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Release Date: 06-30-2017 Eaton Vance VT Floating-Rate Income Fund — Initial Class Investment Strategy from investment’s prospectus The investment seeks to provide a high level of current income. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans and other floating rate debt securities. It invests primarily in senior floating rate loans of domestic and foreign borrowers ("Senior Loans"). Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics (sometimes referred to as "junk"). Past name: Eaton Vance VT Floating-Rate Income Init. Category Description: Bank Loan Bank-loan portfolios primarily invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London Interbank Offered Rate, or LIBOR. Operations Fund Inception Date Initial Share Class Inception Date Advisor Eaton Vance Management Subadvisor — Fees and Expenses as of 05-01-17 Gross Prospectus Expense Ratio Net Prospectus Expense Ratio Waiver Data — Type — 05-02-01 05-02-01 1.19% 1.19% Exp.Date — Portfolio Manager(s) Scott H. Page, CFA. M.B.A., Dartmouth College, 1987. B.A., Williams College, 1981. Since 2001. Craig P. Russ. B.A., Middlebury College, 1985. Since 2007. % — Portfolio Analysis as of 04-30-17 Composition as of 04-30-17 U.S. Stocks Non-U.S. Stocks Bonds Cash Other % Assets 0.64 0.00 90.07 9.15 0.13 Morningstar Style BoxTM as of 04-30-17 Average Effective Duration Average Effective Maturity Top 20 Holdings as of 04-30-17 Valeant Pharmaceuticals International, Inc. 04-01-22 VIRGIN MEDIA BRI FLOATING COUPON 3.9062 MATURITY 20250131 01-31-25 1011778 BC ULC FLOATING COUPON 3.4284 MATURITY 20240217 02-17-24 Envision Healthcare (Ems) 12-01-23 CHANGE HEALTHCAR FLOATING COUPON 3.9681 MATURITY 20240301 03-01-24 % Assets 1.01 1.01 Risk Measures as of 06-30-17 3 Yr Std Dev 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr Beta 3 Yr R-squared Infor Lawson 02-01-22 SPRINT COMMUNICA FLOATING COUPON 3.6712 MATURITY 20240202 02-02-24 REYNOLDS GROUP H FLOATING COUPON 4.1804 MATURITY 20230205 02-05-23 Kronos Incorporated 11-01-23 AVOLON HOLDINGS FLOATING COUPON 3.8998 MATURITY 20220320 03-20-22 0.83 0.82 •• •• • 0.98 0.87 0.87 0.76 0.76 0.75 Calpine Corporation 01-15-24 Ppd 08-18-22 Intelsat Jackson Holdings 06-30-19 Jbs Usa, Llc 10-30-22 RBS GLOBAL INC FLOATING COUPON 3.9018 MATURITY 20230821 08-21-23 0.74 0.74 0.74 0.68 0.62 UNIVISION COMM FLOATING COUPON 3.8982 MATURITY 20240315 03-15-24 Serta Simmons 11-08-23 Evoqua 01-15-21 Go Daddy 02-15-24 First Data Corporation 06-02-20 0.62 0.61 0.60 0.60 0.59 3 472 44.00 653.40 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) BC Aggr 2.90 0.77 — — — %Fund 0.00 90.51 0.00 0.00 9.49 0.00 Category 3.09 0.83 2.26 0.05 0.59 %Category 16.98 71.53 1.29 0.00 10.20 0.00 Credit Analysis as of 09-30-16 AAA AA A BBB BB B Below B NR/NA Investment T Moderate %Bonds 0 0 0 5 42 47 3 3 Notes This material is authorized for client use only when preceded or accompanied by a Disclosure Statement, a product prospectus, a fund prospectus and/or informational brochure containing more complete information. These can be obtained from your investment professional and should be read carefully before investing or sending money. NOT A DEPOSIT — NOT FDIC INSURED — NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY — NOT GUARANTEED BY THE INSTITUTION — MAY GO DOWN IN VALUE Volatility Analysis Low S Morningstar Sectors as of 04-30-17 Government Corporate Securitized Municipal Cash and Equivalents Other Port Avg 2.61 1.02 2.47 0.08 0.72 0.24 4.38 High Category In the past, this investment has shown a relatively small range of fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. © 2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.