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: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: May 31, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

May 31, 2026

Spectrum Conservative Allocation Fund

Investor Class (PRSIX)

This annual shareholder report contains important information about Spectrum Conservative Allocation Fund (the "fund") for the period of June 1, 2025 to May 31, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Spectrum Conservative Allocation Fund - Investor Class	$44	0.41%

What drove fund performance during the past 12 months?

Global stock indexes and fixed income markets generated strong returns for the 12 months ended May 31, 2026. Equities were supported by solid corporate earnings, enthusiasm for artificial intelligence and semiconductor-related investments, and periods of easing monetary policy as major central banks, including the Federal Reserve, reduced interest rates in late 2025. Despite volatility from shifting U.S. tariff policies and the U.S.-Iran conflict, markets recovered as ceasefire progress reduced energy-price pressures and improved investor sentiment, while fixed income benefited from declining yields, resilient credit markets, and easing geopolitical risks.
Equity allocations made the largest contributions to absolute performance during the period, especially our allocation to emerging markets equities, which generated strong double-digit gains. Similarly, the real assets allocation also generated strong positive returns during the period and had a notable impact on overall performance.
On the other hand, our defensive positioning had a more modest impact on absolute performance overall during the period. An allocation to international bonds had a muted impact compared with higher-performing areas of the portfolio. None of the underlying allocations detracted on an absolute basis.
The fund seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth. It is designed to provide investors with a core multi-asset portfolio that is globally diversified across traditional and alternative asset classes, with an emphasis on the roles of broad diversification, fundamental research, tactical allocation, and risk management.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2026

A line chart as described in the following paragraph.

Investor Class 19,303
Regulatory Benchmark 11,836
Strategy Benchmark 18,323

Table Summary
	Investor Class	Regulatory Benchmark	Strategy Benchmark
2016	10,000	10,000	10,000
2016	10,346	10,232	10,329
2016	10,226	9,908	10,197
2017	10,672	10,008	10,571
2017	11,006	10,158	10,820
2017	11,306	10,283	11,043
2017	11,596	10,227	11,313
2018	11,727	10,059	11,336
2018	11,721	10,120	11,355
2018	11,866	10,175	11,575
2018	11,563	10,089	11,292
2019	11,962	10,378	11,664
2019	12,075	10,768	11,792
2019	12,493	11,210	12,213
2019	12,792	11,178	12,586
2020	12,680	11,590	12,516
2020	12,631	11,781	12,669
2020	13,673	11,936	13,502
2020	14,180	11,992	13,982
2021	14,710	11,750	14,215
2021	15,246	11,734	14,803
2021	15,606	11,925	15,169
2021	15,354	11,854	14,919
2022	14,823	11,440	14,495
2022	14,048	10,769	13,702
2022	13,640	10,552	13,236
2022	13,693	10,332	13,304
2023	13,752	10,328	13,328
2023	13,988	10,538	13,519
2023	14,347	10,426	13,808
2023	14,514	10,454	13,902
2024	15,340	10,671	14,614
2024	15,704	10,676	14,795
2024	16,317	11,187	15,608
2024	16,657	11,173	15,840
2025	16,739	11,291	15,926
2025	16,859	11,258	16,127
2025	17,595	11,538	16,863
2025	18,155	11,809	17,362
2026	18,877	11,998	18,060
2026	19,303	11,836	18,323

202501-4140694, 202606-5569443

F101-052 7/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Spectrum Conservative Allocation Fund (Investor Class)	14.50%	4.83%	6.80%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	5.13	0.17	1.70
Morningstar Moderately Conservative Target Risk Index (Strategy Benchmark)	13.62	4.36	6.24

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)$2,066,336
Number of Portfolio Holdings2,036

Investment Advisory Fees Paid (000s)$4,468
Portfolio Turnover Rate65.0%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Common Stocks	34.4%
Bond Funds	27.4
Private Investment Companies	8.0
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.3
Equity Funds	6.3
U.S. Government & Agency Mortgage-Backed Securities	5.5
Corporate Bonds	4.9
Asset-Backed Securities	2.2
Non-U.S. Government Mortgage-Backed Securities	1.4
Short-Term and Other	2.6

Top Ten Holdings (as a % of Net Assets)

Table Summary
Blackstone Partners Offshore Fund	8.0%
T. Rowe Price International Bond Fund (USD Hedged) - I Class	7.2
T. Rowe Price Emerging Markets Bond Fund - I Class	5.8
T. Rowe Price Dynamic Global Bond Fund - I Class	5.4
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.7
U.S. Treasury Notes	4.5
T. Rowe Price Institutional Emerging Markets Equity Fund	3.7
U.S. Treasury Bonds	2.8
T. Rowe Price Real Assets Fund - I Class	2.6
Federal National Mortgage Assn.	2.2

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and Morningstar do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Spectrum Conservative Allocation Fund

Investor Class (PRSIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

May 31, 2026

Spectrum Conservative Allocation Fund

I Class (PPIPX)

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Spectrum Conservative Allocation Fund - I Class	$30	0.28%

What drove fund performance during the past 12 months?

Global stock indexes and fixed income markets generated strong returns for the 12 months ended May 31, 2026. Equities were supported by solid corporate earnings, enthusiasm for artificial intelligence and semiconductor-related investments, and periods of easing monetary policy as major central banks, including the Federal Reserve, reduced interest rates in late 2025. Despite volatility from shifting U.S. tariff policies and the U.S.-Iran conflict, markets recovered as ceasefire progress reduced energy-price pressures and improved investor sentiment, while fixed income benefited from declining yields, resilient credit markets, and easing geopolitical risks.
Equity allocations made the largest contributions to absolute performance during the period, especially our allocation to emerging markets equities, which generated strong double-digit gains. Similarly, the real assets allocation also generated strong positive returns during the period and had a notable impact on overall performance.
On the other hand, our defensive positioning had a more modest impact on absolute performance overall during the period. An allocation to international bonds had a muted impact compared with higher-performing areas of the portfolio. None of the underlying allocations detracted on an absolute basis.
The fund seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth. It is designed to provide investors with a core multi-asset portfolio that is globally diversified across traditional and alternative asset classes, with an emphasis on the roles of broad diversification, fundamental research, tactical allocation, and risk management.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2026

A line chart as described in the following paragraph.

I Class 975,493
Regulatory Benchmark 591,821
Strategy Benchmark 916,162

Table Summary
	I Class	Regulatory Benchmark	Strategy Benchmark
2016	500,000	500,000	500,000
2016	517,310	511,616	516,435
2016	511,600	495,403	509,838
2017	533,925	500,416	528,568
2017	550,609	507,893	541,022
2017	565,635	514,136	552,163
2017	580,459	511,326	565,633
2018	587,303	502,944	566,784
2018	587,021	505,990	567,741
2018	594,278	508,741	578,736
2018	579,419	504,464	564,584
2019	599,422	518,886	583,199
2019	605,402	538,376	589,604
2019	626,630	560,492	610,644
2019	641,657	558,902	629,293
2020	636,037	579,506	625,779
2020	633,919	589,067	633,468
2020	686,213	596,775	675,104
2020	711,675	599,611	699,116
2021	738,646	587,524	710,746
2021	765,541	586,682	740,128
2021	783,982	596,272	758,468
2021	771,329	592,695	745,956
2022	744,639	571,989	724,732
2022	706,361	538,444	685,116
2022	685,801	527,606	661,810
2022	688,916	516,596	665,216
2023	692,100	516,381	666,379
2023	703,860	526,907	675,949
2023	722,526	521,310	690,419
2023	731,199	522,690	695,107
2024	773,039	533,562	730,706
2024	791,332	533,786	739,750
2024	822,763	559,349	780,406
2024	839,738	558,625	791,982
2025	844,551	564,552	796,298
2025	850,473	562,924	806,368
2025	888,210	576,891	843,128
2025	916,794	590,474	868,104
2026	953,644	599,896	903,019
2026	975,493	591,821	916,162

202501-4140694, 202606-5569443

F211-052 7/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Spectrum Conservative Allocation Fund (I Class)	14.70%	4.97%	6.91%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	5.13	0.17	1.70
Morningstar Moderately Conservative Target Risk Index (Strategy Benchmark)	13.62	4.36	6.24

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)$2,066,336
Number of Portfolio Holdings2,036

Investment Advisory Fees Paid (000s)$4,468
Portfolio Turnover Rate65.0%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Common Stocks	34.4%
Bond Funds	27.4
Private Investment Companies	8.0
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.3
Equity Funds	6.3
U.S. Government & Agency Mortgage-Backed Securities	5.5
Corporate Bonds	4.9
Asset-Backed Securities	2.2
Non-U.S. Government Mortgage-Backed Securities	1.4
Short-Term and Other	2.6

Top Ten Holdings (as a % of Net Assets)

Table Summary
Blackstone Partners Offshore Fund	8.0%
T. Rowe Price International Bond Fund (USD Hedged) - I Class	7.2
T. Rowe Price Emerging Markets Bond Fund - I Class	5.8
T. Rowe Price Dynamic Global Bond Fund - I Class	5.4
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.7
U.S. Treasury Notes	4.5
T. Rowe Price Institutional Emerging Markets Equity Fund	3.7
U.S. Treasury Bonds	2.8
T. Rowe Price Real Assets Fund - I Class	2.6
Federal National Mortgage Assn.	2.2

Spectrum Conservative Allocation Fund

I Class (PPIPX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:


	2026		2025
Audit Fees		$46,203		$46,217
Audit-Related Fees		-		-
Tax Fees		125		-
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2)		Listing standards relating to recovery of erroneously awarded compensation: not applicable.

(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.


T. Rowe Price Spectrum Funds II, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		July 17, 2026


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		July 17, 2026

By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		July 17, 2026