SEC Info - Eaton Vance Variable Trust - ‘N-CSRS’ for 6/30/15

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

This report is prepared for the general information of contract owners. It is authorized for distribution to prospective investors only when preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of the Fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report June 30, 2015

Eaton Vance

VT Bond Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			20

Officers and Trustees			22

Important Notices			23

Eaton Vance

VT Bond Fund

Performance^1,2

Portfolio Managers Kathleen C. Gaffney, CFA, Stephen C. Concannon, CFA, Michael J. Turgel, CFA and Henry Peabody, CFA


% Cumulative Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Initial Class at NAV		09/15/2014		09/15/2014		–0.57	%		—			—			–1.96	%
ADV Class at NAV		09/15/2014		09/15/2014		–0.45	%		—			—			–1.76	%
Barclays U.S. Government/Credit Bond Index		—		—		–0.30	%		1.69	%		3.51	%		1.82	%


% Total Annual Operating Expense Ratios³											Initial Class			ADV Class
Gross												2.08	%		1.83	%
Net												1.20			0.95

Fund Profile

Credit Quality (% of bond holdings)⁴

LOGO

Asset Mix (% of total investments)

LOGO

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

VT Bond Fund

Endnotes and Additional Disclosures

Barclays U.S. Government/Credit Bond Index measures the performance of U.S. Treasuries, government-related and investment-grade U.S. corporate securities with a maturity of one year or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

There is no sales charge. Insurance-related charges are not included in the calculation of returns. Such expenses would reduce the overall return shown. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/16. Without the reimbursement, if applicable, performance would have been lower.

⁴

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

Fund profile subject to change due to active management.


		3

Eaton Vance

VT Bond Fund

Fund Expenses

Example: As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2015 – June 30, 2015).

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

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

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


	Beginning Account Value (1/1/15)		Ending Account Value (6/30/15)		Expenses Paid During Period* (1/1/15 – 6/30/15)			Annualized Expense Ratio


Actual
Initial Class	$	1,000.00	$	994.30	$	5.93	**		1.20	%
ADV Class	$	1,000.00	$	995.50	$	4.70	**		0.95	%



Hypothetical
(5% return per year before expenses)
Initial Class	$	1,000.00	$	1,018.80	$	6.01	**		1.20	%
ADV Class	$	1,000.00	$	1,020.10	$	4.76	**		0.95	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2014. Expenses shown do not include insurance-related charges.

**	Absent an allocation of certain expenses to an affiliate, expenses would be higher.


		4

Eaton Vance

VT Bond Fund

Portfolio of Investments (Unaudited)


Corporate Bonds & Notes — 18.6%
Security	Principal Amount* (000’s omitted)		Value


Banks — 0.6%
Citigroup, Inc., 6.25%, 6/29/17	NZD	16	$	11,372
JPMorgan Chase & Co., 4.25%, 11/2/18	NZD	90		61,593
Morgan Stanley, 7.60%, 8/8/17	NZD	66		47,914

			$	120,879


Commercial Services — 1.0%
Western Union Co. (The), 6.20%, 11/17/36		181	$	181,263

			$	181,263


Computers — 0.8%
SunGard Availability Services Capital, Inc., 8.75%, 4/1/22⁽¹⁾		216	$	158,760

			$	158,760


Diversified Financial Services — 1.5%
Jefferies Group, LLC, 6.50%, 1/20/43		195	$	190,554
Navient Corp., 5.625%, 8/1/33		115		93,725

			$	284,279


Home Builders — 1.5%
MDC Holdings, Inc., 6.00%, 1/15/43		329	$	278,005

			$	278,005


Insurance — 0.9%
XLIT Ltd., Series E, 6.50% to 4/15/17, 10/29/49⁽²⁾		200	$	171,626

			$	171,626


Iron & Steel — 0.7%
Cliffs Natural Resources, Inc., 6.25%, 10/1/40		241	$	108,450
JMC Steel Group, Inc., 8.25%, 3/15/18⁽¹⁾		20		18,375

			$	126,825


Metal Fabricate & Hardware — 0.1%
Valmont Industries, Inc., 5.00%, 10/1/44		31	$	28,082

			$	28,082


Mining — 3.0%
Freeport-McMoRan, Inc., 5.45%, 3/15/43		225	$	187,881
Southern Copper Corp., 5.25%, 11/8/42		255		222,574
Teck Resources, Ltd., 5.20%, 3/1/42		170		123,472


Security	Principal Amount* (000’s omitted)		Value


Mining (continued)
Teck Resources, Ltd., 5.40%, 2/1/43		48	$	35,784

			$	569,711


Miscellaneous Manufacturing — 1.2%
Trinity Industries, Inc., 4.55%, 10/1/24		242	$	233,565

			$	233,565


Oil & Gas — 3.5%
Apache Corp., 4.25%, 1/15/44		177	$	153,750
Continental Resources, Inc., 3.80%, 6/1/24		106		96,550
Noble Energy, Inc., 5.05%, 11/15/44		146		139,919
Rowan Cos., Inc., 5.40%, 12/1/42		339		276,345

			$	666,564


Retail — 2.3%
JC Penney Corp., Inc., 6.375%, 10/15/36		580	$	433,550

			$	433,550


Telecommunications — 1.5%
Avaya, Inc., 10.50%, 3/1/21⁽¹⁾		345	$	286,350

			$	286,350


Total Corporate Bonds & Notes (identified cost $3,838,552)			$	3,539,459


Foreign Corporate Bonds — 18.7%


Security	Principal Amount* (000’s omitted)		Value

Banks — 2.7%
ANZ Bank New Zealand, Ltd., 5.43%, 2/27/19	NZD	720	$	513,767

			$	513,767


Engineering & Construction — 1.8%
Empresas ICA SAB de CV, 8.875%, 5/29/24⁽¹⁾		330	$	248,325
Odebrecht Offshore Drilling Finance, Ltd., 6.75%, 10/1/22⁽¹⁾		119		86,028

			$	334,353


Foods — 1.0%
ESAL GmbH, 6.25%, 2/5/23⁽¹⁾		200	$	197,500

			$	197,500


		5		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount* (000’s omitted)		Value


Mining — 2.6%
Barrick Gold Corp., 5.25%, 4/1/42		215	$	192,539
Newcrest Finance Pty, Ltd., 4.20%, 10/1/22⁽¹⁾		160		149,933
Newcrest Finance Pty, Ltd., 5.75%, 11/15/41⁽¹⁾		167		143,593

			$	486,065


Miscellaneous Manufacturing — 2.0%
Bombardier, Inc., 7.45%, 5/1/34⁽¹⁾		400	$	378,000

			$	378,000


Oil & Gas — 4.3%
Ecopetrol SA, 5.875%, 5/28/45		158	$	140,225
Ensco PLC, 5.75%, 10/1/44		260		231,750
Pacific Drilling SA, 5.375%, 6/1/20⁽¹⁾		155		118,188
Pacific Rubiales Energy Corp., 5.625%, 1/19/25⁽¹⁾		230		167,037
Petrobras Global Finance BV, 5.625%, 5/20/43		220		171,138

			$	828,338


Telecommunications — 4.3%
America Movil SAB de CV, 6.45%, 12/5/22	MXN	2,000	$	122,539
Axtel SAB de CV, 9.00%, 1/31/20⁽¹⁾		210		211,050
Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20, 12/29/49⁽¹⁾⁽²⁾		100		103,920
Oi SA, 5.75%, 2/10/22⁽¹⁾		350		304,937
Telecom Italia Capital SA, 6.00%, 9/30/34		87		84,608

			$	827,054


Total Foreign Corporate Bonds (identified cost $3,813,560)			$	3,565,077


Foreign Government Bonds — 13.7%


Security	Principal Amount (000’s omitted)		Value

Brazil — 3.1%
Brazil Nota do Tesouro Nacional, 10.00%, 1/1/21	BRL	1,730	$	500,913
Federative Republic of Brazil, 12.50%, 1/5/16	BRL	250		80,217

			$	581,130


Mexico — 3.3%
Mexican Bonos, 7.75%, 5/29/31	MXN	7,520	$	534,598
Mexican Bonos, 7.75%, 11/13/42	MXN	1,382		98,227

			$	632,825


Security	Principal Amount (000’s omitted)			Value


New Zealand — 0.7%
New Zealand Government Bond, 6.00%, 12/15/17⁽³⁾	NZD		170	$	123,772

				$	123,772


Supranational — 6.6%
European Bank for Reconstruction & Development, 7.375%, 4/15/19	IDR		1,140,000	$	82,513
European Investment Bank, 7.20%, 7/9/19⁽¹⁾	IDR		1,170,000		83,197
Inter-American Development Bank, 7.20%, 11/14/17	IDR		4,920,000		354,948
International Finance Corp., 6.30%, 11/25/24	INR		3,910		58,461
International Finance Corp., 6.45%, 10/30/18	INR		24,400		382,780
International Finance Corp., 7.80%, 6/3/19	INR		1,500		24,350
International Finance Corp., 8.25%, 6/10/21	INR		16,650		277,902

				$	1,264,151


Total Foreign Government Bonds (identified cost $2,901,786)				$	2,601,878


Convertible Bonds — 11.9%


Security	Principal Amount (000’s omitted)			Value

Home Builders — 9.4%
KB Home, 1.375%, 2/1/19		$	520	$	508,625
Lennar Corp., 3.25%, 11/15/21⁽¹⁾			230		502,693
Ryland Group, Inc. (The), 0.25%, 6/1/19			485		470,450
Standard Pacific Corp., 1.25%, 8/1/32			255		311,419

				$	1,793,187


Machinery – Diversified — 1.0%
Chart Industries, Inc., 2.00%, 8/1/18		$	190	$	184,538

				$	184,538


Oil & Gas — 0.4%
American Energy - Permian Basin, LLC, 8.00%, 5/1/22⁽¹⁾⁽⁴⁾		$	50	$	27,500
American Energy - Utica, LLC, 3.50%, 3/1/21⁽¹⁾⁽⁴⁾			110		50,416

				$	77,916


		6		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)			Value


Telecommunications — 1.1%
Ciena Corp., 3.75%, 10/15/18⁽¹⁾		$	155	$	211,769

				$	211,769


Total Convertible Bonds (identified cost $2,156,286)				$	2,267,410


Asset-Backed Securities — 1.7%


Security	Principal Amount (000’s omitted)			Value
CAH, Series 2014-2A, Class D, 2.537%, 7/17/31⁽¹⁾⁽⁵⁾		$	110	$	108,687
SCFT, Series 2014-AA, Class B, 4.61%, 10/25/27⁽¹⁾			205		209,761


Total Asset-Backed Securities (identified cost $311,990)				$	318,448


Commercial Mortgage-Backed Securities — 3.6%


Security	Principal Amount (000’s omitted)			Value
ACRE, Series 2010-ARTA, Class D, 7.443%, 1/14/29⁽¹⁾		$	100	$	114,354
COMM, Series 2013-CR10, Class D, 4.953%, 8/10/46⁽¹⁾⁽⁶⁾			150		142,069
COMM, Series 2014-CR21, Class D, 4.067%, 12/10/47⁽¹⁾⁽⁶⁾			200		170,739
JPMBB, Series 2014-C23, Class D, 4.109%, 9/15/47⁽¹⁾⁽⁶⁾			100		87,217
JPMBB, Series 2014-C25, Class D, 4.098%, 11/15/47⁽¹⁾⁽⁶⁾			200		172,535


Total Commercial Mortgage-Backed Securities (identified cost $691,702)				$	686,914


Senior Floating-Rate Interests — 1.8%⁽⁷⁾


Borrower/Tranche Description		Principal Amount (000’s omitted)		Value

Business Equipment and Services — 1.0%
AlixPartners, LLP, Term Loan - Second Lien, 9.00%, Maturing 7/10/21		$	200	$	202,375

				$	202,375


Borrower/Tranche Description		Principal Amount (000’s omitted)		Value


Food Services — 0.8%
Weight Watchers International, Inc., Term Loan, Maturing 4/2/20⁽⁸⁾		$	300	$	146,025

				$	146,025


Total Senior Floating-Rate Interests (identified cost $356,572)				$	348,400


Tax-Exempt Investments — 0.2%


Security	Principal Amount (000’s omitted)			Value

Insured-Special Tax Revenue — 0.2%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		$	95	$	13,301
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45			235		30,752


Total Tax-Exempt Investments (identified cost $48,420)				$	44,053


U.S. Treasury Obligations — 7.1%


Security	Principal Amount (000’s omitted)			Value
U.S. Treasury Notes, 0.25%, 9/15/15		$	1,350	$	1,350,316


Total U.S. Treasury Obligations (identified cost $1,350,615)				$	1,350,316


Common Stocks — 17.5%


Security		Shares		Value

Banks — 2.3%
Bank of America Corp.			10,303	$	175,357
Regions Financial Corp.			25,067		259,694

				$	435,051


Beverages — 1.0%
Constellation Brands, Inc., Class A			1,664	$	193,057

				$	193,057


		7		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Chemicals — 1.7%
LyondellBasell Industries NV, Class A		1,886	$	195,239
PPG Industries, Inc.		1,032		118,391

			$	313,630


Health Care – Services — 1.1%
AmSurg Corp.⁽⁹⁾		1,518	$	106,184
Humana, Inc.		564		107,882

			$	214,066


Machinery – Construction & Mining — 1.4%
Caterpillar, Inc.		3,160	$	268,031

			$	268,031


Media — 1.1%
Walt Disney Co. (The)		1,799	$	205,338

			$	205,338


Mining — 0.5%
Freeport-McMoRan, Inc.		4,908	$	91,387

			$	91,387


Miscellaneous Manufacturing — 1.0%
Ingersoll-Rand PLC		2,904	$	195,788

			$	195,788


Oil & Gas — 0.9%
Occidental Petroleum Corp.		1,755	$	136,486
SandRidge Energy, Inc.⁽⁹⁾		1,758		1,542
Seven Generations Energy, Ltd., Class A⁽⁹⁾		3,182		41,578

			$	179,606


Pharmaceuticals — 1.0%
Eli Lilly & Co.		2,273	$	189,773

			$	189,773


Pipelines — 0.9%
Kinder Morgan, Inc.		4,648	$	178,437

			$	178,437


Real Estate Investment Trusts (REITs) — 0.4%
American Realty Capital Properties, Inc.		8,641	$	70,251

			$	70,251


Security	Shares		Value


Semiconductors — 1.5%
Intel Corp.		9,324	$	283,589

			$	283,589


Software — 0.7%
Oracle Corp.		3,315	$	133,594

			$	133,594


Telecommunications — 2.0%
Corning, Inc.		9,352	$	184,515
Telefonaktiebolaget LM Ericsson ADR		18,940		197,734

			$	382,249


Total Common Stocks (identified cost $3,259,433)			$	3,333,847


Convertible Preferred Stocks — 3.6%


Security	Shares		Value

Health Care – Products — 0.3%
Alere, Inc., 3.00%		140	$	50,645

			$	50,645


Iron & Steel — 0.3%
Cliffs Natural Resources, Inc., 7.00%		10,865	$	50,984

			$	50,984


Oil & Gas — 1.8%
Chesapeake Energy Corp., 5.75%		440	$	300,575
SandRidge Energy, Inc., 7.00%		930		19,995
SandRidge Energy, Inc., 8.50%		1,000		23,188

			$	343,758


Real Estate Investment Trusts (REITs) — 1.2%
iStar Financial, Inc., Series J, 4.50%		4,135	$	236,687

			$	236,687


Total Convertible Preferred Stocks (identified cost $1,000,022)			$	682,074


		8		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Portfolio of Investments (Unaudited) — continued


Preferred Stocks — 1.4%


Security	Shares	Value


Diversified Financial Services — 1.4%
SLM Corp., 1.986%⁽⁵⁾	4,350	$	265,132


Total Preferred Stocks (identified cost $295,425)		$	265,132


Total Investments — 99.8% (identified cost $20,024,363)		$	19,003,008


Other Assets, Less Liabilities — 0.2%		$	38,296


Net Assets — 100.0%		$	19,041,304

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


ADR	–	American Depositary Receipt
ACRE	–	Americold LLC Trust
CAH	–	Colony American Homes
COMM	–	Commercial Mortgage Trust
JPMBB	–	JPMBB Commercial Mortgage Securities Trust
NPFG	–	National Public Finance Guaranty Corp.
SCFT	–	SpringCastle Funding Trust

BRL	–	Brazilian Real
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
MXN	–	Mexican Peso
NZD	–	New Zealand Dollar

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2015, the aggregate value of these securities is $4,452,933 or 23.4% of the Fund’s net assets.

⁽²⁾	Security converts to floating rate after the indicated fixed-rate coupon period.

⁽³⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At June 30, 2015, the aggregate value of these securities is $123,772 or 0.7% of the Fund’s net assets.

⁽⁴⁾	Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁵⁾	Variable rate security. The stated interest rate represents the rate in effect at June 30, 2015.

⁽⁶⁾	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at June 30, 2015.

⁽⁷⁾

Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

⁽⁸⁾	This Senior Loan will settle after June 30, 2015, at which time the interest rate will be determined.

⁽⁹⁾	Non-income producing security.


Country Concentration of Portfolio (based on country of risk)


Country	Percentage of Net Assets			Value
United States		65.1	%	$	12,393,223
Brazil		7.0			1,340,733
Supranational		6.6			1,264,151
Mexico		6.4			1,214,739
Canada		4.1			771,373
New Zealand		3.3			637,539
Colombia		2.2			411,182
Australia		1.6			293,526
Peru		1.1			222,574
Sweden		1.0			197,734
Ireland		0.9			171,626
Italy		0.5			84,608

Total Investments		99.8	%	$	19,003,008


Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		81.9	%	$	15,602,367
New Zealand Dollar		4.0			758,418
Mexican Peso		4.0			755,364
Indian Rupee		3.9			743,493
Brazilian Real		3.1			581,130
Indonesian Rupiah		2.7			520,658
Canadian Dollar		0.2			41,578

Total Investments		99.8	%	$	19,003,008


		9		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Statement of Assets and Liabilities (Unaudited)


Assets	June 30, 2015
Investments, at value (identified cost, $20,024,363)	$	19,003,008
Cash		9,633
Dividends receivable		3,420
Interest receivable		209,800
Receivable from affiliate		10,990
Total assets	$	19,236,851

Liabilities
Payable for investments purchased	$	153,000
Payable to affiliates:
Investment adviser fee		8,759
Distribution fees		2
Trustees’ fees		360
Accrued expenses		33,426
Total liabilities	$	195,547
Net Assets	$	19,041,304

Sources of Net Assets
Paid-in capital	$	19,996,609
Accumulated net realized gain		119,216
Accumulated distributions in excess of net investment income		(50,109	)
Net unrealized depreciation		(1,024,412	)
Total	$	19,041,304

Initial Class Shares
Net Assets	$	9,520
Shares Outstanding		1,000
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.52

ADV Class Shares
Net Assets	$	19,031,784
Shares Outstanding		1,999,000
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.52


		10		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Statement of Operations (Unaudited)


Investment Income	Six Months Ended June 30, 2015
Interest (net of foreign taxes, $289)	$	383,652
Dividends (net of foreign taxes, $1,111)		79,330
Total investment income	$	462,982

Expenses
Investment adviser fee	$	53,439
Distribution fees
Initial Class		12
Trustees’ fees and expenses		957
Custodian fee		17,058
Transfer and dividend disbursing agent fees		5,928
Legal and accounting services		30,255
Printing and postage		4,562
Miscellaneous		3,297
Total expenses	$	115,508
Deduct —
Allocation of expenses to affiliate	$	23,167
Reduction of custodian fee		28
Total expense reductions	$	23,195

Net expenses	$	92,313

Net investment income	$	370,669

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	184,783
Foreign currency transactions		(4,371	)
Net realized gain	$	180,412
Change in unrealized appreciation (depreciation) —
Investments	$	(619,626	)
Foreign currency		(1,214	)
Net change in unrealized appreciation (depreciation)	$	(620,840	)

Net realized and unrealized loss	$	(440,428	)

Net decrease in net assets from operations	$	(69,759	)


		11		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾
From operations —
Net investment income	$	370,669		$	146,338
Net realized gain (loss) from investment and foreign currency transactions		180,412			(14,324	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(620,840	)		(403,572	)
Net decrease in net assets from operations	$	(69,759	)	$	(271,558	)
Distributions to shareholders —
From net investment income
Initial Class	$	(197	)	$	(89	)
ADV Class		(419,190	)		(194,516	)
Tax return of capital
Initial Class		—			(2	)
ADV Class		—			(3,385	)
Total distributions to shareholders	$	(419,387	)	$	(197,992	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Initial Class	$	—		$	10,000
ADV Class		—			19,990,000
Net increase in net assets from Fund share transactions	$	—		$	20,000,000

Net increase (decrease) in net assets	$	(489,146	)	$	19,530,450

Net Assets
At beginning of period	$	19,530,450		$	—
At end of period	$	19,041,304		$	19,530,450

Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(50,109	)	$	(1,391	)

⁽¹⁾	For the period from the start of business, September 15, 2014, to December 31, 2014.


		12		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Financial Highlights


	Initial Class
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾
Net asset value — Beginning of period	$	9.760		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.173		$	0.065
Net realized and unrealized loss		(0.216	)		(0.214	)

Total loss from operations	$	(0.043	)	$	(0.149	)

Less Distributions
From net investment income	$	(0.197	)	$	(0.089	)
Tax return of capital		—			(0.002	)

Total distributions	$	(0.197	)	$	(0.091	)

Net asset value — End of period	$	9.520		$	9.760

Total Return⁽³⁾		(0.57	)%⁽⁴⁾		(1.39	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10		$	10
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾⁽⁶⁾		1.20	%⁽⁷⁾		1.20	%⁽⁷⁾
Net investment income		3.56	%⁽⁷⁾		2.26	%⁽⁷⁾
Portfolio Turnover		20	%⁽⁴⁾		5	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, September 15, 2014, to December 31, 2014.

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	The investment adviser and administrator subsidized certain operating expenses (equal to 0.24% and 0.63% of average daily net assets for the six months ended June 30, 2015 and the period ended December 31, 2014, respectively). Absent this subsidy, total return would be lower.

⁽⁶⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾	Annualized.


		13		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Financial Highlights — continued


	ADV Class
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾
Net asset value — Beginning of period	$	9.770		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.185		$	0.073
Net realized and unrealized loss		(0.225	)		(0.204	)

Total loss from operations	$	(0.040	)	$	(0.131	)

Less Distributions
From net investment income	$	(0.210	)	$	(0.097	)
Tax return of capital		—			(0.002	)

Total distributions	$	(0.210	)	$	(0.099	)

Net asset value — End of period	$	9.520		$	9.770

Total Return⁽³⁾		(0.45	)%⁽⁴⁾		(1.32	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,032		$	19,521
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾⁽⁶⁾		0.95	%⁽⁷⁾		0.95	%⁽⁷⁾
Net investment income		3.82	%⁽⁷⁾		2.53	%⁽⁷⁾
Portfolio Turnover		20	%⁽⁴⁾		5	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, September 15, 2014, to December 31, 2014.

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	The investment adviser and administrator subsidized certain operating expenses (equal to 0.24% and 0.63% of average daily net assets for the six months ended June 30, 2015 and the period ended December 31, 2014, respectively). Absent this subsidy, total return would be lower.

⁽⁶⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾	Annualized.


		14		See Notes to Financial Statements.

Eaton Vance

VT Bond Fund

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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

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

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

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

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

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.


		15

Eaton Vance

VT Bond Fund

Notes to Financial Statements (Unaudited) — continued

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

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

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

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

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

As of June 30, 2015, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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

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


		16

Eaton Vance

VT Bond Fund

Notes to Financial Statements (Unaudited) — continued

J Interim Financial Statements — The interim financial statements relating to June 30, 2015 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, if an election is made on behalf of a separate account, to receive some or all distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At December 31, 2014, the Fund, for federal income tax purposes, had deferred capital losses of $24,364, which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2014, $24,364 are short-term.

Additionally, at December 31, 2014, the Fund had a late year ordinary loss of $1,391, related to certain specified losses realized after October 31, 2014, which it has elected to defer to the following taxable year pursuant to income tax regulations.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	20,086,527

Gross unrealized appreciation	$	501,540
Gross unrealized depreciation		(1,585,059	)

Net unrealized depreciation	$	(1,083,519	)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets up to $1 billion and at reduced rates on daily net assets of $1 billion or more, and is payable monthly. For the six months ended June 30, 2015, the investment adviser fee amounted to $53,439 or 0.55% (annualized) of the Fund’s average daily net assets. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.20% and 0.95% of the Fund’s average daily net assets for Initial Class and ADV Class, respectively. This agreement may be changed or terminated after April 30, 2016. Pursuant to this agreement, EVM was allocated $23,167 of the Fund’s operating expenses for the six months ended June 30, 2015. EVM also serves as administrator of the Fund, but receives no compensation. Eaton Vance Distributors, Inc. (EVD), the Fund’s principal underwriter and an affiliate of EVM, received distribution fees (see Note 4).

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

4 Distribution Plan

The Fund has in effect a distribution plan for Initial Class shares (Initial Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Initial Class Plan, the Fund pays EVD a distribution fee of 0.25% per annum of its average daily net assets attributable to Initial Class shares for the sale and distribution of Initial Class shares. Distribution fees paid or accrued to EVD for the six months ended June 30, 2015 amounted to $12. Insurance companies receive such fees from EVD based on the value of shares held by such companies. The insurance companies through which investors hold shares of the Fund may also pay fees to third parties in connection with the sale of variable contracts and for services provided to variable contract owners. The Fund, EVM or EVD are not a party to these arrangements. Investors should consult the prospectus and statement of additional information for their variable contracts for a discussion of these payments. EVD may, at its expense, provide promotional incentives to dealers that sell variable insurance products.


		17

Eaton Vance

VT Bond Fund

Notes to Financial Statements (Unaudited) — continued

Distribution fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Shareholder Servicing Plan

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan) for Initial Class and ADV Class. The Servicing Plan allows the Trust to enter into shareholder servicing agreements with insurance companies, investment dealers, broker/dealers or other financial intermediaries that provide shareholder services relating to Fund shares and their shareholders, including variable contract owners or plan participants with interests in the Fund. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.25% of its average daily net assets attributable to each class that are subject to shareholder servicing agreements. No shareholder servicing fees are levied on shares owned by EVM, its affiliates, or their respective employees or clients and may be waived under certain other limited conditions. For the six months ended June 30, 2015, there were no shareholder servicing fees accrued for Initial Class and ADV Class shares.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $4,750,073 and $3,562,560, respectively, for the six months ended June 30, 2015.

7 Shares of Beneficial Interest

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


Initial Class	Six Months Ended June 30, 2015 (Unaudited)		Period Ended December 31, 2014⁽¹⁾
Sales		—		1,000

Net increase		—		1,000


ADV Class	Six Months Ended June 30, 2015 (Unaudited)		Period Ended December 31, 2014⁽¹⁾
Sales		—		1,999,000

Net increase		—		1,999,000

⁽¹⁾	For the period from the start of business, September 15, 2014, to December 31, 2014.

At June 30, 2015, EVM owned 100% of the value of the outstanding shares of the Fund.

8 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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


		18

Eaton Vance

VT Bond Fund

Notes to Financial Statements (Unaudited) — continued

At June 30, 2015, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3		Total

Corporate Bonds & Notes	$	—	$	3,539,459	$	—	$	3,539,459
Foreign Corporate Bonds		—		3,565,077		—		3,565,077
Foreign Government Bonds		—		2,601,878		—		2,601,878
Convertible Bonds		—		2,267,410		—		2,267,410
Asset-Backed Securities		—		318,448		—		318,448
Commercial Mortgage-Backed Securities		—		686,914		—		686,914
Senior Floating-Rate Interests		—		348,400		—		348,400
Tax-Exempt Investments		—		44,053		—		44,053
U.S. Treasury Obligations		—		1,350,316		—		1,350,316
Common Stocks		3,333,847		—		—		3,333,847
Convertible Preferred Stocks		—		682,074		—		682,074
Preferred Stocks		—		265,132		—		265,132

Total Investments	$	3,333,847	$	15,669,161	$	—	$	19,003,008

The Fund held no investments or other financial instruments as of December 31, 2014 whose fair value was determined using Level 3 inputs. At June 30, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.


		19

Eaton Vance

VT Bond Fund

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on August 11, 2014, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory agreement of Eaton Vance VT Bond Fund (the “Fund”), with Eaton Vance Management (the “Adviser”). The Board reviewed information furnished for the August 11, 2014 meeting as well as information previously furnished throughout the year at meetings of the Board and its committees, including with respect to the approval of other investment advisory agreements for other Eaton Vance Funds. Such information included, among other things, the following:

Information about Fees and Expenses

•

The advisory and related fees to be paid by the Fund and the anticipated expense ratio of the Fund;

•

Comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those to be used in managing the Fund, if applicable, and concerning fees charged by other advisers for managing funds similar to the Fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services to be provided to the Fund, including the investment strategies and processes to be employed;

•

Information concerning the allocation of brokerage and the benefits expected to be received by the Adviser as a result of brokerage allocation for the Fund, including information concerning the acquisition of research through client commission arrangements and the Fund’s policies with respect to “soft dollar” arrangements;

•

Information about the Adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of the Adviser with respect to trading;

•

The procedures and processes to be used to determine the fair value of the Fund’s assets and actions to be taken to monitor and test the effectiveness of such procedures and processes;

Information about the Adviser

•

Reports detailing the financial results and condition of the Adviser;

•

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Fund, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•

Copies of the Codes of Ethics of the Adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Copies of or descriptions of the Adviser’s policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates on behalf of the Eaton Vance Funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•

Descriptions of the business continuity and disaster recovery plans of the Adviser and its affiliates;

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment management services to be provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser; and

•

The terms of the investment advisory agreement of the Fund.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the Fund’s investment advisory agreement with the Adviser, including its fee structure, is in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the terms of the investment advisory agreement for the Fund.


		20

Eaton Vance

VT Bond Fund

Board of Trustees’ Contract Approval — continued

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services to be provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments to be held by the Fund, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of such personnel in investing in securities and other instruments to establish investment exposures to a wide variety of bonds and other income instruments, including corporate bonds, commercial mortgage-backed securities and senior floating rate loans. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention expected to be devoted to Fund matters by senior management. In addition, the Board considered shareholder and other administrative services provided or managed by the Adviser and its affiliates, including transfer agency and accounting services.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

Because the Fund had not yet commenced operations when the advisory agreement was approved, it had no performance record.

Management Fees and Expenses

The Board reviewed contractual fee rates to be payable by the Fund for advisory and administrative services (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees as compared to a group of similarly managed funds selected by an independent data provider and the Fund’s estimated expense ratio for a one-year period.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser, the Board concluded that the management fees proposed to be charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits projected to be realized by the Adviser and relevant affiliates thereof in providing investment advisory services and administrative services to the Fund. The Board considered the level of profits expected to be realized without regard to revenue sharing or other payments expected to be made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits expected to be received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered, the profits expected to be realized by the Adviser and its affiliates are reasonable.

Economies of Scale


		21

Eaton Vance

VT Bond Fund

Officers and Trustees

Officers of Eaton Vance VT Bond Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance VT Bond Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

*	Interested Trustee

**	Ms. Sutherland began serving as a Trustee effective May 1, 2015.


		22

Eaton Vance Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy 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. This may include information such as name, address, social security number, tax status, account balances and transactions.

•

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). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

•

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. 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 advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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


		23

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Transfer Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Fund Offices

Two International Place

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

LOGO

19056 6.30.15

LOGO

Eaton Vance

VT Floating-Rate Income Fund

Semiannual Report

LOGO

Semiannual Report June 30, 2015

Eaton Vance

VT Floating-Rate Income Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			29

Officers and Trustees			32

Important Notices			33

Eaton Vance

VT Floating-Rate Income Fund

Performance^1,2

Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Andrew Sveen, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Initial Class at NAV		05/02/2001		05/02/2001		2.11	%		1.36	%		4.34	%		3.97	%
ADV Class at NAV		04/15/2014		05/02/2001		2.35			1.61			4.40			3.99
S&P/LSTA Leveraged Loan Index		—		—		2.83	%		1.82	%		5.47	%		4.98	%


% Total Annual Operating Expense Ratios³											Initial Class			ADV Class
												1.16	%		0.91	%

Fund Profile

Top 10 Issuers (% of total investments)⁴


Community Health Systems, Inc.	1.3	%
Asurion, LLC	1.1
Transdigm, Inc.	1.1
Avago Technologies Cayman Ltd.	1.1
Michaels Stores, Inc.	1.1
First Data Corporation	1.1
Reynolds Group Holdings, Inc.	1.0
Supervalu, Inc.	1.0
Infor (US), Inc.	0.9
Berry Plastics Holding Corporation	0.9
Total	10.6	%

Top 10 Sectors (% of total investments)⁴


Electronics/Electrical	9.8	%
Health Care	9.6
Business Equipment & Services	6.7
Retailers (Except Food & Drug)	6.2
Chemicals & Plastics	5.6
Financial Intermediaries	4.2
Automotive	3.8
Oil & Gas	3.6
Leisure Goods/Activities/Movies	3.4
Lodging & Casinos	3.3
Total	56.2	%

Credit Quality (% of bond and loan holdings)⁵

LOGO

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

VT Floating-Rate Income Fund

Endnotes and Additional Disclosures

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²	There is no sales charge. Insurance-related charges are not included in the calculation of returns. Such expenses would reduce the overall return shown. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, the performance of ADV Class is linked to Initial Class. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³	Source: Fund prospectus.

⁴	Excludes cash and cash equivalents.

⁵

Fund profile subject to change due to active management.


		3

Eaton Vance

VT Floating-Rate Income Fund

Fund Expenses


	Beginning Account Value (1/1/15)		Ending Account Value (6/30/15)		Expenses Paid During Period* (1/1/15 – 6/30/15)		Annualized Expense Ratio


Actual
Initial Class	$	1,000.00	$	1,021.10	$	5.76		1.15	%
ADV Class	$	1,000.00	$	1,023.50	$	4.52		0.90	%



Hypothetical
(5% return per year before expenses)
Initial Class	$	1,000.00	$	1,019.10	$	5.76		1.15	%
ADV Class	$	1,000.00	$	1,020.30	$	4.51		0.90	%


		4

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited)


Senior Floating-Rate Interests — 92.1%⁽¹⁾


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Aerospace and Defense — 1.9%
BE Aerospace, Inc.
Term Loan, 4.00%, Maturing December 16, 2021	$	746	$	752,081
DAE Aviation Holdings, Inc.
Term Loan, 6.25%, Maturing November 2, 2018		302		302,947
IAP Worldwide Services, Inc.
Revolving Loan, Maturing July 18, 2018⁽²⁾		133		128,842
Term Loan - Second Lien, 8.00%, Maturing July 18, 2019⁽³⁾		182		145,248
Silver II US Holdings, LLC
Term Loan, 4.00%, Maturing December 13, 2019		3,207		3,109,698
Standard Aero Limited
Term Loan, 6.25%, Maturing November 2, 2018		136		136,909
Transdigm, Inc.
Term Loan, 3.75%, Maturing February 28, 2020		5,093		5,063,618
Term Loan, 3.75%, Maturing June 4, 2021		1,188		1,180,297

			$	10,819,640


Automotive — 3.6%
Affinia Group Intermediate Holdings, Inc.
Term Loan, 4.75%, Maturing April 27, 2020	$	469	$	470,399
Chrysler Group, LLC
Term Loan, 3.50%, Maturing May 24, 2017		2,740		2,740,287
Term Loan, 3.25%, Maturing December 31, 2018		1,816		1,814,093
CS Intermediate Holdco 2, LLC
Term Loan, 4.00%, Maturing April 4, 2021		2,401		2,400,251
Dayco Products, LLC
Term Loan, 5.25%, Maturing December 12, 2019		617		620,273
Federal-Mogul Holdings Corporation
Term Loan, 4.75%, Maturing April 15, 2021		2,605		2,579,911
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.75%, Maturing April 30, 2019		3,313		3,322,852
Horizon Global Corporation
Term Loan, Maturing May 11, 2022⁽²⁾		300		297,187
INA Beteiligungsgesellschaft GmbH
Term Loan, 4.25%, Maturing May 15, 2020		641		645,822
MPG Holdco I, Inc.
Term Loan, 3.75%, Maturing October 20, 2021		1,537		1,537,976
TI Group Automotive Systems, LLC
Term Loan, Maturing June 24, 2022⁽²⁾		750		751,406
Tower Automotive Holdings USA, LLC
Term Loan, 4.00%, Maturing April 23, 2020		2,488		2,489,389


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Automotive (continued)
Visteon Corporation
Term Loan, 3.50%, Maturing April 9, 2021	$	379	$	379,344

			$	20,049,190


Beverage and Tobacco — 0.3%
Flavors Holdings, Inc.
Term Loan, 6.75%, Maturing April 3, 2020	$	553	$	533,375
Term Loan - Second Lien, 11.00%, Maturing October 3, 2021		1,000		965,000

			$	1,498,375


Brokerage / Securities Dealers / Investment Houses — 0.1%
Astro AB Borrower, Inc.
Term Loan, 5.50%, Maturing April 30, 2022	$	225	$	227,537
Salient Partners L.P.
Term Loan, 7.50%, Maturing May 19, 2021		500		492,500

			$	720,037


Building and Development — 2.2%
ABC Supply Co., Inc.
Term Loan, 3.50%, Maturing April 16, 2020	$	663	$	662,496
Auction.com, LLC
Term Loan, 6.00%, Maturing May 8, 2022		648		645,133
CPG International, Inc.
Term Loan, 4.75%, Maturing September 30, 2020		393		390,544
Gates Global, Inc.
Term Loan, 4.25%, Maturing July 5, 2021		968		954,468
Headwaters, Inc.
Term Loan, 4.50%, Maturing March 24, 2022		125		125,547
Ply Gem Industries, Inc.
Term Loan, 4.00%, Maturing February 1, 2021		2,475		2,464,419
Quikrete Holdings, Inc.
Term Loan, 4.00%, Maturing September 28, 2020		591		591,826
RE/MAX International, Inc.
Term Loan, 4.25%, Maturing July 31, 2020		1,771		1,776,063
Realogy Corporation
Term Loan, 3.75%, Maturing March 5, 2020		3,692		3,689,596
Summit Materials Companies I, LLC
Term Loan, 5.00%, Maturing January 30, 2019		703		704,472
WireCo WorldGroup, Inc.
Term Loan, 6.00%, Maturing February 15, 2017		276		276,372

			$	12,280,936


		5		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Business Equipment and Services — 6.5%
Acosta Holdco, Inc.
Term Loan, 4.25%, Maturing September 26, 2021	$	2,488	$	2,484,908
Altisource Solutions S.a.r.l.
Term Loan, 4.50%, Maturing December 9, 2020		2,015		1,798,736
Brock Holdings III, Inc.
Term Loan, 6.00%, Maturing March 16, 2017		474		472,007
CCC Information Services, Inc.
Term Loan, 4.00%, Maturing December 20, 2019		220		219,078
Ceridian, LLC
Term Loan, 4.50%, Maturing September 15, 2020		2,401		2,384,212
ClientLogic Corporation
Term Loan, 7.53%, Maturing January 30, 2017		1,132		1,120,934
Corporate Capital Trust, Inc.
Term Loan, 4.00%, Maturing May 15, 2019		617		617,558
CPM Holdings, Inc.
Term Loan, 6.00%, Maturing April 11, 2022		175		175,547
Crossmark Holdings, Inc.
Term Loan, 4.50%, Maturing December 20, 2019		1,269		1,150,004
Education Management, LLC
Term Loan, 5.50%, Maturing July 2, 2020		196		148,684
Term Loan, 8.50%, (2.00% Cash, 6.50% PIK), Maturing July 2, 2020		333		213,677
EIG Investors Corp.
Term Loan, 5.00%, Maturing November 9, 2019		2,715		2,710,839
Emdeon Business Services, LLC
Term Loan, 3.75%, Maturing November 2, 2018		3,665		3,669,608
Expert Global Solutions, Inc.
Term Loan, 8.50%, Maturing April 3, 2018		38		38,569
Extreme Reach, Inc.
Term Loan, 6.75%, Maturing February 7, 2020		456		455,381
Garda World Security Corporation
Term Loan, 4.00%, Maturing November 6, 2020		70		70,110
Term Loan, 4.00%, Maturing November 6, 2020		625		623,482
IG Investment Holdings, LLC
Term Loan, 6.00%, Maturing October 29, 2021		1,009		1,013,021
IMS Health Incorporated
Term Loan, 3.50%, Maturing March 17, 2021		509		506,592
Information Resources, Inc.
Term Loan, 4.75%, Maturing September 30, 2020		761		765,321
ION Trading Technologies S.a.r.l.
Term Loan, 4.25%, Maturing June 10, 2021		794		787,831
Italics Merger Sub, Inc.
Term Loan, Maturing May 29, 2022⁽²⁾		1,400		1,398,541
KAR Auction Services, Inc.
Term Loan, 3.50%, Maturing March 11, 2021		1,346		1,349,686


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Business Equipment and Services (continued)
Kronos Incorporated
Term Loan, 4.50%, Maturing October 30, 2019	$	1,220	$	1,222,141
Language Line, LLC
Term Loan, 6.25%, Maturing June 20, 2016		938		938,024
MCS AMS Sub-Holdings, LLC
Term Loan, 7.00%, Maturing October 15, 2019⁽³⁾		340		261,612
Monitronics International, Inc.
Term Loan, 4.25%, Maturing March 23, 2018		274		274,983
Term Loan, 4.50%, Maturing April 2, 2022		349		350,325
National CineMedia, LLC
Term Loan, 2.94%, Maturing November 26, 2019		250		247,813
PGX Holdings, Inc.
Term Loan, 6.25%, Maturing September 29, 2020		385		387,926
RCS Capital Corporation
Term Loan, 6.50%, Maturing April 29, 2019		1,416		1,412,647
Sensus USA, Inc.
Term Loan, 4.50%, Maturing May 9, 2017		335		333,675
ServiceMaster Company
Term Loan, 4.25%, Maturing July 1, 2021		1,563		1,567,508
SunGard Data Systems, Inc.
Term Loan, 3.93%, Maturing February 28, 2017		424		424,940
Term Loan, 4.00%, Maturing March 8, 2020		3,203		3,207,449
TNS, Inc.
Term Loan, 5.00%, Maturing February 14, 2020		511		513,333
Travelport Finance (Luxembourg) S.a.r.l.
Term Loan, 5.75%, Maturing September 2, 2021		871		874,615
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, Maturing May 14, 2022		30		29,694
Term Loan, 4.25%, Maturing May 14, 2022		170		169,556

			$	36,390,567


Cable and Satellite Television — 0.6%
MCC Iowa, LLC
Term Loan, 3.75%, Maturing June 30, 2021	$	569	$	569,069
Mediacom Illinois, LLC
Term Loan, 3.75%, Maturing June 30, 2021		323		323,033
Virgin Media Investment Holdings Limited
Term Loan, 3.50%, Maturing June 30, 2023		2,188		2,169,831

			$	3,061,933


Chemicals and Plastics — 5.0%
Allnex (Luxembourg) & Cy S.C.A.
Term Loan, 4.50%, Maturing October 3, 2019	$	145	$	145,495


		6		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Chemicals and Plastics (continued)
Allnex USA, Inc.
Term Loan, 4.50%, Maturing October 3, 2019	$	75	$	75,490
Aruba Investments, Inc.
Term Loan, 4.50%, Maturing February 2, 2022		209		209,852
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.75%, Maturing February 1, 2020		2,716		2,716,084
AZ Chem US, Inc.
Term Loan, 4.50%, Maturing June 12, 2021		429		429,472
Chemours Company Co. (The)
Term Loan, 3.75%, Maturing May 22, 2022		650		648,646
Colouroz Investment 1, GmbH
Term Loan, 4.50%, Maturing September 7, 2021		250		249,884
Term Loan, 4.50%, Maturing September 7, 2021		1,532		1,536,259
ECO Services Operations, LLC
Term Loan, 4.75%, Maturing December 4, 2021		299		297,754
Emerald Performance Materials, LLC
Term Loan, 4.50%, Maturing August 1, 2021		372		372,808
Gemini HDPE, LLC
Term Loan, 4.75%, Maturing August 7, 2021		819		818,818
Huntsman International, LLC
Term Loan, 3.75%, Maturing August 12, 2021		1,244		1,246,341
Ineos US Finance, LLC
Term Loan, 3.75%, Maturing May 4, 2018		4,133		4,124,087
Term Loan, 4.25%, Maturing March 31, 2022		449		449,295
Kronos Worldwide, Inc.
Term Loan, 4.00%, Maturing February 18, 2020		198		197,911
MacDermid, Inc.
Term Loan, 4.50%, Maturing June 7, 2020		789		791,839
Term Loan, 4.75%, Maturing June 7, 2020		423		425,103
Minerals Technologies, Inc.
Term Loan, 3.75%, Maturing May 9, 2021		898		902,825
Omnova Solutions, Inc.
Term Loan, 4.25%, Maturing May 31, 2018		1,363		1,363,828
Orion Engineered Carbons GmbH
Term Loan, 5.00%, Maturing July 25, 2021		422		426,031
OXEA Finance, LLC
Term Loan, 4.25%, Maturing January 15, 2020		345		333,977
Term Loan - Second Lien, 8.25%, Maturing July 15, 2020		500		474,219
Polarpak, Inc.
Term Loan, 4.50%, Maturing June 7, 2020		950		947,915
PQ Corporation
Term Loan, 4.00%, Maturing August 7, 2017		2,024		2,024,853
Royal Holdings, Inc.
Term Loan, 4.50%, Maturing May 18, 2022		375		376,289


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Chemicals and Plastics (continued)
Solenis International L.P.
Term Loan, 4.25%, Maturing July 31, 2021	$	223	$	222,335
Sonneborn Refined Products B.V.
Term Loan, 4.75%, Maturing December 10, 2020		49		48,729
Sonneborn, LLC
Term Loan, 4.75%, Maturing December 10, 2020		275		276,128
Tata Chemicals North America, Inc.
Term Loan, 3.75%, Maturing August 7, 2020		714		713,392
Trinseo Materials Operating S.C.A.
Term Loan, 4.25%, Maturing October 13, 2021		200		200,536
Tronox Pigments (Netherlands) B.V.
Term Loan, 4.25%, Maturing March 19, 2020		2,006		2,009,639
Univar, Inc.
Term Loan, 5.01%, Maturing June 30, 2017		2,147		2,146,783
WNA Holdings, Inc.
Term Loan, 4.50%, Maturing June 7, 2020		732		729,932
Zep, Inc.
Term Loan, 5.75%, Maturing June 16, 2022		225		225,844

			$	28,158,393


Conglomerates — 0.5%
RGIS Services, LLC
Term Loan, 5.50%, Maturing October 18, 2017	$	1,565	$	1,453,285
Spectrum Brands, Inc.
Term Loan, 3.75%, Maturing June 9, 2022		1,400		1,404,959

			$	2,858,244


Containers and Glass Products — 2.1%
Berry Plastics Holding Corporation
Term Loan, 3.50%, Maturing February 8, 2020	$	3,108	$	3,097,583
Term Loan, 3.75%, Maturing January 6, 2021		1,989		1,986,131
Hilex Poly Co., LLC
Term Loan, 6.00%, Maturing December 5, 2021		1,072		1,083,371
Libbey Glass, Inc.
Term Loan, 3.75%, Maturing April 9, 2021		272		272,676
Pelican Products, Inc.
Term Loan, 5.25%, Maturing April 10, 2020		1,633		1,633,176
Reynolds Group Holdings, Inc.
Term Loan, 4.50%, Maturing December 1, 2018		3,524		3,537,344
TricorBraun, Inc.
Term Loan, 4.00%, Maturing May 3, 2018		275		275,149

			$	11,885,430


		7		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Cosmetics / Toiletries — 0.4%
Prestige Brands, Inc.
Term Loan, 3.50%, Maturing September 3, 2021	$	652	$	651,591
Revlon Consumer Products Corporation
Term Loan, 4.00%, Maturing October 8, 2019		701		702,489
Sun Products Corporation (The)
Term Loan, 5.50%, Maturing March 23, 2020		1,116		1,085,566

			$	2,439,646


Drugs — 2.2%
Alkermes, Inc.
Term Loan, 3.50%, Maturing September 18, 2019	$	195	$	195,272
AMAG Pharmaceuticals, Inc.
Term Loan, 7.25%, Maturing November 12, 2020		404		408,797
DPx Holdings B.V.
Term Loan, 4.25%, Maturing March 11, 2021		1,287		1,281,024
Mallinckrodt International Finance S.A.
Term Loan, 3.50%, Maturing March 19, 2021		868		867,231
Par Pharmaceutical Companies, Inc.
Term Loan, 4.00%, Maturing September 30, 2019		4,789		4,790,008
Valeant Pharmaceuticals International, Inc.
Term Loan, 3.50%, Maturing December 11, 2019		853		852,142
Term Loan, 3.50%, Maturing August 5, 2020		1,190		1,187,013
Term Loan, 4.00%, Maturing April 1, 2022		2,394		2,395,633

			$	11,977,120


Ecological Services and Equipment — 0.8%
ADS Waste Holdings, Inc.
Term Loan, 3.75%, Maturing October 9, 2019	$	4,078	$	4,036,446
EnergySolutions, LLC
Term Loan, 6.75%, Maturing May 29, 2020		516		518,830

			$	4,555,276


Electronics / Electrical — 9.6%
Allflex Holdings III, Inc.
Term Loan, 4.25%, Maturing July 17, 2020	$	344	$	344,090
Answers Corporation
Term Loan, 6.25%, Maturing October 3, 2021		796		690,530
Applied Systems, Inc.
Term Loan, 4.25%, Maturing January 25, 2021		526		526,820
Avago Technologies Cayman Ltd.
Term Loan, 3.75%, Maturing May 6, 2021		6,113		6,130,587
Campaign Monitor Finance Pty Limited
Term Loan, 6.25%, Maturing March 18, 2021		469		466,717


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Electronics / Electrical (continued)
Carros Finance Luxembourg S.a.r.l.
Term Loan, 4.50%, Maturing September 30, 2021	$	1,216	$	1,215,433
CommScope, Inc.
Term Loan, 3.25%, Maturing January 14, 2018		500		500,229
Term Loan, Maturing May 21, 2022⁽²⁾		575		575,270
CompuCom Systems, Inc.
Term Loan, 4.25%, Maturing May 11, 2020		398		371,863
Dealertrack Technologies, Inc.
Term Loan, 3.50%, Maturing February 28, 2021		310		309,910
Dell International, LLC
Term Loan, 4.00%, Maturing April 29, 2020		3,725		3,728,658
Entegris, Inc.
Term Loan, 3.50%, Maturing April 30, 2021		236		235,430
Excelitas Technologies Corp.
Term Loan, 6.00%, Maturing October 31, 2020		510		512,096
Eze Castle Software, Inc.
Term Loan, 4.00%, Maturing April 6, 2020		318		317,218
FIDJI Luxembourg (BC4) S.a.r.l.
Term Loan, 6.25%, Maturing December 24, 2020		469		469,336
Freescale Semiconductor, Inc.
Term Loan, 4.25%, Maturing February 28, 2020		1,269		1,271,555
Go Daddy Operating Company, LLC
Term Loan, 4.25%, Maturing May 13, 2021		3,211		3,218,111
Hyland Software, Inc.
Term Loan, 4.75%, Maturing February 19, 2021		1,183		1,187,848
Infor (US), Inc.
Term Loan, 3.75%, Maturing June 3, 2020		239		236,206
Term Loan, 3.75%, Maturing June 3, 2020		4,986		4,927,265
Lattice Semiconductor Corporation
Term Loan, 5.25%, Maturing March 10, 2021		374		375,465
M/A-COM Technology Solutions Holdings, Inc.
Term Loan, 4.50%, Maturing May 7, 2021		322		322,554
MA FinanceCo., LLC
Term Loan, 4.50%, Maturing November 20, 2019		800		800,334
Term Loan, 5.25%, Maturing November 19, 2021		706		708,151
Magic Newco, LLC
Term Loan, 5.00%, Maturing December 12, 2018		1,737		1,741,917
MH Sub I, LLC
Term Loan, 4.75%, Maturing July 8, 2021		769		769,664
NXP B.V.
Term Loan, 3.25%, Maturing January 11, 2020		1,204		1,201,908
Orbotech, Inc.
Term Loan, 5.00%, Maturing August 6, 2020		325		323,292
Renaissance Learning, Inc.
Term Loan, 4.50%, Maturing April 9, 2021		469		462,808


		8		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Electronics / Electrical (continued)
Rocket Software, Inc.
Term Loan, 5.75%, Maturing February 8, 2018	$	215	$	215,786
RP Crown Parent, LLC
Term Loan, 6.00%, Maturing December 21, 2018		3,301		3,187,345
SGS Cayman L.P.
Term Loan, 6.00%, Maturing April 23, 2021		141		141,785
Shield Finance Co. S.a.r.l.
Term Loan, 5.00%, Maturing January 29, 2021		444		446,875
Sirius Computer Solutions, Inc.
Term Loan, 6.25%, Maturing December 7, 2018		195		196,571
SkillSoft Corporation
Term Loan, 5.75%, Maturing April 28, 2021		1,489		1,458,576
Smart Technologies ULC
Term Loan, 10.50%, Maturing January 31, 2018		348		347,500
Sophia L.P.
Term Loan, 4.00%, Maturing July 19, 2018		983		985,248
Southwire Company
Term Loan, 3.00%, Maturing February 10, 2021		247		246,412
SS&C Technologies, Inc.
Term Loan, Maturing June 23, 2022⁽²⁾		323		323,412
Term Loan, Maturing June 23, 2022⁽²⁾		1,277		1,279,588
SunEdison Semiconductor B.V.
Term Loan, 6.50%, Maturing May 27, 2019		545		547,222
SurveyMonkey.com, LLC
Term Loan, 5.50%, Maturing February 5, 2019		1,254		1,265,421
Sutherland Global Services, Inc.
Term Loan, 6.00%, Maturing April 23, 2021		604		609,103
Sybil Software, LLC
Term Loan, 4.25%, Maturing March 20, 2020		1,578		1,581,563
Vantiv, LLC
Term Loan, 3.75%, Maturing June 13, 2021		508		510,669
VeriFone, Inc.
Term Loan, 3.50%, Maturing July 8, 2021		1,980		1,961,437
Vertafore, Inc.
Term Loan, 4.25%, Maturing October 3, 2019		455		455,805
Wall Street Systems Delaware, Inc.
Term Loan, 4.50%, Maturing April 30, 2021		2,343		2,345,920
Zebra Technologies Corporation
Term Loan, 4.75%, Maturing October 27, 2021		1,470		1,488,629

			$	53,536,132


Financial Intermediaries — 3.9%
Armor Holding II, LLC
Term Loan, 5.75%, Maturing June 26, 2020	$	1,349	$	1,346,002


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Financial Intermediaries (continued)
CITCO Funding, LLC
Term Loan, 4.25%, Maturing June 29, 2018	$	1,011	$	1,013,242
Clipper Acquisitions Corp.
Term Loan, 3.00%, Maturing February 6, 2020		268		266,316
First Data Corporation
Term Loan, 3.69%, Maturing March 24, 2017		500		499,375
Term Loan, 3.69%, Maturing March 24, 2018		3,455		3,447,773
Term Loan, 3.69%, Maturing September 24, 2018		1,125		1,123,243
Term Loan, Maturing June 23, 2022⁽²⁾		475		473,590
Grosvenor Capital Management Holdings, LLP
Term Loan, 3.75%, Maturing January 4, 2021		2,702		2,693,764
Guggenheim Partners, LLC
Term Loan, 4.25%, Maturing July 22, 2020		862		866,784
Hamilton Lane Advisors, LLC
Term Loan, 4.00%, Maturing February 28, 2018		255		255,218
Harbourvest Partners, LLC
Term Loan, 3.25%, Maturing February 4, 2021		1,080		1,074,301
LPL Holdings, Inc.
Term Loan, 3.25%, Maturing March 29, 2019		896		896,722
Medley, LLC
Term Loan, 6.50%, Maturing June 15, 2019		367		367,045
MIP Delaware, LLC
Term Loan, 4.00%, Maturing March 9, 2020		490		491,481
Moneygram International, Inc.
Term Loan, 4.25%, Maturing March 27, 2020		220		209,215
NXT Capital, Inc.
Term Loan, 6.25%, Maturing September 4, 2018		74		74,428
Term Loan, 6.25%, Maturing September 4, 2018		424		426,041
Term Loan, 6.25%, Maturing September 4, 2018		442		444,336
Ocwen Financial Corporation
Term Loan, 5.00%, Maturing February 15, 2018		1,899		1,895,530
Starwood Property Trust, Inc.
Term Loan, 3.50%, Maturing April 17, 2020		1,569		1,563,432
Walker & Dunlop, Inc.
Term Loan, 5.25%, Maturing December 11, 2020		386		389,143
Walter Investment Management Corp.
Term Loan, 4.75%, Maturing December 19, 2020		2,129		2,016,575

			$	21,833,556


Food Products — 2.9%
AdvancePierre Foods, Inc.
Term Loan, 5.75%, Maturing July 10, 2017	$	2,589	$	2,595,867
Charger OpCo B.V.
Term Loan, 4.25%, Maturing July 23, 2021		1,600		1,608,000


		9		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Food Products (continued)
Del Monte Foods, Inc.
Term Loan, 4.25%, Maturing February 18, 2021	$	941	$	899,455
Diamond Foods, Inc.
Term Loan, 4.25%, Maturing August 20, 2018		1,111		1,110,937
Dole Food Company, Inc.
Term Loan, 4.50%, Maturing November 1, 2018		681		682,765
High Liner Foods, Incorporated
Term Loan, 4.25%, Maturing April 24, 2021		543		543,464
JBS USA Holdings, Inc.
Term Loan, 3.75%, Maturing May 25, 2018		2,593		2,589,906
Term Loan, 3.75%, Maturing September 18, 2020		958		959,422
NBTY, Inc.
Term Loan, 3.50%, Maturing October 1, 2017		3,727		3,708,088
Onex Wizard US Acquisition, Inc.
Term Loan, 4.25%, Maturing March 13, 2022		848		847,950
Post Holdings, Inc.
Term Loan, 3.75%, Maturing June 2, 2021		374		372,955

			$	15,918,809


Food Service — 2.3%
1011778 B.C. Unlimited Liability Company
Term Loan, 3.75%, Maturing December 10, 2021	$	3,407	$	3,408,857
Aramark Services, Inc.
Term Loan, 3.68%, Maturing July 26, 2016		48		48,074
Term Loan, 3.69%, Maturing July 26, 2016		216		215,089
ARG IH Corporation
Term Loan, 4.75%, Maturing November 15, 2020		169		169,995
CEC Entertainment, Inc.
Term Loan, 4.00%, Maturing February 14, 2021		988		963,224
Landry’s, Inc.
Term Loan, 4.00%, Maturing April 24, 2018		1,579		1,586,320
NPC International, Inc.
Term Loan, 4.00%, Maturing December 28, 2018		1,300		1,294,319
P.F. Chang’s China Bistro, Inc.
Term Loan, 4.25%, Maturing July 2, 2019		190		188,103
Seminole Hard Rock Entertainment, Inc.
Term Loan, 3.50%, Maturing May 14, 2020		147		146,786
US Foods, Inc.
Term Loan, 4.50%, Maturing March 31, 2019		3,406		3,416,142
Weight Watchers International, Inc.
Term Loan, 4.00%, Maturing April 2, 2020		3,226		1,570,134

			$	13,007,043


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Food / Drug Retailers — 3.0%
Albertson’s Holdings, LLC
Term Loan, 5.00%, Maturing August 25, 2019	$	1,654	$	1,661,643
Term Loan, 5.50%, Maturing August 25, 2021		673		677,559
Albertson’s, LLC
Term Loan, 5.38%, Maturing March 21, 2019		1,117		1,123,146
General Nutrition Centers, Inc.
Term Loan, 3.25%, Maturing March 4, 2019		2,904		2,867,304
New Albertson’s, Inc.
Term Loan, 4.75%, Maturing June 27, 2021		4,640		4,652,117
Rite Aid Corporation
Term Loan - Second Lien, 5.75%, Maturing August 21, 2020		250		252,708
Supervalu, Inc.
Term Loan, 4.50%, Maturing March 21, 2019		5,323		5,341,793

			$	16,576,270


Health Care — 9.2%
Acadia Healthcare Company, Inc.
Term Loan, 4.25%, Maturing February 11, 2022	$	174	$	175,286
ADMI Corp.
Term Loan, 5.50%, Maturing April 30, 2022		225		226,125
Akorn, Inc.
Term Loan, 4.50%, Maturing April 16, 2021		670		672,869
Alere, Inc.
Term Loan, Maturing June 3, 2022⁽²⁾		1,100		1,102,674
Alliance Healthcare Services, Inc.
Term Loan, 4.25%, Maturing June 3, 2019		630		628,667
Amneal Pharmaceuticals, LLC
Term Loan, 4.51%, Maturing June 7, 2020		1,212		1,215,194
Amsurg Corp.
Term Loan, 3.75%, Maturing July 16, 2021		470		471,793
Ardent Medical Services, Inc.
Term Loan, 6.75%, Maturing July 2, 2018		702		704,517
ATI Holdings, Inc.
Term Loan, 5.25%, Maturing December 20, 2019		220		220,659
Auris Luxembourg III S.a.r.l.
Term Loan, 5.50%, Maturing January 17, 2022		549		547,939
CareCore National, LLC
Term Loan, 5.50%, Maturing March 5, 2021		323		324,163
CeramTec Acquisition Corporation
Term Loan, 4.25%, Maturing August 30, 2020		90		90,061
CHG Healthcare Services, Inc.
Term Loan, 4.25%, Maturing November 19, 2019		1,473		1,475,111


		10		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Health Care (continued)
Community Health Systems, Inc.
Term Loan, 3.75%, Maturing December 31, 2019	$	2,060	$	2,063,055
Term Loan, 4.00%, Maturing January 27, 2021		3,791		3,800,967
Concordia Healthcare Corp.
Term Loan, 4.75%, Maturing April 21, 2022		175		176,094
Convatec, Inc.
Term Loan, 4.25%, Maturing June 15, 2020		485		485,723
CPI Buyer, LLC
Term Loan, 5.50%, Maturing August 18, 2021		744		744,377
DaVita HealthCare Partners, Inc.
Term Loan, 3.50%, Maturing June 24, 2021		2,079		2,082,250
DJO Finance, LLC
Term Loan, 4.25%, Maturing June 8, 2020		1,425		1,429,275
Envision Healthcare Corporation
Term Loan, 4.00%, Maturing May 25, 2018		2,357		2,360,811
Faenza Acquisition GmbH
Term Loan, 4.25%, Maturing August 30, 2020		267		267,243
Term Loan, 4.25%, Maturing August 30, 2020		886		887,655
Grifols Worldwide Operations USA, Inc.
Term Loan, 3.19%, Maturing February 27, 2021		3,160		3,164,114
Halyard Health, Inc.
Term Loan, 4.00%, Maturing November 1, 2021		413		415,818
Horizon Pharma Holdings USA, Inc.
Term Loan, 4.50%, Maturing April 22, 2021		150		150,703
Iasis Healthcare, LLC
Term Loan, 4.50%, Maturing May 3, 2018		790		792,397
Indivior Finance S.a.r.l.
Term Loan, 7.00%, Maturing December 19, 2019		658		643,317
inVentiv Health, Inc.
Term Loan, 7.75%, Maturing May 15, 2018		331		331,141
Term Loan, 7.75%, Maturing May 15, 2018		1,340		1,341,379
Kindred Healthcare, Inc.
Term Loan, 4.25%, Maturing April 9, 2021		990		992,778
Kinetic Concepts, Inc.
Term Loan, 4.50%, Maturing May 4, 2018		1,317		1,323,381
LHP Hospital Group, Inc.
Term Loan, 9.00%, Maturing July 3, 2018		398		389,554
MedAssets, Inc.
Term Loan, 4.00%, Maturing December 13, 2019		174		174,136
Millennium Health, LLC
Term Loan, 5.25%, Maturing April 16, 2021		1,361		570,024
MJ Acquisition Corp.
Term Loan, 4.00%, Maturing April 22, 2022		200		199,998
MMM Holdings, Inc.
Term Loan, 9.75%, Maturing December 12, 2017		258		210,070


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Health Care (continued)
MSO of Puerto Rico, Inc.
Term Loan, 9.75%, Maturing December 12, 2017	$	187	$	152,720
National Mentor Holdings, Inc.
Term Loan, 4.25%, Maturing January 31, 2021		346		345,625
Onex Carestream Finance L.P.
Term Loan, 5.00%, Maturing June 7, 2019		1,315		1,316,650
Opal Acquisition, Inc.
Term Loan, 5.00%, Maturing November 27, 2020		1,429		1,408,384
Ortho-Clinical Diagnostics, Inc.
Term Loan, 4.75%, Maturing June 30, 2021		1,533		1,505,363
Pharmaceutical Product Development, LLC
Term Loan, 4.00%, Maturing December 5, 2018		2,803		2,807,506
Physio-Control International, Inc.
Term Loan, 5.50%, Maturing May 5, 2022		275		276,203
PRA Holdings, Inc.
Term Loan, 4.50%, Maturing September 23, 2020		2,211		2,217,880
Radnet Management, Inc.
Term Loan, 4.27%, Maturing October 10, 2018		1,030		1,032,754
RegionalCare Hospital Partners, Inc.
Term Loan, 5.25%, Maturing April 19, 2019		1,511		1,511,938
Sage Products Holdings III, LLC
Term Loan, 4.25%, Maturing December 13, 2019		917		920,019
Select Medical Corporation
Term Loan, 3.03%, Maturing December 20, 2016		169		169,392
Term Loan, 3.75%, Maturing June 1, 2018		869		869,247
Sterigenics-Nordion Holdings, LLC
Term Loan, 4.25%, Maturing May 15, 2022		450		451,125
Steward Health Care System, LLC
Term Loan, 6.75%, Maturing April 12, 2020		1,449		1,439,475
Tecomet, Inc.
Term Loan, 5.75%, Maturing December 5, 2021		821		812,153
Truven Health Analytics, Inc.
Term Loan, 4.50%, Maturing June 6, 2019		802		801,643
U.S. Renal Care, Inc.
Term Loan, 4.25%, Maturing July 3, 2019		197		196,685

			$	51,086,080


Home Furnishings — 0.6%
Interline Brands, Inc.
Term Loan, 4.00%, Maturing March 17, 2021	$	148	$	148,033
Serta Simmons Holdings, LLC
Term Loan, 4.25%, Maturing October 1, 2019		3,215		3,222,104

			$	3,370,137


		11		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Industrial Equipment — 2.8%
Alliance Laundry Systems, LLC
Term Loan, 4.25%, Maturing December 10, 2018	$	150	$	150,582
Apex Tool Group, LLC
Term Loan, 4.50%, Maturing January 31, 2020		3,270		3,216,420
Delachaux S.A.
Term Loan, 4.50%, Maturing October 28, 2021		305		305,005
Doosan Infracore International, Inc.
Term Loan, 4.50%, Maturing May 28, 2021		2,488		2,511,461
Filtration Group Corporation
Term Loan, 4.25%, Maturing November 21, 2020		169		170,153
Gardner Denver, Inc.
Term Loan, 4.25%, Maturing July 30, 2020		1,081		1,057,514
Husky Injection Molding Systems Ltd.
Term Loan, 4.25%, Maturing June 30, 2021		1,795		1,791,243
Milacron, LLC
Term Loan, 4.50%, Maturing September 28, 2020		759		761,688
NN, Inc.
Term Loan, 6.00%, Maturing August 27, 2021		480		482,753
Paladin Brands Holding, Inc.
Term Loan, 6.75%, Maturing August 16, 2019		409		409,824
Rexnord, LLC
Term Loan, 4.00%, Maturing August 21, 2020		2,751		2,747,561
Signode Industrial Group US, Inc.
Term Loan, 3.75%, Maturing May 1, 2021		690		689,307
STS Operating, Inc.
Term Loan, 4.75%, Maturing February 12, 2021		198		197,377
Tank Holding Corp.
Term Loan, 5.25%, Maturing March 16, 2022		771		774,690
VAT Lux III S.a.r.l
Term Loan, 4.25%, Maturing February 11, 2021		242		241,694

			$	15,507,272


Insurance — 2.7%
Alliant Holdings I, Inc.
Term Loan, 5.00%, Maturing December 20, 2019	$	1,688	$	1,691,617
AmWINS Group, LLC
Term Loan, 5.25%, Maturing September 6, 2019		2,302		2,322,568
Asurion, LLC
Term Loan, 5.00%, Maturing May 24, 2019		5,546		5,562,971
Term Loan - Second Lien, 8.50%, Maturing March 3, 2021		675		686,981
CGSC of Delaware Holding Corporation
Term Loan, 5.00%, Maturing April 16, 2020		270		247,940


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Insurance (continued)
Cunningham Lindsey U.S., Inc.
Term Loan, 5.00%, Maturing December 10, 2019	$	454	$	445,033
Hub International Limited
Term Loan, 4.00%, Maturing October 2, 2020		1,991		1,979,518
USI, Inc.
Term Loan, 4.25%, Maturing December 27, 2019		2,275		2,279,731

			$	15,216,359


Leisure Goods / Activities / Movies — 3.3%
AMC Entertainment, Inc.
Term Loan, 3.50%, Maturing April 30, 2020	$	1,271	$	1,270,585
Bombardier Recreational Products, Inc.
Term Loan, 3.75%, Maturing January 30, 2019		1,603		1,604,146
CDS U.S. Intermediate Holdings, Inc.
Term Loan, Maturing June 10, 2022⁽²⁾		275		275,344
ClubCorp Club Operations, Inc.
Term Loan, 4.25%, Maturing June 24, 2020		818		821,354
Emerald Expositions Holding, Inc.
Term Loan, 4.75%, Maturing June 17, 2020		549		548,980
Equinox Holdings, Inc.
Term Loan, 5.00%, Maturing January 31, 2020		485		488,392
Fender Musical Instruments Corporation
Term Loan, 5.75%, Maturing April 3, 2019		164		163,902
Live Nation Entertainment, Inc.
Term Loan, 3.50%, Maturing August 16, 2020		170		170,430
LTF Merger Sub, Inc.
Term Loan, 4.25%, Maturing June 10, 2022		850		844,820
Nord Anglia Education Finance, LLC
Term Loan, 4.50%, Maturing March 31, 2021		1,833		1,837,833
Regal Cinemas Corporation
Term Loan, 3.75%, Maturing April 1, 2022		2,490		2,496,169
Sabre, Inc.
Term Loan, 4.00%, Maturing February 19, 2019		634		633,750
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.00%, Maturing May 14, 2020		1,474		1,425,722
SRAM, LLC
Term Loan, 4.03%, Maturing April 10, 2020		896		895,584
Town Sports International, Inc.
Term Loan, 4.50%, Maturing November 15, 2020		731		583,922
WMG Acquisition Corp.
Term Loan, 3.75%, Maturing July 1, 2020		1,020		1,007,558
Zuffa, LLC
Term Loan, 3.75%, Maturing February 25, 2020		3,427		3,388,189

			$	18,456,680


		12		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Lodging and Casinos — 2.6%
Amaya Holdings B.V.
Term Loan, 5.00%, Maturing August 1, 2021	$	2,308	$	2,307,083
Boyd Gaming Corporation
Term Loan, 4.00%, Maturing August 14, 2020		271		272,035
Caesars Entertainment Operating Company
Term Loan, 0.00%, Maturing March 1, 2017⁽⁴⁾		785		705,023
CityCenter Holdings, LLC
Term Loan, 4.25%, Maturing October 16, 2020		500		501,033
Four Seasons Holdings, Inc.
Term Loan, 3.50%, Maturing June 27, 2020		392		391,669
Golden Nugget, Inc.
Term Loan, 5.50%, Maturing November 21, 2019		87		87,729
Term Loan, 5.50%, Maturing November 21, 2019		203		204,702
Hilton Worldwide Finance, LLC
Term Loan, 3.50%, Maturing October 26, 2020		3,479		3,482,378
MGM Resorts International
Term Loan, 3.50%, Maturing December 20, 2019		1,901		1,891,348
Pinnacle Entertainment, Inc.
Term Loan, 3.75%, Maturing August 13, 2020		410		410,488
Playa Resorts Holding B.V.
Term Loan, 4.00%, Maturing August 9, 2019		1,280		1,278,113
RHP Hotel Properties L.P.
Term Loan, 3.50%, Maturing January 15, 2021		421		422,131
Scientific Games International, Inc.
Term Loan, 6.00%, Maturing October 18, 2020		1,872		1,873,489
Term Loan, 6.00%, Maturing October 1, 2021		622		622,193
Tropicana Entertainment, Inc.
Term Loan, 4.00%, Maturing November 27, 2020		221		220,510

			$	14,669,924


Nonferrous Metals / Minerals — 2.0%
Alpha Natural Resources, LLC
Term Loan, 3.50%, Maturing May 22, 2020	$	1,393	$	1,008,139
Arch Coal, Inc.
Term Loan, 6.25%, Maturing May 16, 2018		2,407		1,666,575
Dynacast International, LLC
Term Loan, 4.50%, Maturing January 28, 2022		424		426,587
Fairmount Minerals Ltd.
Term Loan, 3.81%, Maturing March 15, 2017		245		241,873
Term Loan, 4.50%, Maturing September 5, 2019		2,213		2,107,043
Murray Energy Corporation
Term Loan, 7.00%, Maturing April 7, 2017		200		199,083
Term Loan, 7.50%, Maturing March 19, 2021		1,225		1,137,719


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Nonferrous Metals / Minerals (continued)
Noranda Aluminum Acquisition Corporation
Term Loan, 5.75%, Maturing February 28, 2019	$	484	$	406,350
Novelis, Inc.
Term Loan, 4.00%, Maturing June 2, 2022		1,675		1,668,719
Oxbow Carbon, LLC
Term Loan, 4.25%, Maturing July 19, 2019		1,171		1,168,382
Walter Energy, Inc.
Term Loan, 7.25%, Maturing April 2, 2018		1,603		884,260

			$	10,914,730


Oil and Gas — 3.5%
Ameriforge Group, Inc.
Term Loan, 5.00%, Maturing December 19, 2019	$	2,181	$	1,829,611
Bronco Midstream Funding, LLC
Term Loan, 5.00%, Maturing August 15, 2020		977		964,994
CITGO Holding, Inc.
Term Loan, 9.50%, Maturing May 12, 2018		1,100		1,105,372
CITGO Petroleum Corporation
Term Loan, 4.50%, Maturing July 29, 2021		720		720,612
Crestwood Holdings, LLC
Term Loan, 7.00%, Maturing June 19, 2019		1,210		1,199,891
Drillships Ocean Ventures, Inc.
Term Loan, 5.50%, Maturing July 25, 2021		794		679,664
Energy Transfer Equity L.P.
Term Loan, 3.25%, Maturing December 2, 2019		1,025		1,019,555
Term Loan, 4.00%, Maturing December 2, 2019		256		255,953
Fieldwood Energy, LLC
Term Loan, 3.88%, Maturing September 28, 2018		639		609,766
Term Loan - Second Lien, 8.38%, Maturing September 30, 2020		425		326,188
Floatel International Ltd.
Term Loan, 6.00%, Maturing June 27, 2020		1,681		1,337,275
MEG Energy Corp.
Term Loan, 3.75%, Maturing March 31, 2020		3,192		3,130,022
Obsidian Natural Gas Trust
Term Loan, 7.00%, Maturing November 2, 2015		155		155,462
Paragon Offshore Finance Company
Term Loan, 3.75%, Maturing July 18, 2021		645		497,822
Samson Investment Company
Term Loan - Second Lien, 5.00%, Maturing September 25, 2018		1,425		573,563
Seadrill Partners Finco, LLC
Term Loan, 4.00%, Maturing February 21, 2021		2,439		1,852,993
Seventy Seven Operating, LLC
Term Loan, 3.75%, Maturing June 25, 2021		347		321,379


		13		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Oil and Gas (continued)
Sheridan Investment Partners II L.P.
Term Loan, 4.25%, Maturing December 16, 2020	$	22	$	20,021
Term Loan, 4.25%, Maturing December 16, 2020		60		53,684
Term Loan, 4.25%, Maturing December 16, 2020		432		385,915
Sheridan Production Partners I, LLC
Term Loan, 4.25%, Maturing October 1, 2019		77		68,404
Term Loan, 4.25%, Maturing October 1, 2019		127		111,990
Term Loan, 4.25%, Maturing October 1, 2019		957		845,155
Southcross Energy Partners L.P.
Term Loan, 5.25%, Maturing August 4, 2021		495		492,525
Southcross Holdings Borrower L.P.
Term Loan, 6.00%, Maturing August 4, 2021		297		288,833
Targa Resources Corp.
Term Loan, 5.75%, Maturing February 25, 2022		177		178,677
Tervita Corporation
Term Loan, 6.25%, Maturing May 15, 2018		774		727,553

			$	19,752,879


Publishing — 1.8%
Ascend Learning, LLC
Term Loan, 5.50%, Maturing July 31, 2019	$	813	$	815,672
Getty Images, Inc.
Term Loan, 4.75%, Maturing October 18, 2019		3,783		2,821,209
Houghton Mifflin Harcourt Publishing Company
Term Loan, 4.00%, Maturing May 11, 2022		225		224,297
Interactive Data Corporation
Term Loan, 4.75%, Maturing May 2, 2021		1,040		1,043,832
Laureate Education, Inc.
Term Loan, 5.00%, Maturing June 15, 2018		2,289		2,145,654
McGraw-Hill Global Education Holdings, LLC
Term Loan, 4.75%, Maturing March 22, 2019		356		357,767
Merrill Communications, LLC
Term Loan, 6.25%, Maturing June 1, 2022		375		375,000
Nelson Education Ltd.
Term Loan, 6.75%, Maturing July 7, 2016		302		220,482
Penton Media, Inc.
Term Loan, 5.00%, Maturing October 3, 2019		394		395,990
ProQuest, LLC
Term Loan, 5.25%, Maturing October 24, 2021		497		500,192
Springer Science+Business Media Deutschland GmbH
Term Loan, 4.75%, Maturing August 14, 2020		863		866,256

			$	9,766,351


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Radio and Television — 2.2%
ALM Media Holdings, Inc.
Term Loan, 5.50%, Maturing July 31, 2020	$	319	$	308,669
AP NMT Acquisition B.V.
Term Loan, 6.75%, Maturing August 13, 2021		323		319,740
Block Communications, Inc.
Term Loan, 4.00%, Maturing November 7, 2021		149		149,619
Clear Channel Communications, Inc.
Term Loan, 6.94%, Maturing January 30, 2019		453		419,286
Term Loan, 7.69%, Maturing July 30, 2019		146		136,822
Cumulus Media Holdings, Inc.
Term Loan, 4.25%, Maturing December 23, 2020		2,609		2,483,455
Entercom Radio, LLC
Term Loan, 4.00%, Maturing November 23, 2018		174		174,182
Entravision Communications Corporation
Term Loan, 3.50%, Maturing May 31, 2020		2,143		2,130,935
Gray Television, Inc.
Term Loan, 3.75%, Maturing June 10, 2021		156		156,014
Hubbard Radio, LLC
Term Loan, 4.25%, Maturing May 15, 2020		444		443,334
Media General, Inc.
Term Loan, 4.00%, Maturing July 31, 2020		884		884,393
Mission Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		426		425,676
Nexstar Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		483		482,724
Raycom TV Broadcasting, LLC
Term Loan, 3.75%, Maturing August 4, 2021		433		432,685
TWCC Holding Corp.
Term Loan - Second Lien, 7.00%, Maturing June 26, 2020		375		350,937
Univision Communications, Inc.
Term Loan, 4.00%, Maturing March 1, 2020		489		486,548
Term Loan, 4.00%, Maturing March 1, 2020		2,739		2,725,383

			$	12,510,402


Retailers (Except Food and Drug) — 6.1%
99 Cents Only Stores
Term Loan, 4.50%, Maturing January 11, 2019	$	1,260	$	1,171,960
Bass Pro Group, LLC
Term Loan, 4.00%, Maturing June 5, 2020		1,498		1,501,027
CDW, LLC
Term Loan, 3.25%, Maturing April 29, 2020		2,158		2,143,006
David’s Bridal, Inc.
Term Loan, 5.00%, Maturing October 11, 2019		597		574,574


		14		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Retailers (Except Food and Drug) (continued)
Dollar Tree, Inc.
Term Loan, 3.50%, Maturing March 9, 2022	$	1,979	$	1,982,413
Evergreen Acqco 1 L.P.
Term Loan, 5.00%, Maturing July 9, 2019		316		295,933
Harbor Freight Tools USA, Inc.
Term Loan, 4.75%, Maturing July 26, 2019		1,583		1,593,559
Hudson’s Bay Company
Term Loan, 4.75%, Maturing November 4, 2020		821		823,922
J. Crew Group, Inc.
Term Loan, 4.00%, Maturing March 5, 2021		1,906		1,652,047
Jo-Ann Stores, Inc.
Term Loan, 4.00%, Maturing March 16, 2018		2,004		1,951,440
Men’s Wearhouse, Inc. (The)
Term Loan, 4.50%, Maturing June 18, 2021		598		600,902
Michaels Stores, Inc.
Term Loan, 3.75%, Maturing January 28, 2020		5,457		5,446,907
Term Loan, 4.00%, Maturing January 28, 2020		645		647,410
Neiman Marcus Group, Inc. (The)
Term Loan, 4.25%, Maturing October 25, 2020		2,684		2,672,467
Party City Holdings, Inc.
Term Loan, 4.00%, Maturing July 27, 2019		731		731,420
Pep Boys-Manny, Moe & Jack (The)
Term Loan, 4.25%, Maturing October 11, 2018		219		219,992
Petco Animal Supplies, Inc.
Term Loan, 4.00%, Maturing November 24, 2017		1,456		1,458,423
PetSmart, Inc.
Term Loan, 4.25%, Maturing March 11, 2022		3,250		3,250,552
PFS Holding Corporation
Term Loan, 4.50%, Maturing January 31, 2021		1,136		1,057,551
Pier 1 Imports (U.S.), Inc.
Term Loan, 4.50%, Maturing April 30, 2021		347		343,035
Pilot Travel Centers, LLC
Term Loan, 4.25%, Maturing October 1, 2021		1,436		1,454,084
Rent-A-Center, Inc.
Term Loan, 3.75%, Maturing March 19, 2021		346		344,761
Spin Holdco, Inc.
Term Loan, 4.25%, Maturing November 14, 2019		910		908,760
Toys ‘R’ Us Property Company I, LLC
Term Loan, 6.00%, Maturing August 21, 2019		983		931,034

			$	33,757,179


Steel — 1.5%
FMG Resources (August 2006) Pty Ltd.
Term Loan, 3.75%, Maturing June 30, 2019	$	4,516	$	4,020,265


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Steel (continued)
JMC Steel Group, Inc.
Term Loan, 4.75%, Maturing April 1, 2017	$	3,106	$	3,086,864
Neenah Foundry Company
Term Loan, 6.75%, Maturing April 26, 2017		645		642,097
Patriot Coal Corporation
Term Loan, 0.00%, Maturing December 15, 2018⁽³⁾⁽⁴⁾		1,481		813,354

			$	8,562,580


Surface Transport — 0.8%
Hertz Corporation (The)
Term Loan, 3.50%, Maturing March 11, 2018	$	1,124	$	1,120,350
Term Loan, 3.75%, Maturing March 11, 2018		1,000		991,875
Term Loan, 4.00%, Maturing March 11, 2018		878		879,008
Stena International S.a.r.l.
Term Loan, 4.00%, Maturing March 3, 2021		1,012		949,769
Swift Transportation Co., LLC
Term Loan, 3.75%, Maturing June 9, 2021		765		768,342

			$	4,709,344


Telecommunications — 2.7%
Ciena Corporation
Term Loan, 3.75%, Maturing July 15, 2019	$	2,481	$	2,490,555
CWC Cayman Finance Limited
Term Loan, 5.50%, Maturing April 28, 2017		275		275,688
Intelsat Jackson Holdings S.A.
Term Loan, 3.75%, Maturing June 30, 2019		4,750		4,722,293
IPC Systems, Inc.
Term Loan, 5.50%, Maturing August 6, 2021		1,147		1,143,540
Mitel US Holdings, Inc.
Term Loan, 5.00%, Maturing March 31, 2022		500		502,812
Syniverse Holdings, Inc.
Term Loan, 4.00%, Maturing April 23, 2019		654		620,070
Term Loan, 4.00%, Maturing April 23, 2019		864		818,492
Telesat Canada
Term Loan, 3.50%, Maturing March 28, 2019		3,769		3,764,443
Windstream Corporation
Term Loan, 3.50%, Maturing August 8, 2019		438		436,022

			$	14,773,915


Utilities — 2.4%
Calpine Construction Finance Company L.P.
Term Loan, 3.25%, Maturing January 31, 2022	$	590	$	582,684


		15		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Utilities (continued)
Calpine Corporation
Term Loan, 4.00%, Maturing October 9, 2019	$	909	$	910,552
Term Loan, 4.00%, Maturing October 30, 2020		222		221,729
Term Loan, 3.50%, Maturing May 27, 2022		2,000		1,985,156
Dynegy Holdings, Inc.
Term Loan, 4.00%, Maturing April 23, 2020		528		529,287
EFS Cogen Holdings I, LLC
Term Loan, 3.75%, Maturing December 17, 2020		292		293,478
Electrical Components International, Inc.
Term Loan, 5.75%, Maturing May 28, 2021		248		249,458
Energy Future Intermediate Holding Co., LLC
DIP Loan, 4.25%, Maturing June 19, 2016		1,125		1,127,813
Granite Acquisition, Inc.
Term Loan, 5.00%, Maturing December 19, 2021		78		78,943
Term Loan, 5.00%, Maturing December 19, 2021		1,763		1,785,196
La Frontera Generation, LLC
Term Loan, 4.50%, Maturing September 30, 2020		319		317,459
Lonestar Generation, LLC
Term Loan, 5.25%, Maturing February 20, 2021		397		392,026
Longview Power, LLC
Term Loan, 7.00%, Maturing April 13, 2021		175		176,641
PowerTeam Services, LLC
Term Loan, 4.25%, Maturing May 6, 2020		8		8,171
Term Loan, 4.25%, Maturing May 6, 2020		152		152,635
TPF II Power, LLC
Term Loan, 5.51%, Maturing October 2, 2021		970		979,462
WTG Holdings III Corp.
Term Loan, 4.75%, Maturing January 15, 2021		3,711		3,706,435

			$	13,497,125


Total Senior Floating-Rate Interests (identified cost $525,630,141)			$	514,117,554


Corporate Bonds & Notes — 1.9%


Security	Principal Amount (000’s omitted)		Value

Cable and Satellite Television — 0.1%
Virgin Media Secured Finance PLC
5.375%, 4/15/21⁽⁵⁾	$	450	$	465,469

			$	465,469


Security	Principal Amount (000’s omitted)		Value

Chemicals and Plastics — 0.5%
Hexion, Inc.
6.625%, 4/15/20	$	2,975	$	2,744,437

			$	2,744,437


Containers and Glass Products — 0.4%
Reynolds Group Holdings, Inc.
5.75%, 10/15/20	$	1,925	$	1,977,937
Smurfit Kappa Acquisitions
4.875%, 9/15/18⁽⁵⁾		225		236,813

			$	2,214,750


Financial Intermediaries — 0.1%
First Data Corp.
6.75%, 11/1/20⁽⁵⁾	$	423	$	448,118

			$	448,118


Health Care — 0.2%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18	$	1,050	$	1,079,400

			$	1,079,400


Industrial Equipment — 0.0%⁽⁶⁾
Erikson Air-Crane, Inc., Promissory Note
6.00%, 11/2/20⁽³⁾⁽⁷⁾	$	35	$	19,445

			$	19,445


Lodging and Casinos — 0.3%
Caesars Entertainment Operating Co., Inc.
8.50%, 2/15/20⁽⁴⁾	$	1,125	$	911,250
9.00%, 2/15/20⁽⁴⁾		625		509,375

			$	1,420,625


Radio and Television — 0.1%
iHeartCommunications, Inc.
9.00%, 12/15/19	$	181	$	173,172
Univision Communications, Inc.
6.75%, 9/15/22⁽⁵⁾		384		407,520

			$	580,692


Telecommunications — 0.0%⁽⁶⁾
Wind Acquisition Finance SA
6.50%, 4/30/20⁽⁵⁾	$	250	$	263,250

			$	263,250


		16		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Utilities — 0.2%
Calpine Corp.
7.875%, 1/15/23⁽⁵⁾	$	1,029	$	1,116,465

			$	1,116,465


Total Corporate Bonds & Notes (identified cost $10,561,759)			$	10,352,651


Common Stocks — 0.8%


Security	Shares		Value

Aerospace and Defense — 0.0%⁽⁶⁾
IAP Worldwide Services, LLC^(3)(7)(8)		24	$	25,861

			$	25,861


Automotive — 0.1%
Dayco Products, LLC⁽³⁾⁽⁷⁾		15,250	$	621,437

			$	621,437


Business Equipment and Services — 0.0%⁽⁶⁾
Education Management Corp.^(3)(7)(8)		2,351,823	$	63,499

			$	63,499


Food Service — 0.0%
Buffets Restaurants Holdings, Inc.^(3)(7)(8)		3,663	$	0

			$	0


Lodging and Casinos — 0.3%
Affinity Gaming, LLC^(3)(7)(8)		41,797	$	480,667
Tropicana Entertainment, Inc.⁽⁷⁾⁽⁸⁾		71,982		1,155,311

			$	1,635,978


Publishing — 0.4%
ION Media Networks, Inc.⁽³⁾⁽⁷⁾		399	$	143,636
MediaNews Group, Inc.^(3)(7)(8)		45,600		1,755,605

			$	1,899,241


Total Common Stocks (identified cost $2,472,868)			$	4,246,016


Convertible Preferred Stocks — 0.0%⁽⁶⁾


Security	Shares		Value

Business Equipment and Services — 0.0%⁽⁶⁾
Education Management Corp., Series A-1, 7.50%⁽⁷⁾⁽⁸⁾		2,617	$	137,392


Total Convertible Preferred Stocks (identified cost $184,700)			$	137,392


Short-Term Investments — 2.7%

U.S. Government Agency Obligations — 2.7%


Description	Principal Amount (000’s omitted)		Value
Federal Home Loan Bank, 0.00%, 7/6/15	$	6,900	$	6,899,962
Federal Home Loan Bank, 0.00%, 8/4/15		8,355		8,354,684


Total U.S. Government Agency Obligations (identified cost $15,254,646)			$	15,254,646


Total Short-Term Investments (identified cost $15,254,646)			$	15,254,646


Total Investments — 97.5% (identified cost $554,104,114)			$	544,108,259


Other Assets, Less Liabilities — 2.5%			$	13,909,664


Net Assets — 100.0%			$	558,017,923

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


DIP	–	Debtor in Possession
PIK	–	Payment In Kind

⁽¹⁾

⁽²⁾	This Senior Loan will settle after June 30, 2015, at which time the interest rate will be determined.


		17		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Portfolio of Investments (Unaudited) — continued

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

⁽⁴⁾	Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁵⁾

⁽⁶⁾	Amount is less than 0.05%.

⁽⁷⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽⁸⁾	Non-income producing security.


		18		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Statement of Assets and Liabilities (Unaudited)


Assets	June 30, 2015
Investments, at value (identified cost, $554,104,114)	$	544,108,259
Cash		19,384,443
Interest receivable		1,498,116
Receivable for investments sold		849,547
Receivable for Fund shares sold		451,715
Prepaid expenses		64,894
Total assets	$	566,356,974

Liabilities
Payable for investments purchased	$	7,426,040
Payable for Fund shares redeemed		236,594
Payable to affiliates:
Investment adviser fee		267,500
Distribution fees		116,167
Trustees’ fees		7,683
Payable for shareholder servicing fees		200,801
Accrued expenses		84,266
Total liabilities	$	8,339,051
Net Assets	$	558,017,923

Sources of Net Assets
Paid-in capital	$	564,928,172
Accumulated net realized loss		(793,724	)
Accumulated undistributed net investment income		3,879,330
Net unrealized depreciation		(9,995,855	)
Total	$	558,017,923

Initial Class Shares
Net Assets	$	557,350,887
Shares Outstanding		60,377,578
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.23

ADV Class Shares
Net Assets	$	667,036
Shares Outstanding		72,215
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.24


		19		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Statement of Operations (Unaudited)


Investment Income	Six Months Ended June 30, 2015
Interest and other income	$	13,158,336
Total investment income	$	13,158,336

Expenses
Investment adviser fee	$	1,685,081
Distribution fees
Initial Class		731,863
Shareholder servicing fees
Initial Class		683,579
ADV Class		731
Trustees’ fees and expenses		16,207
Custodian fee		113,300
Transfer and dividend disbursing agent fees		5,973
Legal and accounting services		45,375
Printing and postage		3,386
Interest expense and fees		72,062
Miscellaneous		14,268
Total expenses	$	3,371,825
Deduct —
Reduction of custodian fee	$	1,044
Total expense reductions	$	1,044

Net expenses	$	3,370,781

Net investment income	$	9,787,555

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(494,681	)
Net realized loss	$	(494,681	)
Change in unrealized appreciation (depreciation) —
Investments	$	3,672,855
Net change in unrealized appreciation (depreciation)	$	3,672,855

Net realized and unrealized gain	$	3,178,174

Net increase in net assets from operations	$	12,965,729


		20		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
From operations —
Net investment income	$	9,787,555		$	19,797,955
Net realized loss from investment transactions		(494,681	)		(272,558	)
Net change in unrealized appreciation (depreciation) from investments		3,672,855			(17,048,860	)
Net increase in net assets from operations	$	12,965,729		$	2,476,537
Distributions to shareholders —
From net investment income
Initial Class	$	(9,778,656	)	$	(19,788,083	)
ADV Class		(11,228	)		(7,528	)
Total distributions to shareholders	$	(9,789,884	)	$	(19,795,611	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Initial Class	$	50,916,395		$	206,484,771
ADV Class		61,504			1,135,244
Net asset value of shares issued to shareholders in payment of distributions declared
Initial Class		9,778,656			19,788,083
ADV Class		11,228			7,528
Cost of shares redeemed
Initial Class		(132,155,707	)		(169,211,032	)
ADV Class		(22,631	)		(520,503	)
Net increase (decrease) in net assets from Fund share transactions	$	(71,410,555	)	$	57,684,091

Net increase (decrease) in net assets	$	(68,234,710	)	$	40,365,017

Net Assets
At beginning of period	$	626,252,633		$	585,887,616
At end of period	$	558,017,923		$	626,252,633

Accumulated undistributed net investment income included in net assets
At end of period	$	3,879,330		$	3,881,659


		21		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Financial Highlights


	Initial Class
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2015 (Unaudited)			2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	9.190		$	9.430		$	9.460		$	9.300		$	9.460		$	9.050

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.153		$	0.295		$	0.327		$	0.396		$	0.399		$	0.369
Net realized and unrealized gain (loss)		0.040			(0.240	)		0.031			0.270			(0.161	)		0.442

Total income from operations	$	0.193		$	0.055		$	0.358		$	0.666		$	0.238		$	0.811

Less Distributions
From net investment income	$	(0.153	)	$	(0.295	)	$	(0.332	)	$	(0.396	)	$	(0.398	)	$	(0.401	)
From net realized gain		—			—			(0.056	)		(0.110	)		—			—

Total distributions	$	(0.153	)	$	(0.295	)	$	(0.388	)	$	(0.506	)	$	(0.398	)	$	(0.401	)

Net asset value — End of period	$	9.230		$	9.190		$	9.430		$	9.460		$	9.300		$	9.460

Total Return⁽²⁾		2.11	%⁽³⁾		0.57	%		3.85	%		7.33	%		2.54	%		9.12	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	557,351		$	625,638		$	585,888		$	419,898		$	354,692		$	354,097
Ratios (as a percentage of average daily net assets):
Expenses		1.15	%⁽⁴⁾⁽⁵⁾		1.15	%⁽⁴⁾		1.15	%⁽⁶⁾		1.16	%⁽⁴⁾		1.17	%⁽⁴⁾		1.15	%⁽⁴⁾
Net investment income		3.34	%⁽⁵⁾		3.15	%		3.45	%		4.21	%		4.24	%		3.98	%
Portfolio Turnover		8	%⁽³⁾		29	%		38	%		42	%		53	%		35	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾	Annualized.

⁽⁶⁾	Expenses after custodian fee reduction were 1.14%.


		22		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Financial Highlights — continued


	ADV Class
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾
Net asset value — Beginning of period	$	9.190		$	9.400

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.165		$	0.234
Net realized and unrealized gain (loss)		0.050			(0.216	)

Total income from operations	$	0.215		$	0.018

Less Distributions
From net investment income	$	(0.165	)	$	(0.228	)

Total distributions	$	(0.165	)	$	(0.228	)

Net asset value — End of period	$	9.240		$	9.190

Total Return⁽³⁾		2.35	%⁽⁴⁾		0.18	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	667		$	615
Ratios (as a percentage of average daily net assets):
Expenses		0.90	%⁽⁵⁾⁽⁶⁾		0.90	%⁽⁵⁾⁽⁶⁾
Net investment income		3.59	%⁽⁶⁾		3.52	%⁽⁶⁾
Portfolio Turnover		8	%⁽⁴⁾		29	%⁽⁷⁾

⁽¹⁾	For the period from commencement of operations on April 15, 2014 to December 31, 2014.

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the year ended December 31, 2014.


		23		See Notes to Financial Statements.

Eaton Vance

VT Floating-Rate Income Fund

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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


		24

Eaton Vance

VT Floating-Rate Income Fund

Notes to Financial Statements (Unaudited) — continued

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

G Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments.

2 Distributions to Shareholders and Income Tax Information

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

At December 31, 2014, the Fund, for federal income tax purposes, had deferred capital losses of $221,896, which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2014, $221,896 are long-term.


		25

Eaton Vance

VT Floating-Rate Income Fund

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	554,181,261

Gross unrealized appreciation	$	3,584,985
Gross unrealized depreciation		(13,657,987	)

Net unrealized depreciation	$	(10,073,002	)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.575% of the Fund’s average daily net assets up to $1 billion, 0.525% of average daily net assets from $1 billion but less than $2 billion, and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the six months ended June 30, 2015, the investment adviser fee amounted to $1,685,081 or 0.575% (annualized) of the Fund’s average daily net assets. EVM also serves as administrator of the Fund, but receives no compensation. Eaton Vance Distributors, Inc. (EVD), the Fund’s principal underwriter and an affiliate of EVM, received distribution fees (see Note 4).

4 Distribution Plan

The Fund has in effect a distribution plan for Initial Class shares (Initial Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Initial Class Plan, the Fund pays EVD a distribution fee of 0.25% per annum of its average daily net assets attributable to Initial Class shares for the sale and distribution of Initial Class shares. Distribution fees paid or accrued to EVD for the six months ended June 30, 2015 amounted to $731,863. Insurance companies receive such fees from EVD based on the value of shares held by such companies. The insurance companies through which investors hold shares of the Fund may also pay fees to third parties in connection with the sale of variable contracts and for services provided to variable contract owners. The Fund, EVM or EVD are not a party to these arrangements. Investors should consult the prospectus and statement of additional information for their variable contracts for a discussion of these payments. EVD may, at its expense, provide promotional incentives to dealers that sell variable insurance products.

Distribution fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Shareholder Servicing Plan

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan) for Initial Class and ADV Class. The Servicing Plan allows the Trust to enter into shareholder servicing agreements with insurance companies, investment dealers, broker/dealers or other financial intermediaries that provide shareholder services relating to Fund shares and their shareholders, including variable contract owners or plan participants with interests in the Fund. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.25% of its average daily net assets attributable to each class that are subject to shareholder servicing agreements. No shareholder servicing fees are levied on shares owned by EVM, its affiliates, or their respective employees or clients and may be waived under certain other limited conditions. For the six months ended June 30, 2015, shareholder servicing fees were equivalent to 0.23% per annum of each class’ average daily net assets and amounted to $683,579 and $731 for Initial Class and ADV Class, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $47,553,609 and $139,684,764, respectively, for the six months ended June 30, 2015.


		26

Eaton Vance

VT Floating-Rate Income Fund

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest


Initial Class	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014

Sales		5,495,241			22,002,049
Issued to shareholders electing to receive payments of distributions in Fund shares		1,056,100			2,115,606
Redemptions		(14,270,667	)		(18,130,331	)

Net increase (decrease)		(7,719,326	)		5,987,324


ADV Class	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾

Sales		6,608			121,464
Issued to shareholders electing to receive payments of distributions in Fund shares		1,210			807
Redemptions		(2,453	)		(55,421	)

Net increase		5,365			66,850

⁽¹⁾	For the period from commencement of operations on April 15, 2014 to December 31, 2014.

At June 30, 2015, separate accounts of 3 insurance companies each owned more than 10% of the value of the outstanding shares of the Fund aggregating 85.3%.

8 Line of Credit

The Fund participates with other portfolios managed by EVM and its affiliates in a $1.175 billion unsecured line of credit agreement with a group of banks, which is in effect through March 14, 2016. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at a prime rate or an amount above either the London Interbank Offered Rate (LIBOR) or the Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated between the Fund and the other participating portfolios at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings during the six months ended June 30, 2015.

9 Credit Risk

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

10 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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


		27

Eaton Vance

VT Floating-Rate Income Fund

Notes to Financial Statements (Unaudited) — continued

At June 30, 2015, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3*		Total

Senior Floating-Rate Interests	$	—	$	512,897,340	$	1,220,214	$	514,117,554
Corporate Bonds & Notes		—		10,333,206		19,445		10,352,651
Common Stocks		1,155,311		—		3,090,705		4,246,016
Convertible Preferred Stocks		—		137,392		—		137,392
Short-Term Investments		—		15,254,646		—		15,254,646

Total Investments	$	1,155,311	$	538,622,584	$	4,330,364	$	544,108,259

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2015 is not presented.

At June 30, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

11 Legal Proceedings

In May 2015, the Fund was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Fund is approximately $5,613,000 (equal to 1.00% of net assets at June 30, 2015). The Fund cannot predict the outcome of these proceedings or the effect, if any, on the Fund’s net asset value. The attorneys’ fees and costs related to these actions will be expensed by the Fund as incurred.


		28

Eaton Vance

VT Floating-Rate Income Fund

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 27, 2015, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2015. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following:

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the data provider (“comparable funds”);

•

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

•

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

•

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

•

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

•

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

•

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

•

Reports detailing the financial results and condition of each adviser;

•

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

•

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

•

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;


		29

Eaton Vance

VT Floating-Rate Income Fund

Board of Trustees’ Contract Approval — continued

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2015, with respect to one or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, seventeen, seven, eleven and thirteen times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund, and considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance VT Floating-Rate Income Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of such investment personnel in analyzing the special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention devoted to the Fund by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the Fund, including the provision of administrative services.


		30

Eaton Vance

VT Floating-Rate Income Fund

Board of Trustees’ Contract Approval — continued

valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2014 for the Fund. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2014, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the fund complex level.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from economies of scale in the future.


		31

Eaton Vance

VT Floating-Rate Income Fund

Officers and Trustees

Officers of Eaton Vance VT Floating-Rate Income Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance VT Floating-Rate Income Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

*	Interested Trustee

**	Ms. Sutherland began serving as a Trustee effective May 1, 2015.


		32

Eaton Vance Funds

IMPORTANT NOTICES

•

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•


		33

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Transfer Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Fund Offices

Two International Place

LOGO

7733 6.30.15

LOGO

Eaton Vance

VT Large-Cap Value Fund

Semiannual Report

LOGO

Semiannual Report June 30, 2015

Eaton Vance

VT Large-Cap Value Fund

Table of Contents



Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			16

Officers and Trustees			19

Important Notices			20

Eaton Vance

VT Large-Cap Value Fund

Performance^1,2

Portfolio Managers Edward J. Perkin, CFA and John D. Crowley


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Initial Class at NAV		03/30/2007		03/30/2007		0.30	%		2.60	%		15.16	%		5.11	%
ADV Class at NAV		04/15/2014		03/30/2007		0.42			2.79			15.25			5.17
Russell 1000 Value Index		—		—		–0.61	%		4.13	%		16.49	%		5.18	%


% Total Annual Operating Expense Ratios³											Initial Class			ADV Class
Gross												1.78	%		1.53	%
Net												1.20			0.95

Fund Profile


Sector Allocation (% of net assets)⁴

LOGO


Top 10 Holdings (% of net assets)⁴

General Electric Co.	5.6	%
Exxon Mobil Corp.	4.9
JPMorgan Chase & Co.	4.1
Reynolds American, Inc.	3.1
Occidental Petroleum Corp.	2.9
Citigroup, Inc.	2.6
Oracle Corp.	2.5
Merck & Co., Inc.	2.5
Microsoft Corp.	2.4
Goldman Sachs Group, Inc. (The)	2.3
Total	32.9	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

VT Large-Cap Value Fund

Endnotes and Additional Disclosures

¹	Russell 1000 Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

There is no sales charge. Insurance-related charges are not included in the calculation of returns. Such expenses would reduce the overall return shown. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Large redemptions from the Fund on 3/31/14 and 9/30/10 positively impacted Fund performance for the five years and since inception periods.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/16. Without the reimbursement, if applicable, performance would have been lower.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

VT Large-Cap Value Fund

Fund Expenses


	Beginning Account Value (1/1/15)		Ending Account Value (6/30/15)		Expenses Paid During Period* (1/1/15 – 6/30/15)			Annualized Expense Ratio


Actual
Initial Class	$	1,000.00	$	1,003.00	$	6.31	**		1.27	%
ADV Class	$	1,000.00	$	1,004.20	$	5.07	**		1.02	%



Hypothetical
(5% return per year before expenses)
Initial Class	$	1,000.00	$	1,018.50	$	6.36	**		1.27	%
ADV Class	$	1,000.00	$	1,019.70	$	5.11	**		1.02	%

**	Absent an allocation of certain expenses to an affiliate, the expenses would be higher.


		4

Eaton Vance

VT Large-Cap Value Fund

Portfolio of Investments (Unaudited)


Common Stocks — 98.9%


Security	Shares		Value


Aerospace & Defense — 2.3%
United Technologies Corp.		960	$	106,493

			$	106,493


Air Freight & Logistics — 1.4%
C.H. Robinson Worldwide, Inc.		1,078	$	67,256

			$	67,256


Banks — 11.8%
Citigroup, Inc.		2,215	$	122,357
JPMorgan Chase & Co.		2,809		190,338
KeyCorp		4,569		68,626
PNC Financial Services Group, Inc. (The)		855		81,781
Wells Fargo & Co.		1,564		87,959

			$	551,061


Capital Markets — 6.5%
Affiliated Managers Group, Inc.⁽¹⁾		210	$	45,906
Credit Suisse Group AG ADR⁽¹⁾		3,060		84,456
Goldman Sachs Group, Inc. (The)		520		108,571
Invesco, Ltd.		1,642		61,558

			$	300,491


Chemicals — 4.0%
Monsanto Co.		669	$	71,309
PPG Industries, Inc.		400		45,888
Praxair, Inc.		595		71,132

			$	188,329


Communications Equipment — 2.3%
QUALCOMM, Inc.		1,680	$	105,218

			$	105,218


Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.		1,937	$	90,284

			$	90,284


Electric Utilities — 2.0%
NextEra Energy, Inc.		946	$	92,736

			$	92,736


Security	Shares		Value


Electrical Equipment — 1.1%
Hubbell, Inc., Class B		455	$	49,267

			$	49,267


Food & Staples Retailing — 0.8%
Kroger Co. (The)		505	$	36,618

			$	36,618


Food Products — 1.9%
General Mills, Inc.		1,557	$	86,756

			$	86,756


Health Care Equipment & Supplies — 3.0%
Medtronic PLC		1,262	$	93,514
Stryker Corp.		466		44,536

			$	138,050


Health Care Providers & Services — 0.5%
McKesson Corp.		106	$	23,830

			$	23,830


Industrial Conglomerates — 5.6%
General Electric Co.		9,802	$	260,439

			$	260,439


Insurance — 6.9%
ACE, Ltd.		608	$	61,822
Aflac, Inc.		1,046		65,061
Lincoln National Corp.		544		32,216
Prudential PLC		3,177		76,564
XL Group PLC		2,316		86,155

			$	321,818


Internet Software & Services — 1.3%
Google, Inc., Class C⁽¹⁾		112	$	58,297

			$	58,297


Life Sciences Tools & Services — 1.3%
Thermo Fisher Scientific, Inc.		461	$	59,819

			$	59,819


		5		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Media — 3.2%
CBS Corp., Class B		1,861	$	103,286
Walt Disney Co. (The)		421		48,053

			$	151,339


Metals & Mining — 0.6%
Nucor Corp.		658	$	28,998

			$	28,998


Multi-Utilities — 3.6%
PG&E Corp.		1,575	$	77,333
Sempra Energy		917		90,728

			$	168,061


Oil, Gas & Consumable Fuels — 13.6%
Anadarko Petroleum Corp.		1,020	$	79,621
Devon Energy Corp.		1,360		80,906
Exxon Mobil Corp.		2,762		229,799
Occidental Petroleum Corp.		1,720		133,765
Phillips 66		870		70,087
Range Resources Corp.		777		38,368

			$	632,546


Pharmaceuticals — 5.9%
AbbVie, Inc.		617	$	41,456
Eli Lilly & Co.		434		36,235
Merck & Co., Inc.		2,008		114,315
Roche Holding AG PC		102		28,600
Teva Pharmaceutical Industries, Ltd. ADR		940		55,554

			$	276,160


Real Estate Investment Trusts (REITs) — 4.3%
Equity Residential		956	$	67,083
Public Storage		355		65,451
Simon Property Group, Inc.		398		68,862

			$	201,396


Semiconductors & Semiconductor Equipment — 2.3%
Intel Corp.		3,527	$	107,274

			$	107,274


Security	Shares		Value


Software — 5.8%
Microsoft Corp.		2,493	$	110,066
Oracle Corp.		2,901		116,910
SAP AG ADR		647		45,439

			$	272,415


Specialty Retail — 0.5%
Home Depot, Inc. (The)		214	$	23,782

			$	23,782


Tobacco — 4.5%
Altria Group, Inc.		1,293	$	63,240
Reynolds American, Inc.		1,930		144,094

			$	207,334


Total Common Stocks (identified cost $4,035,947)			$	4,606,067


Total Investments — 98.9% (identified cost $4,035,947)			$	4,606,067


Other Assets, Less Liabilities — 1.1%			$	49,387


Net Assets — 100.0%			$	4,655,454

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


ADR	–	American Depositary Receipt
PC	–	Participation Certificate

⁽¹⁾	Non-income producing security.


		6		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Statement of Assets and Liabilities (Unaudited)


Assets	June 30, 2015
Investments, at value (identified cost, $4,035,947)	$	4,606,067
Cash		34,694
Dividends receivable		10,047
Receivable for investments sold		47,699
Receivable for Fund shares sold		3,992
Tax reclaims receivable		18,124
Receivable from affiliate		8,858
Total assets	$	4,729,481

Liabilities
Payable for investments purchased	$	42,394
Payable for Fund shares redeemed		82
Payable to affiliates:
Investment adviser fee		2,445
Distribution fees		978
Trustees’ fees		205
Payable for shareholder servicing fees		1,730
Accrued expenses		26,193
Total liabilities	$	74,027
Net Assets	$	4,655,454

Sources of Net Assets
Paid-in capital	$	3,631,831
Accumulated net realized gain		423,446
Accumulated undistributed net investment income		30,460
Net unrealized appreciation		569,717
Net Assets	$	4,655,454

Initial Class Shares
Net Assets	$	4,654,768
Shares Outstanding		547,109
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.51

ADV Class Shares
Net Assets	$	686
Shares Outstanding		81
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding, including fractional shares)	$	8.45


		7		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Statement of Operations (Unaudited)


Investment Income	Six Months Ended June 30, 2015
Dividends (net of foreign taxes, $541)	$	64,780
Total investment income	$	64,780

Expenses
Investment adviser fee	$	17,047
Distribution fees
Initial Class		6,817
Shareholder servicing fees
Initial Class		4,791
ADV Class		1
Trustees’ fees and expenses		359
Custodian fee		17,831
Transfer and dividend disbursing agent fees		5,973
Legal and accounting services		19,141
Printing and postage		3,077
Miscellaneous		5,286
Total expenses	$	80,323
Deduct —
Allocation of expenses to affiliate	$	45,516
Reduction of custodian fee		13
Total expense reductions	$	45,529

Net expenses	$	34,794

Net investment income	$	29,986

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	463,188
Foreign currency transactions		367
Net realized gain	$	463,555
Change in unrealized appreciation (depreciation) —
Investments	$	(460,357	)
Foreign currency		1,048
Net change in unrealized appreciation (depreciation)	$	(459,309	)

Net realized and unrealized gain	$	4,246

Net increase in net assets from operations	$	34,232


		8		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
From operations —
Net investment income	$	29,986		$	163,421
Net realized gain from investment and foreign currency transactions		463,555			12,571,660
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(459,309	)		(10,714,531	)
Net increase in net assets from operations	$	34,232		$	2,020,550
Distributions to shareholders —
From net investment income
Initial Class	$	(19,808	)	$	—
ADV Class		(14	)		—
From net realized gain
Initial Class		(1,707,760	)		(126,155	)
ADV Class		(395	)		(21	)
Total distributions to shareholders	$	(1,727,977	)	$	(126,176	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Initial Class	$	1,095,048		$	3,077,771
ADV Class		—			1,000
Net asset value of shares issued to shareholders in payment of distributions declared
Initial Class		1,727,568			126,155
Cost of shares redeemed
Initial Class		(3,007,911	)		(47,757,322	)
Net decrease in net assets from Fund share transactions	$	(185,295	)	$	(44,552,396	)

Net decrease in net assets	$	(1,879,040	)	$	(42,658,022	)

Net Assets
At beginning of period	$	6,534,494		$	49,192,516
At end of period	$	4,655,454		$	6,534,494

Accumulated undistributed net investment income included in net assets
At end of period	$	30,460		$	20,296


		9		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Financial Highlights


	Initial Class
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2015 (Unaudited)			2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	13.230		$	11.790		$	9.240		$	8.140		$	8.770		$	8.000

Income (Loss) From Operations
Net investment income	$	0.066	⁽¹⁾	$	0.118	⁽¹⁾	$	0.101		$	0.129		$	0.107		$	0.467
Net realized and unrealized gain (loss)		0.142			1.580			2.551			1.101			(0.631	)		0.768	⁽²⁾

Total income (loss) from operations	$	0.208		$	1.698		$	2.652		$	1.230		$	(0.524	)	$	1.235

Less Distributions
From net investment income	$	(0.057	)	$	—		$	(0.101	)	$	(0.130	)	$	(0.106	)	$	(0.465	)
From net realized gain		(4.871	)		(0.258	)		(0.001	)		—			—			—
Tax return of capital		—			—			—			(0.000	)⁽³⁾		—			—

Total distributions	$	(4.928	)	$	(0.258	)	$	(0.102	)	$	(0.130	)	$	(0.106	)	$	(0.465	)

Net asset value — End of period	$	8.510		$	13.230		$	11.790		$	9.240		$	8.140		$	8.770

Total Return⁽⁴⁾		0.30	%⁽⁵⁾		14.43	%		28.74	%⁽⁶⁾		15.12	%		(5.97	)%		15.44	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,655		$	6,533		$	49,193		$	49,002		$	60,003		$	74,409
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		1.27	%⁽⁸⁾⁽⁹⁾		1.30	%⁽⁹⁾		1.30	%⁽⁹⁾		1.30	%⁽⁹⁾		1.28	%		1.34	%^(9)(10)
Net investment income		1.10	%⁽⁸⁾		0.97	%		0.88	%		1.25	%		1.17	%		0.70	%
Portfolio Turnover		53	%⁽⁵⁾		57	%		63	%		39	%		70	%		55	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽³⁾	Amount is less than $(0.0005).

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾	Not annualized.

⁽⁶⁾	During the year ended December 31, 2013, the Fund received a payment made by an affiliate for a trading error which amounted to $0.02 per share. Had the Fund not received this payment, total return would have been lower by 0.21%.

⁽⁷⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾	Annualized.

⁽⁹⁾	The investment adviser subsidized certain operating expenses (equal to 1.67%, 0.42%, 0.01%, 0.01% and 0.10% of average daily net assets for the six months ended June 30, 2015 and the years ended December 31, 2014, 2013, 2012 and 2010, respectively). Absent this subsidy, total return would be lower.

⁽¹⁰⁾	Includes interest expense of 0.04%.


		10		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Financial Highlights — continued


	ADV Class
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014⁽¹⁾
Net asset value — Beginning of period	$	13.270		$	12.320

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.083		$	0.101
Net realized and unrealized gain		0.146			1.107

Total income from operations	$	0.229		$	1.208

Less Distributions
From net investment income	$	(0.178	)	$	—
From net realized gain		(4.871	)		(0.258	)

Total distributions	$	(5.049	)	$	(0.258	)

Net asset value — End of period	$	8.450		$	13.270

Total Return⁽³⁾		0.42	%⁽⁴⁾		9.83	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1		$	1
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.02	%⁽⁶⁾⁽⁷⁾		1.05	%⁽⁶⁾⁽⁷⁾
Net investment income		1.35	%⁽⁶⁾		1.08	%⁽⁶⁾
Portfolio Turnover		53	%⁽⁴⁾		57	%⁽⁸⁾

⁽¹⁾	For the period from commencement of operations on April 15, 2014 to December 31, 2014.

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾	Annualized.

⁽⁷⁾	The investment adviser subsidized certain operating expenses (equal to 1.67% and 0.42% of average daily net assets for the six months ended June 30, 2015 and the period ended December 31, 2014, respectively). Absent this subsidy, total return would be lower.

⁽⁸⁾	For the year ended December 31, 2014.


		11		See Notes to Financial Statements.

Eaton Vance

VT Large-Cap Value Fund

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.


		12

Eaton Vance

VT Large-Cap Value Fund

Notes to Financial Statements (Unaudited) — continued

realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

2 Distributions to Shareholders and Income Tax Information

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	4,073,803

Gross unrealized appreciation	$	587,042
Gross unrealized depreciation		(54,778	)

Net unrealized appreciation	$	532,264

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.625% of the Fund’s average daily net assets up to $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the six months ended June 30, 2015, the investment adviser fee amounted to $17,047 or 0.625% (annualized) of the Fund’s average daily net assets. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.20% and 0.95% (1.30% and 1.05% prior to May 1, 2015) of the Fund’s average daily net assets for Initial Class and ADV Class, respectively. This agreement may be changed or terminated after April 30, 2016. Pursuant to this agreement, EVM was allocated $45,516 of the Fund’s operating expenses for the six months ended June 30, 2015. EVM also serves as administrator of the Fund, but receives no compensation. Eaton Vance Distributors, Inc. (EVD), the Fund’s principal underwriter and an affiliate of EVM, received distribution fees (see Note 4).


		13

Eaton Vance

VT Large-Cap Value Fund

Notes to Financial Statements (Unaudited) — continued

4 Distribution Plans

The Fund has in effect a distribution plan for Initial Class shares (Initial Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Initial Class Plan, the Fund pays EVD a distribution fee of 0.25% per annum of its average daily net assets attributable to Initial Class shares for the sale and distribution of Initial Class shares. Distribution fees paid or accrued to EVD for the six months ended June 30, 2015 amounted to $6,817. Insurance companies receive such fees from EVD based on the value of shares held by such companies. The insurance companies through which investors hold shares of the Fund may also pay fees to third parties in connection with the sale of variable contracts and for services provided to variable contract owners. The Fund, EVM or EVD are not a party to these arrangements. Investors should consult the prospectus and statement of additional information for their variable contracts for a discussion of these payments. EVD may, at its expense, provide promotional incentives to dealers that sell variable insurance products.

Distribution fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Shareholder Servicing Plan

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan) for Initial Class and ADV Class. The Servicing Plan allows the Trust to enter into shareholder servicing agreements with insurance companies, investment dealers, broker/dealers or other financial intermediaries that provide shareholder services relating to Fund shares and their shareholders, including variable contract owners or plan participants with interests in the Fund. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.25% of its average daily net assets attributable to each class that are subject to shareholder servicing agreements. No shareholder servicing fees are levied on shares owned by EVM, its affiliates, or their respective employees or clients and may be waived under certain other limited conditions. For the six months ended June 30, 2015, shareholder servicing fees were equivalent to 0.18% per annum of each class’ average daily net assets and amounted to $4,791 and $1 for Initial Class and ADV Class, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $2,811,739 and $4,662,674, respectively, for the six months ended June 30, 2015.

7 Shares of Beneficial Interest


Initial Class	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014

Sales		83,325			240,067
Issued to shareholders electing to receive payments of distributions in Fund shares		196,092			9,667
Redemptions		(226,247	)		(3,929,165	)

Net increase (decrease)		53,170			(3,679,431	)


ADV Class	Six Months Ended June 30, 2015 (Unaudited)		Period Ended December 31, 2014⁽¹⁾

Sales		—		81

Net increase		—		81

⁽¹⁾	For the period from commencement of operations on April 15, 2014 to December 31, 2014.

At June 30, 2015, separate accounts of 3 insurance companies each owned more than 10% of the value of the outstanding shares of the Fund aggregating 99.1%.


		14

Eaton Vance

VT Large-Cap Value Fund

Notes to Financial Statements (Unaudited) — continued

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks, which is in effect through September 7, 2015. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended June 30, 2015.

9 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

At June 30, 2015, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Consumer Discretionary	$	175,121	$	—		$	—	$	175,121
Consumer Staples		330,708		—			—		330,708
Energy		632,546		—			—		632,546
Financials		1,298,202		76,564			—		1,374,766
Health Care		469,259		28,600			—		497,859
Industrials		483,455		—			—		483,455
Information Technology		543,204		—			—		543,204
Materials		217,327		—			—		217,327
Telecommunication Services		90,284		—			—		90,284
Utilities		260,797		—			—		260,797

Total Common Stocks	$	4,500,903	$	105,164	*	$	—	$	4,606,067

Total Investments	$	4,500,903	$	105,164		$	—	$	4,606,067

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.


		15

Eaton Vance

VT Large-Cap Value Fund

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The information that the Board considered included, among other things, the following:

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the data provider (“comparable funds”);

•

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

•

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

•

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

•

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

•

Reports detailing the financial results and condition of each adviser;

•

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

•


		16

Eaton Vance

VT Large-Cap Value Fund

Board of Trustees’ Contract Approval — continued

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•

The terms of each investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance VT Large-Cap Value Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention devoted to the Fund by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the Fund, including the provision of administrative services.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.


		17

Eaton Vance

VT Large-Cap Value Fund

Board of Trustees’ Contract Approval — continued

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2014 for the Fund. The Board considered various factors that contributed to the Fund’s relative underperformance during the three-year period, as well as the active and ongoing steps the Adviser had taken to improve performance, including changes in the equity group’s leadership, portfolio management and analysts staffing. In considering the relative underperformance of the Fund over the longer term, the Board noted that the Fund’s performance record had improved relative to its peers in more recent periods. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2014, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. The Board also considered actions taken by management in recent years to reduce expenses at the fund complex level.

Profitability

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale


		18

Eaton Vance

VT Large-Cap Value Fund

Officers and Trustees

Officers of Eaton Vance VT Large-Cap Value Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance VT Large-Cap Value Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

*	Interested Trustee

**	Ms. Sutherland began serving as a Trustee effective May 1, 2015.


		19

Eaton Vance Funds

IMPORTANT NOTICES

•

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•


		20

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Transfer Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Fund Offices

Two International Place