2/24/17 Victory Portfolios II NSAR-A 12/31/16 1:51K Toppan Merrill NSAR/FA → VictoryShares Developed Enhanced Volatility Wtd ETF → VictoryShares Emerging Market Volatility Wtd ETF → VictoryShares International High Div Volatility Wtd ETF → VictoryShares International Volatility Wtd ETF → VictoryShares US 500 Enhanced Volatility Wtd ETF → VictoryShares US 500 Volatility Wtd ETF → VictoryShares US Discovery Enhanced Volatility Wtd ETF → VictoryShares US EQ Income Enhanced Volatility Wtd ETF → VictoryShares US Large Cap High Div Volatility Wtd ETF → VictoryShares US Small Cap High Div Volatility Wtd ETF → VictoryShares US Small Cap Volatility Wtd ETF 2/24/17 Victory Portfolios II 497 2/24/17 1:11K Toppan Merrill/FA → VictoryShares Developed Enhanced Volatility Wtd ETF → VictoryShares Emerging Market High Div Volatility Wtd ETF → VictoryShares Emerging Market Volatility Wtd ETF → VictoryShares International High Div Volatility Wtd ETF → VictoryShares International Volatility Wtd ETF → VictoryShares US 500 Enhanced Volatility Wtd ETF → VictoryShares US 500 Volatility Wtd ETF → VictoryShares US Discovery Enhanced Volatility Wtd ETF → VictoryShares US EQ Income Enhanced Volatility Wtd ETF → VictoryShares US Large Cap High Div Volatility Wtd ETF → VictoryShares US Small Cap High Div Volatility Wtd ETF → VictoryShares US Small Cap Volatility Wtd ETF