Victory Pioneer ILS Interval Fund

Victory Pioneer ILS Interval Fund is a non-diversified, closed-end management investment company operated as an interval fund that seeks total return by investing primarily in insurance-linked securities (ILS). The Fund invests at least 80% of its net assets in ILS, including catastrophe bonds, reinsurance sidecars, collateralized reinsurance, industry loss warranties, and event-linked swaps. Because ILS are typically rated below investment grade or unrated, a substantial portion of the Fund's assets consists of high-yield securities. The Fund conducts quarterly repurchase offers of no less than 5% and typically 10% of outstanding shares at NAV. As of October 31, 2025, the Fund had approximately $746.6 million in net assets and is managed by Victory Capital's Pioneer Investments franchise.