Northern Lights Variable Trust NPX Annual report of proxy voting record

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21853

NORTHERN LIGHTS VARIABLE TRUST

____________________________________________________________

(Exact name of registrant as specified in charter)

80 Arkay Drive, Hauppauge, New York 11788

(Address of principal executive offices) (Zip code)

Stephanie Shearer

Gemini Fund Services, LLC

80 Arkay Drive

Hauppauge, New York 11788

________________________________________________________________________

(Name and address of agent for service)

Registrant's telephone number, including area code: (631) 470-2600

Date of fiscal year end: December 31^st

Date of reporting period: July 1, 2017 - June 30, 2018

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of

1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. PROXY VOTING RECORD: (see attached table)

Appended hereto as Exhibit A is the following information indicating for each matter relating to a portfolio security owned by the Registrant considered at any shareholder meeting held during the twelve month period ended June 30, 2013 with respect to which the Registrant was entitled to vote:

(a) The name of the issuer of the portfolio security;

(b) The exchange ticker symbol of the portfolio security;

(d) The shareholder meeting date;

(e) A brief identification of the matter voted on;

(f) Whether the matter was proposed by the issuer or by a security holder;

(g) Whether the Registrant cast its vote on the matter;

(h) How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i) Whether the Registrant cast its vote for or against management.

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS AGGRESSIVE GROWTH ETF PORTFOLIO								Item 1, Exhibit 8
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2236); AGAINST (0); ABSTAIN (31)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2236); AGAINST (0); ABSTAIN (31)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2238); AGAINST (0); ABSTAIN (29)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2231); AGAINST (0); ABSTAIN (36)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2235); AGAINST (0); ABSTAIN (32)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2236); AGAINST (0); ABSTAIN (31)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2237); AGAINST (0); ABSTAIN (30)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2226); AGAINST (0); ABSTAIN (41)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2239); AGAINST (0); ABSTAIN (28)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2225); AGAINST (0); ABSTAIN (42)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2238); AGAINST (0); ABSTAIN (29)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2236); AGAINST (0); ABSTAIN (31)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2168); AGAINST (72); ABSTAIN (27)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2172); AGAINST (68); ABSTAIN (27)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2855); AGAINST (0); ABSTAIN (36)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2854); AGAINST (0); ABSTAIN (37)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2857); AGAINST (0); ABSTAIN (34)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2858); AGAINST (0); ABSTAIN (33)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2854); AGAINST (0); ABSTAIN (37)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2854); AGAINST (0); ABSTAIN (37)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2854); AGAINST (0); ABSTAIN (37)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2845); AGAINST (0); ABSTAIN (46)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2858); AGAINST (0); ABSTAIN (33)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2850); AGAINST (0); ABSTAIN (41)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2858); AGAINST (0); ABSTAIN (33)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2855); AGAINST (0); ABSTAIN (36)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2799); AGAINST (58); ABSTAIN (34)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2799); AGAINST (58); ABSTAIN (34)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1999); AGAINST (0); ABSTAIN (22)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1998); AGAINST (0); ABSTAIN (23)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1998); AGAINST (0); ABSTAIN (23)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1999); AGAINST (0); ABSTAIN (22)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1998); AGAINST (0); ABSTAIN (23)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1999); AGAINST (0); ABSTAIN (22)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1999); AGAINST (0); ABSTAIN (22)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1991); AGAINST (0); ABSTAIN (30)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2001); AGAINST (0); ABSTAIN (20)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1991); AGAINST (0); ABSTAIN (30)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2000); AGAINST (0); ABSTAIN (21)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1999); AGAINST (0); ABSTAIN (22)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1962); AGAINST (33); ABSTAIN (26)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1962); AGAINST (34); ABSTAIN (25)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (1939); AGAINST (51); ABSTAIN (31)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (1957); AGAINST (33); ABSTAIN (30)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (160); AGAINST (1809); ABSTAIN (52)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (28868); AGAINST (0); ABSTAIN (486)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (28866); AGAINST (0); ABSTAIN (488)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (28858); AGAINST (0); ABSTAIN (496)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (28881); AGAINST (0); ABSTAIN (473)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (28868); AGAINST (0); ABSTAIN (486)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (28871); AGAINST (0); ABSTAIN (483)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (28869); AGAINST (0); ABSTAIN (485)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (28815); AGAINST (0); ABSTAIN (539)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (28890); AGAINST (0); ABSTAIN (464)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (28813); AGAINST (0); ABSTAIN (541)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (28868); AGAINST (0); ABSTAIN (486)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (28869); AGAINST (0); ABSTAIN (485)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (28442); AGAINST (554); ABSTAIN (358)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (28497); AGAINST (504); ABSTAIN (352)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (2150); AGAINST (26288); ABSTAIN (916)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (15841); AGAINST (0); ABSTAIN (437)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (15836); AGAINST (0); ABSTAIN (442)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (15842); AGAINST (0); ABSTAIN (436)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (15817); AGAINST (0); ABSTAIN (461)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (15816); AGAINST (0); ABSTAIN (462)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (15817); AGAINST (0); ABSTAIN (461)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (15843); AGAINST (0); ABSTAIN (435)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (15765); AGAINST (0); ABSTAIN (513)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (15850); AGAINST (0); ABSTAIN (428)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (15789); AGAINST (0); ABSTAIN (489)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (15848); AGAINST (0); ABSTAIN (430)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (15817); AGAINST (0); ABSTAIN (461)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (15962); AGAINST (194); ABSTAIN (122)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (15978); AGAINST (177); ABSTAIN (123)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (903); AGAINST (14617); ABSTAIN (758)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (2926); AGAINST (32); ABSTAIN (467)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS BALANCED ETF PORTFOLIO								Item 1, Exhibit 9
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
1	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3697); AGAINST (0); ABSTAIN (27)	FOR
2	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3698); AGAINST (0); ABSTAIN (26)	FOR
3	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3699); AGAINST (0); ABSTAIN (25)	FOR
4	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3699); AGAINST (0); ABSTAIN (25)	FOR
5	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3698); AGAINST (0); ABSTAIN (26)	FOR
6	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3698); AGAINST (0); ABSTAIN (26)	FOR
7	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3698); AGAINST (0); ABSTAIN (26)	FOR
8	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3683); AGAINST (0); ABSTAIN (41)	FOR
9	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3699); AGAINST (0); ABSTAIN (25)	FOR
10	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3685); AGAINST (0); ABSTAIN (39)	FOR
11	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3699); AGAINST (0); ABSTAIN (25)	FOR
12	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3698); AGAINST (0); ABSTAIN (26)	FOR
13	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (3650); AGAINST (42); ABSTAIN (33)	FOR
14	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (3652); AGAINST (40); ABSTAIN (32)	FOR
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3802); AGAINST (0); ABSTAIN (53)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3830); AGAINST (0); ABSTAIN (25)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3832); AGAINST (0); ABSTAIN (23)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3830); AGAINST (0); ABSTAIN (25)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3832); AGAINST (0); ABSTAIN (23)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3831); AGAINST (0); ABSTAIN (24)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (3801); AGAINST (22); ABSTAIN (32)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (3803); AGAINST (19); ABSTAIN (32)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1786); AGAINST (0); ABSTAIN (25)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1786); AGAINST (0); ABSTAIN (25)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1788); AGAINST (0); ABSTAIN (23)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1782); AGAINST (0); ABSTAIN (29)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1786); AGAINST (0); ABSTAIN (25)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1786); AGAINST (0); ABSTAIN (25)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1787); AGAINST (0); ABSTAIN (24)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1778); AGAINST (0); ABSTAIN (33)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1789); AGAINST (0); ABSTAIN (22)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1777); AGAINST (0); ABSTAIN (34)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1787); AGAINST (0); ABSTAIN (24)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1786); AGAINST (0); ABSTAIN (25)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1732); AGAINST (57); ABSTAIN (22)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1735); AGAINST (54); ABSTAIN (21)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (5147); AGAINST (0); ABSTAIN (65)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (5145); AGAINST (0); ABSTAIN (67)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (5151); AGAINST (0); ABSTAIN (61)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (5152); AGAINST (0); ABSTAIN (60)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (5145); AGAINST (0); ABSTAIN (67)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (5146); AGAINST (0); ABSTAIN (66)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (5146); AGAINST (0); ABSTAIN (66)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (5129); AGAINST (0); ABSTAIN (83)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (5153); AGAINST (0); ABSTAIN (59)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (5139); AGAINST (0); ABSTAIN (73)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (5152); AGAINST (0); ABSTAIN (60)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (5147); AGAINST (0); ABSTAIN (65)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (5046); AGAINST (105); ABSTAIN (62)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (5046); AGAINST (105); ABSTAIN (61)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3607); AGAINST (0); ABSTAIN (40)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3606); AGAINST (0); ABSTAIN (41)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3606); AGAINST (0); ABSTAIN (41)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3607); AGAINST (0); ABSTAIN (40)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3606); AGAINST (0); ABSTAIN (41)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3607); AGAINST (0); ABSTAIN (40)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3606); AGAINST (0); ABSTAIN (41)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3594); AGAINST (0); ABSTAIN (53)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3610); AGAINST (0); ABSTAIN (37)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3592); AGAINST (0); ABSTAIN (55)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3610); AGAINST (0); ABSTAIN (37)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3607); AGAINST (0); ABSTAIN (40)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (3540); AGAINST (60); ABSTAIN (46)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (3541); AGAINST (60); ABSTAIN (45)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (3498); AGAINST (93); ABSTAIN (56)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (3532); AGAINST (60); ABSTAIN (55)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (288); AGAINST (3265); ABSTAIN (93)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (15505); AGAINST (0); ABSTAIN (261)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (15504); AGAINST (0); ABSTAIN (262)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (15499); AGAINST (0); ABSTAIN (267)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (15512); AGAINST (0); ABSTAIN (254)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (15505); AGAINST (0); ABSTAIN (261)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (15507); AGAINST (0); ABSTAIN (259)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (15506); AGAINST (0); ABSTAIN (260)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (15476); AGAINST (0); ABSTAIN (290)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (15517); AGAINST (0); ABSTAIN (249)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (15476); AGAINST (0); ABSTAIN (290)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (15505); AGAINST (0); ABSTAIN (261)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (15506); AGAINST (0); ABSTAIN (260)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (15276); AGAINST (298); ABSTAIN (192)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (15306); AGAINST (271); ABSTAIN (189)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (1155); AGAINST (14119); ABSTAIN (492)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (9192); AGAINST (0); ABSTAIN (253)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (9189); AGAINST (0); ABSTAIN (256)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (9192); AGAINST (0); ABSTAIN (253)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (9178); AGAINST (0); ABSTAIN (267)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (9177); AGAINST (0); ABSTAIN (268)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (9177); AGAINST (0); ABSTAIN (268)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (9192); AGAINST (0); ABSTAIN (253)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (9147); AGAINST (0); ABSTAIN (298)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (9196); AGAINST (0); ABSTAIN (249)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (9161); AGAINST (0); ABSTAIN (284)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (9195); AGAINST (0); ABSTAIN (250)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (9177); AGAINST (0); ABSTAIN (268)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (9262); AGAINST (113); ABSTAIN (71)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (9271); AGAINST (103); ABSTAIN (71)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (524); AGAINST (8482); ABSTAIN (440)	FOR
104	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1109); AGAINST (0); ABSTAIN (36)	FOR
105	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1109); AGAINST (0); ABSTAIN (36)	FOR
106	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1108); AGAINST (0); ABSTAIN (37)	FOR
107	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1106); AGAINST (0); ABSTAIN (39)	FOR
108	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1106); AGAINST (0); ABSTAIN (39)	FOR
109	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1107); AGAINST (0); ABSTAIN (38)	FOR
110	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1109); AGAINST (0); ABSTAIN (36)	FOR
111	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1106); AGAINST (0); ABSTAIN (39)	FOR
112	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1110); AGAINST (0); ABSTAIN (35)	FOR
113	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1105); AGAINST (0); ABSTAIN (40)	FOR
114	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1109); AGAINST (0); ABSTAIN (36)	FOR
115	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1106); AGAINST (0); ABSTAIN (39)	FOR
116	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1069); AGAINST (48); ABSTAIN (28)	FOR
117	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1071); AGAINST (46); ABSTAIN (28)	FOR
118	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (166); AGAINST (933); ABSTAIN (46)	FOR
119	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (810); AGAINST (0); ABSTAIN (17)	FOR
120	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (810); AGAINST (0); ABSTAIN (17)	FOR
121	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (810); AGAINST (0); ABSTAIN (17)	FOR
122	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (811); AGAINST (0); ABSTAIN (16)	FOR
123	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (810); AGAINST (0); ABSTAIN (17)	FOR
124	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (811); AGAINST (0); ABSTAIN (16)	FOR
125	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (811); AGAINST (0); ABSTAIN (16)	FOR
126	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (809); AGAINST (0); ABSTAIN (18)	FOR
127	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (811); AGAINST (0); ABSTAIN (16)	FOR
128	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (808); AGAINST (0); ABSTAIN (19)	FOR
129	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (811); AGAINST (0); ABSTAIN (16)	FOR
130	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (810); AGAINST (0); ABSTAIN (17)	FOR
131	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (797); AGAINST (15); ABSTAIN (15)	FOR
132	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (799); AGAINST (13); ABSTAIN (15)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (3469); AGAINST (38); ABSTAIN (554)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS CONSERVATIVE ETF PORTFOLIO								Item 1, Exhibit 10
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
1	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (5685); AGAINST (0); ABSTAIN (41)	FOR
2	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (5686); AGAINST (0); ABSTAIN (40)	FOR
3	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (5687); AGAINST (0); ABSTAIN (39)	FOR
4	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (5688); AGAINST (0); ABSTAIN (38)	FOR
5	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (5686); AGAINST (0); ABSTAIN (40)	FOR
6	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (5687); AGAINST (0); ABSTAIN (39)	FOR
7	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (5686); AGAINST (0); ABSTAIN (40)	FOR
8	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (5663); AGAINST (0); ABSTAIN (63)	FOR
9	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (5688); AGAINST (0); ABSTAIN (38)	FOR
10	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (5665); AGAINST (0); ABSTAIN (61)	FOR
11	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (5688); AGAINST (0); ABSTAIN (38)	FOR
12	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (5686); AGAINST (0); ABSTAIN (40)	FOR
13	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (5612); AGAINST (64); ABSTAIN (50)	FOR
14	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (5616); AGAINST (61); ABSTAIN (49)	FOR
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2938); AGAINST (0); ABSTAIN (19)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2916); AGAINST (0); ABSTAIN (41)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2938); AGAINST (0); ABSTAIN (19)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2938); AGAINST (0); ABSTAIN (19)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2939); AGAINST (0); ABSTAIN (18)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2915); AGAINST (17); ABSTAIN (25)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2917); AGAINST (15); ABSTAIN (25)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (687); AGAINST (0); ABSTAIN (10)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (687); AGAINST (0); ABSTAIN (10)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (688); AGAINST (0); ABSTAIN (9)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (686); AGAINST (0); ABSTAIN (11)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (687); AGAINST (0); ABSTAIN (10)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (687); AGAINST (0); ABSTAIN (10)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (688); AGAINST (0); ABSTAIN (9)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (684); AGAINST (0); ABSTAIN (13)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (689); AGAINST (0); ABSTAIN (8)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (684); AGAINST (0); ABSTAIN (13)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (688); AGAINST (0); ABSTAIN (9)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (687); AGAINST (0); ABSTAIN (10)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (667); AGAINST (22); ABSTAIN (8)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (668); AGAINST (21); ABSTAIN (10)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2637); AGAINST (0); ABSTAIN (33)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2636); AGAINST (0); ABSTAIN (34)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2639); AGAINST (0); ABSTAIN (31)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2639); AGAINST (0); ABSTAIN (31)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2636); AGAINST (0); ABSTAIN (34)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2636); AGAINST (0); ABSTAIN (34)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2636); AGAINST (0); ABSTAIN (34)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2628); AGAINST (0); ABSTAIN (42)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2640); AGAINST (0); ABSTAIN (30)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2632); AGAINST (0); ABSTAIN (38)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2639); AGAINST (0); ABSTAIN (31)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2637); AGAINST (0); ABSTAIN (33)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2585); AGAINST (54); ABSTAIN (32)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2585); AGAINST (54); ABSTAIN (31)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1843); AGAINST (0); ABSTAIN (27)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1851); AGAINST (0); ABSTAIN (19)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1842); AGAINST (0); ABSTAIN (28)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1851); AGAINST (0); ABSTAIN (19)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1849); AGAINST (0); ABSTAIN (21)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1815); AGAINST (31); ABSTAIN (24)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1816); AGAINST (31); ABSTAIN (23)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (1794); AGAINST (48); ABSTAIN (29)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (1811); AGAINST (31); ABSTAIN (28)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (148); AGAINST (1674); ABSTAIN (48)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (7449); AGAINST (0); ABSTAIN (126)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (7449); AGAINST (0); ABSTAIN (126)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (7447); AGAINST (0); ABSTAIN (128)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (7453); AGAINST (0); ABSTAIN (122)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (7450); AGAINST (0); ABSTAIN (125)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (7450); AGAINST (0); ABSTAIN (125)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (7450); AGAINST (0); ABSTAIN (125)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (7436); AGAINST (0); ABSTAIN (139)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (7455); AGAINST (0); ABSTAIN (120)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (7435); AGAINST (0); ABSTAIN (140)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (7450); AGAINST (0); ABSTAIN (125)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (7450); AGAINST (0); ABSTAIN (125)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (7340); AGAINST (143); ABSTAIN (92)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (7354); AGAINST (130); ABSTAIN (91)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (555); AGAINST (6784); ABSTAIN (236)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS GROWTH ETF PORTFOLIO								Item 1, Exhibit 11
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2865); AGAINST (0); ABSTAIN (40)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2886); AGAINST (0); ABSTAIN (19)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2888); AGAINST (0); ABSTAIN (17)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2886); AGAINST (0); ABSTAIN (19)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2887); AGAINST (0); ABSTAIN (18)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2864); AGAINST (17); ABSTAIN (24)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2866); AGAINST (15); ABSTAIN (24)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2704); AGAINST (0); ABSTAIN (38)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2705); AGAINST (0); ABSTAIN (37)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2707); AGAINST (0); ABSTAIN (35)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2698); AGAINST (0); ABSTAIN (44)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2704); AGAINST (0); ABSTAIN (38)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2704); AGAINST (0); ABSTAIN (38)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2706); AGAINST (0); ABSTAIN (36)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2692); AGAINST (0); ABSTAIN (50)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2709); AGAINST (0); ABSTAIN (33)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2691); AGAINST (0); ABSTAIN (51)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2706); AGAINST (0); ABSTAIN (36)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2704); AGAINST (0); ABSTAIN (38)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2623); AGAINST (87); ABSTAIN (33)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2627); AGAINST (82); ABSTAIN (32)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (7780); AGAINST (0); ABSTAIN (98)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (7777); AGAINST (0); ABSTAIN (101)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (7785); AGAINST (0); ABSTAIN (93)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (7788); AGAINST (0); ABSTAIN (90)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (7777); AGAINST (0); ABSTAIN (101)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (7778); AGAINST (0); ABSTAIN (100)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (7778); AGAINST (0); ABSTAIN (100)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (7753); AGAINST (0); ABSTAIN (125)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (7789); AGAINST (0); ABSTAIN (89)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (7767); AGAINST (0); ABSTAIN (111)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (7787); AGAINST (0); ABSTAIN (91)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (7780); AGAINST (0); ABSTAIN (98)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (7627); AGAINST (158); ABSTAIN (93)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (7627); AGAINST (158); ABSTAIN (92)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3638); AGAINST (0); ABSTAIN (40)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3636); AGAINST (0); ABSTAIN (42)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3637); AGAINST (0); ABSTAIN (41)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3637); AGAINST (0); ABSTAIN (41)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3637); AGAINST (0); ABSTAIN (41)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3638); AGAINST (0); ABSTAIN (40)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3637); AGAINST (0); ABSTAIN (41)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3624); AGAINST (0); ABSTAIN (54)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3641); AGAINST (0); ABSTAIN (37)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3623); AGAINST (0); ABSTAIN (55)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3640); AGAINST (0); ABSTAIN (38)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3638); AGAINST (0); ABSTAIN (40)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (3571); AGAINST (61); ABSTAIN (47)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (3571); AGAINST (61); ABSTAIN (46)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (3528); AGAINST (94); ABSTAIN (56)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (3562); AGAINST (60); ABSTAIN (55)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (291); AGAINST (3293); ABSTAIN (94)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (49474); AGAINST (0); ABSTAIN (834)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (49472); AGAINST (0); ABSTAIN (836)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (49458); AGAINST (0); ABSTAIN (850)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (49497); AGAINST (0); ABSTAIN (811)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (49475); AGAINST (0); ABSTAIN (833)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (49480); AGAINST (0); ABSTAIN (828)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (49477); AGAINST (0); ABSTAIN (831)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (49384); AGAINST (0); ABSTAIN (924)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (49513); AGAINST (0); ABSTAIN (795)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (49381); AGAINST (0); ABSTAIN (927)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (49476); AGAINST (0); ABSTAIN (832)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (49477); AGAINST (0); ABSTAIN (831)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (48745); AGAINST (950); ABSTAIN (613)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (48840); AGAINST (864); ABSTAIN (604)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (3686); AGAINST (45053); ABSTAIN (1570)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (18988); AGAINST (0); ABSTAIN (523)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (18982); AGAINST (0); ABSTAIN (529)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (18989); AGAINST (0); ABSTAIN (522)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (18959); AGAINST (0); ABSTAIN (552)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (18957); AGAINST (0); ABSTAIN (554)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (18958); AGAINST (0); ABSTAIN (553)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (18989); AGAINST (0); ABSTAIN (522)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (18896); AGAINST (0); ABSTAIN (615)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (18997); AGAINST (0); ABSTAIN (514)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (18925); AGAINST (0); ABSTAIN (586)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (18995); AGAINST (0); ABSTAIN (516)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (18958); AGAINST (0); ABSTAIN (553)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (19132); AGAINST (233); ABSTAIN (146)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (19152); AGAINST (212); ABSTAIN (147)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (1082); AGAINST (17521); ABSTAIN (908)	FOR
104	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1682); AGAINST (0); ABSTAIN (55)	FOR
105	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1682); AGAINST (0); ABSTAIN (55)	FOR
106	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1681); AGAINST (0); ABSTAIN (56)	FOR
107	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1678); AGAINST (0); ABSTAIN (59)	FOR
108	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1678); AGAINST (0); ABSTAIN (59)	FOR
109	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1679); AGAINST (0); ABSTAIN (58)	FOR
110	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1682); AGAINST (0); ABSTAIN (55)	FOR
111	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1677); AGAINST (0); ABSTAIN (60)	FOR
112	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1683); AGAINST (0); ABSTAIN (54)	FOR
113	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1677); AGAINST (0); ABSTAIN (60)	FOR
114	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1682); AGAINST (0); ABSTAIN (55)	FOR
115	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1678); AGAINST (0); ABSTAIN (59)	FOR
116	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1622); AGAINST (72); ABSTAIN (43)	FOR
117	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1625); AGAINST (70); ABSTAIN (42)	FOR
118	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (251); AGAINST (1416); ABSTAIN (70)	FOR
119	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
120	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
121	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
122	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
123	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
124	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
125	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
126	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1229); AGAINST (0); ABSTAIN (27)	FOR
127	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
128	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1228); AGAINST (0); ABSTAIN (28)	FOR
129	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
130	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1231); AGAINST (0); ABSTAIN (25)	FOR
131	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1210); AGAINST (23); ABSTAIN (23)	FOR
132	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1214); AGAINST (19); ABSTAIN (23)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (4921); AGAINST (54); ABSTAIN (786)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS MANAGED RISK BALANCED ETF PORTFOLIO

Item 1, Exhibit 12

Investment Company Act file number: 811-21853

Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS

(a) Issuer's Name

(b) Exchange Ticker Symbol

(c)"CUSIP" #

(d) Shareholder Meeting Date

(e) Matter Identification

(f) Proposal Type

(g) Voted

(h) Vote Cast

(i) For/Against Management

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (202427); AGAINST (0); ABSTAIN (1461)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (202464); AGAINST (0); ABSTAIN (1424)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (202498); AGAINST (0); ABSTAIN (1390)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (202526); AGAINST (0); ABSTAIN (1362)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (202470); AGAINST (0); ABSTAIN (1418)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (202490); AGAINST (0); ABSTAIN (1398)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (202460); AGAINST (0); ABSTAIN (1428)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (201569); AGAINST (0); ABSTAIN (2229)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (202530); AGAINST (0); ABSTAIN (1358)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (201732); AGAINST (0); ABSTAIN (2156)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (202518); AGAINST (0); ABSTAIN (1370)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (202478); AGAINST (0); ABSTAIN (1410)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (199818); AGAINST (2286); ABSTAIN (1784)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (199961); AGAINST (2169); ABSTAIN (1758)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (209291); AGAINST (0); ABSTAIN (1305)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (209272); AGAINST (0); ABSTAIN (1324)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (209289); AGAINST (0); ABSTAIN (1307)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (207702); AGAINST (0); ABSTAIN (2894)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (209299); AGAINST (0); ABSTAIN (1297)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (209310); AGAINST (0); ABSTAIN (1286)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (209297); AGAINST (0); ABSTAIN (1299)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (209243); AGAINST (0); ABSTAIN (1353)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (209333); AGAINST (0); ABSTAIN (1263)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (209236); AGAINST (0); ABSTAIN (1360)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (209316); AGAINST (0); ABSTAIN (1280)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (209308); AGAINST (0); ABSTAIN (1288)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (207635); AGAINST (1215); ABSTAIN (1746)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (207782); AGAINST (1061); ABSTAIN (1752)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (97764); AGAINST (0); ABSTAIN (1373)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (97785); AGAINST (0); ABSTAIN (1352)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (97873); AGAINST (0); ABSTAIN (1264)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (97561); AGAINST (0); ABSTAIN (1576)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (97754); AGAINST (0); ABSTAIN (1383)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (97764); AGAINST (0); ABSTAIN (1373)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (97829); AGAINST (0); ABSTAIN (1308)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (97337); AGAINST (0); ABSTAIN (1800)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (97929); AGAINST (0); ABSTAIN (1208)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (97302); AGAINST (0); ABSTAIN (1835)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (97849); AGAINST (0); ABSTAIN (1288)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (97764); AGAINST (0); ABSTAIN (1373)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (94817); AGAINST (3140); ABSTAIN (1181)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (94994); AGAINST (2980); ABSTAIN (1163)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (280011); AGAINST (0); ABSTAIN (3545)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (2799907); AGAINST (0); ABSTAIN (3649)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (280224); AGAINST (0); ABSTAIN (3332)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (280311); AGAINST (0); ABSTAIN (3245)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (279919); AGAINST (0); ABSTAIN (3637)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (279972); AGAINST (0); ABSTAIN (3584)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (279963); AGAINST (0); ABSTAIN (3593)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (279052); AGAINST (0); ABSTAIN (4504)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (280365); AGAINST (0); ABSTAIN (3191)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (279562); AGAINST (0); ABSTAIN (3994)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (280275); AGAINST (0); ABSTAIN (3281)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (280025); AGAINST (0); ABSTAIN (3531)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (274508); AGAINST (5702); ABSTAIN (3346)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (274533); AGAINST (5694); ABSTAIN (3329)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (195308); AGAINST (0); ABSTAIN (2169)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (195247); AGAINST (0); ABSTAIN (2230)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (195265); AGAINST (0); ABSTAIN (2212)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (195302); AGAINST (0); ABSTAIN (2175)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (195268); AGAINST (0); ABSTAIN (2209)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (195306); AGAINST (0); ABSTAIN (2171)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (195280); AGAINST (0); ABSTAIN (2197)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (194584); AGAINST (0); ABSTAIN (2893)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (195499); AGAINST (0); ABSTAIN (1978)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (194498); AGAINST (0); ABSTAIN (2979)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (195446); AGAINST (0); ABSTAIN (2031)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (195306); AGAINST (0); ABSTAIN (2171)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (191707); AGAINST (3268); ABSTAIN (2502)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (191758); AGAINST (3274); ABSTAIN (2445)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO

MGMT

FOR (189416); AGAINST (5028); ABSTAIN (3033)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED

MGMT

FOR (191262); AGAINST (3237); ABSTAIN (2978)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."

SHAREHOLD

FOR (15607); AGAINST (176809); ABSTAIN (5061)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (838373); AGAINST (0); ABSTAIN (14126)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (838331); AGAINST (0); ABSTAIN (14168)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (838088); AGAINST (0); ABSTAIN (14411)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (838760); AGAINST (0); ABSTAIN (13739)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (838390); AGAINST (0); ABSTAIN (14109)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (838474); AGAINST (0); ABSTAIN (14025)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (838424); AGAINST (0); ABSTAIN (14075)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (836837); AGAINST (0); ABSTAIN (15662)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (839020); AGAINST (0); ABSTAIN (13479)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (836795); AGAINST (0); ABSTAIN (15704)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (838399); AGAINST (0); ABSTAIN (14100)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (838424); AGAINST (0); ABSTAIN (14075)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (826012); AGAINST (16095); ABSTAIN (10392)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (827623); AGAINST (14646); ABSTAIN (10230)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

SHAREHOLD

FOR (62454); AGAINST (763447); ABSTAIN (26598)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (496183); AGAINST (0); ABSTAIN (13678)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (496029); AGAINST (0); ABSTAIN (13832)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (496208); AGAINST (0); ABSTAIN (13653)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (495428); AGAINST (0); ABSTAIN (14433)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (495383); AGAINST (0); ABSTAIN (14478)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (495408); AGAINST (0); ABSTAIN (14453)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (496222); AGAINST (0); ABSTAIN (13639)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (493794); AGAINST (0); ABSTAIN (16067)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (496441); AGAINST (0); ABSTAIN (13420)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (494554); AGAINST (0); ABSTAIN (15307)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (496381); AGAINST (0); ABSTAIN (13480)

FOR

100

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (495418); AGAINST (0); ABSTAIN (14443)

FOR

101

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (499959); AGAINST (6078); ABSTAIN (3824)

FOR

102

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (500474); AGAINST (5547); ABSTAIN (3839)

FOR

103

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

SHAREHOLD

FOR (28272); AGAINST (457850); ABSTAIN (23739)

FOR

104

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (59779); AGAINST (0); ABSTAIN (1943)

FOR

105

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (59772); AGAINST (0); ABSTAIN (1950)

FOR

106

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (59732); AGAINST (0); ABSTAIN (1990)

FOR

107

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (59614); AGAINST (0); ABSTAIN (2108)

FOR

108

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (59641); AGAINST (0); ABSTAIN (2081)

FOR

109

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (59655); AGAINST (0); ABSTAIN (2067)

FOR

110

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (59782); AGAINST (0); ABSTAIN (1940)

FOR

111

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (59605); AGAINST (0); ABSTAIN (2117)

FOR

112

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (59811); AGAINST (0); ABSTAIN (1911)

FOR

113

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (59588); AGAINST (0); ABSTAIN (2134)

FOR

114

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (59777); AGAINST (0); ABSTAIN (1945)

FOR

115

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (59635); AGAINST (0); ABSTAIN (2087)

FOR

116

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (57619); AGAINST (2568); ABSTAIN (1534)

FOR

117

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (57740); AGAINST (2473); ABSTAIN (1510)

FOR

118

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

SHAREHOLD

FOR (8927); AGAINST (50316); ABSTAIN (2479)

FOR

119

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (43508); AGAINST (0); ABSTAIN (888)

FOR

120

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (43503); AGAINST (0); ABSTAIN (893)

FOR

121

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (43508); AGAINST (0); ABSTAIN (888)

FOR

122

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (43516); AGAINST (0); ABSTAIN (880)

FOR

123

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (43508); AGAINST (0); ABSTAIN (888)

FOR

124

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (43514); AGAINST (0); ABSTAIN (882)

FOR

125

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (43514); AGAINST (0); ABSTAIN (882)

FOR

126

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (43440); AGAINST (0); ABSTAIN (956)

FOR

127

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (43527); AGAINST (0); ABSTAIN (869)

FOR

128

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (43389); AGAINST (0); ABSTAIN (1007)

FOR

129

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (43518); AGAINST (0); ABSTAIN (878)

FOR

130

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (43509); AGAINST (0); ABSTAIN (887)

FOR

131

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (42763); AGAINST (811); ABSTAIN (823)

FOR

132

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (42911); AGAINST (685); ABSTAIN (800)

FOR

133

GUGGENHEIM INVESTMENTS

CUT

18383Q879

SPECIAL; 05/01/2018

TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.

MGMT

FOR (152407); AGAINST (1679); ABSTAIN (24339)

FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS MANAGED RISK FLEX ETF PORTFOLIO

Item 1, Exhibit 13

Investment Company Act file number: 811-21853

Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS

(a) Issuer's Name

(b) Exchange Ticker Symbol

(c)"CUSIP" #

(d) Shareholder Meeting Date

(e) Matter Identification

(f) Proposal Type

(g) Voted

(h) Vote Cast

(i) For/Against Management

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (36898); AGAINST (0); ABSTAIN (266)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (36904); AGAINST (0); ABSTAIN (260)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (36911); AGAINST (0); ABSTAIN (253)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (36916); AGAINST (0); ABSTAIN (248)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (36905); AGAINST (0); ABSTAIN (259)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (36909); AGAINST (0); ABSTAIN (255)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (36904); AGAINST (0); ABSTAIN (260)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (36758); AGAINST (0); ABSTAIN (406)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (36917); AGAINST (0); ABSTAIN (247)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (36771); AGAINST (0); ABSTAIN (393)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (36914); AGAINST (0); ABSTAIN (250)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (36907); AGAINST (0); ABSTAIN (257)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (36422); AGAINST (417); ABSTAIN (325)

FOR

VANGUARD

BNDX

92203J407

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (36448); AGAINST (395); ABSTAIN (320)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (38087); AGAINST (0); ABSTAIN (238)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (38084); AGAINST (0); ABSTAIN (241)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (38087); AGAINST (0); ABSTAIN (238)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (37798); AGAINST (0); ABSTAIN (527)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (38089); AGAINST (0); ABSTAIN (236)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (38091); AGAINST (0); ABSTAIN (234)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (38089); AGAINST (0); ABSTAIN (236)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (38079); AGAINST (0); ABSTAIN (246)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (38095); AGAINST (0); ABSTAIN (230)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (38078); AGAINST (0); ABSTAIN (247)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (38092); AGAINST (0); ABSTAIN (233)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (38091); AGAINST (0); ABSTAIN (234)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (37786); AGAINST (221); ABSTAIN (318)

FOR

VANGUARD

VMBS

92206C771

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (37813); AGAINST (193); ABSTAIN (319)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (17824); AGAINST (0); ABSTAIN (250)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (17827); AGAINST (0); ABSTAIN (247)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (17844); AGAINST (0); ABSTAIN (230)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (17787); AGAINST (0); ABSTAIN (287)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (17822); AGAINST (0); ABSTAIN (252)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (17824); AGAINST (0); ABSTAIN (250)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (17836); AGAINST (0); ABSTAIN (238)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (17746); AGAINST (0); ABSTAIN (328)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (17854); AGAINST (0); ABSTAIN (220)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (17739); AGAINST (0); ABSTAIN (335)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (17839); AGAINST (0); ABSTAIN (235)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (17824); AGAINST (0); ABSTAIN (250)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (17286); AGAINST (572); ABSTAIN (215)

FOR

VANGUARD

VSS

922042718

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (17319); AGAINST (543); ABSTAIN (212)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (51513); AGAINST (0); ABSTAIN (652)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (51494); AGAINST (0); ABSTAIN (671)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (51552); AGAINST (0); ABSTAIN (613)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (51568); AGAINST (0); ABSTAIN (597)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (51496); AGAINST (0); ABSTAIN (669)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (51506); AGAINST (0); ABSTAIN (659)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (51504); AGAINST (0); ABSTAIN (661)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (51336); AGAINST (0); ABSTAIN (829)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (51578); AGAINST (0); ABSTAIN (587)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (51430); AGAINST (0); ABSTAIN (735)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (51561); AGAINST (0); ABSTAIN (604)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (51515); AGAINST (0); ABSTAIN (650)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (50500); AGAINST (1049); ABSTAIN (616)

FOR

VANGUARD

VNQI

922042676

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (50505); AGAINST (1047); ABSTAIN (612)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (35758); AGAINST (0); ABSTAIN (397)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (35747); AGAINST (0); ABSTAIN (408)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (35750); AGAINST (0); ABSTAIN (405)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (35757); AGAINST (0); ABSTAIN (398)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (35751); AGAINST (0); ABSTAIN (404)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (35757); AGAINST (0); ABSTAIN (398)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (35753); AGAINST (0); ABSTAIN (402)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (35625); AGAINST (0); ABSTAIN (530)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (35793); AGAINST (0); ABSTAIN (362)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (35610); AGAINST (0); ABSTAIN (545)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (35783); AGAINST (0); ABSTAIN (372)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (35757); AGAINST (0); ABSTAIN (398)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (35099); AGAINST (598); ABSTAIN (458)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (35108); AGAINST (599); ABSTAIN (448)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO

MGMT

FOR (34679); AGAINST (921); ABSTAIN (555)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED

MGMT

FOR (35017); AGAINST (593); ABSTAIN (545)

FOR

VANGUARD

VNQ

922908553

SPECIAL; 11/15/2017

SHAREHOLD

FOR (2857); AGAINST (32371); ABSTAIN (927)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (172799); AGAINST (0); ABSTAIN (2911)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (172790); AGAINST (0); ABSTAIN (2920)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (172740); AGAINST (0); ABSTAIN (2970)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (172878); AGAINST (0); ABSTAIN (2832)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (172802); AGAINST (0); ABSTAIN (2908)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (172819); AGAINST (0); ABSTAIN (2891)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (172809); AGAINST (0); ABSTAIN (2901)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (172482); AGAINST (0); ABSTAIN (3228)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (172932); AGAINST (0); ABSTAIN (2778)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (172473); AGAINST (0); ABSTAIN (3237)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (172804); AGAINST (0); ABSTAIN (2906)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (172809); AGAINST (0); ABSTAIN (2901)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (170251); AGAINST (3317); ABSTAIN (2142)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (170583); AGAINST (3019); ABSTAIN (2109)

FOR

VANGUARD

VEU

922042775

SPECIAL; 11/15/2017

SHAREHOLD

FOR (12873); AGAINST (157355); ABSTAIN (5482)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (90890); AGAINST (0); ABSTAIN (2506)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (90862); AGAINST (0); ABSTAIN (2534)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (90895); AGAINST (0); ABSTAIN (2501)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (90752); AGAINST (0); ABSTAIN (2644)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (90744); AGAINST (0); ABSTAIN (2652)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (90749); AGAINST (0); ABSTAIN (2647)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (90898); AGAINST (0); ABSTAIN (2498)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (90453); AGAINST (0); ABSTAIN (2943)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (90938); AGAINST (0); ABSTAIN (2458)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (90592); AGAINST (0); ABSTAIN (2804)

FOR

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (90927); AGAINST (0); ABSTAIN (2469)

FOR

100

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (90750); AGAINST (0); ABSTAIN (2646)

FOR

101

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (91582); AGAINST (1113); ABSTAIN (700)

FOR

102

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (91677); AGAINST (1016); ABSTAIN (703)

FOR

103

VANGUARD

VWO

922042858

SPECIAL; 11/15/2017

SHAREHOLD

FOR (5179); AGAINST (83869); ABSTAIN (4349)

FOR

104

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (10955); AGAINST (0); ABSTAIN (356)

FOR

105

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (10954); AGAINST (0); ABSTAIN (357)

FOR

106

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (10946); AGAINST (0); ABSTAIN (365)

FOR

107

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (10925); AGAINST (0); ABSTAIN (386)

FOR

108

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (10930); AGAINST (0); ABSTAIN (381)

FOR

109

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (10932); AGAINST (0); ABSTAIN (379)

FOR

110

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (10956); AGAINST (0); ABSTAIN (355)

FOR

111

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (10923); AGAINST (0); ABSTAIN (388)

FOR

112

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (10961); AGAINST (0); ABSTAIN (350)

FOR

113

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (10920); AGAINST (0); ABSTAIN (391)

FOR

114

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (10955); AGAINST (0); ABSTAIN (356)

FOR

115

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (10928); AGAINST (0); ABSTAIN (383)

FOR

116

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (10559); AGAINST (471); ABSTAIN (281)

FOR

117

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (10581); AGAINST (453); ABSTAIN (277)

FOR

118

VANGUARD

VDE

92204A306

SPECIAL; 11/15/2017

SHAREHOLD

FOR (1636); AGAINST (9221); ABSTAIN (454)

FOR

119

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.1

DIRECTOR MORTIMER J BUCKLEY

MGMT

FOR (8001); AGAINST (0); ABSTAIN (163)

FOR

120

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.2

DIRECTOR EMERSON U FULLWOOD

MGMT

FOR (8000); AGAINST (0); ABSTAIN (164)

FOR

121

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.3

DIRECTOR AMY GUTMANN

MGMT

FOR (8001); AGAINST (0); ABSTAIN (163)

FOR

122

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.4

DIRECTOR JOANN HEFFERNAN HEISEN

MGMT

FOR (8002); AGAINST (0); ABSTAIN (162)

FOR

123

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.5

DIRECOTR F JOSEPH LOUGHREY

MGMT

FOR (8001); AGAINST (0); ABSTAIN (163)

FOR

124

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.6

DIRECTOR MARK LOUGHRIDGE

MGMT

FOR (8002); AGAINST (0); ABSTAIN (162)

FOR

125

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.7

DIRECTOR SCOTT C MALPASS

MGMT

FOR (8002); AGAINST (0); ABSTAIN (162)

FOR

126

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.8

DIRECTOR F WILLIAM MCNABB III

MGMT

FOR (7988); AGAINST (0); ABSTAIN (176)

FOR

127

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.9

DIRECTOR DEANNA MULLIGAN

MGMT

FOR (8004); AGAINST (0); ABSTAIN (160)

FOR

128

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.10

DIRECTOR ANDRE F PEROLD

MGMT

FOR (7979); AGAINST (0); ABSTAIN (185)

FOR

129

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.11

DIRECTOR SARAH BLOOM RASKIN

MGMT

FOR (8003); AGAINST (0); ABSTAIN (161)

FOR

130

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

1.12

DIRECTOR PETER F VOLANKIS

MGMT

FOR (8001); AGAINST (0); ABSTAIN (163)

FOR

131

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS

MGMT

FOR (7864); AGAINST (149); ABSTAIN (151)

FOR

132

VANGUARD

VAW

92204A801

SPECIAL; 11/15/2017

APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

MGMT

FOR (7891); AGAINST (126); ABSTAIN (147)

FOR

133

GUGGENHEIM INVESTMENTS

CUT

18383Q879

SPECIAL; 05/01/2018

TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.

MGMT

FOR (30584); AGAINST (337); ABSTAIN (4884)

FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS MANAGED RISK GROWTH ETF PORTFOLIO								Item 1, Exhibit 14
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (164418); AGAINST (0); ABSTAIN (1025)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (164403); AGAINST (0); ABSTAIN (1040)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (164416); AGAINST (0); ABSTAIN (1027)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (163169); AGAINST (0); ABSTAIN (2274)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (164424); AGAINST (0); ABSTAIN (1019)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (164432); AGAINST (0); ABSTAIN (1011)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (164423); AGAINST (0); ABSTAIN (1020)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (164380); AGAINST (0); ABSTAIN (1063)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (164451); AGAINST (0); ABSTAIN (992)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (164375); AGAINST (0); ABSTAIN (1068)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (164437); AGAINST (0); ABSTAIN (1006)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (164431); AGAINST (0); ABSTAIN (1012)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (163117); AGAINST (955); ABSTAIN (1372)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (163233); AGAINST (834); ABSTAIN (1376)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (153839); AGAINST (0); ABSTAIN (2160)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (153871); AGAINST (0); ABSTAIN (2128)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (154010); AGAINST (0); ABSTAIN (1989)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (153518); AGAINST (0); ABSTAIN (2481)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (153822); AGAINST (0); ABSTAIN (2177)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (153839); AGAINST (0); ABSTAIN (2160)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (153941); AGAINST (0); ABSTAIN (2058)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (153167); AGAINST (0); ABSTAIN (2832)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (154098); AGAINST (0); ABSTAIN (1901)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (153111); AGAINST (0); ABSTAIN (2888)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (153972); AGAINST (0); ABSTAIN (2027)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (153839); AGAINST (0); ABSTAIN (2160)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (149201); AGAINST (4940); ABSTAIN (1858)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (149480); AGAINST (4689); ABSTAIN (1830)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (441038); AGAINST (0); ABSTAIN (5583)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (440874); AGAINST (0); ABSTAIN (5747)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (441373); AGAINST (0); ABSTAIN (5248)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (441510); AGAINST (0); ABSTAIN (5111)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (440892); AGAINST (0); ABSTAIN (5729)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (440976); AGAINST (0); ABSTAIN (5645)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (440962); AGAINST (0); ABSTAIN (5659)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (439527); AGAINST (0); ABSTAIN (7094)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (441594); AGAINST (0); ABSTAIN (5027)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (440331); AGAINST (0); ABSTAIN (6290)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (441453); AGAINST (0); ABSTAIN (5168)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (441060); AGAINST (0); ABSTAIN (5561)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (432369); AGAINST (8982); ABSTAIN (5270)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (432410); AGAINST (8968); ABSTAIN (5243)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (205003); AGAINST (0); ABSTAIN (2277)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (204939); AGAINST (0); ABSTAIN (2341)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (204958); AGAINST (0); ABSTAIN (2322)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (204997); AGAINST (0); ABSTAIN (2283)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (204962); AGAINST (0); ABSTAIN (2318)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (205001); AGAINST (0); ABSTAIN (2279)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (204974); AGAINST (0); ABSTAIN (2306)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (204243); AGAINST (0); ABSTAIN (3037)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (205204); AGAINST (0); ABSTAIN (2076)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (204153); AGAINST (0); ABSTAIN (3127)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (205149); AGAINST (0); ABSTAIN (2131)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (205001); AGAINST (0); ABSTAIN (2279)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (201223); AGAINST (3430); ABSTAIN (2626)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (201277); AGAINST (3437); ABSTAIN (2566)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (198819); AGAINST (5277); ABSTAIN (3184)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (200757); AGAINST (3397); ABSTAIN (3126)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (16381); AGAINST (185586); ABSTAIN (5313)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2796971); AGAINST (0); ABSTAIN (47125)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2796831); AGAINST (0); ABSTAIN (47265)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2796018); AGAINST (0); ABSTAIN (48078)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2798259); AGAINST (0); ABSTAIN (45837)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2797027); AGAINST (0); ABSTAIN (47069)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2797307); AGAINST (0); ABSTAIN (46789)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2797139); AGAINST (0); ABSTAIN (46957)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2791845); AGAINST (0); ABSTAIN (52251)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2799127); AGAINST (0); ABSTAIN (44969)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2791705); AGAINST (0); ABSTAIN (52391)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2797055); AGAINST (0); ABSTAIN (47041)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2797139); AGAINST (0); ABSTAIN (46957)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2755730); AGAINST (53697); ABSTAIN (34670)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2761105); AGAINST (48862); ABSTAIN (34129)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (208358); AGAINST (2547002); ABSTAIN (88736)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1064744); AGAINST (0); ABSTAIN (29352)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1064414); AGAINST (0); ABSTAIN (29682)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1064798); AGAINST (0); ABSTAIN (29298)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1063124); AGAINST (0); ABSTAIN (30972)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1063029); AGAINST (0); ABSTAIN (31067)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1063082); AGAINST (0); ABSTAIN (31014)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1064830); AGAINST (0); ABSTAIN (29266)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1059618); AGAINST (0); ABSTAIN (34478)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1065298); AGAINST (0); ABSTAIN (28798)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1061249); AGAINST (0); ABSTAIN (32847)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1065171); AGAINST (0); ABSTAIN (28925)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1063103); AGAINST (0); ABSTAIN (30993)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1072849); AGAINST (13042); ABSTAIN (8206)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1073954); AGAINST (11904); ABSTAIN (8239)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (60668); AGAINST (982487); ABSTAIN (50941)	FOR
104	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (93379); AGAINST (0); ABSTAIN (3035)	FOR
105	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (93367); AGAINST (0); ABSTAIN (3047)	FOR
106	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (93306); AGAINST (0); ABSTAIN (3108)	FOR
107	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (93120); AGAINST (0); ABSTAIN (3294)	FOR
108	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (93163); AGAINST (0); ABSTAIN (3251)	FOR
109	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (93186); AGAINST (0); ABSTAIN (3228)	FOR
110	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (93384); AGAINST (0); ABSTAIN (3030)	FOR
111	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (93107); AGAINST (0); ABSTAIN (3307)	FOR
112	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (93429); AGAINST (0); ABSTAIN (2985)	FOR
113	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (93081); AGAINST (0); ABSTAIN (3333)	FOR
114	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (93376); AGAINST (0); ABSTAIN (3038)	FOR
115	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (93153); AGAINST (0); ABSTAIN (3261)	FOR
116	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (90005); AGAINST (4012); ABSTAIN (2397)	FOR
117	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (90193); AGAINST (3862); ABSTAIN (2358)	FOR
118	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (13944); AGAINST (78597); ABSTAIN (3873)	FOR
119	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (68514); AGAINST (0); ABSTAIN (1398)	FOR
120	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (68505); AGAINST (0); ABSTAIN (1407)	FOR
121	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (68514); AGAINST (0); ABSTAIN (1398)	FOR
122	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (68527); AGAINST (0); ABSTAIN (1385)	FOR
123	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (68514); AGAINST (0); ABSTAIN (1398)	FOR
124	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (68524); AGAINST (0); ABSTAIN (1388)	FOR
125	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (68524); AGAINST (0); ABSTAIN (1388)	FOR
126	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (68407); AGAINST (0); ABSTAIN (1505)	FOR
127	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (68543); AGAINST (0); ABSTAIN (1369)	FOR
128	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (68326); AGAINST (0); ABSTAIN (1586)	FOR
129	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (68530); AGAINST (0); ABSTAIN (1382)	FOR
130	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (68516); AGAINST (0); ABSTAIN (1396)	FOR
131	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (67340); AGAINST (1277); ABSTAIN (1295)	FOR
132	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (67573); AGAINST (1079); ABSTAIN (1259)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (243018); AGAINST (2677); ABSTAIN (38809)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO									Item 1, Exhibit 15
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
1	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (166457); AGAINST (0); ABSTAIN (1201)	FOR
2	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (166487); AGAINST (0); ABSTAIN (1171)	FOR
3	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (166515); AGAINST (0); ABSTAIN (1143)	FOR
4	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (166538); AGAINST (0); ABSTAIN (1120)	FOR
5	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (166492); AGAINST (0); ABSTAIN (1166)	FOR
6	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (166508); AGAINST (0); ABSTAIN (1150)	FOR
7	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (166483); AGAINST (0); ABSTAIN (1175)	FOR
8	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (165825); AGAINST (0); ABSTAIN (1833)	FOR
9	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (166542); AGAINST (0); ABSTAIN (1116)	FOR
10	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (165885); AGAINST (0); ABSTAIN (1773)	FOR
11	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (166532); AGAINST (0); ABSTAIN (1126)	FOR
12	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (166498); AGAINST (0); ABSTAIN (1160)	FOR
13	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (164312); AGAINST (1879); ABSTAIN (1467)	FOR
14	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (164429); AGAINST (1784); ABSTAIN (1445)	FOR
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (343476); AGAINST (0); ABSTAIN (2142)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (343445); AGAINST (0); ABSTAIN (2173)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (343473); AGAINST (0); ABSTAIN (2145)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (340868); AGAINST (0); ABSTAIN (4750)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (343490); AGAINST (0); ABSTAIN (2128)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (343507); AGAINST (0); ABSTAIN (2111)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (343486); AGAINST (0); ABSTAIN (2132)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (343397); AGAINST (0); ABSTAIN (2221)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (343545); AGAINST (0); ABSTAIN (2073)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (343387); AGAINST (0); ABSTAIN (2231)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (343517); AGAINST (0); ABSTAIN (2101)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (343503); AGAINST (0); ABSTAIN (2115)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (340759); AGAINST (1994); ABSTAIN (2865)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (341001); AGAINST (1742); ABSTAIN (2876)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (160425); AGAINST (0); ABSTAIN (2252)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (160458); AGAINST (0); ABSTAIN (2219)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (160603); AGAINST (0); ABSTAIN (2074)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (160090); AGAINST (0); ABSTAIN (2587)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (160407); AGAINST (0); ABSTAIN (2270)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (160425); AGAINST (0); ABSTAIN (2252)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (160531); AGAINST (0); ABSTAIN (2146)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (159724); AGAINST (0); ABSTAIN (2953)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (160695); AGAINST (0); ABSTAIN (1982)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (159666); AGAINST (0); ABSTAIN (3011)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (160563); AGAINST (0); ABSTAIN (2114)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (160425); AGAINST (0); ABSTAIN (2252)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (155598); AGAINST (5152); ABSTAIN (1937)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (155879); AGAINST (4890); ABSTAIN (1908)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (459826); AGAINST (0); ABSTAIN (5821)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (459655); AGAINST (0); ABSTAIN (5992)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (460176); AGAINST (0); ABSTAIN (5471)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (460319); AGAINST (0); ABSTAIN (5328)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (459674); AGAINST (0); ABSTAIN (5973)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (459761); AGAINST (0); ABSTAIN (5886)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (459747); AGAINST (0); ABSTAIN (5900)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (458250); AGAINST (0); ABSTAIN (7397)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (460406); AGAINST (0); ABSTAIN (5241)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (459089); AGAINST (0); ABSTAIN (6558)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (460259); AGAINST (0); ABSTAIN (5388)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (459849); AGAINST (0); ABSTAIN (5798)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (450788); AGAINST (9364); ABSTAIN (5495)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (450830); AGAINST (9350); ABSTAIN (5467)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (214018); AGAINST (0); ABSTAIN (2377)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (213951); AGAINST (0); ABSTAIN (2444)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (213971); AGAINST (0); ABSTAIN (2424)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (214011); AGAINST (0); ABSTAIN (2384)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (213975); AGAINST (0); ABSTAIN (2420)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (214016); AGAINST (0); ABSTAIN (2379)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (213988); AGAINST (0); ABSTAIN (2407)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (213225); AGAINST (0); ABSTAIN (3170)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (214228); AGAINST (0); ABSTAIN (2167)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (213130); AGAINST (0); ABSTAIN (3265)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (214170); AGAINST (0); ABSTAIN (2225)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (214016); AGAINST (0); ABSTAIN (2379)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (210072); AGAINST (3581); ABSTAIN (2742)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (210128); AGAINST (3588); ABSTAIN (2679)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (207562); AGAINST (5509); ABSTAIN (3324)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (209585); AGAINST (3547); ABSTAIN (3263)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (17102); AGAINST (193747); ABSTAIN (5546)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (2063794); AGAINST (0); ABSTAIN (34772)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (2063690); AGAINST (0); ABSTAIN (34876)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (2063091); AGAINST (0); ABSTAIN (35475)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (2064744); AGAINST (0); ABSTAIN (33822)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (2063835); AGAINST (0); ABSTAIN (34731)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (2064042); AGAINST (0); ABSTAIN (34524)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (2063918); AGAINST (0); ABSTAIN (34648)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (2060012); AGAINST (0); ABSTAIN (38554)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (2065385); AGAINST (0); ABSTAIN (33181)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (2059909); AGAINST (0); ABSTAIN (38657)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (2063856); AGAINST (0); ABSTAIN (34710)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (2063918); AGAINST (0); ABSTAIN (34648)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2033364); AGAINST (39621); ABSTAIN (25582)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2037330); AGAINST (36053); ABSTAIN (25183)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (153741); AGAINST (1879350); ABSTAIN (65475)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (815673); AGAINST (0); ABSTAIN (22486)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (815420); AGAINST (0); ABSTAIN (22739)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (815714); AGAINST (0); ABSTAIN (22445)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (814432); AGAINST (0); ABSTAIN (23727)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (814539); AGAINST (0); ABSTAIN (23800)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (814400); AGAINST (0); ABSTAIN (23759)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (815739); AGAINST (0); ABSTAIN (22420)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (811747); AGAINST (0); ABSTAIN (26412)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (816098); AGAINST (0); ABSTAIN (22061)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (812996); AGAINST (0); ABSTAIN (25163)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (816000); AGAINST (0); ABSTAIN (22159)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (814416); AGAINST (0); ABSTAIN (23743)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (821882); AGAINST (9991); ABSTAIN (6286)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (822728); AGAINST (9119); ABSTAIN (6311)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (46476); AGAINST (752658); ABSTAIN (39025)	FOR
104	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (98152); AGAINST (0); ABSTAIN (3190)	FOR
105	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (98140); AGAINST (0); ABSTAIN (3202)	FOR
106	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (98075); AGAINST (0); ABSTAIN (3267)	FOR
107	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (97880); AGAINST (0); ABSTAIN (3462)	FOR
108	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (97925); AGAINST (0); ABSTAIN (3417)	FOR
109	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (97949); AGAINST (0); ABSTAIN (3393)	FOR
110	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (98157); AGAINST (0); ABSTAIN (3185)	FOR
111	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (97866); AGAINST (0); ABSTAIN (3476)	FOR
112	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (98205); AGAINST (0); ABSTAIN (3137)	FOR
113	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (97839); AGAINST (0); ABSTAIN (3503)	FOR
114	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (98149); AGAINST (0); ABSTAIN (3193)	FOR
115	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (97915); AGAINST (0); ABSTAIN (3427)	FOR
116	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (94606); AGAINST (4217); ABSTAIN (2519)	FOR
117	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (94803); AGAINST (4060); ABSTAIN (2479)	FOR
118	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (14657); AGAINST (82614); ABSTAIN (4071)	FOR
119	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (71395); AGAINST (0); ABSTAIN (1457)	FOR
120	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (71386); AGAINST (0); ABSTAIN (1466)	FOR
121	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (71395); AGAINST (0); ABSTAIN (1457)	FOR
122	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (71408); AGAINST (0); ABSTAIN (1444)	FOR
123	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (71395); AGAINST (0); ABSTAIN (1457)	FOR
124	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (71405); AGAINST (0); ABSTAIN (1447)	FOR
125	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (71405); AGAINST (0); ABSTAIN (1447)	FOR
126	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (71283); AGAINST (0); ABSTAIN (1569)	FOR
127	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (71425); AGAINST (0); ABSTAIN (1427)	FOR
128	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (71199); AGAINST (0); ABSTAIN (1653)	FOR
129	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (71412); AGAINST (0); ABSTAIN (1440)	FOR
130	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (71397); AGAINST (0); ABSTAIN (1455)	FOR
131	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (70172); AGAINST (1330); ABSTAIN (1350)	FOR
132	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (70415); AGAINST (1125); ABSTAIN (1312)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (251007); AGAINST (2765); ABSTAIN (40085)	FOR

Registrant: NORTHERN LIGHTS VARIABLE TRUST - TOPS MODERATE GROWTH ETF PORTFOLIO									Item 1, Exhibit 16
Investment Company Act file number: 811-21853
Reporting Period: July 1, 2017 through June 30, 2018

FORM N-PX - PROXY VOTING RECORD REQUIREMENTS
	(a) Issuer's Name	(b) Exchange Ticker Symbol	(c)"CUSIP" #	(d) Shareholder Meeting Date	(e) Matter Identification		(f) Proposal Type	(g) Voted	(h) Vote Cast	(i) For/Against Management
1	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3153); AGAINST (0); ABSTAIN (23)	FOR
2	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
3	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
4	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3155); AGAINST (0); ABSTAIN (21)	FOR
5	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
6	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
7	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
8	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3141); AGAINST (0); ABSTAIN (35)	FOR
9	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3155); AGAINST (0); ABSTAIN (21)	FOR
10	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3142); AGAINST (0); ABSTAIN (34)	FOR
11	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3155); AGAINST (0); ABSTAIN (21)	FOR
12	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3154); AGAINST (0); ABSTAIN (22)	FOR
13	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (3113); AGAINST (36); ABSTAIN (28)	FOR
14	VANGUARD	BNDX	92203J407	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (3115); AGAINST (34); ABSTAIN (27)	FOR
15	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (6530); AGAINST (0); ABSTAIN (41)	FOR
16	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (6530); AGAINST (0); ABSTAIN (41)	FOR
17	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (6530); AGAINST (0); ABSTAIN (41)	FOR
18	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (6481); AGAINST (0); ABSTAIN (90)	FOR
19	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (6531); AGAINST (0); ABSTAIN (40)	FOR
20	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (6531); AGAINST (0); ABSTAIN (40)	FOR
21	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (6530); AGAINST (0); ABSTAIN (41)	FOR
22	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (6529); AGAINST (0); ABSTAIN (42)	FOR
23	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (6532); AGAINST (0); ABSTAIN (39)	FOR
24	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (6529); AGAINST (0); ABSTAIN (42)	FOR
25	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (6531); AGAINST (0); ABSTAIN (40)	FOR
26	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (6531); AGAINST (0); ABSTAIN (40)	FOR
27	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (6479); AGAINST (38); ABSTAIN (54)	FOR
28	VANGUARD	VMBS	92206C771	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (6483); AGAINST (33); ABSTAIN (55)	FOR
29	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (3051); AGAINST (0); ABSTAIN (43)	FOR
30	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (3052); AGAINST (0); ABSTAIN (42)	FOR
31	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (3055); AGAINST (0); ABSTAIN (39)	FOR
32	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (3045); AGAINST (0); ABSTAIN (49)	FOR
33	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (3051); AGAINST (0); ABSTAIN (43)	FOR
34	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (3051); AGAINST (0); ABSTAIN (43)	FOR
35	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (3053); AGAINST (0); ABSTAIN (41)	FOR
36	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (3038); AGAINST (0); ABSTAIN (56)	FOR
37	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (3056); AGAINST (0); ABSTAIN (38)	FOR
38	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (3037); AGAINST (0); ABSTAIN (57)	FOR
39	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (3054); AGAINST (0); ABSTAIN (40)	FOR
40	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (3051); AGAINST (0); ABSTAIN (43)	FOR
41	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (2959); AGAINST (98); ABSTAIN (37)	FOR
42	VANGUARD	VSS	922042718	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (2965); AGAINST (93); ABSTAIN (36)	FOR
43	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (8781); AGAINST (0); ABSTAIN (111)	FOR
44	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (8778); AGAINST (0); ABSTAIN (114)	FOR
45	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (8788); AGAINST (0); ABSTAIN (104)	FOR
46	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (8790); AGAINST (0); ABSTAIN (102)	FOR
47	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (8778); AGAINST (0); ABSTAIN (114)	FOR
48	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (8780); AGAINST (0); ABSTAIN (112)	FOR
49	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (8779); AGAINST (0); ABSTAIN (113)	FOR
50	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (8751); AGAINST (0); ABSTAIN (141)	FOR
51	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (8792); AGAINST (0); ABSTAIN (100)	FOR
52	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (8767); AGAINST (0); ABSTAIN (125)	FOR
53	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (8789); AGAINST (0); ABSTAIN (103)	FOR
54	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (8781); AGAINST (0); ABSTAIN (111)	FOR
55	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (8608); AGAINST (179); ABSTAIN (105)	FOR
56	VANGUARD	VNQI	922042676	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (8609); AGAINST (179); ABSTAIN (104)	FOR
57	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
58	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (4103); AGAINST (0); ABSTAIN (47)	FOR
59	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
60	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
61	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
62	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
63	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
64	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (4089); AGAINST (0); ABSTAIN (61)	FOR
65	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (4108); AGAINST (0); ABSTAIN (42)	FOR
66	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (4087); AGAINST (0); ABSTAIN (63)	FOR
67	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (4107); AGAINST (0); ABSTAIN (43)	FOR
68	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (4104); AGAINST (0); ABSTAIN (46)	FOR
69	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (4029); AGAINST (69); ABSTAIN (53)	FOR
70	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (4030); AGAINST (69); ABSTAIN (51)	FOR
71	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	4	CHANGE THE INVESTMENT OBJECTIVE OF VANGUARD REIT INDEX FUND AND VANGUARD VARIABLE INSURANCE FUND- REIT INDEX PORTFOLIO	MGMT	Y	FOR (3981); AGAINST (106); ABSTAIN (64)	FOR
72	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	5	RECLASSIFY THE DIVERSIFICATION STATUS OF VANGUARD REIT INDEX FUND TO NONDIVERSIFIED	MGMT	Y	FOR (4019); AGAINST (68); ABSTAIN (63)	FOR
73	VANGUARD	VNQ	922908553	SPECIAL; 11/15/2017	6	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (328); AGAINST (3716); ABSTAIN (106)	FOR
74	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (39439); AGAINST (0); ABSTAIN (665)	FOR
75	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (39438); AGAINST (0); ABSTAIN (666)	FOR
76	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (39426); AGAINST (0); ABSTAIN (678)	FOR
77	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (39458); AGAINST (0); ABSTAIN (646)	FOR
78	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (39440); AGAINST (0); ABSTAIN (664)	FOR
79	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (39444); AGAINST (0); ABSTAIN (660)	FOR
80	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (39442); AGAINST (0); ABSTAIN (662)	FOR
81	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (39367); AGAINST (0); ABSTAIN (737)	FOR
82	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (39470); AGAINST (0); ABSTAIN (634)	FOR
83	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (39365); AGAINST (0); ABSTAIN (739)	FOR
84	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (39441); AGAINST (0); ABSTAIN (663)	FOR
85	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (39442); AGAINST (0); ABSTAIN (662)	FOR
86	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (38858); AGAINST (757); ABSTAIN (489)	FOR
87	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (38934); AGAINST (689); ABSTAIN (481)	FOR
88	VANGUARD	VEU	922042775	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (2938); AGAINST (35915); ABSTAIN (1251)	FOR
89	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (15649); AGAINST (0); ABSTAIN (431)	FOR
90	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (15644); AGAINST (0); ABSTAIN (436)	FOR
91	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (15649); AGAINST (0); ABSTAIN (431)	FOR
92	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (15625); AGAINST (0); ABSTAIN (455)	FOR
93	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (15623); AGAINST (0); ABSTAIN (457)	FOR
94	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (15624); AGAINST (0); ABSTAIN (456)	FOR
95	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (15650); AGAINST (0); ABSTAIN (430)	FOR
96	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (15573); AGAINST (0); ABSTAIN (507)	FOR
97	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (15657); AGAINST (0); ABSTAIN (423)	FOR
98	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (15597); AGAINST (0); ABSTAIN (483)	FOR
99	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (15655); AGAINST (0); ABSTAIN (425)	FOR
100	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (15624); AGAINST (0); ABSTAIN (456)	FOR
101	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (15768); AGAINST (192); ABSTAIN (121)	FOR
102	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (15784); AGAINST (175); ABSTAIN (121)	FOR
103	VANGUARD	VWO	922042858	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (892); AGAINST (14440); ABSTAIN (749)	FOR
104	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1896); AGAINST (0); ABSTAIN (62)	FOR
105	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1896); AGAINST (0); ABSTAIN (62)	FOR
106	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1895); AGAINST (0); ABSTAIN (63)	FOR
107	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1891); AGAINST (0); ABSTAIN (67)	FOR
108	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1892); AGAINST (0); ABSTAIN (66)	FOR
109	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1892); AGAINST (0); ABSTAIN (66)	FOR
110	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1896); AGAINST (0); ABSTAIN (62)	FOR
111	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1891); AGAINST (0); ABSTAIN (67)	FOR
112	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1897); AGAINST (0); ABSTAIN (61)	FOR
113	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1890); AGAINST (0); ABSTAIN (68)	FOR
114	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1896); AGAINST (0); ABSTAIN (62)	FOR
115	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1892); AGAINST (0); ABSTAIN (66)	FOR
116	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1828); AGAINST (81); ABSTAIN (49)	FOR
117	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1832); AGAINST (78); ABSTAIN (48)	FOR
118	VANGUARD	VDE	92204A306	SPECIAL; 11/15/2017	4	A SHAREHOLDER PROPOSAL TO "INSTITUTE TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN COMPANIES THAT, IN MANAGEMENT'S JUDGMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY, THE MOST EGREGIOUS VIOLATIONS OF HUMAN RIGHTS. SUCH PROCEDURES MAY INCLUDE TIME-LIMITED ENGAGEMENT WITH PROBLEM COMPANIES IF MANAGEMENT BELIEVES THAT THEIR BEHAVIOR CAN BE CHANGED."	SHAREHOLD	Y	FOR (283); AGAINST (1596); ABSTAIN (79)	FOR
119	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.1	DIRECTOR MORTIMER J BUCKLEY	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
120	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.2	DIRECTOR EMERSON U FULLWOOD	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
121	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.3	DIRECTOR AMY GUTMANN	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
122	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.4	DIRECTOR JOANN HEFFERNAN HEISEN	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
123	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.5	DIRECOTR F JOSEPH LOUGHREY	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
124	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.6	DIRECTOR MARK LOUGHRIDGE	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
125	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.7	DIRECTOR SCOTT C MALPASS	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
126	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.8	DIRECTOR F WILLIAM MCNABB III	MGMT	Y	FOR (1385); AGAINST (0); ABSTAIN (30)	FOR
127	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.9	DIRECTOR DEANNA MULLIGAN	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
128	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.10	DIRECTOR ANDRE F PEROLD	MGMT	Y	FOR (1383); AGAINST (0); ABSTAIN (32)	FOR
129	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.11	DIRECTOR SARAH BLOOM RASKIN	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
130	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	1.12	DIRECTOR PETER F VOLANKIS	MGMT	Y	FOR (1387); AGAINST (0); ABSTAIN (28)	FOR
131	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	2	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH THIRD-PARTY INVESTMENT ADVISORS	MGMT	Y	FOR (1363); AGAINST (26); ABSTAIN (26)	FOR
132	VANGUARD	VAW	92204A801	SPECIAL; 11/15/2017	3	APPROVE A MANAGER OF MANAGERS ARRANGEMENT WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD	MGMT	Y	FOR (1368); AGAINST (22); ABSTAIN (25)	FOR
133	GUGGENHEIM INVESTMENTS	CUT	18383Q879	SPECIAL; 05/01/2018	1	TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION THAT PROVIDES FOR THE REORGANIZATION OF THE FUND INTO A CORRESPONDING, NEWLY FORMED SERIES OF THE POWERSHARES BY INVESCO FAMILY OF FUNDS.	MGMT	Y	FOR (5338); AGAINST (59); ABSTAIN (852)	FOR

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) NORTHERN LIGHTS VARIABLE TRUST

By (Signature and Title)* /s/ Kevin Wolf

Kevin Wolf, President

Date: August 3, 2018

* Print the name and title of each signing officer under his or her signature.

Northern Lights Variable Trust N-PXAnnual report of proxy voting record