<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
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Eaton Vance Variable Trust
--------------------------
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
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(Registrant's Telephone Number)
December 31
-----------
Date of Fiscal Year End
December 31, 2003
-----------------
Date of Reporting Period
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ITEM 1. REPORTS TO STOCKHOLDERS
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[EATON VANCE(R) MANAGED INVESTMENTS LOGO]
[GRAPHIC]
ANNUAL REPORT DECEMBER 31, 2003
[GRAPHIC]
EATON VANCE VT INCOME FUND OF BOSTON
[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 INCOME FUND OF BOSTON AS OF DECEMBER 31, 2003
MANAGEMENT DISCUSSION
Eaton Vance VT Income Fund of Boston had a total return of 13.40% for the period
from inception on January 9, 2003 through December 31, 2003.(1) That return was
the result of an increase in net asset value per share from $10.00 on January 9,
2003 to $11.34 on December 31, 2003. The Merrill Lynch U.S. High Yield Master II
Index had a total return of 24.57% for the same period.
[PHOTO OF MICHAEL W. WEILHEIMER]
MICHAEL W. WEILHEIMER
[PHOTO OF THOMAS HUGGINS]
THOMAS HUGGINS
AN INTERVIEW WITH MICHAEL W. WEILHEIMER AND THOMAS HUGGINS, CO-PORTFOLIO
MANAGERS OF EATON VANCE VT INCOME FUND OF BOSTON.
Q: MIKE, THE HIGH-YIELD MARKET STAGED A RECOVERY IN 2003. WHAT FACTORS HAVE
DRIVEN THE HIGH-YIELD REBOUND?
A: MR. WEILHEIMER: The improving economy brightened the outlook for corporate
profits and provided a further lift for the high-yield market in the second
half of 2003. Tax cuts and low interest rates also provided a boost. As an
indication of the economy's recovery in the second half of the 2003 calendar
year, fourth quarter Gross Domestic Product (GDP) - the broadest measure of
the nation's economic activity - rose 4.0%, following a remarkable 8.2% surge
in the third quarter. The third quarter saw the nation's fastest growth rate
in two decades and demonstrated the economy's renewed momentum.
The equity and high-yield markets received an additional boost from the fact
that many of the corporate governance issues that have eroded investor
confidence in recent years are now being addressed. Finally, default rates -
which rose during the economic slowdown - have declined significantly,
reflecting the improved credit conditions.
Q: TOM, WHERE HAS THE FUND BEEN INVESTING IN ITS FIRST YEAR OF OPERATIONS?
A: MR. HUGGINS: The Fund's small size limited our ability to establish a
diversified portfolio of high-yield bonds in the first half of the year. As a
result, those limitations also constrained performance during the year. Due,
in part, to these limitations, the Fund invested in bonds of well-known
companies doing business in vital sectors of the economy. We believe that
these bonds are among the most liquid and representative issues in the U.S.
high-yield market. These included companies in cyclical, or economically
sensitive businesses, as well as those in more defensive areas of the
economy.
At December 31, 2003, the Fund's largest sector weightings were broadcasting
and cable, at 10%; auto and parts, at 7.5%; entertainment, at 7.4%; wireless
communication services, at 7.4%; and chemicals, at 5.2%.(1)
Q: CAN YOU GIVE EXAMPLES OF INVESTMENTS IN AREAS THAT SHOULD BENEFIT FROM A
STRONGER ECONOMY?
A: MR. WEILHEIMER: Yes. The Fund's early investments have included companies in
economically-sensitive areas. The auto and parts sector, for example, is
influenced by rising consumer confidence and increased spending on big-ticket
FUND INFORMATION
AS OF DECEMBER 31, 2003
PERFORMANCE(2)
<Table>
Cumulative Annual Total Return (at net asset value)
Life of Fund (1/9/03) 13.40%
</Table>
(1) Portfolio profile is subject to change.
(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. 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.
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
<Page>
items. The Fund's investments include some of the largest producers of auto
parts for both original manufacturers and for the after-market. One such
company has manufacturing facilities in 21 countries, giving it good exposure
to the increase in global auto sales.
In another GDP-sensitive area, the Fund had investments in several chemical
manufacturers. Among the Fund's investments in this area was a company whose
products are widely used in water treatment and filtration systems. Another
company produces polymers used in the manufacture of plastics, rubber and
adhesives. Yet another company produces specialty chemicals with a range of
applications in the pharmaceutical, health care and agrichemical businesses.
Q: DID THE FUND HAVE EXPOSURE TO NON-INDUSTRIAL SECTORS AS WELL?
A: MR. HUGGINS: Yes. For example, the Fund had investments in the broadcasting
and cable sector, including a company that provides cable services to the
metropolitan New York area. In addition to its cable services, the company
has achieved impressive growth in its highspeed internet service and should
benefit from its ability to offer additional services to its 3 million
customers.
Another investment included a Canada-based, integrated media company with
businesses in publishing and broadcasting. As the operator of 52 radio
stations, the company's radio properties offer a number of popular formats,
including news, music and talk radio that cover all of Canada and extend into
Latin America.
Q: ENTERTAINMENT AND LODGING WERE ALSO AMONG THE FUND'S LARGEST SECTOR
WEIGHTINGS. WHERE DID YOU INVEST IN THOSE SECTORS?
A: MR. WEILHEIMER: Leisure-related industries have continued to register strong
growth in recent years. Rising productivity has created more leisure time and
discretionary income for consumers, creating a rising demand for leisure and
travel-related activities. The Fund focused on companies we believe are
poised to benefit in those growing markets.
In the entertainment sector, the Fund's investments included the world's
largest regional theme park operator, a major cruise ship operator and a
developer of golf and ski vacation properties. In the lodging and gaming
sector, the Fund had investments in a luxury Las Vegas-based casino resort,
as well as a developer of casino resorts in non-traditional gaming locales.
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.
2
<Page>
[CHART]
VARIABLE TRUST INCOME FUND OF BOSTON FUND
Inception: 1/9/2003
<Table>
<Caption>
FUND FUND MERRILL LYNCH U.S.
VALUE AT VALUE WITH HIGH YIELD MASTER II
DATE NAV SALES CHARGE INDEX
1/9/2003 10,000 N/A 10,000
2/28/2003 10,000 10,134
3/31/2003 10,070 10,402
4/30/2003 10,190 11,006
5/31/2003 10,130 11,133
6/30/2003 10,200 11,444
7/31/2003 10,120 11,289
8/31/2003 10,360 11,434
9/30/2003 10,660 11,744
10/31/2003 10,940 11,987
11/30/2003 11,050 12,153
12/31/2003 11,340 12,441
</Table>
PERFORMANCE**
<Table>
Cumulative Annual Total Return (at net asset value)
Life of Fund (1/9/03) 13.40%
</Table>
* Sources: Thomson Financial; Bloomberg L.P.
The chart compares the Fund's total return with that of the Merrill Lynch
U.S. High Yield Master II Index. The Index is unmanaged and tracks the
performance of below investment-grade U.S. dollar-denominated corporate bonds
publicly issued in the U.S. domestic market. The lines on the chart represent
the total returns of $10,000 hypothetical investments in the Fund and the
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. The graph and performance table do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
** 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.
3
<Page>
EATON VANCE VT INCOME FUND OF BOSTON AS OF DECEMBER 31, 2003
PORTFOLIO OF INVESTMENTS
CORPORATE BONDS & NOTES -- 94.9%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ------------------------------------------------------------------------------------------------
Airlines -- 2.1%
Delta Air Lines, 7.779%, 11/18/05 $ 5,000 $ 4,606
- ------------------------------------------------------------------------------------------------
$ 4,606
- ------------------------------------------------------------------------------------------------
Apparel -- 2.4%
Perry Ellis International, Inc., Sr. Sub. Notes,
8.875%, 9/15/13(1) $ 5,000 $ 5,287
- ------------------------------------------------------------------------------------------------
$ 5,287
- ------------------------------------------------------------------------------------------------
Auto and Parts -- 7.5%
Keystone Automotive, Sr. Sub. Notes, 9.75%, 11/1/13(1) $ 5,000 $ 5,400
Metaldyne Corp., 10.00%, 11/1/13(1) 5,000 5,075
Tenneco Automotive, Inc., Series B, 10.25%, 7/15/13 5,000 5,712
- ------------------------------------------------------------------------------------------------
$ 16,187
- ------------------------------------------------------------------------------------------------
Broadcasting and Cable -- 10.0%
Adelphia Communications, Sr. Notes,
Series B, 9.25%, 10/1/02(2) $ 5,000 $ 4,650
Corus Entertainment, Inc., Sr. Sub. Notes, 8.75%, 3/1/12 5,000 5,525
CSC Holdings, Inc., Sr. Sub. Notes, 10.50%, 5/15/16 5,000 5,750
Dex Media West LLC, Sr. Sub. Notes, 9.875%, 8/15/13(1) 5,000 5,837
- ------------------------------------------------------------------------------------------------
$ 21,762
- ------------------------------------------------------------------------------------------------
Building Materials -- 4.2%
Koppers, Inc., 9.875%, 10/15/13(1) $ 5,000 $ 5,537
Nortek Holdings, Inc., Sr. Notes, (0% until 2007),
10.00%, 5/15/11(1) 5,000 3,637
- ------------------------------------------------------------------------------------------------
$ 9,174
- ------------------------------------------------------------------------------------------------
Business Services - Miscellaneous -- 4.9%
Advanstar Communications, 10.75%, 8/15/10(1) $ 5,000 $ 5,438
Sensus Metering Systems, Sr. Sub. Notes,
8.625%, 12/15/13(1) 5,000 5,156
- ------------------------------------------------------------------------------------------------
$ 10,594
- ------------------------------------------------------------------------------------------------
Chemicals -- 5.2%
Avecia Group PLC, 11.00%, 7/1/09 $ 2,000 $ 1,810
Kraton Polymers LLC, Sr. Sub Notes, 8.125%, 1/15/14 5,000 5,225
Nalco Company, Sr. Notes, 7.75%, 11/15/11(1) 2,000 2,150
Nalco Company, Sr. Sub. Notes, 8.875%, 11/15/13(1) $ 2,000 $ 2,130
- ------------------------------------------------------------------------------------------------
$ 11,315
- ------------------------------------------------------------------------------------------------
Consumer Products -- 1.5%
Jostens Holding Corp., Sr. Disc. Notes, (0% until 2008),
10.25%, 12/1/13(1) $ 5,000 $ 3,163
- ------------------------------------------------------------------------------------------------
$ 3,163
- ------------------------------------------------------------------------------------------------
Containers and Packaging -- 2.7%
Crown Euro Holdings SA, 10.875%, 3/1/13 $ 5,000 $ 5,906
- ------------------------------------------------------------------------------------------------
$ 5,906
- ------------------------------------------------------------------------------------------------
Electrical Equipment -- 2.5%
Rayovac Corp., Sr. Sub. Notes, 8.50%, 10/1/13 $ 5,000 $ 5,325
- ------------------------------------------------------------------------------------------------
$ 5,325
- ------------------------------------------------------------------------------------------------
Electronic Components -- 2.3%
Danka Business Systems, 11.00%, 6/15/10 $ 5,000 $ 4,988
- ------------------------------------------------------------------------------------------------
$ 4,988
- ------------------------------------------------------------------------------------------------
Entertainment -- 7.4%
Intrawest Corp., Sr. Notes, 7.50%, 10/15/13(1) $ 5,000 $ 5,225
Royal Caribbean Cruises, Sr. Notes, 8.75%, 2/2/11 5,000 5,675
Six Flags, Inc., Sr. Notes, 9.625%, 6/1/14(1) 5,000 5,250
- ------------------------------------------------------------------------------------------------
$ 16,150
- ------------------------------------------------------------------------------------------------
Foods -- 2.5%
Seminis Vegetable Seeds, Sr. Sub. Notes,
10.25%, 10/1/13(1) $ 5,000 $ 5,400
- ------------------------------------------------------------------------------------------------
$ 5,400
- ------------------------------------------------------------------------------------------------
Health Services -- 2.5%
Quintiles Transnational, Sr. Sub. Notes,
10.00%, 10/1/13(1) $ 5,000 $ 5,425
- ------------------------------------------------------------------------------------------------
$ 5,425
- ------------------------------------------------------------------------------------------------
Investment Services -- 2.4%
Couche-Tard US, Sr. Sub. Notes, 7.50%, 12/15/13 $ 5,000 $ 5,263
- ------------------------------------------------------------------------------------------------
$ 5,263
- ------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
4
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ------------------------------------------------------------------------------------------------
Lodging -- 2.5%
Felcor Lodging, 10.00%, 9/15/08 $ 5,000 $ 5,425
- ------------------------------------------------------------------------------------------------
$ 5,425
- ------------------------------------------------------------------------------------------------
Lodging and Gaming -- 5.1%
Majestic Star LLC, 9.50%, 10/15/10(1) $ 5,000 $ 5,150
Venetian Casino/Las Vegas Sands,
11.00%, 6/15/10 5,000 5,825
- ------------------------------------------------------------------------------------------------
$ 10,975
- ------------------------------------------------------------------------------------------------
Paper and Forest Products -- 2.7%
Georgia-Pacific Corp., 9.50%, 12/1/11 $ 5,000 $ 5,825
- ------------------------------------------------------------------------------------------------
$ 5,825
- ------------------------------------------------------------------------------------------------
REITS -- 2.6%
CB Richard Ellis, Inc., 11.25%, 6/15/11 $ 5,000 $ 5,675
- ------------------------------------------------------------------------------------------------
$ 5,675
- ------------------------------------------------------------------------------------------------
Retail - Food and Drug -- 2.4%
General Nutrition Center, Sr. Sub. Notes,
8.50%, 12/1/10(1) $ 5,000 $ 5,150
- ------------------------------------------------------------------------------------------------
$ 5,150
- ------------------------------------------------------------------------------------------------
Telecommunication Equipment -- 2.3%
Marconi Corp. PLC, Series A, 8.00%, 4/30/08(1) $ 5,000 $ 5,090
- ------------------------------------------------------------------------------------------------
$ 5,090
- ------------------------------------------------------------------------------------------------
Transportation -- 2.3%
OMI Corp., Sr. Notes, 7.625%, 12/1/13(1) $ 5,000 $ 5,069
- ------------------------------------------------------------------------------------------------
$ 5,069
- ------------------------------------------------------------------------------------------------
Utilities -- 5.0%
Illinois Power, 7.50%, 6/15/09 $ 5,000 $ 5,525
NRG Energy, Inc., 8.00%, 12/15/13(1) 5,000 5,281
- ------------------------------------------------------------------------------------------------
$ 10,806
- ------------------------------------------------------------------------------------------------
Waste Management -- 2.5%
Allied Waste NA, 10.00%, 8/1/09 $ 5,000 $ 5,425
- ------------------------------------------------------------------------------------------------
$ 5,425
- ------------------------------------------------------------------------------------------------
Wireless Communication Services -- 7.4%
Dobson Communications Corp., Sr. Notes,
10.875%, 7/1/10 $ 5,000 $ 5,475
Level 3 Financing, Inc., Sr. Notes,
10.75%, 10/15/11(1) 5,000 5,313
Nextel Partners, Inc., Sr. Notes,
8.125%, 7/1/11 5,000 5,350
- ------------------------------------------------------------------------------------------------
$ 16,138
- ------------------------------------------------------------------------------------------------
Total Corporate Bonds & Notes
(identified cost $193,665) $ 206,123
- ------------------------------------------------------------------------------------------------
Total Investments -- 94.9%
(identified cost $193,665) $ 206,123
- ------------------------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 5.1% $ 11,027
- ------------------------------------------------------------------------------------------------
Net Assets -- 100.0% $ 217,150
- ------------------------------------------------------------------------------------------------
</Table>
(1) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(2) Defaulted security.
See notes to financial statements.
5
<Page>
EATON VANCE VT INCOME FUND OF BOSTON AS OF DECEMBER 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF DECEMBER 31, 2003
Assets
Investments, at value (identified cost, $193,665) $ 206,123
Cash 7,486
Receivable from the Administrator 13,828
Interest receivable 3,612
- -------------------------------------------------------------------------------------
TOTAL ASSETS $ 231,049
- -------------------------------------------------------------------------------------
Liabilities
Accrued expenses $ 13,899
- -------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 13,899
- -------------------------------------------------------------------------------------
NET ASSETS $ 217,150
- -------------------------------------------------------------------------------------
Sources of Net Assets
Paid-in capital $ 198,859
Accumulated net realized gain (computed on
the basis of identified cost) 1,515
Accumulated undistributed net investment income 4,318
Net unrealized appreciation (computed on the basis of
identified cost) 12,458
- -------------------------------------------------------------------------------------
TOTAL $ 217,150
- -------------------------------------------------------------------------------------
Net Asset Value, Offering Price and Redemption
Price Per Share
- -------------------------------------------------------------------------------------
($217,150 DIVIDED BY 19,148 SHARES OF BENEFICIAL INTEREST OUTSTANDING) $ 11.34
- -------------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE PERIOD ENDED
DECEMBER 31, 2003(1)
Investment Income
Interest $ 5,524
Other 150
- -------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 5,674
- -------------------------------------------------------------------------
Expenses
Investment adviser fee $ 502
Administration fee 201
Service fees 201
Legal and accounting services 13,420
Transfer and dividend disbursing agent fees 8,733
Custodian fee 7,552
Printing and postage 360
Miscellaneous 540
- -------------------------------------------------------------------------
TOTAL EXPENSES $ 31,509
- -------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 141
Allocation of expenses to the Administrator 29,828
- -------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 29,969
- -------------------------------------------------------------------------
NET EXPENSES $ 1,540
- -------------------------------------------------------------------------
NET INVESTMENT INCOME $ 4,134
- -------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 1,581
- -------------------------------------------------------------------------
NET REALIZED GAIN $ 1,581
- -------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 12,458
- -------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 12,458
- -------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 14,039
- -------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,173
- -------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, January 9, 2003, to December 31,
2003.
See notes to financial statements.
6
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) PERIOD ENDED
IN NET ASSETS DECEMBER 31, 2003(1)
- -----------------------------------------------------------------------------------
From operations --
Net investment income $ 4,134
Net realized gain 1,581
Net change in unrealized appreciation (depreciation) 12,458
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,173
- -----------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ 202,935
Cost of shares redeemed (3,958)
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS $ 198,977
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 217,150
- -----------------------------------------------------------------------------------
Net Assets
At beginning of period $ --
- -----------------------------------------------------------------------------------
AT END OF PERIOD $ 217,150
- -----------------------------------------------------------------------------------
Accumulated undistributed
net investment income
included in net assets
- -----------------------------------------------------------------------------------
AT END OF PERIOD $ 4,318
- -----------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, January 9, 2003, to December 31,
2003.
See notes to financial statements.
7
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
PERIOD ENDED
DECEMBER 31, 2003(1)(2)
- ------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 10.000
- ------------------------------------------------------------------------------------------------------------
Income (loss) from operations
Net investment income $ 0.533
Net realized and unrealized gain 0.807
- ------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 1.340
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 11.340
- ------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 13.40%
- ------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
Net assets, end of period (000's omitted) $ 217
Ratios (As a percentage of average daily net assets):
Net expenses 2.08%(4)
Net expenses after custodian fee reduction 1.91%(4)
Net investment income 5.12%(4)
Portfolio Turnover 70%(5)
- ------------------------------------------------------------------------------------------------------------
</Table>
+ The operating expenses of the Fund reflect a waiver and/or reimbursement of
expenses by the Administrator. Had such actions not been taken, net
investment loss per share and the ratios would have been as follows:
<Table>
Ratios (As a percentage of average daily net assets):
Expenses 39.00%(4)
Expenses after custodian fee reduction 38.83%(4)
Net investment loss (31.80)%(4)(6)
Net investment loss per share $ (3.316)(4)(6)
- ------------------------------------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, January 9, 2003, to December 31,
2003.
(2) Net investment income (loss) per share was computed using average shares
outstanding.
(3) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total returns
are not calculated on an annualized basis.
(4) Annualized.
(5) For the period from the start of investment operations, March 26, 2003, to
December 31, 2003.
(6) Includes expenses after custodian fee reduction.
See notes to financial statements.
8
<Page>
EATON VANCE VT INCOME FUND OF BOSTON AS OF DECEMBER 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
Eaton Vance VT Income Fund of Boston (the Fund) is a diversified series of
Eaton Vance Variable Trust (the Trust). The Trust 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 as much current income as
possible by investing primarily in high yield, high risk corporate bonds
(so-called "junk bonds"). Secondary purposes of the Fund are to provide
reasonable preservation of capital to the extent attainable from such bonds,
and growth of income and capital. The Fund is made available only to separate
accounts issued by participating insurance companies. 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 -- Fixed income investments (other than short-term
obligations), including listed investments and investments for which
quotations are available, will normally be valued on the basis of market
valuations furnished by a pricing service. Short-term obligations, maturing
in sixty days or less, are valued at amortized cost, which approximates
value. Investments for which there is no quotation or valuation are valued at
fair value using methods determined in good faith by or at the direction of
the Trustees.
B INCOME -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium and accretion of discount. Dividend
income is recorded on the ex-dividend date for dividends received in cash
and/or securities.
C FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including any
net realized capital gains. Accordingly, no provision for federal income or
excise tax is necessary.
D EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian of 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. There were no transfer agent or
custodian fees incurred by the Fund in its first three months 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 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.
Gains and losses on securities are determined on the basis of identified
cost.
2 Distributions to Shareholders
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of its net
investment income and at least one distribution annually of all of its net
realized capital gains. Distributions are paid in the form of additional
shares of the Fund unless an election is made on behalf of a separate account
to receive some or all of the distribution in cash. Shareholders may reinvest
all distributions in shares of the Fund at the net asset value as of the
close of business on the ex-dividend date.
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
9
<Page>
that only distributions in excess of tax basis earnings and profits be
reported in the financial statements as return of capital. Permanent
differences between book and tax accounting relating to distributions are
reclassified to paid-in capital and are primarily due to differences in book
and tax amortization policies.
3 Shares of Beneficial Interest
The Trust has an underwriting agreement relating to the Fund with Eaton Vance
Distributors, Inc. (EVD). 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 (without par value). At December 31, 2003, two shareholders each
owned more than 10% of the Fund's shares outstanding aggregating 82% and
Eaton Vance Management (EVM) owned 18% of the Fund's shares outstanding.
Transactions in Fund shares were as follows:
<Table>
<Caption>
PERIOD ENDED
DECEMBER 31, 2003(1)
-------------------------------------------
Sales 19,516
-------------------------------------------
Redemptions (368)
-------------------------------------------
NET INCREASE 19,148
-------------------------------------------
</Table>
(1) For the period from the start of business, January 9, 2003 to December
31, 2003.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM, as compensation for management
and investment advisory services rendered to the Fund. The fee is at the
annual rate of 0.625% of the Fund's average daily net assets. For the period
from the start of business, January 9, 2003 to December 31, 2003, the fee
amounted to $502. 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 period from the
start of business, January 9, 2003 to December 31, 2003, the fee amounted to
$201. To enhance the net investment income of the Fund, EVM agreed to
voluntarily assume $29,345 of the Fund's operating expenses for the period.
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 is equal to
0.25% of daily average net assets. Service fees for the period from the start
of business, January 9, 2003 to December 31, 2003 amounted to $201.
6 Investment Transactions
The Fund invests primarily in debt securities. The ability of the issuers of
the debt securities held by the Fund to meet their obligations may be
affected by economic developments in a specific industry. Purchases and sales
of investments, other than short-term obligations, aggregated $254,147 and
$61,998, respectively, for the period from the start of business, January 9,
2003 to December 31, 2003.
7 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its
affiliates in a $150 million unsecured line of credit agreement 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 an amount above the Eurodollar rate or federal funds rate. 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 significant
borrowings or allocated fees during the period from the start of business,
January 9, 2003 to December 31, 2003.
10
<Page>
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation (depreciation) in value of the
investments owned at December 31, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 193,783
-------------------------------------------
Gross unrealized appreciation $ 12,395
Gross unrealized depreciation (55)
-------------------------------------------
NET UNREALIZED APPRECIATION $ 12,340
-------------------------------------------
</Table>
11
<Page>
EATON VANCE VT INCOME FUND OF BOSTON AS OF DECEMBER 31, 2003
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of Eaton Vance VT Income Fund of Boston
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Eaton Vance VT Income Fund of
Boston, a series of Eaton Vance Variable Trust, (the "Fund") at December 31,
2003, and the results of its operations, the changes in its net assets and the
financial highlights for the period January 9, 2003 (commencement of operations)
through December 31, 2003, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with auditing standards generally
accepted in the United States of America, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audit, which included confirmation of securities at December
31, 2003 by correspondence with the custodian, provides a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 20, 2004
12
<Page>
EATON VANCE VT INCOME FUND OF BOSTON
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 193 Director of National
11/28/59 and Chief Executive Financial Partners
Officer of National
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 195 Director of EVC
11/9/41 President and Chief 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.
</Table>
<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)
Samuel L. Hayes, III Trustee Since 2000 Jacob H. Schiff 195 Director of Tiffany &
2/23/35 Professor of Co. (specialty retailer)
Investment Banking and Telect, Inc.
Emeritus, Harvard (telecommunication
University Graduate services company)
School of Business
Administration.
William H. Park Trustee Since 2003 President and Chief 192 None
9/19/47 Executive 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 2003 Professor of Law, 192 None
7/10/40 Georgetown University
Law Center (since
1999). Tax Partner,
Covington & Burling,
Washington, DC
(1991-2000).
</Table>
13
<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 2000 President, Chief 195 None
9/21/35 Executive Officer 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, 195 None
9/14/57 University of
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
OFFICE AND
NAME AND POSITION WITH LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE TRUST SERVICE DURING PAST FIVE YEARS
- --------------------------------------------------------------------------------------------------------------------------
Thomas P. Huggins Vice President Since 2000 Vice President of EVM and BMR. Officer of 8 registered investment
3/7/66 companies managed by EVM and BMR.
Samuel D. Isaly Vice President Since 2000 Managing Partner of OrbiMed Advisors LLC. Officer of 5 registered
3/12/45 investment companies managed by EVM or BMR.
Martha G. Locke Vice President Since 2002 Vice President of EVM and BMR. Officer of 5 registered investment
6/21/52 companies managed by EVM and BMR.
Scott H. Page Vice President Since 2000 Vice President of EVM and BMR. Officer of 13 registered investment
11/30/59 companies managed by EVM or BMR.
Jacob Rees-Mogg Vice President Since 2000 Investment Manager of Lloyd George. Officer of 4 registered
5/24/69 investment companies managed by EVM and BMR.
Duncan W. Richardson Vice President Since 2000 Senior Vice President and Chief Equity Investment Officer of EVM
10/26/57 and BMR. Officer 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
8/13/56 companies managed by EVM or BMR.
Michael Weilheimer Vice President Since 2000 Vice President of EVM and BMR. Officer of 10 registered investment
2/11/61 companies managed by EVM or BMR.
Alan R. Dynner Secretary Since 2000 Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD,
10/10/40 EV and EVC. 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
4/1/45 investment 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.
14
<Page>
ADMINISTRATOR OF EATON VANCE VT INCOME FUND OF BOSTON
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 ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
125 High Street
Boston, MA 02110
EATON VANCE VT INCOME FUND OF BOSTON
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>
VTIBSRC
<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 INCOME FUND OF BOSTON (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 INCOME FUND OF BOSTON
<Table>
<Caption>
FISCAL YEARS ENDED 12/31/02* 12/31/03
- --------------------------------------------------------------
Audit Fees $ 0 $ 10,500
Audit-Related Fees(1) $ 0 $ 0
Tax Fees(2) $ 0 $ 2,850
All Other Fees(3) $ 0 $ 0
-------------------------------------
Total $ 0 $ 13,350
=====================================
</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.
* Eaton VT Income Fund of Boston commenced operations on January 9, 2003.
<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 INCOME FUND OF BOSTON))
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