<Page>
-----------------------------
OMB APPROVAL
-----------------------------
OMB Number: 3235-0570
Expires: November 30, 2005
Estimated average burden
hours per response....... 5.0
-----------------------------
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 801-10067
---------------------------------------------
Eaton Vance Variable Trust
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
- -------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 482-8260
----------------------------
Date of fiscal year end: December 31, 2003
--------------------------
Date of reporting period: June 30, 2003
-------------------------
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
information under the clearance requirements of 44 U.S.C. Section 3507.
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EATON VANCE LOGO]
[PHOTO OF GRAPHIC IMAGE]
SEMIANNUAL REPORT JUNE 30, 2003
EATON VANCE
VT
FLOATING-RATE
INCOME
FUND
[PHOTO OF GRAPHIC IMAGE]
<Page>
IMPORTANT NOTICE
REGARDING DELIVERY OF
SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission (SEC) permits mutual 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 ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, 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 adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
From time to time, mutual funds are required to vote proxies related to the
securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios 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 without charge, upon request, by calling 1-800-262-1122.
This description is also available on the Securities and Exchange Commission's
website at http://www.sec.gov.
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
INVESTMENT UPDATE
Investment Environment
THE LOAN MARKET
- - The loan market has been characterized by improving fundamentals in recent
months, as companies have focused increasingly on developing core businesses,
paring debt and improving their balance sheets following the recent market
excesses. The estimated default rate is well below its level of a year ago.
- - The technicals of the loan market have also improved, with rising loan
issuance met by commensurately strong investor demand for the asset class.
With short-term interest rates at a 45-year low, the loan market has benefited
from investors' perception that loans represent a very low-duration vehicle.
- - Following the Federal Reserve's June 25 move to cut short-term interest rates,
the risk-reward balance has turned even more negative for bonds, putting bond
investors more at risk in an economic recovery. In contrast, floating-rate
loans - with their interest-rate-reset provisions - would be less affected by
a rebound in the economy.
THE FUND
PERFORMANCE FOR THE PAST SIX MONTHS
- - The Fund had a six-month total return of 1.33%.(1) That return was the result
of an increase in net asset value to $10.02 on June 30, 2003 from $10.00 on
December 31, 2002 and the reinvestment of $0.112 in distributions.
THE PORTFOLIO'S INVESTMENTS
- - With a modest asset growth in the past year, the Fund has been able to
increase its level of investment and diversification in floating-rate loans.
At June 30, 2003, 85.4% of the Fund's assets were invested in loans, while the
Fund's remaining assets were invested in high-quality, short-term U.S.
Government agency securities.
- - Publishing and printing was the Fund's largest sector weighting at June 30,
2003. Publishers of newspapers and trade magazines typically enjoy rising
advertising revenues in an economic recovery. The Fund also has investments in
printers that serve the financial and legal professions. The Fund's publishing
investments also included publishers of "white and yellow page" directories.
The past year has seen the purchase of independent phone company directories
by financial sponsors and/or publishers with more cost-effective production
and marketing capabilities.
- - Broadcast media was a significant focus of the Fund. Investments included
operators of radio and television stations diversified among large, small and
mid-size markets. We believe these companies are poised to benefit from an
increase in revenues in an improving economy, as businesses increase their
advertising budgets. In addition, with the approach of a presidential election
cycle, broadcasters are likely to benefit from increased spending on campaign
advertising.
- - The Fund's manufacturing investments represented a broad range of the economy.
Holdings included companies that manufacture high-end industrial products,
flow technologies, industrial cleaning products, water systems and wire and
cable. While many manufacturers have seen weaker demand in the sluggish
economy, companies in some niches have enjoyed stable sales. Many companies
have streamlined operations and are now better positioned for an eventual
economic upturn. In addition, the weak dollar has improved the global
competitiveness of U.S. manufacturers.
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE PORTFOLIO MANAGERS AND ARE
CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER
CONDITIONS, AND EATON VANCE MANAGEMENT DISCLAIMS ANY RESPONSIBILITY TO UPDATE
SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS ARE BASED ON MANY FACTORS, MAY NOT BE RELIED ON AS AN
INDICATION OF TRADING INTENT ON BEHALF OF ANY FUND.
FUND INFORMATION AS OF JUNE 30, 2003
<Table>
<Caption>
Performance(2)
- -------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 1.56%
Life of Fund (5/2/01) 1.36
</Table>
(1) These returns do not include insurance-related charges. (2) Returns are
historical and are calculated by determining the percentage change in net asset
value with all distributions reinvested. There is no sales charge.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when repurchased, may be worth
more or less than their original cost.
MUTUAL 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.
2
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
GOVERNMENT AGENCIES -- 12.4%
<Table>
<Caption>
PRINCIPAL
AMOUNT SECURITY VALUE
- -----------------------------------------------------------------
Financial Services -- 12.4%
- -----------------------------------------------------------------
STUDENT LOAN MARKETING ASSOCIATION
DISCOUNT NOTE
$ 4,249 0.95%, 7/1/03 $ 4,249,000
- -----------------------------------------------------------------
$ 4,249,000
- -----------------------------------------------------------------
Total Government Agencies
(identified cost $4,249,000) $ 4,249,000
- -----------------------------------------------------------------
</Table>
SENIOR FLOATING-RATE INTERESTS -- 85.4%
<Table>
<Caption>
BORROWER/BUSINESS DESCRIPTION
- -----------------------------------------------------------------
Aerospace and Defense -- 1.5%
- -----------------------------------------------------------------
$172,987 Alliant Techsystems, Inc., Term Loan,
Maturing 4/20/09 $ 173,766
95,153 Transdigm Holding Company, Term Loan,
Maturing 5/15/06 95,718
251,185 Transdigm Holding Company, Term Loan,
Maturing 5/15/07 252,676
- -----------------------------------------------------------------
$ 522,160
- -----------------------------------------------------------------
Auto Components -- 4.0%
- -----------------------------------------------------------------
$328,352 American Axle and Manufacturing, Inc.,
Term Loan, Maturing 4/30/06 $ 328,306
348,241 Dura Operating Corp., Term Loan,
Maturing 3/31/07 349,710
350,000 Federal-Mogul Corp., Term Loan,
Maturing 2/24/04 349,125
350,000 TRW Automotive Holdings Corp., Term
Loan, Maturing 2/28/11 353,208
- -----------------------------------------------------------------
$ 1,380,349
- -----------------------------------------------------------------
Broadcast Media -- 5.8%
- -----------------------------------------------------------------
$323,556 Citadel Communications Corp., Term Loan,
Maturing 3/31/06 $ 323,555
349,125 Cumulus Media, Inc., Term Loan,
Maturing 3/28/10 351,471
350,000 Discovery Communications, Inc., Term
Loan, Maturing 12/31/05 337,750
350,000 Emmis Communication Corp., Term Loan,
Maturing 8/31/09 351,558
350,000 Lin Television Corp., Term Loan,
Maturing 12/31/07 350,802
288,312 Radio One, Inc., Term Loan,
Maturing 6/30/07 284,708
- -----------------------------------------------------------------
$ 1,999,844
- -----------------------------------------------------------------
Cable Television -- 2.1%
- -----------------------------------------------------------------
$350,000 Adelphia, DIP Loan, Maturing 6/25/04 $ 350,000
<Caption>
PRINCIPAL
AMOUNT BORROWER/BUSINESS DESCRIPTION VALUE
- -----------------------------------------------------------------
Cable Television (continued)
- -----------------------------------------------------------------
$350,000 DirectTV Holdings, LLC, Term Loan,
Maturing 3/6/10 $ 352,822
- -----------------------------------------------------------------
$ 702,822
- -----------------------------------------------------------------
Casinos and Gaming -- 4.1%
- -----------------------------------------------------------------
$348,209 Ameristar Casinos, Inc., Term Loan,
Maturing 12/31/06 $ 349,993
347,342 Argosy Gaming Co., Term Loan,
Maturing 6/30/08 349,295
347,368 Boyd Gaming Corp., Term Loan,
Maturing 6/24/08 348,497
350,000 Mohegan Tribal Gaming Authority, Term
Loan, Maturing 3/31/08 349,125
- -----------------------------------------------------------------
$ 1,396,910
- -----------------------------------------------------------------
Chemicals -- 1.0%
- -----------------------------------------------------------------
$349,299 Georgia Gulf Corp., Term Loan,
Maturing 5/12/09 $ 351,045
- -----------------------------------------------------------------
$ 351,045
- -----------------------------------------------------------------
Coal -- 0.6%
- -----------------------------------------------------------------
$199,500 Peabody Energy Corp., Term Loan,
Maturing 3/21/10 $ 201,204
- -----------------------------------------------------------------
$ 201,204
- -----------------------------------------------------------------
Commercial Services -- 3.0%
- -----------------------------------------------------------------
$348,223 Coinmach Laundry Corp., Term Loan,
Maturing 7/25/09 $ 349,747
305,208 Corrections Corporation of America, Term
Loan, Maturing 5/31/08 307,192
200,000 Environmental Systems Products
Holdings, Inc., Term Loan,
Maturing 12/31/04 188,000
200,000 Gate Gourmet Borrower LLC, Term Loan,
Maturing 12/31/08 188,000
- -----------------------------------------------------------------
$ 1,032,939
- -----------------------------------------------------------------
Containers and Packaging-Metals and Glass -- 1.0%
- -----------------------------------------------------------------
$350,000 Silgan Holdings, Inc., Term Loan,
Maturing 12/31/08 $ 351,604
- -----------------------------------------------------------------
$ 351,604
- -----------------------------------------------------------------
Containers and Packaging-Paper -- 2.6%
- -----------------------------------------------------------------
$349,121 Greif Bros. Corp., Term Loan,
Maturing 8/31/08 $ 349,732
192,883 Jefferson Smurfit Corp., Term Loan,
Maturing 3/31/07 192,223
348,237 Printpack Holdings, Inc., Term Loan,
Maturing 4/30/09 349,543
- -----------------------------------------------------------------
$ 891,498
- -----------------------------------------------------------------
Containers and Packaging-Plastics -- 2.0%
- -----------------------------------------------------------------
$347,368 Berry Plastics Corp., Term Loan,
Maturing 6/30/10 $ 349,279
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
3
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/BUSINESS DESCRIPTION VALUE
- -----------------------------------------------------------------
Containers and Packaging-Plastics (continued)
- -----------------------------------------------------------------
$350,000 Crown Cork and Seal Co., Inc., Term
Loan, Maturing 9/15/08 $ 352,297
- -----------------------------------------------------------------
$ 701,576
- -----------------------------------------------------------------
Educational Services -- 1.0%
- -----------------------------------------------------------------
$338,032 Jostens, Inc., Term Loan,
Maturing 12/31/09 $ 338,736
- -----------------------------------------------------------------
$ 338,736
- -----------------------------------------------------------------
Entertainment -- 2.8%
- -----------------------------------------------------------------
$251,403 AMF Bowling Worldwide, Inc., Term Loan,
Maturing 2/28/08 $ 251,717
350,000 Metro-Goldwyn-Mayer Studios, Inc., Term
Loan, Maturing 6/11/08 350,492
350,000 Six Flags Theme Parks, Inc., Term Loan,
Maturing 6/30/09 349,599
- -----------------------------------------------------------------
$ 951,808
- -----------------------------------------------------------------
Environmental Services -- 2.1%
- -----------------------------------------------------------------
$ 50,000 Allied Waste Industries, Inc., Term
Loan, Maturing 1/15/10 $ 50,381
300,000 Allied Waste Industries, Inc., Term
Loan, Maturing 7/15/10 302,563
350,000 Casella Waste Systems, Inc., Term Loan,
Maturing 1/24/10 352,406
- -----------------------------------------------------------------
$ 705,350
- -----------------------------------------------------------------
Food, Beverages and Tobacco -- 4.7%
- -----------------------------------------------------------------
$224,681 American Seafood Holdings, Inc., Term
Loan, Maturing 3/31/09 $ 225,243
325,063 Del Monte Corp., Term Loan,
Maturing 12/20/10(1) 328,517
349,025 Dr. Pepper/Seven Up Bottling
Group, Inc., Term Loan,
Maturing 10/7/07 347,989
347,368 Southern Wine and Spirits of America
Inc., Term Loan, Maturing 6/28/08 348,671
348,241 Suiza Foods Corp. (Dean Food Company),
Term Loan, Maturing 7/15/08 350,160
- -----------------------------------------------------------------
$ 1,600,580
- -----------------------------------------------------------------
Health Care Equipment and Supplies -- 2.7%
- -----------------------------------------------------------------
$249,375 Conmed Corp., Term Loan,
Maturing 12/31/07 $ 249,791
349,125 Fisher Scientific International, LLC,
Term Loan, Maturing 3/31/10 351,220
<Caption>
PRINCIPAL
AMOUNT BORROWER/BUSINESS DESCRIPTION VALUE
- -----------------------------------------------------------------
Health Care Equipment and Supplies (continued)
- -----------------------------------------------------------------
$321,266 Sybron Dental Management, Inc., Term
Loan, Maturing 6/6/09 $ 322,591
- -----------------------------------------------------------------
$ 923,602
- -----------------------------------------------------------------
Health Care Providers and Services -- 4.6%
- -----------------------------------------------------------------
$348,237 Caremark RX, Inc., Term Loan,
Maturing 3/31/06 $ 348,890
348,246 Community Health Systems, Inc., Term
Loan, Maturing 7/5/10 347,538
166,667 Express Scripts, Inc., Term Loan,
Maturing 3/31/08 167,262
349,125 Fresenius Medical Care Holdings, Inc.,
Term Loan, Maturing 2/21/10 351,271
349,030 Triad Hospitals Holdings, Term Loan,
Maturing 3/31/08 351,469
- -----------------------------------------------------------------
$ 1,566,430
- -----------------------------------------------------------------
Household Products -- 2.8%
- -----------------------------------------------------------------
$341,682 Rayovac Corp., Term Loan,
Maturing 9/30/09 $ 342,394
349,326 The Scotts Company, Term Loan,
Maturing 12/31/07 351,401
271,110 United Industries Corp., Term Loan,
Maturing 1/20/06 271,618
- -----------------------------------------------------------------
$ 965,413
- -----------------------------------------------------------------
Insurance -- 1.5%
- -----------------------------------------------------------------
$346,500 Hilb, Rogal and Hamilton Co., Term Loan,
Maturing 6/30/07 $ 348,016
164,305 Willis Corroon Corp., Term Loan,
Maturing 2/19/07 163,175
- -----------------------------------------------------------------
$ 511,191
- -----------------------------------------------------------------
Machinery -- 2.0%
- -----------------------------------------------------------------
$340,278 Rexnord Corp., Term Loan,
Maturing 11/30/09 $ 343,539
348,223 The Manitowoc Company, Term Loan,
Maturing 6/30/07 349,790
- -----------------------------------------------------------------
$ 693,329
- -----------------------------------------------------------------
Manufacturing -- 5.6%
- -----------------------------------------------------------------
$348,241 JohnsonDiversey, Inc., Term Loan,
Maturing 11/30/09 $ 351,693
346,500 Mueller Group, Inc., Term Loan,
Maturing 5/31/08 346,160
343,000 National Waterworks Holdings, Inc., Term
Loan, Maturing 11/22/09 346,644
319,006 SPX Corp., Term Loan, Maturing 3/31/10 319,693
347,665 Trimas Corp., Term Loan,
Maturing 12/31/09 348,039
195,000 Walter Industries, Inc., Term Loan,
Maturing 4/17/10 195,000
- -----------------------------------------------------------------
$ 1,907,229
- -----------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/BUSINESS DESCRIPTION VALUE
- -----------------------------------------------------------------
Metals and Mining -- 0.7%
- -----------------------------------------------------------------
$251,802 Compass Minerals Group, Inc., Term Loan,
Maturing 11/28/09 $ 253,717
- -----------------------------------------------------------------
$ 253,717
- -----------------------------------------------------------------
Miscellaneous -- 0.9%
- -----------------------------------------------------------------
$186,719 Weight Watchers International, Inc.,
Term Loan, Maturing 12/31/07 $ 188,353
110,649 Weight Watchers International, Inc.,
Term Loan, Maturing 12/31/08 111,617
- -----------------------------------------------------------------
$ 299,970
- -----------------------------------------------------------------
Office Equipment and Supplies -- 1.0%
- -----------------------------------------------------------------
$349,649 Iron Mountain Inc., Term Loan,
Maturing 2/15/08 $ 351,679
- -----------------------------------------------------------------
$ 351,679
- -----------------------------------------------------------------
Oil and Gas -- 1.0%
- -----------------------------------------------------------------
$350,000 The Premcor Refining Group, Inc., Term
Loan, Maturing 2/11/06 $ 353,062
- -----------------------------------------------------------------
$ 353,062
- -----------------------------------------------------------------
Personal Products -- 2.7%
- -----------------------------------------------------------------
$323,279 Armkel, LLC, Term Loan, Maturing 3/31/09 $ 325,476
261,905 Mary Kay, Inc., Term Loan,
Maturing 9/30/07 263,214
348,241 Playtex Products, Inc., Term Loan,
Maturing 5/31/09 346,718
- -----------------------------------------------------------------
$ 935,408
- -----------------------------------------------------------------
Publishing & Printing -- 8.1%
- -----------------------------------------------------------------
$349,109 American Media Operations, Inc., Term
Loan, Maturing 4/1/07 $ 350,528
317,973 Bell Actimedia, Inc., Term Loan,
Maturing 11/29/10 320,915
347,375 Hollinger International
Publishing, Inc., Term Loan,
Maturing 9/30/09 352,151
348,939 Journal Register Co., Term Loan,
Maturing 9/30/06 346,322
350,000 Moore Holdings U.S.A. Inc., Term Loan,
Maturing 3/15/10 353,117
348,250 R.H. Donnelley Inc., Term Loan,
Maturing 6/30/10 354,780
356,061 The McClatchy Company, Term Loan,
Maturing 9/10/07 356,784
328,267 The Readers Digest Association, Inc.,
Term Loan, Maturing 5/20/08 325,746
- -----------------------------------------------------------------
$ 2,760,343
- -----------------------------------------------------------------
Real Estate -- 3.0%
- -----------------------------------------------------------------
$210,000 Fairfield Resorts, Inc., Term Loan,
Maturing 3/21/06 $ 208,950
347,667 Lennar Corp., Term Loan,
Maturing 5/2/07 348,318
<Caption>
PRINCIPAL
AMOUNT BORROWER/BUSINESS DESCRIPTION VALUE
- -----------------------------------------------------------------
Real Estate (continued)
- -----------------------------------------------------------------
$332,500 The Woodlands Commercial Properties Co.,
L.P., Term Loan, Maturing 11/26/05 $ 334,994
125,000 Wilmorite Holdings, L.P., Term Loan,
Maturing 3/31/06 125,625
- -----------------------------------------------------------------
$ 1,017,887
- -----------------------------------------------------------------
Restaurants -- 1.5%
- -----------------------------------------------------------------
$331,578 AFC Enterprises, Inc., Term Loan,
Maturing 5/23/09 $ 331,025
195,000 O'Charley's Inc., Term Loan,
Maturing 1/27/09 195,609
- -----------------------------------------------------------------
$ 526,634
- -----------------------------------------------------------------
Retail-Food and Drug -- 4.2%
- -----------------------------------------------------------------
$350,982 Duane Reade Inc., Term Loan,
Maturing 2/15/07 $ 351,860
197,111 Fleming Companies, Inc., Term Loan,
Maturing 6/18/08 173,753
348,246 Giant Eagle, Inc., Term Loan,
Maturing 8/6/09 349,116
347,368 Roundy's, Inc., Term Loan,
Maturing 6/6/09 348,156
198,024 The Pantry, Inc., Term Loan,
Maturing 3/31/07 198,519
- -----------------------------------------------------------------
$ 1,421,404
- -----------------------------------------------------------------
Retail-Specialty -- 1.8%
- -----------------------------------------------------------------
$281,305 Advance Stores Company, Inc., Term Loan,
Maturing 11/30/06 $ 280,426
346,382 Petco Animal Supplies, Inc., Term Loan,
Maturing 10/2/08 347,609
- -----------------------------------------------------------------
$ 628,035
- -----------------------------------------------------------------
Theaters -- 3.0%
- -----------------------------------------------------------------
$349,125 Cinemark USA, Inc., Term Loan,
Maturing 3/31/08 $ 351,853
337,830 Loews Cineplex Entertainment Corp., Term
Loan, Maturing 9/30/06 336,036
332,051 Regal Cinemas, Inc., Term Loan,
Maturing 5/27/07 334,542
- -----------------------------------------------------------------
$ 1,022,431
- -----------------------------------------------------------------
Total Senior, Secured, Floating-Rate Interests
(identified cost $29,188,020) $29,266,189
- -----------------------------------------------------------------
Total Investments -- 97.8%
(identified cost $33,437,020) $33,515,189
- -----------------------------------------------------------------
Other Assets, Less Liabilities -- 2.2% $ 758,601
- -----------------------------------------------------------------
Net Assets -- 100% $34,273,790
- -----------------------------------------------------------------
</Table>
(1) Priced by adviser.
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF JUNE 30, 2003
Assets
- -----------------------------------------------------
Investments, at value (identified cost,
$33,437,020) $33,515,189
Cash 469,042
Receivable for investments sold 1,279
Receivable for Fund shares sold 209,628
Interest receivable 93,393
Prepaid expenses 3,782
- -----------------------------------------------------
TOTAL ASSETS $34,292,313
- -----------------------------------------------------
Liabilities
- -----------------------------------------------------
Accrued expenses $ 18,523
- -----------------------------------------------------
TOTAL LIABILITIES $ 18,523
- -----------------------------------------------------
NET ASSETS FOR 3,419,952 SHARES OF
BENEFICIAL INTEREST OUTSTANDING $34,273,790
- -----------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------
Paid-in capital $34,179,463
Accumulated undistributed net realized
gain (computed on the basis of
identified cost) 7,016
Accumulated undistributed net investment
income 9,142
Net unrealized appreciation (computed on
the basis of identified cost) 78,169
- -----------------------------------------------------
TOTAL $34,273,790
- -----------------------------------------------------
Net Asset Value, Offering Price and
Redemption Price Per Share
- -----------------------------------------------------
($34,273,790 DIVIDED BY 3,419,952
SHARES OF BENEFICIAL INTEREST
OUTSTANDING) $ 10.02
- -----------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
JUNE 30, 2003
Investment Income
- --------------------------------------------------
Interest $628,656
- --------------------------------------------------
TOTAL INVESTMENT INCOME $628,656
- --------------------------------------------------
Expenses
- --------------------------------------------------
Investment adviser fee $ 99,398
Administration fee 43,216
Service fees 43,216
Custodian fee 18,643
Legal and accounting services 14,210
Transfer and dividend disbursing agent
fees 5,523
Miscellaneous 12,550
- --------------------------------------------------
TOTAL EXPENSES $236,756
- --------------------------------------------------
NET INVESTMENT INCOME $391,900
- --------------------------------------------------
Realized and Unrealized Gain (Loss)
- --------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 7,016
- --------------------------------------------------
NET REALIZED GAIN $ 7,016
- --------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 65,193
- --------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 65,193
- --------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 72,209
- --------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $464,109
- --------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 2002
- -----------------------------------------------------------------------------
From operations --
Net investment income $ 391,900 $ 76,278
Net realized gain 7,016 1,225
Net change in unrealized appreciation
(depreciation) 65,193 12,976
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 464,109 $ 90,479
- -----------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (387,900) $ (72,361)
- -----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (387,900) $ (72,361)
- -----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ 3,999,542 $ 28,210,704
Net asset value of shares issued to
shareholders in payment of
distributions declared 387,900 72,361
Cost of shares redeemed (6,741,462) (7,538,560)
- -----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS $ (2,354,020) $ 20,744,505
- -----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (2,277,811) $ 20,762,623
- -----------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------
At beginning of period $ 36,551,601 $ 15,788,978
- -----------------------------------------------------------------------------
AT END OF PERIOD $ 34,273,790 $ 36,551,601
- -----------------------------------------------------------------------------
Accumulated undistributed
net investment income
included in net assets
- -----------------------------------------------------------------------------
AT END OF PERIOD $ 9,142 $ 5,142
- -----------------------------------------------------------------------------
</Table>
STATEMENT OF CASH FLOWS
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, 2003
INCREASE (DECREASE) IN CASH (UNAUDITED)
- ----------------------------------------------------------
Cash Flows From (Used For) Operating
Activities --
Purchases of loan interests $ (22,364,673)
Proceeds from sales and principal
repayments 6,205,190
Interest received 550,110
Facility fees received 926
Prepaid expenses (3,691)
Operating expenses paid (227,509)
Net decrease in short-term
investments 17,796,281
- ----------------------------------------------------------
NET CASH FROM OPERATING ACTIVITIES $ 1,956,634
- ----------------------------------------------------------
Cash Flows From (used For) Financing
Activities --
Proceeds from shares sold $ 3,792,966
Cost of shares redeemed (6,812,224)
- ----------------------------------------------------------
NET CASH USED FOR FINANCING ACTIVITIES $ (3,019,258)
- ----------------------------------------------------------
NET DECREASE IN CASH $ (1,062,624)
- ----------------------------------------------------------
CASH AT BEGINNING OF PERIOD $ 1,531,666
- ----------------------------------------------------------
CASH AT END OF PERIOD $ 469,042
- ----------------------------------------------------------
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash Used For
Operating Activities
- ----------------------------------------------------------
Net increase in net assets from
operations $ 464,109
Increase in receivable for investments
sold (1,279)
Increase in interest receivable (71,979)
Increase in prepaid expenses (3,691)
Increase in accrued expenses 9,247
Net decrease in investments 1,560,227
- ----------------------------------------------------------
NET CASH FROM OPERATING ACTIVITIES $ 1,956,634
- ----------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2003 ---------------------------------
(UNAUDITED)(1) 2002(1) 2001(1)(2)
- ---------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.000 $10.000 $10.000
- ---------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------
Net investment income $ 0.112 $ 0.031 $ 0.129
Net realized and unrealized
gain 0.020 -- --
- ---------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.132 $ 0.031 $ 0.129
- ---------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------
From net investment income $(0.112) $(0.031) $(0.129)
- ---------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.112) $(0.031) $(0.129)
- ---------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.020 $10.000 $10.000
- ---------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.33% 0.31% 1.30%
- ---------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ---------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $34,274 $36,552 $15,789
Ratios (As a percentage of
average daily net assets):
Net expenses 1.37%(4) 1.47% 1.26%(4)
Net investment income 2.27%(4) 0.31% 1.37%(4)
Portfolio Turnover 25% 0% --
- ---------------------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a reduction of the investment advisor
fee. Had such action not been taken, the ratios and net investment gain per share
would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses 1.28%(4)
Net investment income 1.35%(4)
Net investment income per
share $ 0.127
- ---------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the start of business, May 2, 2001, to December 31,
2001.
(3) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total
return is not computed on an annualized basis.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance VT Floating-Rate Income Fund (the Fund) is a non-diversified
series of Eaton Vance Variable Trust (the Trust). The Trust, which was
organized under Massachusetts law on August 14, 2000, is an entity of the
type commonly known as a Massachusetts business trust and is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund seeks to provide a high level of current income
by investing primarily in senior secured floating rate loans. The following
is a summary of significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States
of America.
A Investment Valuations -- Under normal market conditions, the Fund invests
primarily in interests in senior floating-rate loans (Senior Loans). During
the period, the Fund also invested exclusively in money market instruments.
The Fund will remain invested in money market instruments until the Fund's
investment adviser, Eaton Vance Management (EVM) can effectively invest the
Fund's assets into a diversified pool of Senior Loans. Certain senior loans
are deemed to be liquid because reliable market quotations are readily
available for them. EVM values liquid Senior Loans on the basis of prices
furnished by one or more pricing services. Other Senior Loans are valued at
fair value by the Fund's investment advisor, EVM, under procedures
established by the Trustees as permitted by Section 2(a)(41) of the
Investment Company Act of 1940. Such procedures include the consideration of
relevant factors, data and information relating to fair value, including
(i) the characteristics of and fundamental analytical data relating to the
Senior Loan, including the cost, size, current interest rate, period until
next interest rate reset, maturity and base lending rate of the Senior Loan,
the terms and conditions of the Senior Loan and any related agreements, and
the position of the Senior Loan in the Borrower's debt structure; (ii) the
nature, adequacy and value of the collateral, including the Fund's rights,
remedies and interests with respect to the collateral; (iii) the
creditworthiness of the Borrower, based on an evaluation of its financial
condition, financial statements and information about the Borrower's
business, cash flows, capital structure and future prospects;
(iv) information relating to the market for the Senior Loan including price
quotations for and trading in the Senior Loan, and interests in similar
Senior Loans and the market environment and investor attitudes towards the
Senior Loan and interests in similar Senior Loans; (v) the reputation and
financial condition of the agent and any intermediate participant in the
Senior Loan; and (vi) general economic and market conditions affecting the
fair value of the Senior Loan. Portfolio securities (other than short-term
obligations, but including listed issues) may be valued on the basis of
prices furnished by one or more pricing services which determine prices for
normal, institutional-size trading units of such securities which may use
market information, transactions for comparable securities and various
relationships between securities which are generally recognized by
institutional traders. In certain circumstances, portfolio securities will be
valued at the last sales price on the exchange that is the primary market for
such securities, or the last quoted bid price for those securities for which
the over-the-counter market is the primary market or for listed securities in
which there were no sales during the day. The value of interest rate swaps
will be determined in accordance with a discounted present value formula and
then confirmed by obtaining a bank quotation. Short-term obligations which
mature in sixty days or less are valued at amortized cost, if their original
term to maturity when acquired by the Fund was 60 days or less or are valued
at amortized cost using their value on the 61st day prior to maturity, if
their original term to maturity when acquired by the Fund was more then 60
days, unless in each case this is determined not to represent fair value.
Repurchase agreements are valued at cost plus accrued interest. Other
portfolio securities for which there are no quotations or valuations are
valued at fair value as determined in good faith by or on behalf of the
Trustees.
B Income -- Interest income from Senior Loans is recorded on the accrual basis
at the then-current interest rate, while all other interest income is
determined on the basis of interest accrued, adjusted for amortization of
premium or discount. Facility fees received are recognized as income over the
expected term of the loan. The Fund adopted the provisions of the revised
AICPA Audit and Accounting Guide for Investment Companies, as revised,
effective for fiscal years beginning after December 15, 2000. As required,
the Fund accretes market discounts on debt securities.
C Income Taxes -- The Fund has elected to be treated as a regulated investment
company (RIC) for United States federal tax purposes. The Fund's policy is to
comply with the provisions of Section 817-H of the Internal Revenue Code
regarding Variable Trusts. No provision is made by the Fund for federal or
state taxes on any taxable income of the Fund because each separate account
in the Fund is ultimately responsible for the payment of any taxes. The Fund
will distribute at least annually all of the Fund's net investment income and
net realized capital gains, if any.
9
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
D Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Fund. Pursuant to the custodian agreement, IBT receives a fee reduced
by credits which are determined based on the average daily cash balance the
Fund maintains with IBT. All significant credit balances used to reduce the
Fund's custodian fees are reported as a reduction of total expenses in the
Statement of Operations.
E Use of Estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
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.
F 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.
G Other -- Investment transactions are accounted for on a trade-date basis.
H Interim Financial Statements -- The interim financial statements relating to
June 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, 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
- -------------------------------------------
The net income of the Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Distributions of net income are paid monthly.
Distributions of realized capital gains, if any, are made at least annually.
Distributions are paid in the form of additional shares unless an election is
made on behalf of a separate account to receive some or all of the
distribution in cash.
The Fund distinguishes between distributions on a tax basis and a financial
reporting basis. Accounting principles generally accepted in the United
States of America require that only distributions in excess of tax basis
earnings and profits be reported in the financial statements as a return of
capital. Differences in the recognition or classification of income between
the financial statements and tax earnings and profits which result in
temporary over distributions for financial statement purposes are classified
as distributions in excess of net investment income or accumulated net
realized gains. Permanent differences between book and tax accounting
relating to distributions are reclassified to paid-in capital.
3 Shares of Beneficial Interest
- -------------------------------------------
The Trust has an underwriting agreement relating to the Fund with Eaton Vance
Distributors, Inc. (EVD). EVD intends to offer shares of the Fund
continuously to separate accounts of various insurance companies. The
underwriting agreement presently provides that EVD through the Fund's
transfer agent accepts orders for shares at net asset value and no sales
commission or load is charged. EVD may, at its expense, provide promotional
incentives to dealers that sell variable insurance products. The Fund's
Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest. Transactions in Fund
shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, 2003 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2002
--------------------------------------------------------------------------------
Sales 399,782 2,823,284
Issued to shareholders electing to
receive payments of distributions in
Fund shares 38,790 7,242
Redemptions (674,080) (754,434)
--------------------------------------------------------------------------------
NET INCREASE (DECREASE) (235,508) 2,076,092
--------------------------------------------------------------------------------
</Table>
4 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee, computed at the monthly rate of 0.575% per annum
of the average daily net assets up to $1 billion, and at reduced rates as
daily net assets exceed that level, was earned by Eaton Vance Management
(EVM), as compensation for management and investment advisory services
rendered to the Fund. For the six months ended June 30, 2003, the fee
amounted to $99,398. Except as to Trustees of the Fund who are not members of
EVM's organization, officers and Trustees receive remuneration for their
services to the Fund out of such investment adviser fee.
The fund is authorized to pay EVM a fee as compensation for administrative
services necessary to conduct the Fund's
10
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
business. The fee is computed at the annual rate of 0.25% of the Fund's
average daily net assets. For the six months ended June 30, 2003, the fee
amounted to $43,216.
Certain officers and Trustees of the Fund are officers of the above
organizations.
5 Service Fees
- -------------------------------------------
The Fund has adopted a service plan that allows the Fund to pay service fees
to insurance companies for providing personal and/or account services to
account holders of insurance product separate accounts, which will be equal
to 0.25% (annualized) of daily average net assets. Service fee payments for
the six months ended June 30, 2003 amounted to $43,216.
6 Purchases and Sales of Investments
- -------------------------------------------
The Fund invests primarily in Senior Loans. The ability of the issuers of the
Senior Loans to meet their obligations may be affected by economic
developments in a specific industry. The cost of purchases and the proceeds
from principal repayments of Senior Loans for the six months ended June 30,
2003 aggregated $22,364,673 and $6,206,469 respectively.
7 Line of Credit
- -------------------------------------------
The Fund participates with other portfolios and funds managed by EVM and
affiliates in a $600 million unsecured line of credit with a group of banks.
Borrowings will be made by the Fund solely to facilitate the handling of
unusual and/or unanticipated short-term cash requirements. Interest is
charged to each participating portfolio or fund based on its borrowings at
the bank's base rate or at an amount above LIBOR. In addition, a fee computed
at an annual rate of 0.10% on the daily unused portion of the line of credit
is allocated among the participating portfolios and funds at the end of each
quarter. The Fund did not have any borrowings or allocated fees during the
six months ended June 30, 2003.
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation/depreciation in the value of the
investments owned at June 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $33,437,020
-----------------------------------------------------
Gross unrealized appreciation $ 124,219
Gross unrealized depreciation (46,050)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 78,169
-----------------------------------------------------
</Table>
11
<Page>
INVESTMENT MANAGEMENT
EATON VANCE VT FLOATING-RATE INCOME FUND
Officers
James B. Hawkes
President and Trustee
Thomas P. Huggins
Vice President
Samuel D. Isaly
Vice President
Martha G. Locke
Vice President
Scott H. Page
Vice President
Jacob Rees-Mogg
Vice President
Duncan W. Richardson
Vice President
Payson F. Swaffield
Vice President
Michael W. Weilheimer
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
12
<Page>
INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE VT FLOATING-RATE INCOME FUND
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following policy with respect to nonpublic personal information about its
customers:
- - Only such information received from you, through application forms or
otherwise, and information about your Eaton Vance fund transactions will be
collected.
- - None of such information about you (or former customers) will be disclosed to
anyone, except as permitted by law (which includes disclosure to employees
necessary to service your account).
- - Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of
such information.
For more information about Eaton Vance's privacy policies,
call:1-800-262-1122
EATON VANCE VT FLOATING-RATE INCOME FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
VTFRHSRC
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III
and Norton H. Reamer, each an independent trustee, as its audit committee
financial experts. Mr. Park is a certified public accountant who is the
President and Chief Executive Officer of Prizm Capital Management, LLC (a
fixed income investment management firm). Previously, he served as Executive
Vice President and Chief Financial Officer of United Asset Management
Corporation ("UAM") (a holding company owning institutional investment
management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment
Banking Emeritus of the Harvard University Graduate School of Business
Administration. Mr. Reamer is the President of Unicorn Capital (an investment
and financial advisory services company), Chairman of Hellman, Jordan
Management Co., Inc. (an investment management company) and Advisory Director
of Berkshire Capital Corporation (an investment banking firm). Previously,
Mr. Reamer was Chairman of the Board of UAM and Chairman, President and
Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Required in Filing.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not Required in Filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a) and (b) Exhibit is attached to Filing.
(c) Exhibit is attached to Filing.
<Page>
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 (On behalf of VT Floating-Rate Income Fund)
By: /S/ James B. Hawkes
-------------------
James B. Hawkes
President
Date: August 18, 2003
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 L. O'Connor
---------------------
James L. O'Connor
Treasurer
Date: August 18, 2003
By: /S/ James B. Hawkes
-------------------
James B. Hawkes
President
Date: August 18, 2003