# EDGAR Filing Document

**Accession Number:** 0001616037
**File Stem:** 0001616037-23-000002
**Filing Date:** 2023-1
**Character Count:** 27686
**Document Hash:** 1b78b68b0652762edf8679e966d3a9db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001616037-23-000002.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001616037-23-000002

**CONFORMED SUBMISSION TYPE**: N-23C3A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230120

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**EFFECTIVENESS DATE**: 20230120

**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-23C3A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 817-01283
- **FILM NUMBER:** 23539081

**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

```

<PAGE>

                                 UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549

                                   FORM N-23C-3
                          NOTIFICATION OF REPURCHASE OFFER
                    PURSUANT TO RULE 23C-3 [17 CFR 270.23c-3]

1.   Investment Company Act File Number: 811-22987

     Date of Notification: January 20, 2023

2.   Exact name of investment company as specified in registration statement:

     PIONEER ILS INTERVAL FUND

3.   Address of principal executive office:

      60 STATE STREET
      BOSTON, MASSACHUSETTS 02109

4.   Check one of the following:

     A.   [X]  The notification pertains to a periodic repurchase offer under
               paragraph (b) of Rule 23c-3.

     B.   [ ]  The notification pertains to a discretionary repurchase offer
               under paragraph (c) of Rule 23c-3.

     C.   [ ]  The notification pertains to a periodic repurchase offer under
               paragraph (b) of Rule 23c-3 and a discretionary repurchase offer
               under paragraph (c) of Rule 23c-3.

BY:   /s/ Thomas Reyes
      ----------------------------

NAME: Thomas Reyes
      ---------------------------

TITLE:  Assistant Secretary
       --------------------------

<PAGE>

                           PIONEER ILS INTERVAL FUND

                     NOTICE OF QUARTERLY REPURCHASE OFFER

                                                               January 20, 2023

To Pioneer ILS Interval Fund Shareholders:

   Pioneer ILS Interval Fund (the "Fund") is a closed-end interval fund that
makes quarterly offers to repurchase a portion of its outstanding shares at net
asset value ("NAV") per share. Quarterly repurchase offers provide shareholders
with access to their assets and a degree of liquidity. Prior to each quarterly
repurchase offer period, the Fund is required to send notification of the
repurchase offer to all of its shareholders. You will receive a notice similar
to this once per quarter. The Fund will offer to repurchase shares only during
each regularly scheduled quarterly repurchase offer period.

  If you are not interested in selling your Fund shares at this time, you do
  not have to do anything and can disregard this notice.

   If you are interested in selling all or some of your shares during this
repurchase offer period, please read the enclosed documents. You should also
consider the following:

    .  Determine if your account is held with your financial intermediary or
       directly with the Fund. If you are unsure if your account is held
       directly with the Fund or with your financial intermediary, please
       review your most recent account statement. If your statement is from
       your financial intermediary, you must contact your financial
       intermediary for assistance. If your statement is from the Fund, you may
       contact your financial intermediary or you can contact the Fund's
       shareholder servicing agent at 844-391-3034.

    .  If your account is held with your financial intermediary, there may be
       different requirements for making a repurchase request during the
       repurchase offer period. Please contact your financial intermediary
       before completing these documents.

   The Fund's quarterly repurchase offer will begin on January 20, 2023 and end
at the Fund's close of business on February 21, 2023. The Fund's close of
business on any day is the close of business of the New York Stock Exchange on
that date (normally 4:00 p.m. Eastern Time). There can be no assurance that the
Fund will be able to repurchase all the shares that you tender even if you
tender all the shares that you own.

   All Repurchase Request Forms must be received in good order by BNY Mellon
Investment Servicing (US) Inc., the Fund's shareholder servicing agent, by the
Fund's close of business, on February 21, 2023 to be effective.

   The enclosed documents apply to the current repurchase offer period. New
documents will be mailed to you in connection with subsequent quarterly
repurchase offers.

   If you have any questions, please contact your financial intermediary.

   We greatly appreciate your trust in us, and we thank you for investing in
the Fund.

   Sincerely,

   PIONEER ILS INTERVAL FUND

                                                                         [LOGO]

                                                                  28485-31-0123

<PAGE>

                           PIONEER ILS INTERVAL FUND

                            REPURCHASE OFFER TERMS

                  Commencement Date:          January 20, 2023
             Repurchase Request Deadline:    February 21, 2023
               Repurchase Pricing Date:        March 6, 2023
             Repurchase Payment Deadline:      March 13, 2023

   1. The Offer. Pioneer ILS Interval Fund (the "Fund") is offering to
repurchase for cash up to 10 percent (10%) of the aggregate of its issued and
outstanding shares ("Shares") on the Repurchase Request Deadline at a price
equal to the net asset value ("NAV") determined as of the close of the New York
Stock Exchange (the "Exchange") on the Repurchase Pricing Date, upon the terms
and conditions set forth in (i) these Repurchase Offer Terms, (ii) the Pioneer
ILS Interval Fund Notice of Quarterly Repurchase Offer (the "Repurchase Offer
Notice"), (iii) the Fund's Prospectus, and (iv) the related Repurchase Request
Form (collectively, those documents constitute the "Offer"). The Offer is not
conditioned upon the tender for repurchase of any minimum number of Shares.

   2. Net Asset Value. You must determine whether to tender Shares prior to the
Repurchase Request Deadline, but the NAV at which the Fund will repurchase
Shares will not be calculated until the Repurchase Pricing Date. The NAV may
fluctuate between the date you submit your repurchase request and the
Repurchase Request Deadline and between the Repurchase Request Deadline and the
Repurchase Pricing Date. The NAV on the Repurchase Request Deadline and the
Repurchase Pricing Date could be higher or lower than on the date you submit a
repurchase request. Shares of the Fund earn dividends declared to shareholders
of record through the Repurchase Pricing Date. On January 13, 2023, the NAV per
share of the Fund was $8.12. The current NAV may be obtained by visiting the
following website
https://www.amundi.com/usinvestors/Products/Insurance-Linked-Securities/
ILS-Pricing-Performance.

   3. Repurchase Request Offer Period and Repurchase Request Deadline. This
quarter's Offer begins on the Commencement Date. All tenders of Shares for
repurchase must be received in proper form by BNY Mellon Investment Servicing
(US) Inc., the Fund's shareholder servicing agent (the "Shareholder Servicing
Agent"), from and after the Commencement Date and before the Fund's close of
business, which is the close of business of the Exchange (normally 4:00 p.m.,
Eastern Time, but the Exchange may close earlier on certain days) on the
Repurchase Request Deadline. The Repurchase Request Deadline will be strictly
observed. The Fund will not accept any alternative, conditional or contingent
tenders for repurchase. All tendering shareholders, by execution of the
Repurchase Request Form, waive any right to receive any notice of the
acceptance of their tender.

   4. Repurchase Pricing Date. The NAV used to calculate the repurchase price
will be determined on the Repurchase Pricing Date. The Repurchase Pricing Date
may be earlier than the date set forth in the table above if, on or immediately
following the Repurchase Request Deadline, it appears that the use of an
earlier Repurchase Pricing Date is not likely to result in significant dilution
of the NAV of either shares that are tendered for repurchase pursuant to the
Offer or shares that are not tendered for repurchase.

   5. Repurchase of Shares and Payment for Shares Repurchased. Shares that are
repurchased pursuant to this Offer shall be repurchased on the Repurchase
Pricing Date. The Fund expects to distribute repurchase proceeds in cash to
shareholders no later than the Repurchase Payment Deadline.

   6. Repurchase Charge. The Fund currently does not charge a processing fee
for handling repurchase requests. However, if your Shares are held for you by
your registered investment adviser, broker-dealer, or other intermediary
("Authorized Intermediary"), or otherwise by a nominee, such Authorized
Intermediary may charge a transaction fee for submitting a repurchase request
for you.

   7. Increase in Number of Shares Repurchased. If the Offer is oversubscribed
such that shareholders tender for repurchase more Shares than the Fund is
offering to repurchase, the Fund may (but is not obligated to) increase the
number of Shares that the Fund is offering to repurchase by up to an additional
two percent (2%) of the number of Shares outstanding on the Repurchase Request
Deadline.

                                                                  28485-31-0123

<PAGE>

   8. Pro Rata Repurchase. If the number of Shares tendered for repurchase
exceeds the number of Shares which the Fund is offering to repurchase,
including, when applicable, the additional up to 2% of Shares described above,
the Fund is required to repurchase the Shares tendered on a pro rata basis.
There can be no assurance that the Fund will be able to repurchase all the
Shares that you tender even if you tender all the Shares that you own. In the
event of an oversubscribed Offer, you may be unable to liquidate some or all of
your investment so tendered. You may have to wait until a subsequent quarterly
repurchase offer to tender Shares that the Fund was unable to repurchase, and
you would be subject to the risk of NAV fluctuations during that period. You
must submit a new repurchase request for that offer. Any subsequent offer may
also be oversubscribed.

   9. Withdrawal or Modification of Number of Shares to be Repurchased. Shares
submitted pursuant to the Offer may be withdrawn or you may change the number
of Shares submitted for repurchase at any time prior to the Fund's close of
business, which is the close of business of the Exchange (normally 4:00 p.m.,
Eastern Time, but the Exchange may close earlier on certain days) on the
Repurchase Request Deadline. If your Shares are held for you by your Authorized
Intermediary or otherwise by a nominee, please consult such person if you wish
to withdraw or modify a repurchase request. If you hold your Shares directly
with the Fund and wish to withdraw or modify a repurchase request, you must
send the Shareholder Servicing Agent, at the address noted in the Repurchase
Request Form, a notice of withdrawal or notice of modification, as applicable,
that specifies your name and the number of Shares to be withdrawn or the
modified number of Shares to be tendered. Shares properly withdrawn shall not
thereafter be deemed to be tendered for purposes of the Offer. However,
withdrawn Shares may be retendered by following the procedures described herein
prior to the Repurchase Request Deadline. For further information regarding
withdrawals or modifications of tenders, you may call shareholder services at
844-391-3034 or contact your Authorized Intermediary or investment professional.

   10. Suspension or Postponement of Repurchase Offer. The Board of Trustees of
the Fund may suspend or postpone this Offer only by a majority vote of the
Trustees (including a majority of independent Trustees) and only in the
following limited circumstances:

       (A)  during any period in which the Exchange or any other market on
            which the Fund's portfolio securities are traded is closed, other
            than customary weekend and holiday closings, or trading in those
            markets is restricted; or

       (B)  during an emergency that makes it impractical for the Fund to
            dispose of securities it owns or determine the NAV of Shares; or

       (C)  if the repurchase would cause the Fund not to qualify for treatment
            as a regulated investment company under Subchapter M of the
            Internal Revenue Code of 1986, as amended (the "Code"); or

       (D)  during other periods as the Securities and Exchange Commission
            permits the suspension or postponement of offers by the Fund for
            the protection of its shareholders.

   If the Offer is suspended or postponed, the Fund will provide notice of the
suspension or postponement to each shareholder of the Fund. If the Fund renews
the Offer, the Fund will send a new notification to each shareholder with
details concerning the terms and conditions of the renewed Offer.

   11. Certain Federal Income Tax Consequences. The following discussion is a
general summary of certain U.S. federal income tax consequences of the
repurchase offer. This summary is based on U.S. federal income tax law as of
the date hereof, including the Code, applicable Treasury regulations, Internal
Revenue Service ("IRS") rulings, judicial authority and published
administrative rulings and procedures, all of which are subject to change,
possibly with retroactive effect. There can be no assurance that the IRS would
not assert, or that a court would not sustain, a position contrary to any of
those set forth below, and the Fund has not obtained, nor does the Fund intend
to obtain, a ruling from the IRS or an opinion of counsel with respect to any
of the consequences described below. Shareholders should review the tax
information in the Fund's Prospectus and Statement of Additional Information
and should consult their tax advisers regarding the specific tax consequences
to them of participating in the repurchase offer, including non-income and
state, local and foreign tax consequences.

<PAGE>

   A repurchase by the Fund of its Shares from a shareholder generally is
expected to be treated as a sale of the Shares by the shareholder. If, however,
the shareholder continues to own Shares of the Fund after the repurchase
(including shares owned by attribution), and if the repurchase does not
otherwise qualify under the Code for treatment as a sale of Shares, some or all
of the amounts received by a shareholder in a repurchase may be recharacterized
as a distribution. There is also a risk that shareholders who do not
participate in the repurchase may be deemed to have received such a
distribution as a result of their proportionate increase in the ownership of
the Fund. The Fund will use its judgment in reporting repurchases as sales or
deemed distributions, but the IRS may disagree with the Fund's reporting.
Shareholders should consult their own tax advisers with reference to their
individual circumstances to determine whether any particular transaction in
Shares (including a repurchase) is properly treated as a sale for tax purposes
and to ascertain the tax treatment of any gains or losses recognized in such a
transaction. The remainder of this summary assumes that a repurchase will be
treated as a sale for U.S. federal income tax purposes. In general, if Shares
are sold, the shareholder will recognize gain or loss equal to the difference
between the amount realized on the sale and the shareholder's adjusted basis in
the Shares. Such gain or loss generally will be treated as long-term capital
gain or loss if the Shares were held for more than one year and otherwise
generally will be treated as short-term capital gain or loss. Any loss
recognized by a shareholder upon the sale of Shares with a tax holding period
of six months or less will be treated as a long-term capital loss to the extent
of any amounts treated as distributions to the shareholder of long-term capital
gain with respect to such Shares (including any amounts credited to the
shareholder as undistributed capital gains).

   The Fund may report to the IRS the amount of proceeds that a shareholder
receives from a repurchase of Shares. The Fund may also report the
shareholder's basis in those Shares and whether any gain or loss that the
shareholder realizes on the repurchase is short-term or long-term gain or loss.
If a shareholder has a different basis for different Shares of the Fund in the
same account (e.g., if a shareholder purchased Shares in the same account at
different times for different prices, including as the result of reinvestment
of dividends), the Fund will calculate the basis of the Shares using its
default method unless the shareholder has properly elected to use a different
method. The Fund's default method for calculating basis will be the average
basis method, under which the basis per share is reported as the average of the
bases of all of the shareholder's Shares in the account. A shareholder may
elect, on an account-by-account basis, to use a method other than the average
basis method by following procedures established by the Fund. If such an
election is made on or prior to the date of the first repurchase of Shares in
the account and on or prior to the date that is one year after the shareholder
receives notice of the Fund's default method, the new election will generally
apply as if the average basis method had never been in effect for such account.
If such an election is not made on or prior to such dates, the Shares in the
account at the time of the election will generally retain their averaged bases.
Shareholders should consult their tax advisers concerning the tax consequences
of applying the average basis method or electing another method of basis
calculation.

   Losses on repurchases of Shares may be disallowed under "wash sale" rules in
the event of other investments in the Fund (including those made pursuant to
reinvestment of distributions) within a period of 61 days beginning 30 days
before and ending 30 days after a repurchase or other disposition of Shares. In
such a case, the disallowed portion of any loss generally would be included in
the U.S. federal tax basis of the Shares acquired in the other investments.

   Under Treasury regulations, if a shareholder recognizes a loss with respect
to Fund Shares of $2 million or more for an individual shareholder, or
$10 million or more for a corporate shareholder, in any single taxable year (or
certain greater amounts over a combination of years), the shareholder must file
with the IRS a disclosure statement on IRS Form 8886. Shareholders who own
portfolio securities directly are in many cases excepted from this reporting
requirement but, under current guidance, shareholders of regulated investment
companies are not excepted. A shareholder who fails to make the required
disclosure to the IRS may be subject to substantial penalties. The fact that a
loss is reportable under these regulations does not affect the legal
determination of whether or not the taxpayer's treatment of the loss is proper.
Shareholders should consult with their tax advisers to determine the
applicability of these regulations in light of their individual circumstances.

   Transfer Taxes. The Fund will pay all share transfer taxes, if any, payable
on the transfer to it of Shares repurchased pursuant to the Offer. If, however,
(a) payment of the repurchase proceeds is to be made to any person other than
the registered owner(s), or (b) (in the circumstances permitted by the Offer)
unpurchased Shares are to

<PAGE>

be registered in the name(s) of any person other than the registered owner(s),
then the amount of any transfer taxes (whether imposed on the registered
owner(s) or such other persons) payable on account of the transfer to such
person(s) will be deducted from the repurchase proceeds by the Shareholder
Servicing Agent unless satisfactory evidence of the payment of such taxes, or
exemption therefrom, is submitted.

   12. Documents in Proper Form. All questions as to the validity, form,
eligibility (including time of receipt) and acceptance of any tender of Shares
will be determined by the Fund in its sole discretion, whose determination
shall be final and binding on all parties. The Fund reserves the absolute right
to reject any or all tenders determined by it not to be in appropriate form or
the acceptance of or payment for any Shares which may, in the opinion of the
Fund's counsel, be unlawful. The Fund also reserves the absolute right to waive
any of the conditions of the Offer or any defect or irregularity in tender of
any particular Shares or any particular shareholder, and the Fund's
interpretations of the terms and conditions of the Offer will be final and
binding on all parties. Unless waived, any defects or irregularities in
connection with tenders must be cured within such time as the Fund shall
determine. Tendered Shares will not be accepted for repurchase unless all
defects and irregularities have either been cured within such time or waived by
the Fund. None of the Fund, Amundi Asset Management US, Inc. ("Amundi US") and
its affiliates, BNY Mellon Investment Servicing (US) Inc., or any other person
shall be obligated to give notice of defects or irregularities in tenders, nor
shall any of them incur any liability for failure to give any such notice. The
Fund, Amundi US and its affiliates, and BNY Mellon Investment Servicing (US)
Inc. will not be liable for any loss incurred in the event that the Fund
accepts unauthorized instructions or repurchase requests that the Fund
reasonably believes to be genuine.

   Neither the Fund nor its Board of Trustees makes any recommendation to any
shareholder as to whether to tender or refrain from tendering Shares. Each
shareholder must make an independent decision whether to tender Shares and, if
so, how many Shares to tender. No person has been authorized to make any
recommendation on behalf of the Fund as to whether shareholders should tender
Shares pursuant to this Offer. No person has been authorized to give any
information or to make any representations in connection with the Offer other
than those contained herein, in the Repurchase Offer Notice, in the Repurchase
Request Form or in the Fund's Prospectus.

   For a copy of the Fund's Prospectus or for other information, contact your
Authorized Intermediary or investment professional, or call shareholder
services at 844-391-3034.

Dated: January 20, 2023

<PAGE>

                           PIONEER ILS INTERVAL FUND

                            REPURCHASE REQUEST FORM

        MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, FEBRUARY 21, 2023

   IMPORTANT: If your account is held with your financial intermediary and you
are interested in tendering your shares for repurchase, please contact your
financial intermediary. Your financial intermediary may be able to place tender
instructions on your behalf. You may not need to fill out this form.

   Alternatively, if your account is held directly with the fund, please
complete the form below and return to BNY Mellon Investment Servicing (US) Inc.
You may contact the Fund's shareholder servicing agent at 844-391-3034 with any
questions you may have related to tendering your shares.

   Please choose an option to submit your repurchase request.

<TABLE>
<S>                              <C>           <C>                       <C>
Option 1 (Recommended)           Option 2      Option 3                  Option 4

[_] Via the Amundi US website.   [_] By Fax    [_] By Express/Overnight  [_] By Regular Mail
Visit us online at:                            Delivery
https://www.amundi.com/          844-751-0074                            PIONEER FUNDS
usinvestors/Products/Insurance-                PIONEER FUNDS             P.O. Box 9897
Linked-Securities/                             4400 Computer Drive       Providence, RI 02940
                                               Westborough, MA 01581
</TABLE>

   Please accept this tender of shares as designated below for repurchase at a
price equal to their net asset value on the Repurchase Pricing Date (March 6,
2023). I understand that this quarterly repurchase offer is limited to ten
percent (10%) of the Fund's outstanding shares and, that, if the offer is
oversubscribed, the Fund may not purchase the full amount of the shares that I
am requesting, in which case the Fund will repurchase shares on a pro rata
basis.

<TABLE>
<S>                       <C>                       <C>                       <C>
                                 Shareholder Information:
--------------------------------------------------------------------------------------------------

Name(s) of                                               Financial
Registered                    Shareholder              Intermediary               Shareholder
Shareholder(s)            Telephone Number(s)        Telephone Number            Email Address
---------------------     ---------------------     ---------------------     --------------------
---------------------     ---------------------     ---------------------     --------------------
</TABLE>

<TABLE>
<S>                         <C>                         <C>                          <C>
                                          Tender Request:
-----------------------------------------------------------------------------------------------------------

Intermediary
(Registered
Investment Adviser or                                                                 Number of Shares to
Selling Broker-Dealer)           Custodian*                Account Number                   Tender
-----------------------     -----------------------     -----------------------      ----------------------
-----------------------     -----------------------     -----------------------      ----------------------
-----------------------     -----------------------     -----------------------      ----------------------
</TABLE>

* The name of the firm where investments are held and master account/firm ID
  (custodial platform, separate forms if more than one.)

<TABLE>
<S>                                           <C>
-----------------------------------------     ----------------------------------------
Shareholder's signature                       Joint owner's signature (if applicable)

-----------------------------------------     ----------------------------------------
Financial intermediary's signature (if        Print financial intermediary's name
applicable)
</TABLE>

By signing above, I certify that I have the authority to act on my client's
behalf.

Payment Information:

   Payment will be made to the shareholder's account in accordance with the
standard procedures of such shareholder's intermediary.

                                                                  28485-31-0123

```