<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-10067
Eaton Vance Variable Trust
--------------------------
(Exact Name of registrant as Specified in Charter)
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
June 30, 2004
-------------
Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
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[EV LOGO]
[GRAPHIC IMAGE]
SEMIANNUAL REPORT JUNE 30, 2004
EATON VANCE VT FLOATING-RATE INCOME FUND
[GRAPHIC IMAGE]
<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 permits funds to deliver only one
copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same
residential or post office box address. This practice is often called
"householding" and it helps eliminate duplicate mailings to shareholders.
EATON VANCE, OR YOUR FINANCIAL 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 June 30, 2004
INVESTMENT UPDATE
Investment Environment
THE LOAN MARKET
- - Amid a rebounding economy, stronger business conditions and an improving
credit climate, the loan market benefited from strengthening underlying
fundamentals in the six-months ended June 30, 2004. Especially noteworthy
were improving corporate balance sheets and a lower estimated default rate.
- - Loan market performance in 2004 has been less influenced by price movement
and more so by interest payments. Loan credit spreads narrowed during the
period, but remained at relatively attractive levels, resulting in strong
investor demand.
- - With signs of rising inflation in 2004, the Federal Reserve raised its
Federal Funds rate - a short-term interest rate benchmark - in June, the
first such move since May 2000. Floating-rate loans - with their interest
rate-reset provisions - have historically produced higher income returns in a
rising interest rate environment.
The Fund
PERFORMANCE FOR THE PAST SIX MONTHS
- - The Fund had a six-month total return of 1.40%.(1) That return was the result
of an increase in net asset value to $10.10 on June 30, 2004 from $10.07 on
December 31, 2003 and the reinvestment of $0.112 in distributions.
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE PORTFOLIO MANAGERS AND
ARE CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE
COVER. THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR
OTHER CONDITIONS, AND EATON VANCE MANAGEMENT DISCLAIMS ANY RESPONSIBILITY TO
UPDATE SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND,
BECAUSE INVESTMENT DECISIONS ARE BASED ON MANY FACTORS, MAY NOT BE RELIED ON
AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY FUND.
THE PORTFOLIO'S INVESTMENTS
- - Aided by modest asset growth during the six-month period ended June 30, 2004,
management continued its efforts at broad sector diversification.(2) The Fund
had investments in 47 different industries and 189 borrowers at June 30. From
a sector standpoint, publishing and printing was the Fund's largest
weighting, at 6.1%, followed by food, beverages and tobacco, at 4.8%;
manufacturing, at 4.5%; chemicals, at 3.9%; and cable television, at 3.9%.
- - The Fund's investments included companies that historically have benefited in
periods of economic recovery, including publishing and printing. The sector
held up well during the downturn in 2001-2002 and has historically benefited
from an economic recovery. The Fund had several investments in newspaper
companies whose revenues were based on local ad spending. These revenues have
tended to be more stable than national advertising.
- - Manufacturing was another cyclical exposure for the Fund. While slow to
respond in the early stages of economic recovery, the manufacturing sector
has gathered stronger momentum in 2004 in response to rising capital
expenditures. The Fund's investments included manufacturers of construction
materials, industrial cleansers, measurement and control systems and
energy-related equipment.
- - Reflecting its broad sector diversification, the Fund also had an exposure to
non-economically sensitive companies. The Fund's investments included several
makers of nationally-known brands of soft drink and packaged foods. Because
consumers' food, beverage and household product purchases are generally not
based on economic fluctuations, these companies have historically tended to
enjoy relatively stable revenues.
- - The Fund slightly underperformed the CSFB Leveraged Loan Index,(3) which had
a 3.12% total return during the six-month period. The Fund's relative
underperformance was due to its underweighting of the telecom sector, which
rallied sharply after a very poor showing in previous years. Management
believes that the sector represents significant risk in the event of an
economic reversal and therefore the Fund remains underweighted.
FUND INFORMATION
AS OF JUNE 30, 2004
PERFORMANCE(1)
Average Annual Total Returns (at net asset value)
<Table>
One Year 3.01%
Life of Fund (5/2/01) 1.88
</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) THESE RETURNS DO NOT INCLUDE INSURANCE-RELATED CHARGES. THERE IS NO SALES
CHARGE. PLEASE REFER TO THE REPORT FOR YOUR INSURANCE CONTRACT FOR
PERFORMANCE DATA REFLECTING INSURANCE-RELATED CHARGES.
(2) THE FUND IS NON-DIVERSIFIED.
(3) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL
AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE
WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND PRINCIPAL VALUE
WILL FLUCTUATE SO THAT SHARES, WHEN REPURCHASED, 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 LOWER OR
HIGHER THAN THE QUOTED RETURN. FOR PERFORMANCE AS OF THE MOST RECENT
MONTH-END, PLEASE REFER TO www.eatonvance.com.
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EATON VANCE VT FLOATING-RATE INCOME FUND as of June 30, 2004
PORTFOLIO OF INVESTMENTS (UNAUDITED)
SENIOR, FLOATING RATE INTEREST -- 88.7%(1)
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
ADVERTISING -- 1.1%
ADAMS OUTDOOR ADVERTISING, L.P.
$ 350,000 Term Loan, Maturing October 15, 2011 $ 354,448
LAMAR MEDIA CORP.
350,000 Term Loan, Maturing June 30, 2009 352,953
- --------------------------------------------------------------------------------
$ 707,401
- --------------------------------------------------------------------------------
AEROSPACE AND DEFENSE -- 1.9%
ALLIANT TECHSYSTEMS, INC.
$ 428,925 Term Loan, Maturing March 31, 2011 $ 433,080
DRS TECHNOLOGIES, INC.
340,675 Term Loan, Maturing November 4, 2010 343,976
TRANSDIGM, INC.
500,000 Term Loan, Maturing July 22, 2010 505,781
- --------------------------------------------------------------------------------
$ 1,282,837
- --------------------------------------------------------------------------------
AUTO COMPONENTS -- 3.2%
DAYCO PRODUCTS, LLC
$ 150,000 Term Loan, Maturing June 23, 2011 $ 152,344
DURA OPERATING CORP.
344,724 Term Loan, Maturing March 31, 2007 347,632
EXIDE TECHNOLOGIES
170,000 Term Loan, Maturing May 5, 2010 170,584
170,000 Term Loan, Maturing May 5, 2010 171,381
FEDERAL-MOGUL CORP.
350,000 Term Loan, Maturing February 24, 2005 352,187
THE GOODYEAR TIRE & RUBBER CO.
150,000 Term Loan, Maturing March 31, 2006 151,969
300,000 Term Loan, Maturing March 31, 2006 303,797
TI AUTOMOTIVE, LTD.
70,000 Term Loan, Maturing June 30, 2011 70,350
TRW AUTOMOTIVE, INC.
120,019 Term Loan, Maturing February 28, 2005 121,132
282,612 Term Loan, Maturing February 28, 2011 287,970
- --------------------------------------------------------------------------------
$ 2,129,346
- --------------------------------------------------------------------------------
BROADCAST MEDIA -- 2.8%
CITADEL COMMUNICATIONS CORP.
$ 96,756 Term Loan, Maturing March 31, 2006 $ 97,058
CUMULUS MEDIA, INC.
345,625 Term Loan, Maturing March 28, 2010 350,205
EMMIS OPERATING CO.
$ 300,000 Term Loan, Maturing November 10, 2011 $ 302,792
LIN TELEVISION CORP.
174,500 Term Loan, Maturing December 31, 2007 176,790
161,500 Term Loan, Maturing December 31, 2007 163,788
RADIO ONE, INC.
253,247 Term Loan, Maturing June 30, 2007 251,347
RAINBOW MEDIA HOLDINGS, LLC
228,173 Term Loan, Maturing March 14, 2008 229,646
SINCLAIR TELEVISION GROUP, INC.
100,000 Term Loan, Maturing June 30, 2009 100,000
165,000 Term Loan, Maturing December 31, 2009 165,000
- --------------------------------------------------------------------------------
$ 1,836,626
- --------------------------------------------------------------------------------
CABLE TELEVISION -- 3.9%
ATLANTIC BROADBAND FINANCE, LLC
$ 350,000 Term Loan, Maturing February 10, 2011 $ 355,031
BRESNAN COMMUNICATIONS, LLC
300,000 Term Loan, Maturing September 30, 2009 301,125
CHARTER COMMUNICATIONS OPERATING, LLC
750,000 Term Loan, Maturing April 27, 2011 747,784
DIRECTTV HOLDINGS, LLC
488,587 Term Loan, Maturing March 6, 2010 495,916
INSIGHT MIDWEST HOLDINGS, LLC
348,250 Term Loan, Maturing December 31, 2009 353,546
MCC IOWA, LLC
350,000 Term Loan, Maturing March 31, 2010 349,672
- --------------------------------------------------------------------------------
$ 2,603,074
- --------------------------------------------------------------------------------
CASINOS AND GAMING -- 2.9%
ALLIANCE GAMING CORP.
$ 350,000 Term Loan, Maturing September 5, 2009 $ 353,792
AMERISTAR CASINOS, INC.
313,648 Term Loan, Maturing December 31, 2006 318,205
ARGOSY GAMING CO.
343,797 Term Loan, Maturing June 30, 2008 347,773
MOHEGAN TRIBAL GAMING AUTHORITY
320,833 Term Loan, Maturing March 31, 2008 321,635
PINNACLE ENTERTAINMENT, INC.
228,667 Term Loan, Maturing December 18, 2009 232,001
SCIENTIFIC GAMES CORP.
349,123 Term Loan, Maturing December 31, 2009 353,778
- --------------------------------------------------------------------------------
$ 1,927,184
- --------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
3
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
CHEMICALS -- 3.9%
BRENNTAG AG
$ 250,000 Term Loan, Maturing February 27, 2012 $ 253,672
CELANESE AG
68,982 Term Loan, Maturing June 4, 2011 70,117
FMC CORP.
341,874 Term Loan, Maturing October 21, 2007 345,186
GEORGIA GULF CORP.
235,550 Term Loan, Maturing December 2, 2010 239,476
HERCULES, INC.
99,750 Term Loan, Maturing October 8, 2010 101,350
HUNTSMAN INTERNATIONAL
175,000 Term Loan, Maturing June 30, 2007 175,383
175,000 Term Loan, Maturing June 30, 2008 175,383
KOSA B.V.
240,859 Term Loan, Maturing April 29, 2011 244,923
106,141 Term Loan, Maturing April 29, 2011 107,932
KRATON POLYMERS, LLC
349,028 Term Loan, Maturing December 5, 2008 354,845
NALCO CO.
319,623 Term Loan, Maturing November 4, 2010 324,667
POLYMER GROUP, INC.
125,000 Term Loan, Maturing April 27, 2010 126,016
VWR INTERNATIONAL, INC.
100,000 Term Loan, Maturing April 7, 2011 101,750
- --------------------------------------------------------------------------------
$ 2,620,700
- --------------------------------------------------------------------------------
COAL -- 0.3%
PEABODY ENERGY CORP.
$ 197,500 Term Loan, Maturing March 31, 2010 $ 199,895
- --------------------------------------------------------------------------------
$ 199,895
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 1.7%
ADVANSTAR COMMUNICATIONS, INC.
$ 222,578 Term Loan, Maturing October 11, 2007 $ 224,016
COINMACH LAUNDRY CORP.
346,447 Term Loan, Maturing July 25, 2009 349,695
GATE GOURMET BORROWER, LLC
198,000 Term Loan, Maturing December 31, 2008 199,815
UNITED RENTALS, INC.
58,333 Term Loan, Maturing February 14, 2011 59,409
290,937 Term Loan, Maturing February 14, 2011 296,102
- --------------------------------------------------------------------------------
$ 1,129,037
- --------------------------------------------------------------------------------
COMPUTER SOFTWARE & SERVICES -- 0.5%
UGS CORP.
$ 300,000 Term Loan, Maturing May 27, 2011 $ 305,906
- --------------------------------------------------------------------------------
$ 305,906
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS -- 0.3%
PLY GEM INDUSTRIES, INC.
$ 169,575 Term Loan, Maturing February 12, 2011 $ 170,052
29,925 Term Loan, Maturing February 12, 2011 30,084
- --------------------------------------------------------------------------------
$ 200,136
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - METAL AND GLASS -- 1.6%
BALL CORP.
$ 347,355 Term Loan, Maturing December 31, 2009 $ 352,001
OWENS-ILLINOIS, INC.
350,000 Term Loan, Maturing April 1, 2008 354,312
SILGAN HOLDINGS, INC.
346,491 Term Loan, Maturing December 31, 2008 350,281
- --------------------------------------------------------------------------------
$ 1,056,594
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - PAPER -- 2.4%
GRAPHIC PACKAGING INTERNATIONAL, INC.
$ 346,500 Term Loan, Maturing August 8, 2009 $ 352,564
GREIF BROS. CORP.
257,795 Term Loan, Maturing August 31, 2008 259,922
JEFFERSON SMURFIT CORP.
192,883 Term Loan, Maturing March 31, 2007 195,174
PRINTPACK HOLDINGS, INC.
308,706 Term Loan, Maturing April 30, 2009 311,986
SOLO CUP CO.
453,151 Term Loan, Maturing February 27, 2011 458,862
- --------------------------------------------------------------------------------
$ 1,578,508
- --------------------------------------------------------------------------------
CONTAINERS AND PACKAGING - PLASTICS -- 1.0%
BERRY PLASTICS CORP.
$ 331,293 Term Loan, Maturing July 22, 2010 $ 336,469
CROWN CORK & SEAL AMERICAS, INC.
332,500 Term Loan, Maturing September 15, 2008 338,059
- --------------------------------------------------------------------------------
$ 674,528
- --------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
EDUCATIONAL SERVICES -- 1.5%
INVENSYS INTERNATIONAL HOLDINGS, LTD.
$ 350,000 Term Loan, Maturing September 5, 2009 $ 354,375
JOSTENS, INC.
309,787 Term Loan, Maturing July 15, 2010 314,434
KNOWLEDGE LEARNING CORP.
342,530 Term Loan, Maturing May 15, 2010 346,383
- --------------------------------------------------------------------------------
$ 1,015,192
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.3%
GLOBAL CASH ACCESS, LLC
$ 197,500 Term Loan, Maturing March 10, 2010 $ 200,092
- --------------------------------------------------------------------------------
$ 200,092
- --------------------------------------------------------------------------------
ENTERTAINMENT -- 2.3%
LIONS GATE ENTERTAINMENT, INC.
$ 300,000 Term Loan, Maturing December 31, 2008 $ 302,437
METRO-GOLDWYN-MAYER STUDIOS, INC.
425,000 Term Loan, Maturing April 26, 2011 427,125
SIX FLAGS THEME PARKS, INC.
466,905 Term Loan, Maturing June 30, 2009 472,158
WMG ACQUISITION CORP.
324,188 Term Loan, Maturing February 28, 2011 329,456
- --------------------------------------------------------------------------------
$ 1,531,176
- --------------------------------------------------------------------------------
ENVIRONMENTAL SERVICES -- 2.0%
ALLIED WASTE INDUSTRIES, INC.
$ 50,000 Term Loan, Maturing January 15, 2009 $ 50,933
296,250 Term Loan, Maturing July 15, 2010 302,118
CASELLA WASTE SYSTEMS, INC.
346,500 Term Loan, Maturing May 11, 2007 350,831
IONICS, INC.
239,857 Term Loan, Maturing February 13, 2011 242,556
WASTE CONNECTIONS
350,000 Term Loan, Maturing October 22, 2010 353,062
- --------------------------------------------------------------------------------
$ 1,299,500
- --------------------------------------------------------------------------------
FOOD, BEVERAGES AND TOBACCO -- 4.8%
AMERICAN SEAFOOD HOLDINGS, INC.
$ 216,492 Term Loan, Maturing March 31, 2009 $ 217,372
CONSTELLATION BRANDS, INC.
218,750 Term Loan, Maturing November 30, 2008 222,383
DEAN FOODS CO.
$ 49,875 Term Loan, Maturing July 15, 2008 $ 50,358
360,929 Term Loan, Maturing July 15, 2008 365,816
DEL MONTE CORP.
223,709 Term Loan, Maturing December 20, 2010 227,169
DR. PEPPER/SEVEN UP BOTTLING GROUP, INC.
333,866 Term Loan, Maturing December 19, 2010 340,335
GENERAL NUTRITION CENTERS, INC.
248,750 Term Loan, Maturing December 5, 2009 251,953
MERISANT CO.
448,745 Term Loan, Maturing January 31, 2010 451,718
MICHAEL FOODS, INC.
348,250 Term Loan, Maturing November 20, 2010 354,018
PINNACLE FOODS HOLDINGS CORP.
76,872 Term Loan, Maturing November 25, 2010 77,832
272,253 Term Loan, Maturing November 25, 2010 275,657
SOUTHERN WINE & SPIRITS OF AMERICA, INC.
343,869 Term Loan, Maturing June 28, 2008 348,060
- --------------------------------------------------------------------------------
$ 3,182,671
- --------------------------------------------------------------------------------
FUNERAL SERVICE -- 0.3%
ALDERWOODS GROUP
$ 167,273 Term Loan, Maturing September 28, 2008 $ 169,991
- --------------------------------------------------------------------------------
$ 169,991
- --------------------------------------------------------------------------------
HEALTH CARE - EQUIPMENT AND SUPPLIES -- 1.7%
CONMED CORP.
$ 363,810 Term Loan, Maturing December 15, 2009 $ 368,813
FISHER SCIENTIFIC INTERNATIONAL, LLC
293,659 Term Loan, Maturing March 31, 2010 295,311
KINETIC CONCEPTS, INC.
325,444 Term Loan, Maturing October 3, 2009 330,462
SYBRON DENTAL MANAGEMENT
150,801 Term Loan, Maturing June 8, 2009 151,932
- --------------------------------------------------------------------------------
$ 1,146,518
- --------------------------------------------------------------------------------
HEALTH CARE - PROVIDERS & SERVICES -- 3.3%
COMMUNITY HEALTH SYSTEMS, INC.
$ 444,231 Term Loan, Maturing January 16, 2010 $ 452,449
CROSS COUNTRY HEALTHCARE, INC.
141,056 Term Loan, Maturing June 5, 2009 143,480
DAVITA, INC.
346,229 Term Loan, Maturing March 31, 2009 351,152
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
HEALTH CARE - PROVIDERS & SERVICES (CONTINUED)
EXPRESS SCRIPTS, INC.
$ 249,375 Term Loan, Maturing February 13, 2010 $ 251,609
FRESENIUS MEDICAL CARE HOLDINGS, INC.
399,000 Term Loan, Maturing February 21, 2010 402,691
MAGELLAN HEALTH SERVICES, INC.
155,556 Term Loan, Maturing August 15, 2008 157,500
179,861 Term Loan, Maturing August 15, 2008 182,109
TRIAD HOSPITALS HOLDINGS, INC.
265,287 Term Loan, Maturing September 30, 2008 269,538
- --------------------------------------------------------------------------------
$ 2,210,528
- --------------------------------------------------------------------------------
HOUSEHOLD FURNISHING & APPLIANCES -- 1.5%
GOODMAN GLOBAL HOLDINGS, INC.
$ 350,000 Term Loan, Maturing November 21, 2009 $ 355,031
SEALY MATTRESS CO.
300,000 Term Loan, Maturing April 6, 2012 305,156
SIMMONS CO.
342,741 Term Loan, Maturing December 19, 2011 347,596
- --------------------------------------------------------------------------------
$ 1,007,783
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 2.1%
CHURCH & DWIGHT CO., INC.
$ 500,000 Term Loan, Maturing May 30, 2011 $ 504,922
RAYOVAC CORP.
277,010 Term Loan, Maturing September 30, 2009 280,473
THE SCOTTS CO.
279,300 Term Loan, Maturing September 30, 2010 283,817
UNITED INDUSTRIES CORP.
354,113 Term Loan, Maturing April 29, 2011 358,982
- --------------------------------------------------------------------------------
$ 1,428,194
- --------------------------------------------------------------------------------
INSURANCE -- 0.9%
CONSECO, INC.
$ 250,000 Term Loan, Maturing June 22, 2010 $ 254,844
HILB, ROGAL & HOBBS CO.
343,000 Term Loan, Maturing June 30, 2007 346,430
- --------------------------------------------------------------------------------
$ 601,274
- --------------------------------------------------------------------------------
LEISURE -- 1.5%
AMF BOWLING WORLDWIDE, INC.
$ 349,125 Term Loan, Maturing August 27, 2009 $ 352,289
HOUSTON LIMITED PARTNERS NFL HOLDINGS, L.P.
299,250 Term Loan, Maturing January 5, 2011 302,242
NEW ENGLAND SPORTS VENTURES, LLC
$ 350,000 Term Loan, Maturing February 28, 2005 $ 350,000
- --------------------------------------------------------------------------------
$ 1,004,531
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS -- 0.4%
BOMBARDIER RECREATIONAL PRODUCTS, INC.
$ 175,000 Term Loan, Maturing December 18, 2010 $ 176,969
75,000 Term Loan, Maturing December 18, 2010 75,926
- --------------------------------------------------------------------------------
$ 252,895
- --------------------------------------------------------------------------------
MACHINERY -- 0.1%
THE MANITOWOC CO.
$ 76,281 Term Loan, Maturing June 30, 2007 $ 76,853
- --------------------------------------------------------------------------------
$ 76,853
- --------------------------------------------------------------------------------
MANUFACTURING -- 4.5%
AMSCAN HOLDINGS, INC.
$ 100,000 Term Loan, Maturing April 30, 2012 $ 101,563
AMSTED INDUSTRIES, INC.
346,500 Term Loan, Maturing October 15, 2010 353,213
DRESSER, INC.
350,000 Term Loan, Maturing March 31, 2007 356,388
JOHNSONDIVERSEY, INC.
299,316 Term Loan, Maturing November 30, 2009 303,306
MUELLER GROUP, INC.
188,991 Term Loan, Maturing April 23, 2011 190,645
POLYPORE, INC.
375,000 Term Loan, Maturing November 12, 2011 381,797
ROPER INDUSTRIES, INC.
341,250 Term Loan, Maturing December 29, 2008 346,226
SPX CORP.
259,224 Term Loan, Maturing September 30, 2009 262,464
ST. MARYS CEMENT, INC.
349,125 Term Loan, Maturing December 4, 2010 354,798
TRIMAS CORP.
303,006 Term Loan, Maturing December 31, 2009 305,153
- --------------------------------------------------------------------------------
$ 2,955,553
- --------------------------------------------------------------------------------
METALS & MINING -- 0.3%
COMPASS MINERALS GROUP, INC.
$ 185,942 Term Loan, Maturing November 28, 2009 $ 188,808
- --------------------------------------------------------------------------------
$ 188,808
- --------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
MISCELLANEOUS -- 1.1%
LAIDLAW INTERNATIONAL, INC.
$ 341,559 Term Loan, Maturing June 19, 2009 $ 347,964
WEIGHT WATCHERS INTERNATIONAL, INC.
349,125 Term Loan, Maturing March 31, 2010 352,762
- --------------------------------------------------------------------------------
$ 700,726
- --------------------------------------------------------------------------------
OFFICE EQUIPMENT AND SUPPLIES -- 1.3%
BUHRMANN US, INC.
$ 300,000 Term Loan, Maturing December 31, 2010 $ 302,750
IRON MOUNTAIN, INC.
545,231 Term Loan, Maturing April 2, 2009 550,939
- --------------------------------------------------------------------------------
$ 853,689
- --------------------------------------------------------------------------------
OIL & GAS -- 1.4%
LA GRANGE ACQUISITION, L.P.
$ 150,000 Term Loan, Maturing January 18, 2008 $ 152,250
MAGELLAN MIDSTREAM HOLDINGS
242,830 Term Loan, Maturing June 17, 2008 244,651
THE PREMCOR REFINING GROUP, INC.
200,000 Term Loan, Maturing April 13, 2009 202,125
WILLIAMS PRODUCTION RMT CO.
348,250 Term Loan, Maturing May 30, 2007 352,930
- --------------------------------------------------------------------------------
$ 951,956
- --------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- 1.9%
BUCKEYE TECHNOLOGIES, INC.
$ 336,583 Term Loan, Maturing March 15, 2008 $ 341,772
KOCH CELLULOSE, LLC
29,683 Term Loan, Maturing May 7, 2011 30,119
120,317 Term Loan, Maturing May 7, 2011 122,084
RLC INDUSTRIES CO.
398,374 Term Loan, Maturing February 24, 2010 402,358
SP NEWSPRINT CO.
122,694 Term Loan, Maturing January 9, 2010 124,381
225,556 Term Loan, Maturing January 9, 2010 228,657
- --------------------------------------------------------------------------------
$ 1,249,371
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS -- 0.6%
MARY KAY COSMETICS, INC.
$ 66,216 Term Loan, Maturing September 30, 2007 $ 66,878
PRESTIGE BRANDS, INC.
300,000 Term Loan, Maturing April 7, 2011 303,875
- --------------------------------------------------------------------------------
$ 370,753
- --------------------------------------------------------------------------------
PUBLISHING AND PRINTING -- 6.1%
AMERICAN MEDIA OPERATIONS, INC.
$ 330,512 Term Loan, Maturing April 1, 2007 $ 335,346
DEX MEDIA EAST, LLC
467,443 Term Loan, Maturing November 8, 2008 472,911
DEX MEDIA WEST, LLC
74,452 Term Loan, Maturing September 9, 2009 75,437
148,927 Term Loan, Maturing March 9, 2010 151,968
FREEDOM COMMUNICATIONS HOLDINGS, INC.
450,000 Term Loan, Maturing May 18, 2012 457,735
HOLLINGER INTERNATIONAL PUBLISHING, INC.
342,872 Term Loan, Maturing September 30, 2009 346,087
JOURNAL REGISTER CO.
347,525 Term Loan, Maturing September 30, 2006 346,656
MEDIANEWS GROUP, INC.
199,000 Term Loan, Maturing December 31, 2006 201,736
NEBRASKA BOOK CO.
349,125 Term Loan, Maturing March 4, 2011 353,380
R.H. DONNELLEY, INC.
344,841 Term Loan, Maturing June 30, 2010 350,133
SUN MEDIA CORP.
329,106 Term Loan, Maturing February 7, 2009 333,014
THE READER'S DIGEST ASSOCIATION, INC.
400,000 Term Loan, Maturing May 20, 2008 405,250
TRANSWESTERN PUBLISHING CO., LLC
197,000 Term Loan, Maturing February 25, 2011 199,791
- --------------------------------------------------------------------------------
$ 4,029,444
- --------------------------------------------------------------------------------
REAL ESTATE -- 3.1%
BRE/HOMESTEAD, LLC
$ 250,000 Term Loan, Maturing January 11, 2006 $ 249,531
CROWN CASTLE OPERATING CO.
148,875 Term Loan, Maturing September 30, 2010 149,247
LANDSOURCE COMMUNITIES DEVELOPMENT, LLC
251,000 Term Loan, Maturing March 31, 2010 254,922
NEWKIRK MASTER, L.P.
400,092 Term Loan, Maturing November 24, 2006 406,344
NEWKIRK TENDER HOLDINGS, LLC
85,000 Term Loan, Maturing May 25, 2006 85,850
OLY HIGHTOP PARENT
200,000 Term Loan, Maturing February 28, 2005 200,500
THE WOODLANDS COMMERCIAL PROPERTIES CO., L.P.
320,104 Term Loan, Maturing November 28, 2005 322,105
WHITEHALL STREET REAL ESTATE, L.P.
250,000 Term Loan, Maturing September 11, 2006(2) 251,265
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
REAL ESTATE (CONTINUED)
WILMORITE HOLDINGS, L.P.
$ 120,000 Term Loan, Maturing March 27, 2006 $ 120,600
- --------------------------------------------------------------------------------
$ 2,040,364
- --------------------------------------------------------------------------------
RESTAURANTS -- 1.0%
AFC ENTERPRISES, INC
$ 332,901 Term Loan, Maturing May 23, 2009 $ 334,149
JACK IN THE BOX, INC.
349,125 Term Loan, Maturing January 8, 2011 352,507
- --------------------------------------------------------------------------------
$ 686,656
- --------------------------------------------------------------------------------
RETAIL - FOOD AND DRUG -- 3.2%
ALIMENTATION COUCHE-TARD, INC.
$ 313,750 Term Loan, Maturing December 17, 2010 $ 317,149
DOMINO'S, INC.
300,089 Term Loan, Maturing June 25, 2010 306,138
FLEMING COMPANIES, INC.
55,280 Term Loan, Maturing June 18, 2008 55,073
GIANT EAGLE, INC.
335,029 Term Loan, Maturing August 6, 2009 339,845
RITE AID CORP.
349,125 Term Loan, Maturing April 30, 2008 356,806
ROUNDY'S, INC.
443,352 Term Loan, Maturing June 6, 2009 447,786
THE PANTRY, INC.
307,837 Term Loan, Maturing March 12, 2011 311,685
- --------------------------------------------------------------------------------
$ 2,134,482
- --------------------------------------------------------------------------------
RETAIL - MULTILINE -- 0.5%
RENT-A-CENTER, INC.
$ 347,368 Term Loan, Maturing May 28, 2009 $ 351,276
- --------------------------------------------------------------------------------
$ 351,276
- --------------------------------------------------------------------------------
RETAIL - SPECIALTY -- 1.7%
ADVANCE STORES CO., INC.
$ 177,592 Term Loan, Maturing November 30, 2006 $ 179,868
CSK AUTO, INC.
400,000 Term Loan, Maturing June 20, 2009 405,625
GETTY PETROLEUM MARKETING, INC.
320,000 Term Loan, Maturing May 19, 2010 325,100
ORIENTAL TRADING CO.
234,846 Term Loan, Maturing August 4, 2010 237,243
- --------------------------------------------------------------------------------
$ 1,147,836
- --------------------------------------------------------------------------------
ROAD AND RAIL -- 2.0%
KANSAS CITY SOUTHERN INDUSTRIES, INC.
$ 349,125 Term Loan, Maturing March 30, 2008 $ 354,362
RAILAMERICA, INC.
36,616 Term Loan, Maturing May 31, 2009 37,120
56,504 Term Loan, Maturing May 31, 2009 57,281
249,560 Term Loan, Maturing May 31, 2009 252,992
SIRVA WORLDWIDE, INC.
350,000 Term Loan, Maturing December 31, 2010 352,297
YELLOW ROADWAY CORP.
190,909 Term Loan, Maturing June 30, 2008 192,639
68,182 Term Loan, Maturing June 30, 2008 68,800
- --------------------------------------------------------------------------------
$ 1,315,491
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT AND PRODUCTS -- 0.5%
FAIRCHILD SEMICONDUCTOR CORP.
$ 349,118 Term Loan, Maturing June 19, 2008 $ 354,792
- --------------------------------------------------------------------------------
$ 354,792
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS -- 3.9%
AMERICAN TOWER, L.P.
$ 400,000 Term Loan, Maturing August 31, 2011 $ 406,156
CENTENNIAL CELLULAR OPERATING, CO., LLC
349,125 Term Loan, Maturing February 9, 2011 351,494
DOBSON CELLULAR SYSTEMS, INC.
347,375 Term Loan, Maturing March 31, 2010 348,135
NEXTEL FINANCE CO.
447,999 Term Loan, Maturing December 15, 2010 451,839
NEXTEL PARTNERS OPERATING CORP.
350,000 Term Loan, Maturing May 31, 2011 356,956
SPECTRASITE COMMUNICATIONS, INC.
349,364 Term Loan, Maturing June 30, 2006 354,604
WESTERN WIRELESS CORP.
300,000 Term Loan, Maturing May 28, 2011 304,125
- --------------------------------------------------------------------------------
$ 2,573,309
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELINE -- 1.3%
CINCINNATI BELL, INC.
$ 314,125 Term Loan, Maturing June 30, 2008 $ 317,816
CONSOLIDATED COMMUNICATIONS, INC.
300,000 Term Loan, Maturing April 14, 2012 305,531
QWEST CORP.
250,000 Term Loan, Maturing June 30, 2007 260,188
- --------------------------------------------------------------------------------
$ 883,535
- --------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
- --------------------------------------------------------------------------------
THEATERS -- 1.6%
CINEMARK, INC.
$ 399,000 Term Loan, Maturing March 31, 2011 $ 405,484
LOEWS CINEPLEX ENTERTAINMENT CORP.
244,892 Term Loan, Maturing September 30, 2006 245,466
REGAL CINEMAS CORP.
386,879 Term Loan, Maturing November 10, 2010 391,957
- --------------------------------------------------------------------------------
$ 1,042,907
- --------------------------------------------------------------------------------
UTILITY -- 2.5%
ALLEGHENY ENERGY SUPPLY CO., LLC
$ 199,500 Term Loan, Maturing March 8, 2011 $ 202,867
CENTERPOINT ENERGY, INC.
423,514 Term Loan, Maturing October 7, 2006 432,967
COGENTRIX DELAWARE HOLDINGS, INC.
349,125 Term Loan, Maturing February 26, 2009 352,907
DYNEGY HOLDINGS, INC.
325,000 Term Loan, Maturing May 28, 2010 331,906
NRG ENERGY, INC.
72,917 Term Loan, Maturing June 23, 2010 75,305
129,213 Term Loan, Maturing June 23, 2010 133,445
TUCSON ELECTRIC POWER CO.
100,000 Term Loan, Maturing June 30, 2009 100,875
- --------------------------------------------------------------------------------
$ 1,630,272
- --------------------------------------------------------------------------------
TOTAL SENIOR, FLOATING RATE INTERESTS
(IDENTIFIED COST $58,420,900) $ 58,840,190
- --------------------------------------------------------------------------------
</Table>
CORPORATE BONDS & NOTES -- 0.4%
<Table>
<Caption>
PRINCIPAL
AMOUNT SECURITY VALUE
- --------------------------------------------------------------------------------
BROADCAST MEDIA -- 0.4%
PAXSON COMMUNICATIONS CORP.
$ 300 3.89%, 1/15/10(3) $ 301,500
- --------------------------------------------------------------------------------
$ 301,500
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS & NOTES
(IDENTIFIED COST $300,000) $ 301,500
- --------------------------------------------------------------------------------
</Table>
SHORT-TERM INVESTMENTS -- 7.8%
<Table>
<Caption>
PRINCIPAL MATURITY
AMOUNT DATE BORROWER RATE AMOUNT
- --------------------------------------------------------------------------------
$ 2,154,000 07/01/04 Federal Home Loan
Bank Discount Note 1.20% $ 2,154,000
3,000,000 07/01/04 Investors Bank & Trust
Company Time Deposit 1.44% 3,000,000
- --------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST) $ 5,154,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 96.9%
(IDENTIFIED COST $63,874,900) $ 64,295,690
- --------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.1% $ 2,052,089
- --------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 66,347,779
- --------------------------------------------------------------------------------
</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 three years.
(2) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 2004
the aggregate value of the securities is $301,500 or 0.5% of the net
assets.
Note: At June 30, 2004, the Fund had unfunded commitments amounting to $447,991
under various revolving credit agreements.
SEE NOTES TO FINANCIAL STATEMENTS
9
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of June 30, 2004
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2004
<Table>
ASSETS
Investments, at value (identified cost, $63,874,900) $ 64,295,690
Cash 1,953,217
Receivable for investments sold 3,226
Interest receivable 175,145
- ----------------------------------------------------------------------------------------------
TOTAL ASSETS $ 66,427,278
- ----------------------------------------------------------------------------------------------
LIABILITIES
Payable to affiliate for Trustees' fees $ 1,831
Payable to affiliates 61,903
Accrued expenses 15,765
- ----------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 79,499
- ----------------------------------------------------------------------------------------------
NET ASSETS FOR 6,570,807 SHARES OF BENEFICIAL INTEREST OUTSTANDING $ 66,347,779
- ----------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 65,916,703
Accumulated net realized loss (computed on the basis of identified cost) (10,562)
Accumulated undistributed net investment income 20,848
Net unrealized appreciation (computed on the basis of identified cost) 420,790
- ----------------------------------------------------------------------------------------------
TOTAL $ 66,347,779
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($66,347,779 DIVIDED BY 6,570,807 SHARES OF BENEFICIAL INTEREST OUTSTANDING) $ 10.10
- ----------------------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
JUNE 30, 2004
<Table>
INVESTMENT INCOME
Interest $ 932,556
- -------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 932,556
- -------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 154,511
Administration fee 67,179
Trustees' fees and expenses 2,246
Service fees 67,179
Custodian fee 26,396
Legal and accounting services 17,393
Transfer and dividend disbursing agent fees 4,006
- -------------------------------------------------------------------------------
TOTAL EXPENSES $ 338,910
- -------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 473
- -------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 473
- -------------------------------------------------------------------------------
NET EXPENSES $ 338,437
- -------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 594,119
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (10,562)
- -------------------------------------------------------------------------------
NET REALIZED LOSS $ (10,562)
- -------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 167,272
- -------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 167,272
- -------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 156,710
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 750,829
- -------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
10
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2004 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 2003
- ---------------------------------------------------------------------------------------------
From operations --
Net investment income $ 594,119 $ 807,038
Net realized gain (loss) from
investment transactions (10,562) 23,033
Net change in unrealized appreciation
(depreciation) from investments 167,272 240,542
- ---------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 750,829 $ 1,070,613
- ---------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (594,362) $ (814,122)
- ---------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (594,362) $ (814,122)
- ---------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ 28,181,047 $ 19,716,943
Net asset value of shares issued to
shareholders in payment of
distributions declared 594,350 814,122
Cost of shares redeemed (7,996,235) (11,927,007)
- ---------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 20,779,162 $ 8,604,058
- ---------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 20,935,629 $ 8,860,549
- ---------------------------------------------------------------------------------------------
NET ASSETS
At beginning of period $ 45,412,150 $ 36,551,601
- ---------------------------------------------------------------------------------------------
AT END OF PERIOD $ 66,347,779 $ 45,412,150
- ---------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME
INCLUDED IN NET ASSETS
At end of period $ 20,848 $ 21,091
- ---------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
11
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2004 ---------------------------------------------
(UNAUDITED) 2003 2002(1) 2001(1)(2)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 10.070 $ 10.000 $ 10.000 $ 10.000
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.110 $ 0.222 $ 0.031 $ 0.129
Net realized and unrealized gain 0.032 0.070 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.142 $ 0.292 $ 0.031 $ 0.129
- ---------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.112) $ (0.222) $ (0.031) $ (0.129)
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.112) $ (0.222) $ (0.031) $ (0.129)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.100 $ 10.070 $ 10.000 $ 10.000
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.40% 2.93% 0.31% 1.29%
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+
Net assets, end of period (000's omitted) $ 66,348 $ 45,412 $ 36,552 $ 15,789
Ratios (As a percentage of average daily net assets):
Net expenses 1.26%(4) 1.36% 1.47% 1.26%(4)
Net expenses after custodian fee reduction 1.26%(4) 1.36% 1.47% 1.26%(4)
Net investment income 2.21%(4) 2.18% 0.31% 1.37%(4)
Portfolio Turnover 31% 65% 0% --
- ---------------------------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a reduction
of the investment advisor fee. Had such action not been
taken, the ratios and net investment gain per share
would have been as follows:
Ratios (As a percentage of average daily net assets):
Expenses 1.28%(4)
Expenses after custodian fee reduction 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
12
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND as of June 30, 2004
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance VT Floating-Rate Income Fund (the Fund) is a non-diversified
series of Eaton Vance Variable Trust (the Trust). The Trust, which was
organized under Massachusetts law on August 14, 2000, is an entity of the
type commonly known as a Massachusetts business trust and is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund seeks to provide a high level of current income
by investing primarily in senior secured floating rate loans. The following
is a summary of significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States
of America.
A INVESTMENT VALUATIONS -- 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 credit balances used to reduce the
Fund's custodian fees are reported as a reduction of total expenses in the
Statement of Operations.
13
<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 and 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.
I INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to June 30, 2004 and for the six months then ended have not been audited an
independent registered public accounting firm, but in the opinion of the
Trust's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 DISTRIBUTIONS TO SHAREHOLDERS
The net income of the Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Distributions of net income are paid monthly.
Distributions 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). 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 June 30, 2004, two shareholders each owned more than
10% of the Fund's shares outstanding aggregating 90% of the Fund's shares
outstanding. Transactions in Fund shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, 2004 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2003
-----------------------------------------------------------------------------
Sales 2,794,362 1,963,869
Issued to shareholders electing to
receive payments of distributions
in Fund shares 58,924 81,191
Redemptions (792,770) (1,190,229)
-----------------------------------------------------------------------------
NET INCREASE 2,060,516 854,831
-----------------------------------------------------------------------------
</Table>
4 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee, computed at the monthly rate of 0.575% per annum
of the average daily net assets up to $1 billion, and at reduced rates as
daily net assets exceed that level, was earned by Eaton Vance Management
(EVM), as compensation for management and investment advisory services
rendered to the Fund. For the six months ended June 30, 2004, the fee
amounted to $154,511. 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.
14
<Page>
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 six
months ended June 30, 2004, the fee amounted to $67,179.
Certain officers and Trustees of the Fund are officers of the above
organizations.
5 SERVICE FEES
The Fund has adopted a service plan that allows the Fund to pay service fees
to insurance companies for providing personal and/or account services to
account holders of insurance product separate accounts, which will be equal
to 0.25% (annualized) of daily average net assets. Service fee payments for
the six months ended June 30, 2004 amounted to $67,179.
6 PURCHASES AND SALES OF INVESTMENTS
The Fund invests primarily in Senior Loans. The ability of the issuers of the
Senior Loans to meet their obligations may be affected by economic
developments in a specific industry. The cost of purchases and the proceeds
from principal repayments of Senior Loans for the six months ended June 30,
2004 aggregated $37,009,642 and $14,514,827 respectively.
7 LINE OF CREDIT
The Fund participates with other portfolios and funds managed by EVM and
affiliates in a $465 million unsecured line of credit with a group of banks.
Borrowings will be made by the Fund solely to facilitate the handling of
unusual and/or unanticipated short-term cash requirements. Interest is
charged to each participating portfolio or fund based on its borrowings at
the bank's base rate or at an amount above LIBOR. In addition, a fee computed
at an annual rate of 0.10% on the daily unused portion of the line of credit
is allocated among the participating portfolios and funds at the end of each
quarter. The Fund did not have any borrowings or allocated fees during the
six months ended June 30, 2004.
8 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation/depreciation in the value of the
investments owned at June 30, 2004, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 63,874,900
----------------------------------------------------------------------------
Gross unrealized appreciation $ 460,323
Gross unrealized depreciation (39,533)
----------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 420,790
----------------------------------------------------------------------------
</Table>
15
<Page>
EATON VANCE VT FLOATING-RATE INCOME FUND
INVESTMENT MANAGEMENT
Officers
James B. Hawkes
President and Trustee
Arieh Coll
Vice President
Thomas P. Huggins
Vice President
Samuel D. Isaly
Vice President
Scott H. Page
Vice President
Jacob Rees-Mogg
Vice President
Duncan W. Richardson
Vice President
Payson F. Swaffield
Vice President
Michael W. Weilheimer
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
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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.
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VTFRHSRC
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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 (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
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
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Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
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.
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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: August 13, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /S/ James L. O'Connor
---------------------
James L. O'Connor
Treasurer
Date: August 13, 2004
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By: /S/ James B. Hawkes
-------------------
James B. Hawkes
President
Date: August 13, 2004
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