Eaton Vance Variable Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-10067

Eaton Vance Variable Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

VT Floating-Rate Income Fund

Semiannual Report

June 30, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report June 30, 2021

Eaton Vance

VT Floating-Rate Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Joint Special Meeting of Shareholders	33
Liquidity Risk Management Program	34
Officers and Trustees	35
Privacy Notice	36
Important Notices	38

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Performance^1,2

Portfolio Managers Craig P. Russ, Andrew N. Sveen, CFA, Jeffrey R. Hesselbein, CFA and Michael J. Turgel, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Initial Class at NAV		05/02/2001		05/02/2001		2.35	%		8.87	%		3.85	%		3.40	%
ADV Class at NAV		04/15/2014		05/02/2001		2.36			9.02			4.11			3.57
Institutional Class at NAV		05/02/2016		05/02/2001		2.62			9.50			4.43			3.73
S&P/LSTA Leveraged Loan Index		—		—		3.28	%		11.65	%		4.98	%		4.38	%
% Total Annual Operating Expense Ratios3								Initial Class			ADV Class			Institutional Class
									1.20	%		0.95	%		0.67	%

Fund Profile

Top 10 Issuers (% of total investments)⁴

TransDigm, Inc.	1.1	%
Ziggo B.V.	0.9
Epicor Software Corporation	0.9
Asurion, LLC	0.9
Altice France S.A.	0.9
Hyland Software, Inc.	0.8
Mallinckrodt International Finance S.A.	0.7
CSC Holdings, LLC	0.7
Informatica, LLC	0.7
Ultimate Software Group, Inc. (The)	0.7
Total	8.3	%

Credit Quality (% of bond and loan holdings)⁵

Top 10 Sectors (% of total investments)⁴

Electronics/Electrical	18.2	%
Business Equipment and Services	9.0
Health Care	8.3
Chemicals and Plastics	4.2
Building and Development	4.0
Cable and Satellite Television	3.9
Industrial Equipment	3.7
Drugs	3.7
Telecommunications	3.2
Automotive	3.2
Total	61.4	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Endnotes and Additional Disclosures

¹  S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of ADV Class is linked to Initial Class and the performance of Institutional Class is linked to ADV Class. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

⁵  Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

Fund profile subject to change due to active management.

3

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 – June 30, 2021).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts and to qualified pension and retirement plans, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would be higher.

	Beginning Account Value (1/1/21)		Ending Account Value (6/30/21)		Expenses Paid During Period* (1/1/21 – 6/30/21)		Annualized Expense Ratio
Actual
Initial Class	$	1,000.00	$	1,023.50	$	5.87		1.17	%
ADV Class	$	1,000.00	$	1,023.60	$	4.62		0.92	%
Institutional Class	$	1,000.00	$	1,026.20	$	3.22		0.64	%
Hypothetical
(5% return per year before expenses)
Initial Class	$	1,000.00	$	1,019.00	$	5.86		1.17	%
ADV Class	$	1,000.00	$	1,020.20	$	4.61		0.92	%
Institutional Class	$	1,000.00	$	1,021.60	$	3.21		0.64	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2020. Expenses shown do not include insurance-related charges.

4

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited)

Asset-Backed Securities — 1.5%
Security	Principal Amount (000’s omitted)		Value
Debt Obligations — 1.5%
BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 7.00%, (3 mo. USD LIBOR + 6.84%), 4/20/34(1)(2)	$	1,000	$	991,498
Kayne CLO 5, Ltd., Series 2019-5A, Class E, 6.876%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2)		2,000		2,001,328
Kayne CLO 11, Ltd., Series 2021-11A, Class E, 6.416%, (3 mo. USD LIBOR + 6.25%), 4/15/34(1)(2)		2,000		2,002,710
Palmer Square CLO, Ltd., Series 2015-1A, Class DR4, 6.625%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2)		1,000		1,000,461
Riserva CLO, Ltd., Series 2016-3A, Class ERR, 6.69%, (3 mo. USD LIBOR + 6.50%), 1/18/34(1)(2)		2,250		2,255,697
Total Asset-Backed Securities (identified cost $8,253,000)			$	8,251,694
Common Stocks — 0.8%
Security	Shares		Value
Aerospace and Defense — 0.1%
IAP Global Services, LLC(3)(4)(5)		24	$	265,473
			$	265,473
Automotive — 0.0%(6)
Dayco Products, LLC(4)(5)		15,250	$	45,750
			$	45,750
Business Equipment and Services — 0.0%(6)
Crossmark Holdings, Inc.(4)(5)		3,059	$	183,540
			$	183,540
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(4)(5)		30,229	$	559,237
			$	559,237
Containers and Glass Products — 0.0%(6)
LG Newco Holdco, Inc.(4)(5)		33,758	$	73,846
			$	73,846
Electronics / Electrical — 0.1%
Skillsoft Corp.(4)(5)		66,843	$	668,430
			$	668,430

Security	Shares		Value
Health Care — 0.2%
Akorn Holding Company, LLC, Class A(4)(5)		58,449	$	918,134
			$	918,134
Nonferrous Metals / Minerals — 0.0%(6)
ACNR Holdings, Inc., Class A(4)(5)		2,056	$	41,291
			$	41,291
Oil and Gas — 0.0%(6)
AFG Holdings, Inc.(3)(4)(5)		17,136	$	189,353
Fieldwood Energy, Inc.(3)(4)(5)		5,122		0
McDermott International, Ltd.(4)(5)		103,251		50,593
RDV Resources, Inc., Class A(4)(5)		10,680		1,869
Sunrise Oil & Gas, Inc., Class A(4)(5)		7,468		2,240
			$	244,055
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(4)(5)		19,512	$	51,512
Cumulus Media, Inc., Class A(4)(5)		24,069		352,611
iHeartMedia, Inc., Class A(4)(5)		8,298		223,465
			$	627,588
Retailers (Except Food and Drug) — 0.0%(6)
David’s Bridal, LLC(3)(4)(5)		17,912	$	0
Phillips Pet Holding Corp.(3)(4)(5)		285		111,529
			$	111,529
Telecommunications — 0.1%
GEE Acquisition Holdings Corp.(3)(4)(5)		13,555	$	277,606
			$	277,606
Utilities — 0.1%
Longview Intermediate Holdings, LLC, Class A(3)(4)(5)		36,023	$	287,103
			$	287,103
Total Common Stocks (identified cost $5,338,849)			$	4,303,582
Convertible Preferred Stocks — 0.1%
Security	Shares		Value
Containers and Glass Products — 0.1%
LG Newco Holdco, Inc., Series A, 13.00%(4)(5)		5,114	$	460,254
Total Convertible Preferred Stocks (identified cost $268,481)			$	460,254

5 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Corporate Bonds — 7.8%
Security	Principal Amount (000’s omitted)		Value
Aerospace and Defense — 0.1%
Spirit AeroSystems, Inc., 5.50%, 1/15/25(1)	$	250	$	266,388
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, 9/20/25(1)		135		152,955
			$	419,343
Air Transport — 0.6%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:
5.50%, 4/20/26(1)	$	1,275	$	1,351,500
5.75%, 4/20/29(1)		950		1,028,375
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1)		550		611,911
United Airlines, Inc.:
4.375%, 4/15/26(1)		325		336,840
4.625%, 4/15/29(1)		325		336,781
			$	3,665,407
Automotive — 0.2%
Clarios Global, L.P.:
6.25%, 5/15/26(1)	$	293	$	312,502
6.75%, 5/15/25(1)		180		192,148
Tenneco, Inc., 5.125%, 4/15/29(1)		675		694,538
			$	1,199,188
Building and Development — 0.2%
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(1)	$	250	$	256,526
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 5/15/28(1)		300		324,331
SRS Distribution, Inc., 4.625%, 7/1/28(1)		325		332,719
			$	913,576
Business Equipment and Services — 1.0%
Allied Universal Holdco, LLC, 6.625%, 7/15/26(1)	$	575	$	610,351
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28(1)		2,000		2,007,780
Garda World Security Corp., 4.625%, 2/15/27(1)		700		704,910
Prime Security Services Borrower, LLC/Prime Finance, Inc., 5.25%, 4/15/24(1)		575		616,849
Sabre GLBL, Inc.:
7.375%, 9/1/25(1)		175		190,535
9.25%, 4/15/25(1)		225		268,140
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)		1,000		1,045,350
			$	5,443,915

Security	Principal Amount (000’s omitted)		Value
Cable and Satellite Television — 1.3%
Altice France S.A.:
5.125%, 1/15/29(1)	$	100	$	100,701
5.125%, 7/15/29(1)		4,175		4,200,676
5.50%, 1/15/28(1)		400		415,580
7.375%, 5/1/26(1)		440		458,119
Ziggo B.V., 5.50%, 1/15/27(1)		1,997		2,079,976
			$	7,255,052
Chemicals and Plastics — 0.0%(6)
INEOS Quattro Finance 2 PLC, 3.375%, 1/15/26(1)	$	250	$	253,620
			$	253,620
Containers and Glass Products — 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 4.00%, 10/15/27(1)	$	450	$	447,445
			$	447,445
Cosmetics / Toiletries — 0.0%(6)
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(1)	$	100	$	101,647
			$	101,647
Diversified Financial Services — 0.1%
AG Issuer, LLC, 6.25%, 3/1/28(1)	$	350	$	370,060
			$	370,060
Drugs — 0.5%
Bausch Health Companies, Inc.:
4.875%, 6/1/28(1)	$	275	$	281,806
5.50%, 11/1/25(1)		575		590,669
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(1)		1,125		1,103,906
Jazz Securities DAC, 4.375%, 1/15/29(1)		650		674,733
			$	2,651,114
Ecological Services and Equipment — 0.3%
GFL Environmental, Inc.:
4.25%, 6/1/25(1)	$	475	$	495,924
5.125%, 12/15/26(1)		1,000		1,060,980
			$	1,556,904

6 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Electronics / Electrical — 0.8%
CommScope, Inc., 6.00%, 3/1/26(1)	$	2,000	$	2,113,900
Imola Merger Corp., 4.75%, 5/15/29(1)		1,325		1,364,750
LogMeIn, Inc., 5.50%, 9/1/27(1)		375		388,894
Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 9/1/25(1)		550		574,216
			$	4,441,760
Entertainment — 0.0%(6)
Six Flags Theme Parks, Inc., 7.00%, 7/1/25(1)	$	200	$	215,805
			$	215,805
Financial Intermediaries — 0.1%
CoreLogic, Inc., 4.50%, 5/1/28(1)	$	400	$	397,000
			$	397,000
Food Products — 0.2%
Del Monte Foods, Inc., 11.875%, 5/15/25(1)	$	750	$	855,937
			$	855,937
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The), 9.75%, 5/1/23(1)	$	800	$	823,140
			$	823,140
Health Care — 0.3%
RP Escrow Issuer, LLC, 5.25%, 12/15/25(1)	$	175	$	183,227
Tenet Healthcare Corp., 4.25%, 6/1/29(1)		1,675		1,698,031
			$	1,881,258
Industrial Equipment — 0.1%
Clark Equipment Company, 5.875%, 6/1/25(1)	$	100	$	105,875
Madison IAQ, LLC, 4.125%, 6/30/28(1)		650		657,312
			$	763,187
Leisure Goods / Activities / Movies — 0.0%(6)
SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/25(1)	$	200	$	217,503
			$	217,503
Machinery — 0.1%
Vertical U.S. Newco, Inc., 5.25%, 7/15/27(1)	$	350	$	369,250
			$	369,250

Security	Principal Amount (000’s omitted)		Value
Oil and Gas — 0.2%
CITGO Petroleum Corporation:
6.375%, 6/15/26(1)	$	150	$	156,574
7.00%, 6/15/25(1)		1,025		1,069,403
			$	1,225,977
Radio and Television — 0.6%
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1)	$	875	$	567,700
iHeartCommunications, Inc.:
4.75%, 1/15/28(1)		200		206,457
5.25%, 8/15/27(1)		150		157,110
6.375%, 5/1/26		47		50,011
8.375%, 5/1/27		85		91,222
Univision Communications, Inc.:
4.50%, 5/1/29(1)		650		656,377
5.125%, 2/15/25(1)		1,500		1,534,883
			$	3,263,760
Real Estate Investment Trusts (REITs) — 0.1%
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28(1)	$	550	$	587,386
			$	587,386
Retailers (Except Food and Drug) — 0.0%(6)
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28(1)	$	100	$	104,000
			$	104,000
Software and Services — 0.1%
Boxer Parent Co., Inc., 7.125%, 10/2/25(1)	$	375	$	402,259
			$	402,259
Technology — 0.1%
Clarivate Science Holdings Corp., 3.875%, 6/30/28(1)	$	825	$	833,547
			$	833,547
Telecommunications — 0.4%
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(1)	$	500	$	518,455
Lumen Technologies, Inc., 4.00%, 2/15/27(1)		1,225		1,251,031
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(1)		750		737,830
			$	2,507,316

7 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Utilities — 0.2%
Calpine Corp.:
4.50%, 2/15/28(1)	$	250	$	255,313
5.25%, 6/1/26(1)		700		722,025
			$	977,338
Total Corporate Bonds (identified cost $42,919,524)			$	44,143,694
Exchange-Traded Funds — 0.6%
Security	Shares		Value
SPDR Blackstone Senior Loan ETF		76,000	$	3,518,040
Total Exchange-Traded Funds (identified cost $3,501,320)			$	3,518,040
Preferred Stocks — 0.0%(6)
Security	Shares		Value
Financial Services — 0.0%
DBI Investors, Inc., Series A-1(3)(4)(5)		839	$	0
			$	0
Nonferrous Metals / Minerals — 0.0%(6)
ACNR Holdings, Inc., 15.00% (PIK)(4)(5)		971	$	101,955
			$	101,955
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Series A, 8.00% (PIK)(3)(4)(5)		494	$	0
David’s Bridal, LLC, Series B, 10.00% (PIK)(3)(4)(5)		2,012		0
			$	0
Total Preferred Stocks (identified cost $162,891)			$	101,955
Senior Floating-Rate Loans — 86.8%(7)
Borrower/Description	Principal Amount (000’s omitted)		Value
Aerospace and Defense — 2.2%
AI Convoy (Luxembourg) S.a.r.l., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 1/17/27	$	492	$	492,731

Borrower/Description	Principal Amount (000’s omitted)		Value
Aerospace and Defense (continued)
Dynasty Acquisition Co., Inc.:
Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 4/6/26	$	1,140	$	1,111,719
Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 4/6/26		2,121		2,067,278
IAP Worldwide Services, Inc.:
Revolving Loan, 0.75%, 7/18/23(8)		133		132,553
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), 7/18/23(3)		170		139,688
Spirit Aerosystems, Inc., Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 1/15/25		249		251,082
TransDigm, Inc.:
Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 8/22/24		3,017		2,983,606
Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 5/30/25		3,417		3,369,748
WP CPP Holdings, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 4/30/25		2,238		2,194,245
			$	12,742,650
Air Transport — 0.7%
AAdvantage Loyalty IP, Ltd., Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 4/20/28	$	650	$	678,437
Brown Group Holding, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 6/7/28		775		772,417
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27		1,025		1,095,549
SkyMiles IP, Ltd., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/20/27		1,275		1,348,153
			$	3,894,556
Automotive — 3.1%
Adient US, LLC, Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 4/8/28	$	575	$	576,497
American Axle and Manufacturing, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 4/6/24		1,213		1,211,723
Autokiniton US Holdings, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.50%, Floor 0.50%), 4/6/28		750		756,094
Belron Finance US, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 4/13/28		574		572,368
Bright Bidco B.V., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 6/30/24(9)		1,105		928,953
Chassix, Inc., Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%), 11/15/23(9)		507		504,303
Clarios Global, L.P., Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 4/30/26		2,635		2,616,433

8 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Automotive (continued)
CS Intermediate Holdco 2, LLC, Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), 11/2/23	$	1,592	$	1,559,440
Dayco Products, LLC, Term Loan, 4.385%, (3 mo. USD LIBOR + 4.25%), 5/19/23		744		712,380
Garrett LX I S.a.r.l., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/30/28		425		427,391
Gates Global, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), 3/31/27		398		397,684
Goodyear Tire & Rubber Company (The), Term Loan - Second Lien, 2.09%, (1 mo. USD LIBOR + 2.00%), 3/7/25		1,325		1,313,406
Les Schwab Tire Centers, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/2/27		2,313		2,319,158
MajorDrive Holdings IV, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 4.00%, Floor 0.50%), 5/12/28		475		476,262
Tenneco, Inc., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 10/1/25		818		811,199
Thor Industries, Inc., Term Loan, 3.125%, (1 mo. USD LIBOR + 3.00%), 2/1/26		440		440,592
TI Group Automotive Systems, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 12/16/26		424		426,057
Truck Hero, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/31/28		1,272		1,273,579
Wheel Pros, LLC, Term Loan, 5.25%, (1 mo. USD LIBOR + 4.50%, Floor 0.75%), 5/11/28		525		526,933
			$	17,850,452
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/24/27	$	597	$	598,959
City Brewing Company, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 4/5/28		525		527,625
Triton Water Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 3/31/28		825		825,442
			$	1,952,026
Brokerage / Securities Dealers / Investment Houses — 0.6%
Advisor Group, Inc., Term Loan, 4.604%, (1 mo. USD LIBOR + 4.50%), 7/31/26	$	2,022	$	2,029,345
Hudson River Trading, LLC, Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 3/20/28		1,297		1,293,778
			$	3,323,123
Building and Development — 4.0%
ACProducts, Inc., Term Loan, 4.75%, (6 mo. USD LIBOR + 4.25%, Floor 0.50%), 5/5/28	$	1,250	$	1,245,702

Borrower/Description	Principal Amount (000’s omitted)		Value
Building and Development (continued)
Advanced Drainage Systems, Inc., Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 7/31/26	$	157	$	157,749
Aegion Corporation, Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 5/17/28		325		329,063
American Residential Services, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 10/15/27		348		348,468
APi Group DE, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 10/1/26		1,045		1,044,478
Beacon Roofing Supply, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 4/23/28		675		672,469
Brookfield Property REIT, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 8/27/25		729		713,328
Cornerstone Building Brands, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/12/28		823		823,966
CP Atlas Buyer, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 11/23/27		698		697,377
CPG International, Inc., Term Loan, 3.25%, (3 mo. USD LIBOR + 2.50%, Floor 0.75%), 5/5/24		2,772		2,772,971
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 8/21/25		523		519,745
Foundation Building Materials Holding Company, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 2/3/28		750		745,848
Groupe Solmax, Inc., Term Loan, 6/28/28(10)		600		600,750
MI Windows and Doors, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/18/27		274		274,708
Northstar Group Services, Inc., Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), 11/19/26		765		771,052
Park River Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 12/28/27		400		398,458
Quikrete Holdings, Inc.:
Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 2/1/27		2,132		2,114,962
Term Loan, 5/12/28(10)		1,600		1,589,400
RE/MAX International, Inc.:
Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 12/15/23		1,870		1,872,467
Term Loan, 6/24/28(10)		1,175		1,175,000
SRS Distribution, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 6/2/28		725		725,283
U.S. Concrete, Inc., Term Loan, 5/26/28(10)		250		250,313
White Cap Buyer, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 4.00%, Floor 0.50%), 10/19/27		2,044		2,048,928
WireCo WorldGroup, Inc., Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/30/23		1,073		1,075,201
			$	22,967,686

9 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Business Equipment and Services — 8.5%
Adtalem Global Education, Inc., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 4/11/25	$	291	$	289,787
AlixPartners, LLP, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28		948		944,598
Allied Universal Holdco, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 5/12/28		1,468		1,474,208
AppLovin Corporation, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 8/15/25		3,762		3,761,435
Artera Services, LLC, Term Loan, 3/6/25(10)		775		772,578
ASGN Incorporated, Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 4/2/25		574		574,578
Asplundh Tree Expert, LLC, Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 9/7/27		720		718,263
Bracket Intermediate Holding Corp., Term Loan, 4.444%, (3 mo. USD LIBOR + 4.25%), 9/5/25		729		729,679
Brand Energy & Infrastructure Services, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/21/24		1,659		1,634,130
Camelot U.S. Acquisition 1 Co., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 10/30/26		1,330		1,326,426
CCC Information Services, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 4/29/24		3,782		3,786,452
Ceridian HCM Holding, Inc., Term Loan, 2.594%, (1 week USD LIBOR + 2.50%), 4/30/25		2,067		2,039,439
CM Acquisition Co., Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 7/26/23		160		159,294
Deerfield Dakota Holding, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 4/9/27		1,485		1,493,787
Endure Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28		2,450		2,443,111
First Advantage Holdings, LLC, Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 1/31/27		935		932,223
Garda World Security Corporation, Term Loan, 4.35%, (1 mo. USD LIBOR + 4.25%), 10/30/26		1,452		1,460,794
Grab Holdings, Inc., Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), 1/29/26		1,397		1,424,430
Greeneden U.S. Holdings II, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27		499		500,531
IG Investment Holdings, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 5/23/25		1,460		1,464,687
Intrado Corporation:
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 10/10/24		216		210,030
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 10/10/24		943		924,083
IRI Holdings, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 12/1/25		3,740		3,746,338
Iron Mountain, Inc., Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 1/2/26		629		617,870

Borrower/Description	Principal Amount (000’s omitted)		Value
Business Equipment and Services (continued)
Ivanti Software, Inc.:
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27	$	449	$	447,613
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/1/27		1,571		1,574,990
KUEHG Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/21/25		853		841,137
Loire Finco Luxembourg S.a.r.l., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 4/21/27		248		243,900
Magnite, Inc., Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), 4/1/28		450		450,000
MedAssets Software Intermediate Holdings, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/28/28		1,275		1,275,797
Monitronics International, Inc., Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), 3/29/24		1,029		1,004,050
Nielsen Consumer, Inc., Term Loan, 4.08%, (1 mo. USD LIBOR + 4.00%), 3/6/28		449		450,278
Osmose Utilities Services, Inc., Term Loan, 6/23/28(10)		500		499,062
PGX Holdings, Inc., Term Loan, 10.50%, (3 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, 9/29/23		348		332,316
Pike Corporation, Term Loan, 3.11%, (1 mo. USD LIBOR + 3.00%), 1/21/28		288		287,511
Rockwood Service Corporation, Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 1/23/27		820		823,309
Sabre GLBL, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/17/27		249		250,849
Skopima Merger Sub, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 4.00%, Floor 0.50%), 4/30/28		700		700,000
Sotheby’s, Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 1/15/27		467		471,169
Spin Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/1/28		2,569		2,573,378
Tempo Acquisition, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 11/2/26		648		649,903
Teneo Holdings, LLC, Term Loan, 6.25%, (1 mo. USD LIBOR + 5.25%, Floor 1.00%), 7/11/25		199		197,186
Trans Union, LLC, Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 11/16/26		1,100		1,094,052
TTF Holdings, LLC, Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/24/28		300		300,375
Vestcom Parent Holdings, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 12/19/23		149		149,408
WEX, Inc., Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 3/31/28		299		297,613
			$	48,342,647

10 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Cable and Satellite Television — 2.8%
Altice France S.A., Term Loan, 4.155%, (3 mo. USD LIBOR + 4.00%), 8/14/26	$	488	$	487,399
Charter Communications Operating, LLC, Term Loan, 1.86%, (1 mo. USD LIBOR + 1.75%), 2/1/27		2,063		2,049,468
CSC Holdings, LLC:
Term Loan, 2.323%, (1 mo. USD LIBOR + 2.25%), 7/17/25		3,479		3,442,283
Term Loan, 2.573%, (1 mo. USD LIBOR + 2.50%), 4/15/27		926		919,354
Mediacom Illinois, LLC, Term Loan, 1.85%, (1 week USD LIBOR + 1.75%), 2/15/24		35		35,005
Numericable Group S.A., Term Loan, 2.936%, (3 mo. USD LIBOR + 2.75%), 7/31/25		2,316		2,284,546
UPC Broadband Holding B.V., Term Loan, 2.323%, (1 mo. USD LIBOR + 2.25%), 4/30/28		625		618,192
UPC Financing Partnership, Term Loan, 3.073%, (1 mo. USD LIBOR + 3.00%), 1/31/29		2,050		2,040,176
Virgin Media Bristol, LLC:
Term Loan, 2.573%, (1 mo. USD LIBOR + 2.50%), 1/31/28		3,225		3,200,309
Term Loan, 3.353%, (1 mo. USD LIBOR + 3.25%), 1/31/29		750		749,707
			$	15,826,439
Chemicals and Plastics — 4.3%
Aruba Investments, Inc., Term Loan, 4.75%, (6 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/24/27	$	424	$	426,057
Atotech B.V., Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/18/28		925		921,387
Axalta Coating Systems US Holdings, Inc., Term Loan, 1.897%, (3 mo. USD LIBOR + 1.75%), 6/1/24		1,464		1,455,959
Charter NEX US, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27		274		275,513
CPC Acquisition Corp., Term Loan, 3.897%, (3 mo. USD LIBOR + 3.75%), 12/29/27		1,397		1,397,373
Element Solutions, Inc., Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 1/31/26		561		560,701
Ferro Corporation:
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24		108		107,972
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24		110		110,319
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24		130		129,665
Gemini HDPE, LLC, Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 12/31/27		444		444,068
Illuminate Buyer, LLC, Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 6/30/27		1,318		1,312,066

Borrower/Description	Principal Amount (000’s omitted)		Value
Chemicals and Plastics (continued)
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/28/26	$	161	$	162,124
INEOS Styrolution US Holding, LLC, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 1/29/26		1,525		1,523,809
Lonza Group AG, Term Loan, 4/29/28(10)		875		876,531
LSF11 Skyscraper Holdco S.a.r.l., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 9/29/27		1,249		1,253,433
Messer Industries GmbH, Term Loan, 2.647%, (3 mo. USD LIBOR + 2.50%), 3/1/26		883		878,077
Momentive Performance Materials, Inc., Term Loan, 3.36%, (1 mo. USD LIBOR + 3.25%), 5/15/24		2,818		2,803,999
PMHC II, Inc., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 3/31/25(9)		992		985,696
PQ Corporation, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 5/26/28		1,250		1,250,000
Ravago Holdings America, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), 2/18/28		150		149,064
Rohm Holding GmbH, Term Loan, 4.978%, (6 mo. USD LIBOR + 4.75%), 7/31/26		570		571,885
Solenis Holdings, LLC, Term Loan, 4.135%, (3 mo. USD LIBOR + 4.00%), 6/26/25		2,227		2,229,018
Starfruit Finco B.V., Term Loan, 3.133%, (USD LIBOR + 2.75%), 10/1/25(9)		1,449		1,439,951
Trinseo Materials Operating S.C.A.:
Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 9/6/24		1,321		1,308,665
Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 5/3/28		575		571,586
Tronox Finance, LLC, Term Loan, 2.63%, (USD LIBOR + 2.50%), 3/13/28(9)		1,191		1,185,668
			$	24,330,586
Conglomerates — 0.2%
Conair Holdings, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 5/17/28	$	1,075	$	1,078,628
Penn Engineering & Manufacturing Corp., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 6/27/24		133		133,678
			$	1,212,306
Containers and Glass Products — 1.5%
Berry Global, Inc., Term Loan, 1.827%, (1 mo. USD LIBOR + 1.75%), 7/1/26	$	682	$	677,892
BWAY Holding Company, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 4/3/24		1,353		1,322,576

11 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Containers and Glass Products (continued)
Flex Acquisition Company, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 2/23/28	$	2,416	$	2,409,642
Libbey Glass, Inc., Term Loan, 9.00%, (6 mo. USD LIBOR + 8.00%, Floor 1.00%), 11/13/25		1,032		1,074,870
Proampac PG Borrower, LLC, Term Loan, 4.50%, (USD LIBOR + 3.75%, Floor 0.75%), 11/3/25(9)		1,213		1,215,366
Reynolds Group Holdings, Inc.:
Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 2/5/23		342		341,631
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 2/5/26		896		890,836
TricorBraun Holdings, Inc.:
Term Loan, 3.267%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28(8)		69		68,424
Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28		306		304,203
			$	8,305,440
Cosmetics / Toiletries — 0.1%
Kronos Acquisition Holdings, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 12/22/26	$	746	$	741,986
			$	741,986
Drugs — 3.4%
Akorn, Inc., Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 10/1/25	$	687	$	709,426
Albany Molecular Research, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/30/24		149		149,698
Alkermes, Inc., Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/9/26		184		183,828
Amneal Pharmaceuticals, LLC, Term Loan, 3.625%, (1 mo. USD LIBOR + 3.50%), 5/4/25		2,087		2,056,519
Arbor Pharmaceuticals, Inc., Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 7/5/23		331		329,650
Bausch Health Companies, Inc., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 6/2/25		2,847		2,838,912
Cambrex Corporation, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 12/4/26		174		174,851
Catalent Pharma Solutions, Inc., Term Loan, 2.50%, (1 mo. USD LIBOR + 2.00%, Floor 0.50%), 2/22/28		736		739,103
Grifols Worldwide Operations USA, Inc., Term Loan, 2.088%, (1 week USD LIBOR + 2.00%), 11/15/27		3,017		2,990,606
Horizon Therapeutics USA, Inc.:
Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 5/22/26		668		665,663
Term Loan, 2.50%, (1 mo. USD LIBOR + 2.00%, Floor 0.50%), 3/15/28		1,297		1,291,887

Borrower/Description	Principal Amount (000’s omitted)		Value
Drugs (continued)
Jazz Financing Lux S.a.r.l., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 4/21/28	$	1,125	$	1,130,525
Mallinckrodt International Finance S.A.:
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.25%, Floor 0.75%), 9/24/24		4,109		3,987,578
Term Loan, 6.25%, (6 mo. USD LIBOR + 5.50%, Floor 0.75%), 2/24/25		388		377,965
Padagis, LLC, Term Loan, 6/30/28(10)		600		594,000
PPD, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 1/13/28		998		997,438
			$	19,217,649
Ecological Services and Equipment — 0.6%
EnergySolutions, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 5/9/25	$	1,343	$	1,339,276
GFL Environmental, Inc., Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 5/30/25		1,260		1,262,280
TruGreen Limited Partnership, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/2/27		348		350,916
US Ecology Holdings, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 11/1/26		197		197,472
			$	3,149,944
Electronics / Electrical — 18.2%
Allegro Microsystems, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 9/30/27	$	27	$	26,923
Applied Systems, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 9/19/24		3,850		3,847,181
Aptean, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 4/23/26		1,583		1,581,035
AQA Acquisition Holding, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.25%, Floor 0.50%), 3/3/28		525		527,188
Astra Acquisition Corp., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 3/1/27		1,641		1,643,438
Banff Merger Sub, Inc., Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 10/2/25		4,085		4,065,885
Buzz Merger Sub, Ltd., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 1/29/27		33		33,508
Cambium Learning Group, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/18/25		780		785,373
CentralSquare Technologies, LLC, Term Loan, 8/29/25(10)		500		469,250
Cloudera, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 12/22/27		374		374,250
Cohu, Inc., Term Loan, 3.172%, (6 mo. USD LIBOR + 3.00%), 10/1/25		382		381,499
CommScope, Inc., Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 4/6/26		2,124		2,117,750

12 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Electronics / Electrical (continued)
Constant Contact, Inc.:
Term Loan, 4.75%, 2/10/28(8)	$	244	$	242,997
Term Loan, 4.75%, (6 mo. USD LIBOR + 4.00%, Floor 0.75%), 2/10/28		906		904,487
Cornerstone OnDemand, Inc., Term Loan, 3.341%, (1 mo. USD LIBOR + 3.25%), 4/22/27		1,054		1,055,332
Cvent, Inc., Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 11/29/24		746		737,750
Delta TopCo, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27		875		878,008
DG Investment Intermediate Holdings 2, Inc.:
Term Loan, 4.32%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/31/28(8)		260		260,812
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/31/28		1,240		1,245,376
E2open, LLC, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 2/4/28		1,075		1,077,352
ECI Macola Max Holdings, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/9/27		697		699,112
Electro Rent Corporation, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 1/31/24		1,882		1,896,133
Energizer Holdings, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 12/22/27		654		654,055
Epicor Software Corporation, Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 7/30/27		5,251		5,249,910
EverCommerce, Inc., Term Loan, 6/14/28(10)		200		200,500
EXC Holdings III Corp., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 12/2/24		338		338,383
Finastra USA, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/13/24		4,129		4,068,255
Fiserv Investment Solutions, Inc., Term Loan, 4.155%, (3 mo. USD LIBOR + 4.00%), 2/18/27		396		397,485
Gainwell Acquisition Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/1/27		3,636		3,652,210
GlobalLogic Holdings, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 9/14/27		496		497,723
Go Daddy Operating Company, LLC:
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 2/15/24		1,001		994,480
Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 8/10/27		718		714,361
Hyland Software, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 7/1/24		4,513		4,528,356
IGT Holding IV AB, Term Loan, 3/31/28(10)		1,100		1,104,125
Imperva, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 1/12/26		372		373,847
Imprivata, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 12/1/27		698		700,287

Borrower/Description	Principal Amount (000’s omitted)		Value
Electronics / Electrical (continued)
Informatica, LLC, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 2/25/27	$	4,370	$	4,349,963
Liftoff Mobile, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 3/17/28		299		298,313
LogMeIn, Inc., Term Loan, 4.827%, (1 mo. USD LIBOR + 4.75%), 8/31/27		1,119		1,118,559
MA FinanceCo., LLC:
Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 6/21/24		331		328,060
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/5/25		1,349		1,369,176
Magenta Buyer, LLC:
Term Loan, 5/3/28(10)		2,725		2,727,919
Term Loan - Second Lien, 5/3/29(10)		725		719,563
Marcel LUX IV S.a.r.l.:
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 3/15/26		1,666		1,663,918
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/31/27		61		61,486
Maverick Bidco, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 4/28/28		625		626,094
Maxlinear, Inc., Term Loan, 6/17/28(10)		600		599,437
Mirion Technologies, Inc., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 3/6/26		1,201		1,204,089
N-Able International Holdings II, LLC, Term Loan, 4/15/28(10)		300		300,000
Panther Commercial Holdings L.P., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.50%, Floor 0.50%), 1/7/28		375		376,172
PointClickCare Technologies, Inc., Term Loan, 3.75%, (USD LIBOR + 3.00%, Floor 0.75%), 12/29/27(9)		374		374,296
Polaris Newco, LLC, Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), 6/2/28		1,775		1,782,059
Proofpoint, Inc., Term Loan, 6/9/28(10)		1,850		1,842,195
ProQuest, LLC, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 10/23/26		923		923,529
Rackspace Technology Global, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 2/15/28		898		894,243
RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28		1,700		1,697,238
Recorded Books, Inc., Term Loan, 4.08%, (1 mo. USD LIBOR + 4.00%), 8/29/25		1,188		1,191,155
Redstone Buyer, LLC:
Term Loan, 0.00%, 4/27/28(8)		422		422,199
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4/27/28		1,078		1,078,738
Seattle Spinco, Inc., Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 6/21/24		2,236		2,215,469

13 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Electronics / Electrical (continued)
SkillSoft Corporation:
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 12/27/24	$	345	$	348,667
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 4/27/25		1,139		1,141,959
SolarWinds Holdings, Inc., Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 2/5/24		3,893		3,851,586
Sophia L.P., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/7/27		249		249,268
SurveyMonkey, Inc., Term Loan, 3.85%, (1 week USD LIBOR + 3.75%), 10/10/25		891		888,115
Symplr Software, Inc., Term Loan, 5.25%, (6 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/22/27		1,072		1,074,725
Tech Data Corporation, Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 6/30/25		794		796,184
Thoughtworks, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/23/28		499		499,748
Tibco Software, Inc., Term Loan, 3.86%, (1 mo. USD LIBOR + 3.75%), 6/30/26		1,940		1,935,467
TTM Technologies, Inc., Term Loan, 2.592%, (1 mo. USD LIBOR + 2.50%), 9/28/24		428		427,495
Uber Technologies, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 4/4/25		2,588		2,589,626
Ultimate Software Group, Inc. (The):
Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 5/4/26		1,326		1,328,678
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 5/4/26		2,953		2,958,759
Ultra Clean Holdings, Inc., Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 8/27/25		909		912,366
Valkyr Purchaser, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/29/27		449		451,119
Verifone Systems, Inc., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 8/20/25		1,697		1,671,512
Veritas US, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/1/25		1,613		1,627,348
Vision Solutions, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 4/24/28		625		624,375
VS Buyer, LLC, Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 2/28/27		3,313		3,301,205
Vungle, Inc., Term Loan, 5.604%, (1 mo. USD LIBOR + 5.50%), 9/30/26		491		493,399
			$	103,660,087
Equipment Leasing — 0.5%
Avolon TLB Borrower 1 (US), LLC:
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), 1/15/25	$	1,493	$	1,491,189

Borrower/Description	Principal Amount (000’s omitted)			Value
Equipment Leasing (continued)
Avolon TLB Borrower 1 (US), LLC: (continued)
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 12/1/27	$	1,119		$	1,120,843
				$	2,612,032
Financial Intermediaries — 2.2%
Aretec Group, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 10/1/25	$	1,808		$	1,809,236
CoreLogic, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 6/2/28		3,500			3,498,359
Ditech Holding Corporation, Term Loan, 0.00%, 6/30/22(11)		1,375			280,219
Edelman Financial Center, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 4/7/28		1,300			1,302,708
EIG Management Company, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/22/25		194			193,258
FinCo I, LLC, Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 6/27/25		579			577,616
Focus Financial Partners, LLC:
Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 7/3/24		597			591,793
Term Loan, 6/24/28(10)		136			135,654
Term Loan, 6/24/28(10)		589			587,835
GreenSky Holdings, LLC:
Term Loan, 3.375%, (1 mo. USD LIBOR + 3.25%), 3/31/25		992			971,854
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 3/29/25		371	��		370,322
LPL Holdings, Inc., Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 11/12/26		1,476			1,463,809
Victory Capital Holdings, Inc., Term Loan, 2.444%, (3 mo. USD LIBOR + 2.25%), 7/1/26		723			718,704
Virtus Investment Partners, Inc., Term Loan, 3.00%, (6 mo. USD LIBOR + 2.25%, Floor 0.75%), 6/1/24		276			276,030
				$	12,777,397
Food Products — 1.9%
Alphabet Holding Company, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 9/26/24	$	1,938		$	1,938,426
B&G Foods, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 10/10/26		290			290,633
Froneri International, Ltd., Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 1/29/27		1,510			1,489,273
H Food Holdings, LLC:
Term Loan, 3.792%, (1 mo. USD LIBOR + 3.69%), 5/23/25		558			555,005
Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 5/23/25		366			365,168

14 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Food Products (continued)
HLF Financing S.a.r.l., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 8/18/25	$	1,593	$	1,587,558
JBS USA LUX S.A., Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 5/1/26		4,147		4,142,019
Shearer’s Foods, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 9/23/27		248		248,748
Simply Good Foods USA, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/7/24		212		213,841
			$	10,830,671
Food Service — 0.6%
1011778 B.C. Unlimited Liability Company, Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 11/19/26	$	1,197	$	1,181,779
IRB Holding Corp., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27		2,015		2,015,925
Sovos Brands Intermediate, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 6/8/28		450		451,687
			$	3,649,391
Food / Drug Retailers — 0.0%(6)
Murphy USA, Inc., Term Loan, 2.25%, (1 mo. USD LIBOR + 1.75%, Floor 0.50%), 1/31/28	$	200	$	199,999
			$	199,999
Forest Products — 0.3%
Clearwater Paper Corporation, Term Loan, 3.125%, (1 mo. USD LIBOR + 3.00%), 7/26/26	$	108	$	107,977
Journey Personal Care Corp., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/1/28		1,200		1,204,126
Neenah, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 4/6/28		250		250,625
			$	1,562,728
Health Care — 8.2%
ADMI Corp., Term Loan, 12/23/27(10)	$	475	$	474,926
Alliance Healthcare Services, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 10/24/23		521		518,824
athenahealth, Inc., Term Loan, 4.41%, (3 mo. USD LIBOR + 4.25%), 2/11/26		2,315		2,330,609
Avantor Funding, Inc.:
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%, Floor 1.00%), 11/21/24		352		353,027
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), 11/8/27		1,244		1,245,927
Bayou Intermediate II, LLC, Term Loan, 5/13/28(10)		525		527,625

Borrower/Description	Principal Amount (000’s omitted)		Value
Health Care (continued)
BW NHHC Holdco, Inc., Term Loan, 5.155%, (3 mo. USD LIBOR + 5.00%), 5/15/25	$	752	$	693,333
Cano Health, LLC, Term Loan, 5.50%, (6 mo. USD LIBOR + 4.75%, Floor 0.75%), 11/19/27		550		551,264
CCRR Parent, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28		798		803,736
CeramTec AcquiCo GmbH, Term Loan, 2.885%, (3 mo. USD LIBOR + 2.75%), 3/7/25		812		794,861
Change Healthcare Holdings, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 3/1/24		544		543,559
CryoLife, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 12/1/24		362		362,327
Ensemble RCM, LLC, Term Loan, 3.936%, (3 mo. USD LIBOR + 3.75%), 8/3/26		1,537		1,539,740
Envision Healthcare Corporation, Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 10/10/25		3,551		3,049,672
eResearchTechnology, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/4/27		175		175,582
Gentiva Health Services, Inc., Term Loan, 2.875%, (1 mo. USD LIBOR + 2.75%), 7/2/25		1,566		1,564,914
GHX Ultimate Parent Corporation, Term Loan, 6/28/24(10)		1,500		1,502,813
Greatbatch, Ltd., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 10/27/22		1,571		1,575,077
Hanger, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 3/6/25		1,210		1,211,034
IQVIA, Inc.:
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 3/7/24		553		550,827
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 1/17/25		873		869,669
Medical Solutions, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 6/14/24		787		790,429
Midwest Physician Administrative Services, LLC, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 3/12/28		299		298,938
MPH Acquisition Holdings, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), 6/7/23		2,731		2,725,990
National Mentor Holdings, Inc.:
Term Loan, 3.75%, 3/2/28(8)		57		57,109
Term Loan, 4.50%, (USD LIBOR + 3.75%, Floor 0.75%), 2/18/28(9)		1,227		1,230,174
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/2/28		39		38,744
Navicure, Inc., Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 10/22/26		1,568		1,573,042
Ortho-Clinical Diagnostics S.A., Term Loan, 3.089%, (1 mo. USD LIBOR + 3.00%), 6/30/25		1,101		1,101,366
Pacific Dental Services, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 5/5/28		350		351,531

15 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Health Care (continued)
PetVet Care Centers, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/14/25	$	124	$	124,834
Phoenix Guarantor, Inc.:
Term Loan, 3.341%, (1 mo. USD LIBOR + 3.25%), 3/5/26		953		947,749
Term Loan, 3.573%, (1 mo. USD LIBOR + 3.50%), 3/5/26		872		866,957
Project Ruby Ultimate Parent Corp., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 3/3/28		698		697,564
Radiology Partners, Inc., Term Loan, 4.325%, (1 mo. USD LIBOR + 4.25%), 7/9/25		2,000		2,002,222
RadNet, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/22/28		2,750		2,750,000
Select Medical Corporation, Term Loan, 2.36%, (1 mo. USD LIBOR + 2.25%), 3/6/25		1,469		1,461,539
Signify Health, LLC, Term Loan, 6/16/28(10)		250		249,688
Sotera Health Holdings, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 12/11/26		375		374,180
Sunshine Luxembourg VII S.a.r.l., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/1/26		1,322		1,327,478
Team Health Holdings, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 2/6/24		2,143		2,085,885
U.S. Anesthesia Partners, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 6/23/24		1,804		1,793,945
US Radiology Specialists, Inc., Term Loan, 6.25%, (3 mo. USD LIBOR + 5.50%, Floor 0.75%), 12/10/27		973		979,920
Verscend Holding Corp., Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 8/27/25		1,715		1,722,197
			$	46,790,827
Home Furnishings — 0.9%
Ai Aqua Merger Sub, Inc.:
Term Loan, 6/16/28(10)	$	139	$	139,367
Term Loan, 6/16/28(10)		1,111		1,114,931
Mattress Firm, Inc., Term Loan, 6.25%, (6 mo. USD LIBOR + 5.25%, Floor 1.00%), 11/26/27		475		483,609
Serta Simmons Bedding, LLC:
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23		881		891,255
Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23		2,913		2,789,561
			$	5,418,723
Industrial Equipment — 3.8%
Alliance Laundry Systems, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 10/8/27	$	1,181	$	1,183,911

Borrower/Description	Principal Amount (000’s omitted)		Value
Industrial Equipment (continued)
American Trailer World Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/3/28	$	350	$	349,927
Apex Tool Group, LLC, Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), 8/1/24		961		966,229
CFS Brands, LLC, Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 3/20/25		677		667,013
Clark Equipment Company, Term Loan, 1.982%, (3 mo. USD LIBOR + 1.84%), 5/18/24		781		776,205
CPM Holdings, Inc., Term Loan, 3.592%, (1 mo. USD LIBOR + 3.50%), 11/17/25		1,450		1,441,724
Delachaux Group S.A., Term Loan, 4.686%, (3 mo. USD LIBOR + 4.50%), 4/16/26		368		366,581
DexKo Global, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 7/24/24		600		601,147
DXP Enterprises, Inc., Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/16/27		373		375,224
Dynacast International, LLC, Term Loan, 7/19/25(10)		869		872,752
Engineered Machinery Holdings, Inc.:
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 7/19/24		1,626		1,626,536
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 7/19/24		244		244,969
Filtration Group Corporation, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/29/25		223		223,848
Gardner Denver, Inc.:
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 3/1/27		1,135		1,123,521
Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 3/1/27		891		892,485
Granite Holdings US Acquisition Co., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 9/30/26		672		672,471
Harsco Corporation, Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 3/5/28		250		248,516
Hayward Industries, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 5/12/28		525		524,672
Hillman Group, Inc. (The):
Term Loan, 2/24/28(10)		46		46,365
Term Loan, 2/24/28(10)		229		228,348
Ingersoll-Rand Services Company, Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 3/1/27		963		953,270
LTI Holdings, Inc.:
Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 9/6/25		1,388		1,371,330
Term Loan, 4.854%, (1 mo. USD LIBOR + 4.75%), 7/24/26		147		147,559
Term Loan, 7/24/26(10)		150		150,000
Term Loan, 7/24/26(10)		225		225,000
Madison IAQ, LLC, Term Loan, 6/21/28(10)		1,000		1,001,750

16 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Industrial Equipment (continued)
Robertshaw US Holding Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 2/28/25	$	1,245	$	1,204,962
Thermon Industries, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/30/24		163		162,764
Tiger Acquisition, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 6/1/28		375		374,453
Titan Acquisition Limited, Term Loan, 3.167%, (3 mo. USD LIBOR + 3.00%), 3/28/25		2,177		2,142,311
Vertical Midco GmbH, Term Loan, 4.478%, (3 mo. USD LIBOR + 4.25%), 7/30/27		299		300,165
			$	21,466,008
Insurance — 2.7%
Alliant Holdings Intermediate, LLC:
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 5/9/25	$	368	$	364,170
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 5/9/25		466		462,183
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 10/8/27		595		596,545
AssuredPartners Capital, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/12/27		370		371,778
AssuredPartners, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 2/12/27		646		643,713
Asurion, LLC:
Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 11/3/23		1,325		1,319,247
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 12/23/26		2,985		2,954,452
Term Loan - Second Lien, 5.354%, (1 mo. USD LIBOR + 5.25%), 1/31/28		930		938,835
Hub International Limited, Term Loan, 2.926%, (3 mo. USD LIBOR + 2.75%), 4/25/25		2,170		2,148,343
NFP Corp., Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 2/15/27		1,862		1,838,282
Ryan Specialty Group, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 9/1/27		645		646,254
USI, Inc.:
Term Loan, 3.147%, (3 mo. USD LIBOR + 3.00%), 5/16/24		2,024		2,007,874
Term Loan, 3.397%, (3 mo. USD LIBOR + 3.25%), 12/2/26		1,010		1,001,790
			$	15,293,466
Leisure Goods / Activities / Movies — 2.6%
Bombardier Recreational Products, Inc., Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 5/24/27	$	1,425	$	1,410,291

Borrower/Description	Principal Amount (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Carnival Corporation, Term Loan, 6/30/25(10)	$	275	$	281,961
ClubCorp Holdings, Inc., Term Loan, 2.897%, (3 mo. USD LIBOR + 2.75%), 9/18/24		1,769		1,703,182
Crown Finance US, Inc.:
Term Loan, 3.50%, (6 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/28/25		1,699		1,500,635
Term Loan, 3.75%, (6 mo. USD LIBOR + 2.75%, Floor 1.00%), 9/30/26		1,083		949,006
Term Loan, 15.25%, (7.00% cash, 8.25% PIK), 5/23/24(12)		389		492,228
Delta 2 (LUX) S.a.r.l., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/1/24		1,684		1,679,862
Match Group, Inc., Term Loan, 1.906%, (3 mo. USD LIBOR + 1.75%), 2/13/27		525		519,531
Playtika Holding Corp., Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 3/13/28		1,866		1,860,423
SRAM, LLC, Term Loan, 3.25%, (USD LIBOR + 2.75%, Floor 0.50%), 5/12/28(9)		198		198,512
Steinway Musical Instruments, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/14/25		139		138,434
Travel Leaders Group, LLC, Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 1/25/24		2,731		2,635,655
UFC Holdings, LLC, Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/29/26		1,164		1,163,517
			$	14,533,237
Lodging and Casinos — 1.4%
CityCenter Holdings, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 4/18/24	$	1,136	$	1,128,221
Golden Nugget, Inc., Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), 10/4/23		2,071		2,057,878
Great Canadian Gaming Corp., Term Loan, 11/1/26(10)		400		401,062
GVC Holdings (Gibraltar) Limited, Term Loan, 3.00%, (6 mo. USD LIBOR + 2.00%, Floor 1.00%), 3/29/24		798		795,569
Hilton Grand Vacations Borrower, LLC, Term Loan, 5/19/28(10)		650		651,117
Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24		1,535		1,478,222
Stars Group Holdings B.V. (The), Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 7/10/25		1,661		1,667,386
			$	8,179,455
Nonferrous Metals / Minerals — 0.1%
American Consolidated Natural Resources, Inc., Term Loan, 17.00%, (3 mo. USD LIBOR + 16.00%, Floor 1.00%), 14.00% cash, 3.00% PIK, 9/16/25	$	298	$	300,040

17 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Nonferrous Metals / Minerals (continued)
Oxbow Carbon, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 10/13/25	$	241	$	241,227
			$	541,267
Oil and Gas — 1.9%
Ameriforge Group, Inc.:
Term Loan, 12.544%, (1 mo. USD LIBOR + 13.00%, Floor 1.00%), 12/31/23(8)	$	70	$	38,559
Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, 12/31/23		555		304,989
Apergy Corporation:
Term Loan, 2.625%, (1 mo. USD LIBOR + 2.50%), 5/9/25		93		92,539
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 6/3/27		166		169,887
Centurion Pipeline Company, LLC, Term Loan, 4.095%, (1 mo. USD LIBOR + 4.00%), 9/28/25		149		147,198
CITGO Holding, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 8/1/23		197		195,517
CITGO Petroleum Corporation, Term Loan, 7.25%, (6 mo. USD LIBOR + 6.25%, Floor 1.00%), 3/28/24		2,789		2,815,352
CQP Holdco, L.P., Term Loan, 6/5/28(10)		1,475		1,471,082
Delek US Holdings, Inc.:
Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 3/31/25		1,964		1,921,234
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), 3/31/25		420		422,048
Fieldwood Energy, LLC:
DIP Loan, 3.675%, (1 mo. USD LIBOR + 8.75%, Floor 1.00%), 8/4/21(8)		112		114,074
Term Loan, 0.00%, 4/11/22(11)		761		395,590
ITT Holdings, LLC, Term Loan, 7/30/28(10)		300		300,000
Lealand Finance Company B.V., Term Loan, 4.093%, (1 mo. USD LIBOR + 4.00%), 1.093% cash, 3.00% PIK, 6/30/25		239		109,763
Prairie ECI Acquiror L.P., Term Loan, 4.854%, (1 mo. USD LIBOR + 4.75%), 3/11/26		250		243,645
PSC Industrial Holdings Corp., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/11/24		1,279		1,269,568
RDV Resources Properties, LLC, Term Loan, 9.50%, (1 mo. USD LIBOR + 8.50%, Floor 1.00%), 3/29/24		186		95,562
Sunrise Oil & Gas Properties, LLC:
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		48		46,902
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		51		47,204
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		59		45,691

Borrower/Description	Principal Amount (000’s omitted)		Value
Oil and Gas (continued)
UGI Energy Services, LLC, Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 8/13/26	$	760	$	761,636
			$	11,008,040
Publishing — 0.7%
Adevinta ASA, Term Loan, 11/4/27(10)	$	675	$	676,371
Alchemy Copyrights, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 3/10/28		794		795,002
Ascend Learning, LLC:
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 7/12/24		837		837,437
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/12/24		223		223,801
Getty Images, Inc., Term Loan, 4.625%, (1 mo. USD LIBOR + 4.50%), 2/19/26		1,304		1,305,373
LSC Communications, Inc., Term Loan, 0.00%, 9/30/22(11)		448		17,343
			$	3,855,327
Radio and Television — 2.1%
Cumulus Media New Holdings, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/31/26	$	271	$	271,930
Diamond Sports Group, LLC, Term Loan, 3.36%, (1 mo. USD LIBOR + 3.25%), 8/24/26		1,245		771,188
Hubbard Radio, LLC, Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 3/28/25		450		446,424
iHeartCommunications, Inc.:
Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 5/1/26		487		483,033
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 5/1/26		248		247,655
Mission Broadcasting, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 5/26/28		275		274,622
Nexstar Broadcasting, Inc.:
Term Loan, 2.345%, (1 mo. USD LIBOR + 2.25%), 1/17/24		1,050		1,047,481
Term Loan, 2.592%, (1 mo. USD LIBOR + 2.50%), 9/18/26		3,039		3,035,625
Sinclair Television Group, Inc.:
Term Loan, 2.61%, (1 mo. USD LIBOR + 2.50%), 9/30/26		1,479		1,467,412
Term Loan, 3.11%, (1 mo. USD LIBOR + 3.00%), 4/1/28		1,817		1,802,362
Terrier Media Buyer, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 12/17/26		1,305		1,300,659

18 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Radio and Television (continued)
Univision Communications, Inc.:
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 3/15/24	$	148	$	147,556
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/15/26		533		534,907
			$	11,830,854
Retailers (Except Food and Drug) — 1.9%
Ascena Retail Group, Inc., Term Loan, 0.00%, 8/21/22(11)	$	854	$	35,940
BJ’s Wholesale Club, Inc., Term Loan, 2.073%, (1 mo. USD LIBOR + 2.00%), 2/3/24		1,048		1,048,916
CNT Holdings I Corp., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/8/27		424		424,765
David’s Bridal, Inc.:
Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, 6/23/23		230		228,600
Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), 6/30/23		271		248,221
Go Wireless, Inc., Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), 12/22/24		739		739,499
Great Outdoors Group, LLC, Term Loan, 5.00%, (6 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28		3,162		3,184,986
Harbor Freight Tools USA, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 10/19/27		1,868		1,870,667
PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/28		2,375		2,379,453
Phillips Feed Service, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 11/13/24(3)		53		42,394
Pier 1 Imports (U.S.), Inc., Term Loan, 0.00%, 4/30/22(3)(11)		58		46,412
Protective Industrial Products, Inc., Term Loan, 4.75%, (1 week USD LIBOR + 4.00%, Floor 0.75%), 1/20/28		325		325,711
			$	10,575,564
Steel — 0.5%
Atkore International, Inc., Term Loan, 2.50%, (3 mo. USD LIBOR + 2.00%, Floor 0.50%), 5/26/28	$	600	$	600,375
Neenah Foundry Company, Term Loan, 10.00%, (USD LIBOR + 9.00%, Floor 1.00%), 12/13/22(9)		447		413,740
Phoenix Services International, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/1/25		648		646,848
TMS International Corp., Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), 8/14/24(9)		149		148,877
Zekelman Industries, Inc., Term Loan, 2.092%, (1 mo. USD LIBOR + 2.00%), 1/24/27		1,211		1,199,808
			$	3,009,648

Borrower/Description	Principal Amount (000’s omitted)		Value
Surface Transport — 0.6%
Hertz Corporation, (The):
Term Loan, 6/14/28(10)	$	147	$	145,949
Term Loan, 6/14/28(10)		778		774,426
Kenan Advantage Group, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/24/26		1,468		1,471,661
PODS, LLC, Term Loan, 3/31/28(10)		600		599,708
XPO Logistics, Inc., Term Loan, 1.881%, (3 mo. USD LIBOR + 1.75%), 2/24/25		450		448,492
			$	3,440,236
Telecommunications — 2.9%
Avaya, Inc., Term Loan, 4.073%, (1 mo. USD LIBOR + 4.00%), 12/15/27	$	125	$	125,586
CenturyLink, Inc., Term Loan, 2.354%, (1 mo. USD LIBOR + 2.25%), 3/15/27		3,122		3,085,602
Digicel International Finance Limited, Term Loan, 3.43%, (6 mo. USD LIBOR + 3.25%), 5/28/24		1,393		1,340,327
GEE Holdings 2, LLC:
Term Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 3/24/25		120		119,850
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 3/23/26		234		216,829
Intelsat Jackson Holdings S.A.:
DIP Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), 7/13/22		533		539,937
Term Loan, 8.00%, (USD Prime + 4.75%), 11/27/23		500		507,917
Term Loan, 8.75%, (USD Prime + 5.50%), 1/2/24		1,300		1,327,788
IPC Corp., Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), 8/6/21(3)		596		496,235
Level 3 Financing, Inc., Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 3/1/27		3,323		3,279,069
Onvoy, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/10/24		1,224		1,224,640
Syniverse Holdings, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 3/9/23		726		720,032
Ziggo Financing Partnership, Term Loan, 2.573%, (1 mo. USD LIBOR + 2.50%), 4/30/28		3,525		3,495,136
			$	16,478,948
Utilities — 0.5%
Longview Power, LLC, Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), 7/30/25	$	143	$	145,149
USIC Holdings, Inc., Term Loan, 5/12/28(10)		1,500		1,499,766
Vistra Operations Company, LLC, Term Loan, 1.85%, (1 mo. USD LIBOR + 1.75%), 12/31/25		997		991,114
			$	2,636,029
Total Senior Floating-Rate Loans (identified cost $497,336,279)			$	494,207,424

19 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued

Warrants — 0.0%(6)
Security	Shares		Value
Entertainment — 0.0%(6)
Cineworld Group PLC, Exp. 11/23/25(4)(5)		118,649	$	59,004
			$	59,004
Health Care — 0.0%(6)
THAIHOT Investment Company US Limited, Exp. 10/13/27(3)(4)(5)		16	$	16,128
THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)(3)(4)(5)		898		0
			$	16,128
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(3)(4)(5)		3,427	$	0
			$	0
Total Warrants (identified cost $0)			$	75,132
Miscellaneous — 0.0%
Security	Shares		Value
Oil and Gas — 0.0%
Paragon Offshore Finance Company, Class A(3)(4)(5)		1,168	$	0
Paragon Offshore Finance Company, Class B(3)(4)(5)		584		0
Total Miscellaneous (identified cost $12,702)			$	0
Short-Term Investments — 7.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.05%(13)		42,367,750	$	42,367,750
Total Short-Term Investments (identified cost $42,367,750)			$	42,367,750
Total Investments — 105.0% (identified cost $600,160,796)			$	597,429,525
Less Unfunded Loan Commitments — (0.2)%			$	(1,092,289	)
Net Investments — 104.8% (identified cost $599,068,507)			$	596,337,236
Other Assets, Less Liabilities — (4.8)%			$	(27,111,511	)
Net Assets — 100.0%			$	569,225,725

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2021, the aggregate value of these securities is $52,254,155 or 9.2% of the Fund’s net assets.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at June 30, 2021.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽⁴⁾  Non-income producing security.

⁽⁵⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽⁸⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At June 30, 2021, the total value of unfunded loan commitments is $1,090,274. See Note 1F for description.

⁽⁹⁾  The stated interest rate represents the weighted average interest rate at June 30, 2021 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁰⁾  This Senior Loan will settle after June 30, 2021, at which time the interest rate will be determined.

⁽¹¹⁾  Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽¹²⁾  Fixed-rate loan.

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2021.

Abbreviations:

DIP	–	Debtor In Possession
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

USD – United States Dollar

20 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2021
Unaffiliated investments, at value (identified cost, $556,700,757)	$	553,969,486
Affiliated investment, at value (identified cost, $42,367,750)		42,367,750
Cash		5,707,687
Interest receivable		1,644,079
Dividends receivable from affiliated investment		2,466
Receivable for investments sold		201,224
Receivable for Fund shares sold		694,569
Prepaid upfront fees on notes payable		69,370
Prepaid expenses		11,028
Total assets	$	604,667,659
Liabilities
Payable for investments purchased	$	34,561,458
Payable for Fund shares redeemed		120,195
Distributions payable		9,533
Payable to affiliates:
Investment adviser fee		267,142
Distribution fees		115,397
Trustees’ fees		6,285
Payable for shareholder servicing fees		180,340
Accrued expenses		181,584
Total liabilities	$	35,441,934
Net Assets	$	569,225,725
Sources of Net Assets
Paid-in capital	$	593,863,010
Accumulated loss		(24,637,285	)
Total	$	569,225,725
Initial Class Shares
Net Assets	$	565,300,526
Shares Outstanding		62,073,449
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.11
ADV Class Shares
Net Assets	$	3,924,188
Shares Outstanding		430,526
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.11
Institutional Class Shares
Net Assets	$	1,011
Shares Outstanding		111
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.11

21 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2021
Interest and other income	$	10,459,448
Dividends (net of foreign taxes, $3,919)		262,073
Dividends from affiliated investment		16,067
Total investment income	$	10,737,588
Expenses
Investment adviser fee	$	1,509,084
Distribution fees
Initial Class		651,699
Shareholder servicing fees
Initial Class		640,926
ADV Class		4,560
Trustees’ fees and expenses		10,817
Custodian fee		99,784
Transfer and dividend disbursing agent fees		5,933
Legal and accounting services		47,107
Printing and postage		8,794
Interest expense and fees		84,396
Miscellaneous		13,203
Total expenses	$	3,076,303
Net investment income	$	7,661,285
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,268,813
Investment transactions — affiliated investment		(280	)
Net realized gain	$	1,268,533
Change in unrealized appreciation (depreciation) —
Investments	$	3,288,129
Net change in unrealized appreciation (depreciation)	$	3,288,129
Net realized and unrealized gain	$	4,556,662
Net increase in net assets from operations	$	12,217,947

22 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From operations —
Net investment income	$	7,661,285		$	17,865,681
Net realized gain (loss)		1,268,533			(19,038,699	)
Net change in unrealized appreciation (depreciation)		3,288,129			4,945,910
Net increase in net assets from operations	$	12,217,947		$	3,772,892
Distributions to shareholders —
Initial Class	$	(7,602,202	)	$	(17,686,717	)
ADV Class		(59,066	)		(180,207	)
Institutional Class		(17	)		(38	)
Total distributions to shareholders	$	(7,661,285	)	$	(17,866,962	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Initial Class	$	108,988,082		$	147,658,882
ADV Class		2,080,169			1,520,676
Net asset value of shares issued to shareholders in payment of distributions declared
Initial Class		7,597,864			17,681,301
ADV Class		59,025			180,125
Cost of shares redeemed
Initial Class		(51,235,195	)		(297,255,047	)
ADV Class		(2,361,560	)		(3,765,820	)
Net increase (decrease) in net assets from Fund share transactions	$	65,128,385		$	(133,979,883	)
Net increase (decrease) in net assets	$	69,685,047		$	(148,073,953	)
Net Assets
At beginning of period	$	499,540,678		$	647,614,631
At end of period	$	569,225,725		$	499,540,678

23 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Financial Highlights

	Initial Class
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.030		$	9.150		$	8.920		$	9.270		$	9.260		$	8.800
Income (Loss) From Operations
Net investment income(1)	$	0.131		$	0.291		$	0.393		$	0.352		$	0.303		$	0.314
Net realized and unrealized gain (loss)		0.080			(0.122	)		0.230			(0.352	)		0.012			0.460
Total income from operations	$	0.211		$	0.169		$	0.623		$	—		$	0.315		$	0.774
Less Distributions
From net investment income	$	(0.131	)	$	(0.289	)	$	(0.393	)	$	(0.350	)	$	(0.305	)	$	(0.314	)
Total distributions	$	(0.131	)	$	(0.289	)	$	(0.393	)	$	(0.350	)	$	(0.305	)	$	(0.314	)
Net asset value — End of period	$	9.110		$	9.030		$	9.150		$	8.920		$	9.270		$	9.260
Total Return(2)(3)		2.35	%(4)		2.00	%		7.08	%		(0.07	)%		3.44	%		8.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	565,301		$	495,426		$	641,189		$	712,486		$	642,315		$	626,950
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.17	%(5)		1.20	%		1.19	%		1.17	%		1.17	%		1.18	%
Net investment income		2.91	%(5)		3.33	%		4.31	%		3.79	%		3.26	%		3.48	%
Portfolio Turnover		22	%(4)		33	%		29	%		30	%		41	%		44	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Excludes fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

24 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Financial Highlights — continued

	ADV Class
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.040		$	9.160		$	8.920		$	9.280		$	9.270		$	8.810
Income (Loss) From Operations
Net investment income(1)	$	0.143		$	0.316		$	0.414		$	0.374		$	0.328		$	0.337
Net realized and unrealized gain (loss)		0.070			(0.125	)		0.242			(0.360	)		0.010			0.460
Total income from operations	$	0.213		$	0.191		$	0.656		$	0.014		$	0.338		$	0.797
Less Distributions
From net investment income	$	(0.143	)	$	(0.311	)	$	(0.416	)	$	(0.374	)	$	(0.328	)	$	(0.337	)
Total distributions	$	(0.143	)	$	(0.311	)	$	(0.416	)	$	(0.374	)	$	(0.328	)	$	(0.337	)
Net asset value — End of period	$	9.110		$	9.040		$	9.160		$	8.920		$	9.280		$	9.270
Total Return(2)(3)		2.36	%(4)		2.26	%		7.47	%		0.07	%		3.70	%		9.21	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,924		$	4,114		$	6,424		$	4,324		$	4,031		$	2,532
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.92	%(5)		0.95	%		0.94	%		0.92	%		0.92	%		0.94	%
Net investment income		3.18	%(5)		3.60	%		4.53	%		4.03	%		3.53	%		3.73	%
Portfolio Turnover		22	%(4)		33	%		29	%		30	%		41	%		44	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Excludes fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

25 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Financial Highlights — continued

	Institutional Class
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			Period Ended December 31,  2016(1)
Net asset value — Beginning of period	$	9.030		$	9.150		$	8.920		$	9.270		$	9.270		$	9.010
Income (Loss) From Operations
Net investment income(2)	$	0.156		$	0.343		$	0.441		$	0.396		$	0.342		$	0.240
Net realized and unrealized gain (loss)		0.079			(0.119	)		0.230			(0.341	)		0.002			0.266
Total income from operations	$	0.235		$	0.224		$	0.671		$	0.055		$	0.344		$	0.506
Less Distributions
From net investment income	$	(0.155	)	$	(0.344	)	$	(0.441	)	$	(0.405	)	$	(0.344	)	$	(0.246	)
Total distributions	$	(0.155	)	$	(0.344	)	$	(0.441	)	$	(0.405	)	$	(0.344	)	$	(0.246	)
Net asset value — End of period	$	9.110		$	9.030		$	9.150		$	8.920		$	9.270		$	9.270
Total Return(3)(4)		2.62	%(5)		2.64	%		7.65	%		0.52	%		3.77	%		5.68	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1		$	1		$	1		$	1		$	1		$	1
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.64	%(6)		0.67	%		0.67	%		0.68	%		0.68	%		0.69	%(6)
Net investment income		3.45	%(6)		3.92	%		4.83	%		4.27	%		3.69	%		3.95	%(6)
Portfolio Turnover		22	%(5)		33	%		29	%		30	%		41	%		44	%(7)

⁽¹⁾  For the period from commencement of operations on May 2, 2016 to December 31, 2016.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Excludes fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the year ended December 31, 2016.

26 See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance VT Floating-Rate Income Fund (the Fund) is a diversified series of Eaton Vance Variable Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide a high level of current income. The Fund offers Initial Class, ADV Class and Institutional Class shares, which are offered at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund is generally made available for purchase only to separate accounts established by participating insurance companies and qualified pension or retirement plans.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information

27

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of June 30, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2021, the Fund had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, if an election is made on behalf of a separate account or qualified pension or retirement plan, to receive some or all of the distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At December 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $26,855,587 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2020, $4,034,836 are short-term and $22,820,751 are long-term.

28

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	599,279,933
Gross unrealized appreciation	$	5,748,832
Gross unrealized depreciation		(8,691,529	)
Net unrealized depreciation	$	(2,942,697	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with EVM in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate of 0.575% of the Fund’s average daily net assets up to $1 billion, 0.525% from $1 billion but less than $2 billion, 0.500% from $2 billion but less than $5 billion and 0.480% of average daily net assets of $5 billion and over, and is payable monthly. For the six months ended June 30, 2021, the investment adviser fee amounted to $1,509,084 or 0.575% (annualized) of the Fund’s average daily net assets. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation. Eaton Vance Distributors, Inc. (EVD), the Fund’s principal underwriter and an affiliate of EVM, received distribution fees (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plan

The Fund has in effect a distribution plan for Initial Class shares (Initial Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Initial Class Plan, the Fund pays EVD a distribution fee of 0.25% per annum of its average daily net assets attributable to Initial Class shares for the sale and distribution of Initial Class shares. Distribution fees paid or accrued to EVD for the six months ended June 30, 2021 amounted to $651,699. Insurance companies receive such fees from EVD based on the value of shares held by such companies. The insurance companies through which investors hold shares of the Fund may also pay fees to third parties in connection with the sale of variable contracts and for services provided to variable contract owners. The Fund, EVM or EVD are not a party to these arrangements. Investors should consult the prospectus and statement of additional information for their variable contracts for a discussion of these payments. EVD may, at its expense, provide promotional incentives to dealers that sell variable insurance products.

Distribution fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Shareholder Servicing Plan

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan) for Initial Class and ADV Class. The Servicing Plan allows the Trust to enter into shareholder servicing agreements with insurance companies, investment dealers, broker/dealers or other financial intermediaries that provide shareholder services relating to Fund shares and their shareholders, including variable contract owners or plan participants with interests in the Fund. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.25% of its average daily net assets attributable to each class that are subject to shareholder servicing agreements. No shareholder servicing fees are levied on shares owned by EVM, its affiliates, or their respective employees or clients and may be waived under certain other limited conditions. For the six months ended June 30, 2021, shareholder servicing fees were equivalent to 0.25% per annum of each class’ average daily net assets and amounted to $640,926 and $4,560 for Initial Class and ADV Class, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $178,208,935 and $111,203,406, respectively, for the six months ended June 30, 2021.

29

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Initial Class	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Sales		11,992,040			17,040,036
Issued to shareholders electing to receive payments of distributions in Fund shares		836,012			2,023,238
Redemptions		(5,633,752	)		(34,266,422	)
Net increase (decrease)		7,194,300			(15,203,148	)
ADV Class	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Sales		228,601			173,796
Issued to shareholders electing to receive payments of distributions in Fund shares		6,489			20,593
Redemptions		(259,810	)		(440,709	)
Net decrease		(24,720	)		(246,320	)

There were no transactions in Institutional Class shares for the six months ended June 30, 2021 and the year ended December 31, 2020.

At June 30, 2021, separate accounts of 4 insurance companies each owned more than 10% of the value of the outstanding shares of the Fund aggregating 69.1%.

8  Credit Facility

The Fund participates with other portfolios managed by EVM and its affiliates in a $650 million ($750 million prior to March 8, 2021) unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 7, 2022. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or the London Interbank Offered Rate (LIBOR), plus a margin. Base rate is the highest of (a) the administrative agent’s prime rate, (b) the Federal Funds rate plus a margin and (c) the one month LIBOR rate plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated between the Fund and the other participating portfolios at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $49,000 of amortization of upfront fees paid by the Fund in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at June 30, 2021 is $69,370 and is included in prepaid upfront fees on notes payable in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Fund and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. The Fund did not have any significant borrowings during the six months ended June 30, 2021.

9  Investments in Affiliated Funds

At June 30, 2021, the value of the Fund’s investment in affiliated funds was $42,367,750, which represents 7.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended June 30, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	21,593,096	$	132,912,335	$	(112,137,401	)	$	(280	)	$	—	$	42,367,750	$	16,067		42,367,750

30

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3*		Total
Asset-Backed Securities	$	—	$	8,251,694	$	—	$	8,251,694
Common Stocks		1,237,418		1,935,100		1,131,064		4,303,582
Convertible Preferred Stocks		—		460,254		—		460,254
Corporate Bonds		—		44,143,694		—		44,143,694
Exchange-Traded Funds		3,518,040		—		—		3,518,040
Preferred Stocks		—		101,955		0		101,955
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		492,390,406		724,729		493,115,135
Warrants		—		59,004		16,128		75,132
Miscellaneous		—		—		0		0
Short-Term Investments		—		42,367,750		—		42,367,750
Total Investments	$	4,755,458	$	589,709,857	$	1,871,921	$	596,337,236

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2021 is not presented.

11  Risks and Uncertainties

Credit Risk

The Fund invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

LIBOR Transition Risk

Certain instruments held by the Fund may pay an interest rate based on LIBOR, which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR is expected to be defined in advance of the anticipated discontinuation, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

31

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

32

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance VT Floating-Rate Income Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory agreement with Eaton Vance Management to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:

Number of Shares(1)
For	Against		Abstain(2)		Broker Non-Votes(2)
42,399,396.590		1,900,551.282		1,998,260.023		0

⁽¹⁾   Fractional shares were voted proportionately.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

33

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

34

Eaton Vance

VT Floating-Rate Income Fund

June 30, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

35

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

36

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

37

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

38

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This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7733    6.30.21

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.

Eaton Vance Variable Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	August 19, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	August 19, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	August 19, 2021