vesting restrictions, repricing
options, lengthening exercise periods or accelerating distribution of awards and pyramiding and cashless exercise programs.

We will vote against:

■ Pensions for non-employee directors. We believe these retirement plans reduce director objectivity.

■ Elimination of stock option plans.

We will vote on a case-by case basis on these issues:

■ Limits on executive and director pay.

■ Stock in lieu of cash compensation for directors.

**Corporate Governance**

Amundi US will vote for:

■ Confidential voting.

■ Equal access provisions, which allow shareholders to contribute their opinions to proxy materials.

■ Proposals requiring directors to disclose their ownership of shares in the company.

We will vote on a case-by-case basis on the following issues:

■ Change in the state of incorporation. We will support reincorporations supported by valid business reasons. We will oppose those that
appear to be solely for the purpose of strengthening takeover defenses.

■ Bundled proposals. We will evaluate the overall impact of the proposal.

■ Adopting or amending the charter, bylaws or articles of association.

■ Shareholder appraisal rights, which allow shareholders to demand judicial review of an acquisition price.

We will vote against:

■ Shareholder advisory committees. While management should solicit shareholder input, we prefer to leave the method of doing so to management's
discretion.

■ Limitations on stock ownership or voting rights.

■ Reduction in share ownership disclosure guidelines.

**Mergers and Restructurings**

Amundi US will vote on the following and similar issues on a case-by-case basis:

■ Mergers and acquisitions.

■ Corporate restructurings, including spin-offs, liquidations, asset sales, joint ventures, conversions to holding company and conversions
to self-managed REIT structure.

■ Debt restructurings.

■ Conversion of securities.

■ Issuance of shares to facilitate a merger.

■ Private placements, warrants, convertible debentures.

■ Proposals requiring management to inform shareholders of merger opportunities.

We will normally vote against shareholder proposals requiring that the company be put up for sale.

**Investment Companies**

Many of our portfolios may invest in shares of closed-end funds or open-end funds (including exchange-traded funds). The non-corporate structure of these investments raises several unique proxy voting issues.

Amundi US will vote for:

■ Establishment of new classes or series of shares.

■ Establishment of a master-feeder structure.

Amundi US will vote on a case-by-case basis on:

■ Changes in investment policy. We will normally support changes that do not affect the investment objective or overall risk level of
the fund. We will examine more fundamental changes on a case-by-case basis.

■ Approval of new or amended advisory contracts.

■ Changes from closed-end to open-end format.

■ Election of a greater number of independent directors.

■ Authorization for, or increase in, preferred shares.

■ Disposition of assets, termination, liquidation, or mergers.

■ Classified boards of closed-end funds, but will typically support such proposals.

In general, business development companies (BDCs) are not considered investment companies for these purposes but are treated as corporate issuers.

**Environmental and Social Issues**

Amundi US believes that environmental and social issues may influence corporate performance and economic return. Indeed, by analyzing all of a company's risks and opportunities, Amundi US can better assess its intrinsic value and long-term economic prospects.

When evaluating proxy proposals relating to environmental or social issues, decisions are made on a case-by-case basis. We consider each of these proposals based on the impact to the company's shareholders and economic return, the specific circumstances at each individual company, any potentially adverse economic concerns, and the current policies and practices of the company.

For example, shareholder proposals relating to environmental and social issues, and on which we will vote on a base-by-case basis, may include those seeking that a company:

■ Conduct studies regarding certain environmental or social issues;

■ Study the feasibility of the company taking certain actions with regard to such issues; or

■ Take specific action, including adopting or ceasing certain behavior and adopting company standards and principles, in relation to
such issues.

In general, Amundi US believes these issues are important and should receive management attention.

Amundi US will support proposals where we believe the proposal, if implemented, would improve the prospects for the long-term success of the business and would provide value to the company and its shareholders. Amundi US may abstain on shareholder proposals with regard to environmental and social issues in cases where we believe the proposal, if implemented, would not be in the economic interests of the company, or where implementing the proposal would constrain management flexibility or would be unduly difficult, burdensome or costly.

When evaluating proxy proposals relating to environmental or social issues, Amundi US may consider the following factors or other factors deemed relevant, given such weight as deemed appropriate:

■ approval of the proposal helps improve the company's practices;

■ approval of the proposal can improve shareholder value;

■ the company's current stance on the topic is likely to have negative effects on its business position or reputation in the short,
medium, or long term;

■ the company has already put appropriate action in place to respond to the issue contained in the proposal;

■ the company's reasoning against approving the proposal responds appropriately to the various points mentioned by the shareholder
when the proposal was presented;

■ the solutions recommended in the proposal are relevant and appropriate, and if the topic of the proposal would not be better addressed
through another means.

In the event of failures in risk management relating to environmental and social issues, Amundi US may vote against the election of directors responsible for overseeing these areas.

Amundi US will vote against proposals calling for substantial changes in the company's business or activities. We will also normally vote against proposals with regard to contributions, believing that management should control the routine disbursement of funds.

**Conflicts of interest**

Amundi US recognizes that in certain circumstances a conflict of interest may arise when Amundi US votes a proxy.

A conflict of interest occurs when Amundi US's interests interfere, or appear to interfere, with the interests of Amundi US's clients.

A conflict may be actual or perceived and may exist, for example, when the matter to be voted on concerns:

■ An affiliate of Amundi US, such as another company belonging to the Credit Agricole banking group ("Credit Agricole Affiliate");

■ An issuer of a security for which Amundi US acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other
similar capacity (including those securities specifically declared by its parent Amundi to present a conflict of interest for Amundi US);

■ An issuer of a security for which Amundi has informed Amundi US that a Credit Agricole Affiliate acts as a sponsor, advisor, manager,
custodian, distributor, underwriter, broker, or other similar capacity; or

■ A person with whom Amundi US (or any of its affiliates) has an existing, material contract or business relationship.

Any member of the Proxy Voting Oversight Group and any other associate involved in the proxy voting process with knowledge of any apparent or actual conflict of interest must disclose such conflict to the Proxy Coordinator and the Chief Compliance Officer of Amundi US and the Funds. If any associate is lobbied or pressured with respect to any voting decision, whether within or outside of Amundi US, he or she should contact a member of the Proxy Voting Oversight Group or Amundi US's Chief Compliance Officer.

The Proxy Voting Oversight Group will review each item referred to Amundi US by the proxy voting service to determine whether an actual or potential conflict of interest exists in connection with the proposal(s) to be voted upon. The review will be conducted by comparing the apparent parties affected by the proxy proposal being voted upon against the Controller's and Compliance Department's internal list of interested persons and, for any matches found, evaluating the anticipated magnitude and possible probability of any conflict of interest being present. The Proxy Voting Oversight Group may cause any of the following actions to be taken when a conflict of interest is present:

■ Vote the proxy in accordance with the vote indicated under "Voting Guidelines," if a vote is indicated, or

■ Direct the independent proxy voting service to vote the proxy in accordance with its independent assessment or that of another independent
adviser appointed by Amundi US or the applicable client for this purpose.

If the Proxy Voting Oversight Group perceives a material conflict of interest, the Group may also choose to disclose the conflict to the affected clients and solicit their consent to proceed with the vote or their direction (including through a client's fiduciary or other adviser), or may take such other action in good faith (in consultation with counsel) that would protect the interests of clients.

For each referral item, the determination regarding the presence or absence of any actual or potential conflict of interest will be documented in a Conflicts of Interest Report prepared by the Proxy Coordinator.

The Proxy Voting Oversight Group will review periodically the independence of the proxy voting service. This may include a review of the service's conflict management procedures and other documentation and an evaluation as to whether the service continues to have the competency and capacity to vote proxies.

**Decisions Not to Vote Proxies**

Although it is Amundi US's general policy to vote all proxies in accordance with the principles set forth in this policy, there may be situations in which the Proxy Voting Oversight Group does not vote a proxy referred to it. For example, because of the potential conflict of interest inherent in voting shares of a Credit Agricole Affiliate, Amundi US will abstain from voting the shares unless otherwise directed by a client. In such a case, the Proxy Coordinator will inform Amundi Compliance before exercising voting rights.

There exist other situations in which the Proxy Voting Oversight Group may refrain from voting a proxy. For example, if the cost of voting a foreign security outweighs the benefit of voting, the Group may not vote the proxy. The Group may not be given enough time to process a vote, perhaps because it receives a meeting notice too late or it cannot obtain a translation of the agenda in the time available. If Amundi US has outstanding "sell" orders, the proxies for shares subject to the order may not be voted to facilitate the sale. Although Amundi US may hold shares on a company's record date, if the shares are sold prior to the meeting date the Group may decide not to vote those shares.

**Supervision**

**Escalation**

It is each associate's responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the Proxy Voting Oversight Group or Amundi US's Chief Compliance Officer if he or she becomes aware of any possible noncompliance with this policy.

**Training**

Amundi US will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the business line policy owner and the applicable Compliance Department to coordinate and conduct such training.

**Related policies and procedures**

Amundi US's Books and Records Policy and the Books and Records of the Pioneer Funds' Policy.

**Record Keeping**

The Proxy Coordinator shall ensure that Amundi US's proxy voting service:

■ Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC's Electronic Data Gathering,
Analysis, and Retrieval (EDGAR) system);

■ Retains a record of the vote cast;

■ Prepares Form N-PX for filing on behalf of each client that is a registered investment company; and

■ Is able to promptly provide Amundi US with a copy of the voting record upon its request.

The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e. conflicts of interest, exception votes and case-by-case votes) the following records are maintained:

■ A record memorializing the basis for each referral vote cast;

■ A copy of any recommendation or analysis furnished by the proxy voting service; and

■ A copy of any conflict notice, conflict consent or any other written communication (including emails or other electronic communications)
to or from the client (or in the case of an employee benefit plan, the plan's director or other fiduciaries) regarding the subject proxy
vote cast by, or the vote recommendation of, Amundi US.

Amundi US shall maintain the above records in the client's file in accordance with applicable regulations.

**Related regulations**

Form N-1A, Form N-PX, ICA Rule 30b1-4, Rule 31a1-3, Rule 38a-1 and IAA 206(4) -6, Rule 204 -2

**Adopted by the Pioneer Funds' Boards of Directors**

October 5, 2004

**Effective Date:**

October 5, 2004

**Revision Dates:**

September 2009, December 2015, August 2017, February 2019, and January 2021

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.

**Other accounts managed by the portfolio managers**

The table below indicates, for the portfolio managers of the fund, information about the accounts other than the fund over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2022. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships, undertakings for collective investments in transferable securities ("UCITS") and other non-U.S. investment funds and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts but generally do not include the portfolio manager's personal investment accounts or those which the manager may be deemed to own beneficially under the code of ethics. Certain funds and other accounts managed by the portfolio manager may have substantially similar investment strategies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of<br> Portfolio Manager** | &nbsp;&nbsp;**Type of Account** | **Number of<br> Accounts<br> Managed** | &nbsp;&nbsp;**Total Assets<br> Managed (000's)** | &nbsp;&nbsp;**Number of<br> Accounts<br> Managed for<br> which Advisory<br> Fee is<br> Performance-<br> Based** | &nbsp;&nbsp;**Assets<br> Managed<br> for which<br> Advisory<br> Fee is<br> Performance-<br> Based (000's)** |
| Chin Liu | &nbsp;&nbsp;Other Registered Investment Companies | 2 | &nbsp;&nbsp;$137909 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | &nbsp;&nbsp;$12823 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;Other Accounts | 0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| Campbell Brown | &nbsp;&nbsp;Other Registered<br> Investment Companies | 1 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | &nbsp;&nbsp;$12823 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;Other Accounts | 0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**Potential conflicts of interest**

When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, Amundi US does not believe that any material conflicts are likely to arise out of a portfolio manager's responsibility for the management of the fund as well as one or more other accounts. Although Amundi US has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect its portfolio management decisions, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks. Generally, the risks of such conflicts of interest are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Amundi US has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of interest. See "Compensation of Portfolio Manager" below.

• A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation of the initial public offering. Generally, investments for which there is limited availability are allocated based upon a range of factors including available cash and consistency with the accounts' investment objectives and policies. This allocation methodology necessarily involves some subjective elements but is intended over time to treat each client in an equitable and fair manner. Generally, the investment opportunity is allocated among participating accounts on a pro rata basis. Although Amundi US believes that its practices are reasonably designed to treat each client in an equitable and fair manner, there may be instances where a fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity.

• A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security on the same day for more than one account, the trades typically are "bunched," which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, Amundi US will place the order in a manner intended to result in as favorable a price as possible for such client.

• A portfolio manager could favor an account if the portfolio manager's compensation is tied to the performance of that account to a greater degree than other accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager's bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Amundi US receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager's compensation.

• A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest.

• If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest could arise. For example, if a portfolio manager purchases a security for one account and sells the same security for another account, such trading pattern may disadvantage either the account that is long or short. In making portfolio manager assignments, Amundi US seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

**Compensation of portfolio managers**

Amundi US has adopted a system of compensation for portfolio managers that seeks to align the financial interests of the portfolio managers with those of shareholders of the accounts (including Pioneer funds) the portfolio managers manage, as well as with the financial performance of Amundi US. The compensation program for all Amundi US portfolio managers includes a base salary (determined by the rank and tenure of the employee) and an annual bonus program, as well as customary benefits that are offered generally to all full-time employees. Base compensation is fixed and normally reevaluated on an annual basis. Amundi US seeks to set base compensation at market rates, taking into account the experience and responsibilities of the portfolio manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving superior investment performance and align the interests of the investment professional with those of shareholders, as well as with the financial performance of Amundi US. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be in excess of base salary. The annual bonus is based upon a combination of the following factors:

• **Quantitative investment performance.** The quantitative investment performance calculation is based on pre-tax investment performance of all of the accounts managed by the portfolio manager (which includes the fund and any other accounts managed by the portfolio manager) over a one-year period (20% weighting) and four-year period (80% weighting), measured for periods ending on December 31. The accounts, which include the fund, are ranked against a group of mutual funds with similar investment objectives and investment focus (60%) and a broad-based securities market index measuring the performance of the same type of securities in which the accounts

invest (40%), which, in the case of the fund, is the ICE Bank of America 3-Month U.S. Treasury Bill Index. As a result of these two benchmarks, the performance of the portfolio manager for compensation purposes is measured against the criteria that are relevant to the portfolio manager's competitive universe.

• **Qualitative performance.** The qualitative performance component with respect to all of the accounts managed by the portfolio manager includes objectives, such as effectiveness in the areas of teamwork, leadership, communications and marketing, that are mutually established and evaluated by each portfolio manager and management.

• **Amundi US results and business line results.** Amundi US's financial performance, as well as the investment performance of its investment management group, affect a portfolio manager's actual bonus by a leverage factor of plus or minus (+/–) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%, respectively, of the overall bonus calculation (on a pre-adjustment basis). A portion of the annual bonus is deferred for a specified period and may be invested in one or more Pioneer funds.

Certain portfolio managers participate in other programs designed to reward and retain key contributors. Portfolio managers also may participate in a deferred compensation program, whereby deferred amounts are invested in one or more Pioneer funds or collective investment trusts or other unregistered funds with similar investment objectives, strategies and policies.

**Share ownership by portfolio managers**

The following table indicates as of October 31, 2022 the value, within the indicated range, of shares beneficially owned by the portfolio managers of the fund.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp;**Beneficial Ownership<br> of the Fund\*** |
| Chin Liu | &nbsp;&nbsp;E |
| Campbell Brown | &nbsp;&nbsp;C |

---

\* Key to Dollar Ranges

A. None

B. $1 – $10,000

C. $10,001 – $50,000

D. $50,001 – $100,000

E. $100,001 – $500,000

F. $500,001 – $1,000,000

G. Over $1,000,000

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

During the period covered by this report, there were no purchases made by or on behalf of the registrant or any affiliated purchaser as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act), of shares of the registrants equity securities that are registered by the registrant pursuant to Section 12 of the Exchange Act.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

N/A

(1) Gross income from securities lending activities;

N/A

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

N/A

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

N/A

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](ex99codeethics.htm)

[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:](ex99cert.htm)

[Filed herewith.](ex99cert.htm)

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pioneer ILS Interval Fund

By (Signature and Title)\* /s/ Lisa M. Jones

Lisa M. Jones, President and Chief Executive Officer

Date January 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\* /s/ Lisa M. Jones

Lisa M. Jones, President and Chief Executive Officer

Date January 5, 2023

By (Signature and Title)\* /s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds

Date January 5, 2023

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CODE OF ETHICS** 

**FOR**

**SENIOR OFFICERS**

Policy

This Code of Ethics for Senior Officers (this "Code") sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This Code does not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, "Amundi US"), unless such officers and employees are also Senior Officers.

The term "Senior Officers" shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.

The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the "Board"). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.

Purpose

The purposes of this Code are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promote honest and ethical conduct, including
the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promote full, fair, accurate, timely and understandable
disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Fund;

<br> 1 Last revised January 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promote compliance with applicable laws and
governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promote the prompt internal reporting of violations
of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establish accountability for adherence to the
Code.

Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Responsibilities of Senior Officers

**Conflicts of Interest**

A "conflict of interest" occurs when a Senior Officer's private interests interfere in any way – or even appear to interfere – with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "ICA"), and the Investment Advisers Act of 1940, as amended (the "IAA"). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Fund's and Amundi US' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.

<br> 2 Last revised January 2021

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not use his or her personal influence or personal
relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally
to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not cause a Fund to take action, or fail to
take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report at least annually any affiliations or
other relationships that give rise to conflicts of interest.

Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service as a director on the board of any public
or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any gift with a value in excess
of an amount established from time to time by Amundi US' Business Gift and Entertainment Policy from any single non-relative person
or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional
items of insignificant value are exempt from this prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any entertainment from any company
with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any ownership interest in, or any consulting
or employment relationship with, any of a Fund's service providers other than its investment adviser, principal underwriter, administrator
or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A direct or indirect financial interest in
commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Senior Officer's employment, such as compensation or equity ownership.

**Corporate Opportunities**

Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund's property, information or position; (b) use a Fund's property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.

<br> 3 Last revised January 2021

**Confidentiality**

Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.

**Fair dealing with Fund shareholders, suppliers, and competitors**

Senior Officers should endeavor to deal fairly with the Funds' shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds' auditors or to governmental regulators and self-regulatory organizations.

**Compliance with Law**

Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer's supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.

**Disclosure**

Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.

Initial and Annual Certifications

Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.

Administration and Enforcement of the Code

**Report of Violations**

Amundi US relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US' Legal and Compliance Department. Failure to do so is itself a violation of this Code.

<br> 4 Last revised January 2021

**Investigation of Violations**

Upon notification of a violation or suspected violation, the CCO or other members of Amundi US' Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.

The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.

**Violations and Sanctions**

Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds.

**Waivers from the Code**

The Independent Trustees will consider any approval or waiver sought by any Senior Officer.

The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds' and Amundi US' Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.

Scope of Responsibilities

A Senior Officer's responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.

<br> 5 Last revised January 2021

Amendments

This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US' Legal and Compliance Department.

Internal Use

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

<br> 6 Last revised January 2021

Exhibit A – Senior Officers of the Pioneer Funds (Effective as of August 14, 2008)

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

Code of Ethics for Senior Officers

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Lisa M. Jones, certify that:

1. I have reviewed this report on Form N-CSR of Pioneer ILS Interval Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 5, 2023

/s/ Lisa M. Jones

Lisa M. Jones

President and Chief Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Anthony J. Koenig, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Pioneer ILS Interval Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 5, 2023

/s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr.

Managing Director, Chief Operations Officer & Treasurer of the Funds

## Exhibit 99.906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Lisa M. Jones, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer ILS Interval Fund fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

Date: January 5, 2023

/s/ Lisa M. Jones

Lisa M. Jones

President and Chief Executive Officer

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Anthony J. Koenig, Jr., certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer ILS Interval Fund fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

Date: January 5, 2023

/s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr.

Managing Director, Chief Operations Officer & Treasurer of the Funds

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.