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Pioneer AMT-Free Municipal Fund September 29, 2021 Pioneer AMT-Free Municipal Fund Supplement to the Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 1, 2021 New expense limitation Effective October 1, 2021, the fund is implementing a new expense limitation as follows: Class Y shares – 0.49% Amundi US has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce fund expenses to the above amount. This expense limitation will be in effect through May 1, 2025. 32673-00-1021 ©2021 Amundi Distributor US, Inc. Underwriter of Pioneer mutual funds Member SIPC September 10, 2021 Pioneer Funds Supplement to the Statement of Additional Information, as in effect and as may be amended from time to time, for: Fund Date of Prospectus Pioneer AMT-Free Municipal Fund April 1, 2021 Pioneer High Income Municipal Fund December 18, 2020 Sales charges Effective November 8, 2021, the following replaces the corresponding information under the heading “Class A share sales charges” in the section entitled “Sales charges”: Class A share sales charges You may buy Class A shares at the public offering price, including a sales charge, as follows: SalesChargeasa%of Offering Net Amount Dealer Amount of Purchase Price Invested Reallowance Less than $100,000 4.50 4.71 4.00 $100,000 but less than $250,000 3.50 3.63 3.00 $250,000 or more 0.00 0.00 see below 32538-00-0921 ©2021 Amundi Distributor US, Inc. Underwriter of Pioneer mutual funds Member SIPC Click here to view the Fund's Summary Prospectus Click here to view the Fund's Prospectus Pioneer AMT-Free Municipal Fund (Pioneer Series Trust II) 60 State Street Boston, Massachusetts 02109 Statement of Additional Information | April 1, 2021 Class A Shares Class C Shares Class K Shares Class Y Shares PBMFX MNBCX ——- PBYMX This statement of additional information is not a prospectus. It should be read in conjunction with the fund’s Class A, Class C, Class K and Class Y shares prospectus dated April 1, 2021, as supplemented or revised from time to time. A copy of the prospectus can be obtained free of charge by calling the fund at 1-800-225-6292 or by written request to the fund at 60 State Street, Boston, Massachusetts 02109. You can also obtain a copy of the prospectus from our website at: amundi.com/us. The fund’s financial statements for the fiscal year ended December 31, 2020, including the independent registered public accounting firm’s report thereon, are incorporated into this statement of additional information by reference. Contents 1. Fundhistory................................................................. 1 2. Investmentpolicies,risksandrestrictions....................................... 1 3. Trusteesandofficers......................................................... 26 4. Investmentadviser........................................................... 35 5. Principal underwriter and distribution plan ...................................... 37 6. Shareholder servicing/transfer agent ........................................... 39 7. Custodianandsub-administrator...............................................40 8. Independentregisteredpublicaccountingfirm..................................40 9. Portfoliomanagement........................................................40 10. Portfoliotransactions.........................................................43 11. Description of shares .........................................................44 12. Sales charges ................................................................ 47 13. Redeeming shares............................................................ 52 14. Telephone and online transactions.............................................. 53 15. Pricingofshares.............................................................54 16. Taxstatus................................................................... 55 17. Financial statements.......................................................... 61 18. Annualfee,expenseandotherinformation...................................... 61 19. Appendix A — Description of short-term debt, corporate bond and preferred stock ratings......................................................................65 20. AppendixB—Proxyvotingpoliciesandprocedures..............................69 1. Fund history The fund is a diversified series of Pioneer Series Trust II (the “Trust”), an open-end management investment company. The fund originally was established as Safeco Municipal Bond Fund, a series of Safeco Tax-Exempt Bond Trust, a Delaware statutory trust, on May 13, 1993. Pursuant to an agreement and plan of reorganization, the fund was reorganized as a series of Pioneer Series Trust II, a Delaware statutory trust, on December 10, 2004. Effective January 20, 2006, the fund changed its name from Pioneer Municipal Bond Fund to Pioneer AMT-Free Municipal Fund. Amundi Asset Management US, Inc., (“Amundi US”) is the fund’s investment adviser. 2. Investment policies, risks and restrictions The prospectus presents the investment objective and the principal investment strategies and risks of the fund. This section supplements the disclosure in the fund’s prospectus and provides additional information on the fund’s investment policies or restrictions. Restrictions or policies stated as a maximum percentage of the fund’s assets are only applied immediately after a portfolio investment to which the policy or restriction is applicable (other than the limitations on borrowing and illiquid securities). Accordingly, any later increase or decrease in a percentage resulting from a change in values, net assets or other circumstances will not be considered in determining whether the investment complies with the fund’s restrictions and policies. Debt securities and related investments Debt securities rating information Investment grade debt securities are those rated “BBB” or higher by Standard & Poor’s Ratings Group (“Standard & Poor’s”) or the equivalent rating of other nationally recognized statistical rating organizations. Debt securities rated BBB are considered medium grade obligations with speculative characteristics, and adverse economic conditions or changing circumstances may weaken the issuer’s ability to pay interest and repay principal. Below investment grade debt securities are those rated “BB” and below by Standard & Poor’s or the equivalent rating of other nationally recognized statistical rating organizations. See “Appendix A” for a description of rating categories. The fund may invest in debt securities rated “D” or better, or comparable unrated securities as determined by Amundi US. Below investment grade debt securities or comparable unrated securities are commonly referred to as high yield bonds or “junk bonds” and are considered predominantly speculative and may be questionable as to principal and interest payments. Changes in economic conditions are more likely to lead to a weakened capacity to make principal payments and interest payments. The issuers of high yield securities also may be more adversely affected than issuers of higher rated securities by specific corporate or governmental developments. Such securities may also be impacted by the issuers’ inability to meet specific projected business forecasts. The amount of high yield securities outstanding has proliferated as an increasing number of issuers have used high yield securities for corporate financing. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the fund's net asset value to the extent that it invests in such securities. In addition, the fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer. The secondary market for high yield securities is not usually as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, such as those recently prevailing, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, the fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these and other circumstances, may be less than the prices used in calculating the fund's net asset value. 1 Since investors generally perceive that there are greater risks associated with high yield debt securities of the type in which the fund may invest, the yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers’ creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility. High yield and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities
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