<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR/A
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)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
December 31
-----------
Date of Fiscal Year End
December 31, 2003
-----------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EATON VANCE(R) LOGO]
MANAGED INVESTMENTS
[GRAPHIC]
ANNUAL REPORT DECEMBER 31, 2003
EATON VANCE VT FLOATING-RATE INCOME FUND
[GRAPHIC]
<Page>
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
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, 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 December 31, 2003
MANAGEMENT DISCUSSION
Eaton Vance VT Floating-Rate Income Fund had a total return of 2.93% for the
year ended December 31, 2003.(1) That return was the result of shareholder
distributions from net investment income of $0.222 per share and an increase in
net asset value per share from $10.00 on December 31, 2002 to $10.07 on December
31, 2003. Based on the Fund's closing net asset value per share of $10.07 at
December 31, 2003 the Fund had a distribution rate of 1.94%.(2) The Fund's SEC
30-day yield at December 31 was 2.13%.(3)
[PHOTO OF SCOTT H. PAGE]
SCOTT H. PAGE
AN INTERVIEW WITH SCOTT H. PAGE AND PAYSON F. SWAFFIELD, CO-PORTFOLIO MANAGERS
OF EATON VANCE VT FLOATING-RATE INCOME FUND.
Q: SCOTT, HOW WOULD YOU DESCRIBE THE LOAN MARKET DURING THE PAST YEAR?
A: MR. PAGE: The loan market has benefited from a stronger economy.
Long-beleaguered industrial and technology companies have begun - at last -
to see an increase in orders in response to a renewal of capital spending. In
addition, companies that cut costs and restructured their debt during the
economic slowdown are now beginning to see the benefits of those moves, as
business activity appears to be gathering steam. Finally, consumer and
investor confidence has increased, as corporate governance issues are being
addressed by regulators and businesses alike. Together, these trends
contributed to a better credit climate and a stronger loan market during
2003.
[PHOTO OF PAYSON F. SWAFFIELD]
PAYSON F. SWAFFIELD
Q: PAYSON, HOW WOULD YOU CHARACTERIZE THE FUND'S PERFORMANCE IN THIS
ENVIRONMENT?
A: MR. SWAFFIELD: The Fund posted a positive total return in the fiscal year
ended December 31, 2003. In a low interest rate environment, the Fund
outperformed most short-term investment vehicles. The Fund underperformed its
benchmark, the CSFB Leveraged Loan Index.(4) That underperformance was the
result of a lower exposure to the telecom and technology areas, which staged
a recovery after having performed very poorly in previous years. While the
inclusion of these sectors might provide a short-term boost, we believe they
represent an added risk if the markets were to suffer a reversal. Despite the
current market's greater tolerance for risk, we continue to apply the same
credit standards that created lower volatility and downside during the
difficult credit markets of 2000, 2001 and 2002.
FUND INFORMATION
as of December 31, 2003
PERFORMANCE(1)
Average Annual Total Return (at net asset value)
<Table>
One Year 2.93%
Life of Fund (5/2/01) 1.70
</Table>
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.
(1) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. There is no
sales charge. Insurance-related charges are not included in calculations of
returns. Please refer to the report for your insurance contract for
performance data reflecting insurance-related charges.
(2) The Fund's distribution rate represents actual distributions paid to
shareholders and is calculated daily by dividing the last distribution per
share (annualized) by the net asset value.
(3) The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period
and annualizing the result.
(4) The CSFB Leveraged Loan Index is a representative index of tradable, senior,
secured, U.S. dollar-denominated leveraged loans. It is not possible to
invest in an Index.
Past Performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
different.
1
<Page>
It's important to note that the Fund's performance has historically been
characterized by low volatility, due in part to our strict investment
standards.
Q: HOW HAVE YOU POSITIONED THE FUND IN RECENT MONTHS?
A: MR. PAGE: We continued our efforts at diversification across industry
sectors.(1) The Fund had an exposure to the expanding economy - including the
publishing and printing, manufacturing and retail sectors - as well as to
non-GDP-sensitive areas - such as food, cable television and health care. The
Fund included 120 borrowers across 35 industries, with no sector larger than
8% of the Fund. From a sector standpoint, publishing and printing was the
Fund's largest weighting, at 7.7%, followed by food, beverages and tobacco,
at 7.5%; broadcast media, at 5.8%; retail - specialty, at 4.1%; and health
care providers and services, at 4.1%.(2)
During the period, we maintained our conservative investment criteria,
demanding what we believe to be good collateral and adequate cash flow.
Adhering to strict investment standards has historically served the Fund well
in both strong and weak economic scenarios.
Q: A STRONGER ECONOMY INCREASES THE LIKELIHOOD OF HIGHER INTEREST RATES. HOW
DOES THE LOAN MARKET VIEW THAT PROSPECT?
A: MR. PAGE: Floating-rate loans are unique in that they have historically
rewarded investors in a rising rate environment. Loans have reset provisions,
which means they can be adjusted periodically in response to changes in the
underlying rate environment. Generally, loan interest rates are reset every
50-70 days to reflect movements in the London-Interbank Offered Rate (LIBOR),
which is the principal base rate for the Fund.
A relatively short days-to-reset average gives us the flexibility of being
able to adjust fairly rapidly to changing interest rates. In a rising rate
climate, that represents a major advantage over fixed-rate bonds. While loan
interest rates are generally adjusted upward as rates rise, fixed-rate bond
interest rates remain the same, and are therefore more subject to interest
rate risk.
Q: YOU INDICATED THAT THE PORTFOLIO HAD AN EXPOSURE TO THE GROWING ECONOMY.
COULD YOU EXPAND ON THAT THEME?
A: MR. SWAFFIELD: Yes. Among its largest holdings, the Portfolio had investments
in companies that we believe are likely to be direct beneficiaries of an
economic recovery. One such sector was publishing and printing. The Fund had
investments in several newspaper companies. Overall, this is a sector that
held up very well during the economic downturn in 2001-2002 and has
historically benefited from an economic recovery. The Trust had several
investments in newspaper companies whose revenues are based on local
advertising expenditures. Local ad spending has tended to be more stable in
economic downturns than national advertising. In addition, newspaper
companies have benefited from a consolidation trend within the sector, with
larger chains buying smaller newspaper companies.
(1) The Fund is a non-diversified investment.
(2) Sector weightings are subject to change.
2
<Page>
Elsewhere in the cyclical part of the economy, container and packaging
companies should see higher demand. The uptrend within the manufacturing
sector has increased the need for packaging materials used in shipping goods.
Q: DID THE FUND INVEST IN NON-ECONOMICALLY-SENSITIVE SECTORS?
A: MR. PAGE: Yes. The Fund had investments in sectors such as health care and
food and beverages, areas where growth has historically been generally less
dependent on the fluctuations in the economy. In the health care sector, the
Fund had an investment in a nationwide operator of acute care hospitals. The
company operates 63 facilities in 22 states, primarily in non-urban areas,
where it is typically the primary health care facility. The company offers a
broad range of inpatient and outpatient medical services.
In the food and beverages area, the Fund had investments in a range of
companies, including household name food producers, the largest U.S. producer
of egg products, a national pizza chain, and a major soft drink producer.
Q: WERE THERE ANY SECTORS WHOSE PERFORMANCE IMPEDED THE FUND'S PERFORMANCE?
A: MR. SWAFFIELD: There were no sectors that specifically hurt the Fund's
performance. However, as I indicated previously, the Fund underperformed its
benchmark during the year due to its underweighting in the technology and
telecom sectors. Those sectors declined sharply during last year's market
decline and, not surprisingly, rebounded more dramatically than the broad
market as the economy recovered in 2003.
[CHART]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE VT
FLOATING-RATE INCOME FUND VS. THE CSFB LEVERAGED LOAN INDEX*
May 31, 2001 - December 31, 2003
VARIABLE TRUST FLOATING-RATE INCOME FUND
Inception: 5/2/01
<Table>
<Caption>
FUND FUND CSFB
VALUE AT VALUE WITH LEVERAGED LOAN
DATE NAV SALES CHARGE INDEX
- -----------------------------------------------------
5/2/2001 10,000 N/A 10,000
6/30/2001 10,024 10,012
7/31/2001 10,045 10,038
8/31/2001 10,065 10,118
9/30/2001 10,078 9,925
10/31/2001 10,090 9,770
11/30/2001 10,097 9,923
12/31/2001 10,101 10,026
1/31/2002 10,104 10,081
2/28/2002 10,107 10,043
3/31/2002 10,100 10,159
4/30/2002 10,102 10,268
5/31/2002 10,106 10,261
6/30/2002 10,110 10,107
7/31/2002 10,113 9,953
8/31/2002 10,116 9,924
9/30/2002 10,119 9,946
10/31/2002 10,122 9,812
11/30/2002 10,123 9,981
12/31/2002 10,133 10,138
1/31/2003 10,144 10,275
2/28/2003 10,157 10,329
3/31/2003 10,166 10,362
4/30/2003 10,189 10,508
5/31/2003 10,224 10,649
6/30/2003 10,267 10,800
7/31/2003 10,300 10,873
8/31/2003 10,329 10,897
9/30/2003 10,357 11,006
10/31/2003 10,386 11,105
11/30/2003 10,403 11,186
12/31/2003 10,430 11,255
</Table>
PERFORMANCE**
Average Annual Total Return (at net asset value)
<Table>
One Year 2.93%
Life of Fund (5/2/01) 1.70
</Table>
* Sources: Credit Suisse First Boston LLC; Thomson Financial. Investment
operations commenced 5/2/01. The chart uses closest month-end after
inception. The chart compares the Fund's total return with that of the CSFB
Leveraged Loan Index - a representative index of tradable, senior, secured,
U.S. dollar-denominated leveraged loans. Returns are calculated by
determining the percentage change in net asset value (NAV) with all
distributions reinvested. The lines on the chart represent the total returns
of $10,000 hypothetical investments in the Fund and the CSFB Leveraged Loan
Index. The Index's total return does not reflect commissions or expenses
that would have been incurred if an investor individually purchased or sold
the securities represented in the Index. It is not possible to invest
directly in an index.
** Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. There is no
sales charge. Insurance-related charges are not included in calculations of
returns. Please refer to the report for your insurance contract for
performance data reflecting insurance-related charges..
Past Performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
different.
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 DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS.
THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE INVESTMENT
DECISIONS FOR AN EATON VANCE FUND ARE BASED ON MANY FACTORS, MAY NOT BE RELIED
ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY EATON VANCE FUND.
3
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of December 31, 2003
PORTFOLIO OF INVESTMENTS
SENIOR, FLOATING RATE INTERESTS -- 80.4%(1)
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER / TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
AEROSPACE AND DEFENSE -- 0.4%
ALLIANT TECHSYSTEMS, INC.
$ 172,111 Term Loan, Maturing April 20, 2009 $ 174,110
- --------------------------------------------------------------------------------
$ 174,110
- --------------------------------------------------------------------------------
AUTO COMPONENTS -- 2.3%
DURA OPERATING CORP.
$ 346,482 Term Loan, Maturing March 31, 2007 $ 349,135
FEDERAL-MOGUL CORP.
350,000 Term Loan, Maturing February 24, 2004 349,125
TRW AUTOMOTIVE HOLDINGS CORP.
350,000 Term Loan, Maturing February 28, 2011 353,208
- --------------------------------------------------------------------------------
$ 1,051,468
- --------------------------------------------------------------------------------
BROADCAST MEDIA -- 5.8%
CANWEST MEDIA, INC.
$ 348,205 Term Loan, Maturing May 15, 2009 $ 351,905
CITADEL COMMUNICATIONS CORP.
96,756 Term Loan, Maturing March 31, 2006 97,058
CUMULUS MEDIA, INC.
347,375 Term Loan, Maturing March 28, 2010 351,717
DISCOVERY COMMUNICATIONS, INC.
350,000 Term Loan, Maturing December 31, 2005 349,781
EMMIS COMMUNICATION CORP.
349,125 Term Loan, Maturing August 31, 2009 353,731
INSIGHT MIDWEST HOLDINGS, LLC
350,000 Term Loan, Maturing December 31, 2009 351,531
LIN TELEVISION CORP.
180,500 Term Loan, Maturing December 31, 2007 182,241
162,500 Term Loan, Maturing December 31, 2007 163,990
PANAMSAT CORP.
188,462 Term Loan, Maturing September 30, 2010 190,621
RADIO ONE, INC.
264,935 Term Loan, Maturing June 30, 2007 261,292
- --------------------------------------------------------------------------------
$ 2,653,867
- --------------------------------------------------------------------------------
CABLE TELEVISION -- 1.5%
ADELPHIA
$ 343,664 DIP Loan, Maturing June 25, 2004 $ 346,815
DIRECTTV HOLDINGS, LLC
350,000 Term Loan, Maturing March 6, 2010 352,385
- --------------------------------------------------------------------------------
$ 699,200
- --------------------------------------------------------------------------------
CASINOS AND GAMING -- 3.9%
ALLIANCE GAMING CORP.
$ 350,000 Term Loan, Maturing September 5, 2009 $ 353,792
AMERISTAR CASINOS, INC.
346,417 Term Loan, Maturing December 31, 2006 348,366
ARGOSY GAMING CO.
345,570 Term Loan, Maturing June 30, 2008 347,513
BOYD GAMING CORP.
345,614 Term Loan, Maturing June 24, 2008 347,601
MOHEGAN TRIBAL GAMING AUTHORITY
350,000 Term Loan, Maturing March 31, 2008 350,875
- --------------------------------------------------------------------------------
$ 1,748,147
- --------------------------------------------------------------------------------
CHEMICALS -- 2.9%
GEORGIA GULF CORP.
$ 350,000 Term Loan, Maturing December 2, 2010 $ 353,172
HUNTSMAN INTERNATIONAL
175,000 Term Loan, Maturing June 30, 2007 175,919
175,000 Term Loan, Maturing June 30, 2008 175,948
NALCO CO.
350,000 Term Loan, Maturing November 4, 2010 351,794
NOVEON
250,000 Term Loan, Maturing December 31, 2009 252,656
- --------------------------------------------------------------------------------
$ 1,309,489
- --------------------------------------------------------------------------------
COAL -- 0 4%
PEABODY ENERGY CORP.
$ 198,500 Term Loan, Maturing March 31, 2010 $ 200,754
- --------------------------------------------------------------------------------
$ 200,754
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 1.2%
COINMACH LAUNDRY CORP.
$ 348,223 Term Loan, Maturing July 25, 2009 $ 350,255
GATE GOURMET BORROWER, LLC
198,000 Term Loan, Maturing December 31, 2008 195,154
- --------------------------------------------------------------------------------
$ 545,409
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - METAL AND GLASS -- 3.9%
BALL CORP.
$ 349,118 Term Loan, Maturing December 31, 2009 $ 351,706
BERRY PLASTICS CORP.
345,625 Term Loan, Maturing July 22, 2010 349,081
</Table>
See notes to financial statements.
4
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER / TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - METAL AND
GLASS (CONTINUED)
GRAPHIC PACKAGING INTERNATIONAL, INC.
$ 348,250 Term Loan, Maturing August 8, 2009 $ 352,908
OWENS-ILLINOIS, INC.
350,000 Term Loan, Maturing April 1, 2008 353,354
SILGAN HOLDINGS, INC.
346,491 Term Loan, Maturing December 31, 2008 349,306
- --------------------------------------------------------------------------------
$ 1,756,355
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - PAPER -- 1.8%
GREIF BROS. CORP.
$ 265,285 Term Loan, Maturing August 31, 2008 $ 266,706
JEFFERSON SMURFIT CORP.
192,883 Term Loan, Maturing March 31, 2007 194,189
PRINTPACK HOLDINGS, INC.
347,355 Term Loan, Maturing April 30, 2009 348,658
- --------------------------------------------------------------------------------
$ 809,553
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - PLASTICS -- 0.7%
CROWN CORK AND SEAL CO., INC.
$ 332,500 Term Loan, Maturing September 15, 2008 $ 336,615
- --------------------------------------------------------------------------------
$ 336,615
- --------------------------------------------------------------------------------
EDUCATIONAL SERVICES -- 1.5%
JOSTENS, INC.
$ 350,000 Term Loan, Maturing July 15, 2010 $ 353,491
KNOWLEDGE LEARNING CORP.
350,000 Term Loan, Maturing May 15, 2010 350,000
- --------------------------------------------------------------------------------
$ 703,491
- --------------------------------------------------------------------------------
ENTERTAINMENT -- 1.3%
AMF BOWLING WORLDWIDE, INC.
$ 220,491 Term Loan, Maturing February 28, 2008 $ 221,134
NEW ENGLAND SPORTS VENTURES, LLC
350,000 Term Loan, Maturing February 28, 2005 350,000
- --------------------------------------------------------------------------------
$ 571,134
- --------------------------------------------------------------------------------
ENVIRONMENTAL SERVICES -- 2.3%
ALLIED WASTE INDUSTRIES, INC.
$ 50,000 Term Loan, Maturing January 15, 2010 $ 50,630
296,250 Term Loan, Maturing July 15, 2010 300,188
CASELLA WASTE SYSTEMS, INC.
350,000 Term Loan, Maturing January 24, 2010 353,150
WASTE CONNECTIONS
$ 350,000 Term Loan, Maturing October 22, 2010 $ 354,485
- --------------------------------------------------------------------------------
$ 1,058,453
- --------------------------------------------------------------------------------
FOOD, BEVERAGES AND TOBACCO -- 7.5%
AMERICAN SEAFOOD HOLDINGS, INC.
$ 223,545 Term Loan, Maturing March 31, 2009 $ 224,453
CONSTELLATION BRANDS, INC.
218,750 Term Loan, Maturing November 30, 2008 221,074
DEAN FOODS CO.
262,500 Term Loan, Maturing July 15, 2008 265,302
DEL MONTE CORP.
323,434 Term Loan, Maturing December 20, 2010 327,511
DOMINO'S, INC.
304,679 Term Loan, Maturing June 25, 2010 308,203
DR. PEPPER/SEVEN UP BOTTLING GROUP, INC
350,000 Term Loan, Maturing December 19, 2010 354,010
DS WATERS ENTERPRISES, L.P.
350,000 Term Loan, Maturing November 7, 2009 355,396
GENERAL NUTRITION CENTERS, INC.
250,000 Term Loan, Maturing December 5, 2009 252,578
MICHAEL FOODS, INC.
350,000 Term Loan, Maturing November 20, 2010 355,323
PINNACLE FOODS HOLDINGS CORP.
77,064 Term Loan, Maturing November 25, 2010 77,137
SOUTHERN WINE & SPIRITS OF AMERICA, INC.
345,625 Term Loan, Maturing June 28, 2008 349,225
WEIGHT WATCHERS INTERNATIONAL, INC.
264,540 Term Loan, Maturing December 31, 2007 267,317
33,961 Term Loan, Maturing December 31, 2007 34,290
- --------------------------------------------------------------------------------
$ 3,391,819
- --------------------------------------------------------------------------------
FUNERAL SERVICE -- 0.4%
ALDERWOODS GROUP
$ 178,830 Term Loan, Maturing September 28, 2008 $ 181,457
- --------------------------------------------------------------------------------
$ 181,457
- --------------------------------------------------------------------------------
HEALTH CARE - PROVIDERS & SERVICES -- 4.1%
CAREMARK RX, INC
$ 346,474 Term Loan, Maturing March 31, 2006 $ 348,531
COMMUNITY HEALTH SYSTEMS, INC.
346,491 Term Loan, Maturing July 5, 2010 350,173
DAVITA, INC.
348,114 Term Loan, Maturing March 31, 2009 350,414
</Table>
See notes to financial statements.
5
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER / TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
HEALTH CARE - PROVIDERS & SERVICES (CONTINUED)
EXPRESS SCRIPTS, INC.
$ 166,667 Term Loan, Maturing March 31, 2008 $ 168,021
MEDCO HEALTH SOLUTIONS, INC.
349,125 Term Loan, Maturing June 30, 2010 352,834
TRIAD HOSPITALS HOLDINGS, INC.
274,374 Term Loan, Maturing March 31, 2008 277,175
- --------------------------------------------------------------------------------
$ 1,847,148
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT AND SUPPLIES -- 2.3%
CONMED CORP.
$ 233,519 Term Loan, Maturing December 31, 2007 $ 235,854
FISHER SCIENTIFIC INTERNATIONAL, LLC
236,694 Term Loan, Maturing March 31, 2010 238,026
FRESENIUS MEDICAL CARE HOLDINGS, INC.
348,250 Term Loan, Maturing February 21, 2010 352,385
SYBRON DENTAL MANAGEMENT
199,757 Term Loan, Maturing June 6, 2009 200,930
- --------------------------------------------------------------------------------
$ 1,027,195
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 1.9%
RAYOVAC CORP.
$ 277,010 Term Loan, Maturing September 30, 2009 $ 279,145
THE SCOTTS CO.
350,000 Term Loan, Maturing September 30, 2010 354,500
UNITED INDUSTRIES CORP.
239,101 Term Loan, Maturing January 20, 2006 240,894
- --------------------------------------------------------------------------------
$ 874,539
- --------------------------------------------------------------------------------
INSURANCE -- 1.5%
HILB, ROGAL & HOBBS CO.
$ 344,750 Term Loan, Maturing June 30, 2007 $ 348,413
INFINITY PROPERTY AND CASUALTY CORP.
342,125 Term Loan, Maturing June 30, 2010 345,119
- --------------------------------------------------------------------------------
$ 693,532
- --------------------------------------------------------------------------------
MACHINERY -- 0.1%
THE MANITOWOC CO.
$ 35,959 Term Loan, Maturing June 30, 2007 $ 36,223
- --------------------------------------------------------------------------------
$ 36,223
- --------------------------------------------------------------------------------
MANUFACTURING -- 3.7%
AMSTED INDUSTRIES, INC.
$ 348,250 Term Loan, Maturing October 15, 2010 $ 350,481
JOHNSONDIVERSEY, INC.
301,330 Term Loan, Maturing November 30, 2009 304,658
MUELLER GROUP, INC.
344,750 Term Loan, Maturing May 31, 2008 346,043
SPX CORP.
260,526 Term Loan, Maturing September 30, 2009 263,376
TRIMAS CORP.
304,513 Term Loan, Maturing December 31, 2009 305,548
WALTER INDUSTRIES, INC.
90,348 Term Loan, Maturing April 17, 2010 90,885
- --------------------------------------------------------------------------------
$ 1,660,991
- --------------------------------------------------------------------------------
METALS AND MINING -- 0.6%
COMPASS MINERALS GROUP, INC
$ 250,527 Term Loan, Maturing November 28, 2009 $ 252,876
- --------------------------------------------------------------------------------
$ 252,876
- --------------------------------------------------------------------------------
OFFICE EQUIPMENT AND SUPPLIES -- 0.8%
IRON MOUNTAIN, INC.
$ 348,948 Term Loan, Maturing February 15, 2008 $ 352,406
- --------------------------------------------------------------------------------
$ 352,406
- --------------------------------------------------------------------------------
OIL AND GAS -- 0.8%
THE PREMCOR REFINING GROUP, INC.
$ 350,000 Term Loan, Maturing February 11, 2006 $ 353,828
- --------------------------------------------------------------------------------
$ 353,828
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS -- 1.7%
ARMKEL, LLC
$ 253,810 Term Loan, Maturing March 31, 2009 $ 256,302
MARY KAY COSMETICS, INC.
184,931 Term Loan, Maturing September 30, 2007 186,241
PLAYTEX PRODUCTS, INC.
346,482 Term Loan, Maturing May 31, 2009 347,024
- --------------------------------------------------------------------------------
$ 789,567
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
6
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER / TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
PUBLISHING & PRINTING -- 7.7%
AMERICAN MEDIA OPERATIONS, INC.
$ 347,328 Term Loan, Maturing April 1, 2007 $ 350,584
BUCKEYE TECHNOLOGIES, INC.
349,125 Term Loan, Maturing April 15, 2010 350,652
DEX MEDIA EAST, LLC
518,104 Term Loan, Maturing November 8, 2008 521,450
DEX MEDIA WEST, LLC
78,619 Term Loan, Maturing September 9, 2009 79,159
157,261 Term Loan, Maturing March 9, 2010 159,227
HOLLINGER INTERNATIONAL PUBLISHING, INC.
345,625 Term Loan, Maturing September 30, 2009 351,025
JOURNAL REGISTER CO.
348,232 Term Loan, Maturing September 30, 2006 346,600
MOORE HOLDINGS U.S.A. INC.
348,250 Term Loan, Maturing March 15, 2010 349,883
R.H. DONNELLEY, INC.
346,530 Term Loan, Maturing June 30, 2010 351,415
SUN MEDIA CORP.
350,000 Term Loan, Maturing February 7, 2009 351,531
THE MCCLATCHY CO.
305,195 Term Loan, Maturing September 10, 2007 306,816
- --------------------------------------------------------------------------------
$ 3,518,342
- --------------------------------------------------------------------------------
REAL ESTATE -- 3.5%
CROWN CASTLE OPERATING CO.
$ 149,625 Term Loan, Maturing September 15, 2007 $ 152,016
FAIRFIELD RESORTS, INC.
68,727 Revolving Loan, Maturing March 21, 2006 68,384
210,000 Term Loan, Maturing March 21, 2006 208,950
LENNAR CORP.
345,333 Term Loan, Maturing May 2, 2007 346,499
NEWKIRK MASTER, L.P.
349,505 Term Loan, Maturing November 24, 2006 355,621
THE WOODLANDS COMMERCIAL PROPERTIES CO., L.P.
326,667 Term Loan, Maturing November 26, 2005 328,708
WILMORITE HOLDINGS, L.P.
122,500 Term Loan, Maturing March 31, 2006 123,113
- --------------------------------------------------------------------------------
$ 1,583,291
- --------------------------------------------------------------------------------
RETAIL - FOOD AND DRUG -- 2.1%
FLEMING COMPANIES, INC.
$ 91,596 Term Loan, Maturing June 18, 2008 $ 90,947
GIANT EAGLE, INC.
336,784 Term Loan, Maturing August 6, 2009 339,029
ROUNDY'S, INC.
345,614 Term Loan, Maturing June 6, 2009 348,422
THE PANTRY, INC.
191,680 Term Loan, Maturing March 31, 2007 194,076
- --------------------------------------------------------------------------------
$ 972,474
- --------------------------------------------------------------------------------
RETAIL - SPECIALTY -- 4.1%
ADVANCE STORES CO., INC.
$ 217,057 Term Loan, Maturing November 30, 2006 $ 219,431
ALIMENTATION COUCHE-TARD, INC.
350,000 Term Loan, Maturing December 17, 2010 352,297
CSK AUTO, INC.
348,250 Term Loan, Maturing June 20, 2009 350,644
ORIENTAL TRADING CO.
243,750 Term Loan, Maturing August 4, 2010 246,035
RENT-A-CENTER, INC.
349,123 Term Loan, Maturing May 28, 2009 352,778
RITE AID CORP.
350,000 Term Loan, Maturing April 30, 2008 357,263
- --------------------------------------------------------------------------------
$ 1,878,448
- --------------------------------------------------------------------------------
ROAD AND RAIL -- 1.1%
RAILAMERICA, INC.
$ 17,172 Term Loan, Maturing May 31, 2009 $ 17,341
24,000 Term Loan, Maturing May 31, 2009 24,237
106,000 Term Loan, Maturing May 31, 2009 107,047
YELLOW ROADWAY CORP.
190,909 Term Loan, Maturing June 30, 2008 192,102
159,091 Term Loan, Maturing June 30, 2008 160,085
- --------------------------------------------------------------------------------
$ 500,812
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS -- 1.6%
DOBSON CELLULAR SYSTEMS, INC.
$ 349,125 Term Loan, Maturing March 31, 2010 $ 354,035
NEXTEL COMMUNICATIONS, INC.
350,000 Term Loan, Maturing December 15, 2010 352,106
- --------------------------------------------------------------------------------
$ 706,141
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements.
7
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER / TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELINE -- 0.8%
CINCINNATI BELL, INC.
$ 349,125 Term Loan, Maturing June 30, 2008 $ 353,598
- --------------------------------------------------------------------------------
$ 353,598
- --------------------------------------------------------------------------------
THEATERS -- 2.8%
CINEMARK USA, INC.
$ 348,250 Term Loan, Maturing March 31, 2009 $ 352,676
LOEWS CINEPLEX ENTERTAINMENT CORP.
252,380 Term Loan, Maturing September 30, 2006 253,221
REGAL CINEMAS, INC.
323,482 Term Loan, Maturing June 30, 2009 327,324
SIX FLAGS THEME PARKS, INC.
350,000 Term Loan, Maturing June 30, 2009 350,031
- --------------------------------------------------------------------------------
$ 1,283,252
- --------------------------------------------------------------------------------
UTILITY -- 1.4%
CENTERPOINT ENERGY, INC.
$ 274,257 Term Loan, Maturing October 7, 2006 $ 277,616
NRG ENERGY, INC.
72,917 Term Loan, Maturing June 23, 2010 74,740
277,083 Term Loan, Maturing June 23, 2010 284,010
- --------------------------------------------------------------------------------
$ 636,366
- --------------------------------------------------------------------------------
TOTAL SENIOR, FLOATING RATE INTERESTS
(identified cost $36,258,832) $ 36,512,350
- --------------------------------------------------------------------------------
<Caption>
PRINCIPAL MATURITY
AMOUNT DATE BORROWER RATE AMOUNT
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 17.6%
$ 5,990,000 01/02/04 Federal Home Loan
Bank Discount Note 0.75% $ 5,989,875
2,000,000 01/02/04 Investors Bank and
Trust Time Deposit 1.01% 2,000,000
- --------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(at amortized cost) $ 7,989,875
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 98.0%
(identified cost $44,248,707) $ 44,502,225
- --------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 2.0% $ 909,925
- --------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 45,412,150
- --------------------------------------------------------------------------------
</Table>
(1) Senior floating-rate interests often require prepayments from excess cash
flows or permit the borrower to repay at its 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, it is anticipated that the senior floating-rate interests will have
an expected average life of approximately two to four years.
Note: At December 31, 2003, the Trust had unfunded commitments amounting to
$370,000 under various revolving credit agreements.
See notes to financial statements.
8
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of December 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2003
<Table>
ASSETS
Investments, at value (identified cost, $44,248,707) $ 44,502,225
Cash 918,018
Receivable for investments sold 3,750
Receivable for Fund shares sold 166
Interest receivable 95,819
- ----------------------------------------------------------------------------------------------
TOTAL ASSETS $ 45,519,978
- ----------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed $ 35,164
Payable to affiliate for Trustees' fees 455
Payable to affiliates 38,890
Accrued expenses 33,319
- ----------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 107,828
- ----------------------------------------------------------------------------------------------
NET ASSETS FOR 4,510,291 SHARES OF BENEFICIAL INTEREST OUTSTANDING $ 45,412,150
- ----------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 45,137,541
Accumulated undistributed net investment income 21,091
Net unrealized appreciation (computed on the basis of identified cost) 253,518
- ----------------------------------------------------------------------------------------------
TOTAL $ 45,412,150
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
- ----------------------------------------------------------------------------------------------
($45,412,150 DIVIDED BY 4,510,291 SHARES OF BENEFICIAL INTEREST OUTSTANDING) $ 10.07
- ----------------------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
DECEMBER 31, 2003
<Table>
INVESTMENT INCOME
Interest $ 1,309,819
- ----------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,309,819
- ----------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 212,547
Administration fee 92,412
Trustees' fees and expenses 455
Service fees 92,412
Custodian fee 47,225
Legal and accounting services 33,537
Transfer and dividend disbursing agent fees 11,595
Miscellaneous 12,598
- ----------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 502,781
- ----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 807,038
- ----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 23,033
- ----------------------------------------------------------------------------------------------
NET REALIZED GAIN $ 23,033
- ----------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 240,542
- ----------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 240,542
- ----------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 263,575
- ----------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,070,613
- ----------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
9
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS DECEMBER 31, 2003 DECEMBER 31, 2002
- -------------------------------------------------------------------------------------------
From operations --
Net investment income $ 807,038 $ 76,278
Net realized gain 23,033 1,225
Net change in unrealized
appreciation (depreciation) 240,542 12,976
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,070,613 $ 90,479
- -------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (814,122) $ (72,361)
- -------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (814,122) $ (72,361)
- -------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ 19,716,943 $ 28,210,704
Net asset value of shares issued to
shareholders in payment of
distributions declared 814,122 72,361
Cost of shares redeemed (11,927,007) (7,538,560)
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
FUND SHARE TRANSACTIONS $ 8,604,058 $ 20,744,505
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 8,860,549 $ 20,762,623
- -------------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 36,551,601 $ 15,788,978
- -------------------------------------------------------------------------------------------
AT END OF YEAR $ 45,412,150 $ 36,551,601
- -------------------------------------------------------------------------------------------
ACCUMULATED
UNDISTRIBUTED NET
INVESTMENT INCOME
INCLUDED IN NET ASSETS
AT END OF YEAR $ 21,091 $ 5,142
- -------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
10
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-------------------------------------------
2003 2002(1) 2001(1)(2)
- -----------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year $ 10.000 $ 10.000 $ 10.000
- -----------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.222 $ 0.031 $ 0.129
Net realized and unrealized gain 0.070 -- --
- -----------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.292 $ 0.031 $ 0.129
- -----------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.222) $ (0.031) $ (0.129)
- -----------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.222) $ (0.031) $ (0.129)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 10.070 $ 10.000 $ 10.000
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.93% 0.31% 1.29%
- -----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+
Net assets, end of year (000's omitted) $ 45,412 $ 36,552 $ 15,789
Ratios (As a percentage of average daily net assets):
Net expenses 1.36% 1.47% 1.26%(4)
Net investment income 2.18% 0.31% 1.37%(4)
Portfolio Turnover 65% 0% --
- -----------------------------------------------------------------------------------------------------
</Table>
+ 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:
<Table>
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.
11
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of December 31, 2003
NOTES TO FINANCIAL STATEMENTS
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
undera 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 -- The investments of the Fund are primarily in
interests in Senior Floating-rate loans (Senior Loans). Certain senior loans
are deemed to be liquid if reliable market quotations are readily available
for them. Liquid senior loans are valued on the basis of prices furnished by
a pricing service. Eaton Vance Management (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.
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.
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.
12
<Page>
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 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 and
shareholders are indemnified against personal liability for the obligations
of the Trust. 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.
G 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.
H OTHER -- Investment transactions are accounted for on a trade-date basis.
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 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>
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
2003 2002
---------------------------------------------------------------------
Sales 1,963,869 2,823,284
Issued to shareholders
electing to receive payments
of distributions in Fund shares 81,191 7,242
Redemptions (1,190,229) (754,434)
---------------------------------------------------------------------
NET INCREASE 854,831 2,076,092
---------------------------------------------------------------------
</Table>
13
<Page>
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 year ended December 31, 2003, the fee amounted
to $212,547. 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 business. The fee is computed at the
annual rate of 0.25% of the Fund's average daily net assets. For the year
ended December 31, 2003, the fee amounted to $92,412.
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% of daily average net assets. Service fee payments for the year ended
December 31, 2003 amounted to $92,412.
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 year ended December 31,
2003 aggregated $41,757,401 and $18,586,887 respectively.
7 LINE OF CREDIT
The Fund participates with other portfolios and funds managed by EVM and
affiliates in a $500 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
year ended December 31, 2003.
8 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation/depreciation in the value of the
investments owned at December 31, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 44,248,707
-------------------------------------------------------
Gross unrealized appreciation $ 260,086
Gross unrealized depreciation (6,130)
-------------------------------------------------------
NET UNREALIZED APPRECIATION $ 253,956
-------------------------------------------------------
</Table>
14
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of December 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES OF EATON VANCE VARIABLE TRUST AND SHAREHOLDERS OF EATON VANCE VT
FLOATING-RATE INCOME FUND:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Eaton Vance VT Floating-Rate Income Fund (the
Fund), one of the series constituting Eaton Vance Variable Trust, as of December
31, 2003, and the related statements of operations for the year then ended, the
statements of changes in net assets for the two years then ended and the
financial highlights for the two years ended December 31, 2003, and for the
period from the start of business, May 2, 2001, to December 31, 2001. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedure included confirmation of
securities owned at December 31, 2003, by correspondence with the custodian,
brokers and selling or agent banks; where replies were not received from brokers
and selling or agent banks, we performed other auditing procedures. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Eaton Vance VT
Floating-Rate Income Fund at December 31, 2003, the results of its operations,
the changes in its net assets and the financial highlights for the respective
stated periods in conformity with accounting principles generally accepted in
the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 18, 2004
15
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance Variable Trust (the Trust) are
responsible for the overall management and supervision of the Trust's affairs.
The Trustees and officers of the Trust are listed below. Except as indicated,
each individual has held the office shown or other offices in the same company
for the last five years. Trustees and officers of the Trust hold indefinite
terms of office. The "noninterested Trustees" consist of those Trustees who are
not "interested persons" of the Trust, as that term is defined under the 1940
Act. The business address of each Trustee and officer is The Eaton Vance
Building, 255 State Street, Boston, Massachusetts 02109. As used below, "EVC"
refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to
Eaton Vance Management, "BMR" refers to Boston Management and Research, "EVD"
refers to Eaton Vance Distributors, Inc., and "Lloyd George" refers to Lloyd
George Investment Management (Bermuda) Limited. EVC and EV are the corporate
parent and trustee, respectively, of EVM and BMR. EVD is the Fund's principal
underwriter and a wholly-owned subsidiary of EVM.
<Table>
<Caption>
TERM OF NUMBER OF PORTFOLIOS
POSITION OFFICE AND IN FUND COMPLEX
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH TRUST SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
Jessica M. Bibliowicz Trustee Since 2000 Chairman, President and Chief 193 Director of National
11/28/59 Executive Officer of National Financial Partners
Financial Partners (financial
services company) (since
April 1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered investment
adviser) (July 1997 to April 1999)
and a Director of Baker,
Fentress & Company, which owns
John A. Levin & Co. (July 1997 to
April 1999). Ms. Bibliowicz is an
interested person because of her
affiliation with a brokerage
firm.
James B. Hawkes Trustee and Since 2000 Chairman, President and Chief 195 Director of EVC
11/9/41 President Executive Officer of BMR, EVC,
EVM and EV; Director of EV; Vice
President and Director of EVD.
Trustee and/or officer of 195
registered investment companies
in the Eaton Vance Fund Complex.
Mr. Hawkes is an interested person
because of his positions with
BMR, EVM, EVC and EV, which are
affiliates of the Fund.
<Caption>
TERM OF NUMBER OF PORTFOLIOS
POSITION OFFICE AND IN FUND COMPLEX
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH TRUST SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S)
Samuel L. Hayes, III Trustee Since 2000 Jacob H. Schiff Professor of 195 Director of Tiffany & Co.
2/23/35 Investment Banking Emeritus, (specialty retailer) and
Harvard University Graduate Telect, Inc.
School of Business (telecommunication
Administration. services company)
William H. Park Trustee Since 2003 President and Chief Executive 192 None
9/19/47 Officer, Prizm Capital
Management, LLC (investment
management firm) (since 2002).
Executive Vice President and
Chief Financial Officer, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) (1982-2001).
Ronald A. Pearlman Trustee Since 2000 Professor of Law, Georgetown 192 None
7/10/40 University Law Center (since
1999). Tax Partner, Covington &
Burling, Washington, DC
(1991-2000).
</Table>
16
<Page>
<Table>
<Caption>
TERM OF NUMBER OF PORTFOLIOS
POSITION OFFICE AND IN FUND COMPLEX
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH TRUST SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S) (CONTINUED)
Norton H. Reamer Trustee Since 2003 President, Chief Executive Officer 195 None
9/21/35 and a Director of Asset Management
Finance Corp. (a specialty
finance company serving the
investment management industry)
(since October 2003). President,
Unicorn Corporation (an
investment and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management company)
(2000-2003). Formerly, Advisory
Director of Berkshire Capital
Corporation (investment banking
firm) (2002-2003). Formerly,
Chairman of the Board, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) and Chairman,
President and Director, UAM Funds
(mutual funds) (1980-2000).
Lynn A. Stout Trustee Since 2000 Professor of Law, University of 195 None
9/14/57 California at Los Angeles School
of Law (since July 2001).
Formerly, Professor of Law,
Georgetown University Law Center.
</Table>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
TERM OF
POSITION OFFICE AND
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH TRUST SERVICE DURING PAST FIVE YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas P. Huggins Vice President Since 2000 Vice President of EVM and BMR. Officer of 8 registered investment companies
3/7/66 managed by EVM and BMR.
Samuel D. Isaly Vice President Since 2000 Managing Partner of OrbiMed Advisors LLC. Officer of 5 registered investment
3/12/45 companies managed by EVM or BMR.
Martha G. Locke Vice President Since 2002 Vice President of EVM and BMR. Officer of 5 registered investment companies
6/21/52 managed by EVM and BMR.
Scott H. Page Vice President Since 2000 Vice President of EVM and BMR. Officer of 13 registered investment companies
11/30/59 managed by EVM or BMR.
Jacob Rees-Mogg Vice President Since 2000 Investment Manager of Lloyd George. Officer of 4 registered investment companies
5/24/69 managed by EVM and BMR.
Duncan W. Richardson Vice President Since 2000 Senior Vice President and Chief Equity Investment Officer of EVM and BMR. Officer
10/26/57 of 42 registered investment companies managed by EVM or BMR.
Payson F. Swaffield Vice President Since 2000 Vice President of EVM and BMR. Officer of 13 registered investment companies
8/13/56 managed by EVM or BMR.
</Table>
17
<Page>
<Table>
<Caption>
TERM OF
POSITION OFFICE AND
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH TRUST SERVICE DURING PAST FIVE YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
Michael Weilheimer Vice President Since 2000 Vice President of EVM and BMR. Officer of 10 registered investment companies
2/11/61 managed by EVM or BMR.
Alan R. Dynner Secretary Since 2000 Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD, EV and EVC.
10/10/40 Officer of 195 registered investment companies managed by EVM or BMR.
James L. O'Connor Treasurer Since 2000 Vice President of BMR, EVM and EVD. Officer of 116 registered investment
4/1/45 companies managed by EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
The SAI for the Fund includes additional information about the Trustees and
officers of the Fund and can be obtained without charge by calling
1-800-225-6265.
18
<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
INDEPENDENT AUDITORS
DELOITTE & TOUCHE LLP
200 Berkeley Street
Boston, MA 02116-5022
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.
<Page>
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, Chief Executive Officer and a Director of Asset Management Finance
Corp. (a specialty finance company serving the investment management industry)
and is President of Unicorn Corporation (an investment and financial advisory
services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan
Management Co., Inc. (an investment management company) and Advisory Director of
Berkshire Capital Corporation (an investment banking firm), Chairman of the
Board of UAM and Chairman, President and Director of the UAM Funds (mutual
funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) -(d)
EATON VANCE VT FLOATING RATE INCOME FUND (the "Fund") is a series of Eaton Vance
Variable Trust (the "Trust"), a Massachusetts business trust. The Trust is
registered under the Investment Company Act of 1940 as an open-end management
investment company. Including the Fund, the Trust contains a total of 4 series
(collectively, the "Series"). As of December 31, 2003, one of the Series, Eaton
Vance VT Information Age Fund, had not yet commenced operations. This Form
N-CSR/A relates to the Fund's annual report.
The following table presents the aggregate fees billed to the Fund for the
Fund's fiscal years ended December 31, 2002 and December 31, 2003 by the Fund's
principal accountant for professional services rendered for the audit of the
Fund's annual financial statements and fees billed for other services rendered
by the principal accountant during those periods.
<Page>
EATON VANCE VT FLOATING RATE INCOME FUND
<Table>
<Caption>
FISCAL YEARS ENDED 12/31/02 12/31/03
- ---------------------------------------------------------------------------
Audit Fees $ 9,054 $ 22,639
Audit-Related Fees(1) $ 0 $ 0
Tax Fees(2) $ 5,800 $ 6,000
All Other Fees(3) $ 0 $ 0
-----------------------------
Total $ 14,854 $ 28,639
=============================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning and specifically include fees for tax return
preparation.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
<Page>
The various Series comprising the Trust have the same fiscal year end (December
31). The Series differ, however, as to principal accountant; i.e., certain
Series have PricewaterhouseCoopers LLP ("PWC") as a principal accountant and
other Series have Deloitte & Touche LLP ("D&T") as a principal accountant. The
following table presents the aggregate audit, audit-related, tax, and other fees
billed to all of the Series in the Trust by each Series's respective principal
accountant for the last two fiscal years of each Series.
<Table>
<Caption>
FISCAL YEARS ENDED 12/31/02 12/31/03
PWC D&T PWC D&T
- ----------------------------------------------------------------------------------------------------
AUDIT FEES $ 18,700 $ 9,054 $ 31,600 $ 22,639
AUDIT-RELATED FEES(1) $ 0 $ 0 $ 0 $ 0
TAX FEES(2) $ 2,920 $ 5,800 $ 6,200 $ 6,000
ALL OTHER FEES(3) $ 0 $ 0 $ 0 $ 0
---------------------------------------------------------
TOTAL $ 21,620 $ 14,854 $ 37,800 $ 28,639
=========================================================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning and specifically include fees for tax return
preparation.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies,
it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
<Page>
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed to all of the Series in
the Trust by each Series's respective principal accountant (either PWC or
D&T) for the last two fiscal years of each Series; (ii) the aggregate
non-audit fees (i.e., fees for audit-related, tax, and other services) billed
to the Eaton Vance organization by PWC and D&T for the last two fiscal years
of each Series; (iii) the aggregate non-audit fees (i.e., fees for
audit-related, tax, and other services) billed to Lloyd George Investment
Management (Bermuda) LLC, an investment adviser to Eaton Vance VT Information
Age Fund, by PWC and D&T for the last two fiscal years of each Series; and
(iv) the aggregate non-audit fees (i.e., fees for audit-related, tax, and
other services) billed to OrbiMed Advisors, LLC, investment adviser to Eaton
Vance VT Worldwide Health Sciences Fund, by PWC and D&T for the last two
fiscal years of each Series.
<Table>
<Caption>
FISCAL YEARS ENDED 12/31/02 12/31/03
PWC D&T PWC D&T
- -----------------------------------------------------------------------------------------------------
REGISTRANT(1) $ 2,920 $ 5,800 $ 6,200 $ 6,000
EATON VANCE(2) $ 0 $ 336,546 $ 0 $ 458,168
LLOYD GEORGE INVESTMENT
MANAGEMENT (BERMUDA) $ 0 $ 0 $ 0 $ 0
ORBIMED ADVISORS $ 0 $ 0 $ 0 $ 0
</Table>
(1) Includes all of the Series in the Trust.
(2) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts in an
investment advisory and/or service provider capacity with respect to the
Series.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment advisers and any entity controlling, controlled by, or under common
control with the advisers that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Not required in this filing.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
<Page>
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable
ITEM 10. 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 that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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.
<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 (EATON VANCE VT FLOATING RATE INCOME
FUND))
By: /S/ James B. Hawkes
-------------------
James B. Hawkes
President
Date: June 8, 2004
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: June 8, 2004
By: /S/ James B. Hawkes
-------------------
James B. Hawkes
President
Date: June 8, 2004