N-Q 1 b86030a1nvq.htm EATON VANCE SPECIAL INVESTMENT TRUST Eaton Vance Special Investment Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-01545
Investment Company Act File Number
Eaton Vance Special Investment Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
November 30
Date of Fiscal Year End
February 28, 2011
Date of Reporting Period
 
 

 

 

 

 
Eaton Vance
Risk-Managed Equity Option Income Fund
February 28, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 97.9%
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.0%
               
United Technologies Corp. 
    22,409     $ 1,872,048  
                 
            $ 1,872,048  
                 
Automobiles — 1.2%
               
Ford Motor Co.(1)
    150,666     $ 2,267,523  
                 
            $ 2,267,523  
                 
Beverages — 3.0%
               
Coca-Cola Co. (The)
    44,320     $ 2,832,935  
PepsiCo, Inc. 
    44,277       2,808,047  
                 
            $ 5,640,982  
                 
Biotechnology — 0.7%
               
Celgene Corp.(1)
    23,905     $ 1,269,355  
                 
            $ 1,269,355  
                 
Capital Markets — 2.2%
               
Goldman Sachs Group, Inc. (The)
    12,828     $ 2,100,970  
State Street Corp. 
    46,684       2,087,708  
                 
            $ 4,188,678  
                 
Chemicals — 1.7%
               
Monsanto Co. 
    44,316     $ 3,185,877  
                 
            $ 3,185,877  
                 
Commercial Banks — 3.6%
               
KeyCorp
    182,975     $ 1,672,391  
PNC Financial Services Group, Inc. 
    18,900       1,166,130  
Wells Fargo & Co. 
    124,214       4,007,144  
                 
            $ 6,845,665  
                 
Communications Equipment — 2.5%
               
Cisco Systems, Inc.(1)
    87,144     $ 1,617,393  
JDS Uniphase Corp.(1)
    54,687       1,349,128  
QUALCOMM, Inc. 
    28,731       1,711,793  
                 
            $ 4,678,314  
                 
Computers & Peripherals — 3.8%
               
Apple, Inc.(1)
    20,311     $ 7,174,048  
                 
            $ 7,174,048  
                 
Construction & Engineering — 2.1%
               
Fluor Corp. 
    56,030     $ 3,964,683  
                 
            $ 3,964,683  
                 
Consumer Finance — 0.8%
               
American Express Co. 
    32,864     $ 1,431,884  
                 
            $ 1,431,884  
                 
Diversified Financial Services — 4.1%
               
Citigroup, Inc.(1)
    593,198     $ 2,776,167  
JPMorgan Chase & Co. 
    106,287       4,962,540  
                 
            $ 7,738,707  
                 
 
1

 

                 
Security   Shares     Value  
Diversified Telecommunication Services — 0.9%
               
AT&T, Inc. 
    28,423     $ 806,645  
Verizon Communications, Inc. 
    22,822       842,588  
                 
            $ 1,649,233  
                 
Electric Utilities — 0.5%
               
American Electric Power Co., Inc. 
    27,786     $ 994,183  
                 
            $ 994,183  
                 
Electrical Equipment — 2.0%
               
Emerson Electric Co. 
    61,843     $ 3,689,553  
                 
            $ 3,689,553  
                 
Electronic Equipment, Instruments & Components — 1.3%
               
Corning, Inc. 
    105,344     $ 2,429,233  
                 
            $ 2,429,233  
                 
Energy Equipment & Services — 2.5%
               
Halliburton Co. 
    54,380     $ 2,552,597  
Schlumberger, Ltd. 
    22,363       2,089,152  
                 
            $ 4,641,749  
                 
Food & Staples Retailing — 1.4%
               
Wal-Mart Stores, Inc. 
    52,114     $ 2,708,886  
                 
            $ 2,708,886  
                 
Health Care Equipment & Supplies — 3.2%
               
Covidien PLC
    40,464     $ 2,081,873  
St. Jude Medical, Inc.(1)
    50,881       2,436,182  
Varian Medical Systems, Inc.(1)
    20,134       1,394,884  
                 
            $ 5,912,939  
                 
Health Care Providers & Services — 4.6%
               
AmerisourceBergen Corp. 
    64,771     $ 2,455,469  
DaVita, Inc.(1)
    14,177       1,125,228  
Fresenius Medical Care AG & Co. KGaA ADR
    26,440       1,755,087  
UnitedHealth Group, Inc. 
    77,319       3,292,243  
                 
            $ 8,628,027  
                 
Hotels, Restaurants & Leisure — 1.9%
               
Carnival Corp. 
    20,869     $ 890,480  
McDonald’s Corp. 
    36,375       2,752,860  
                 
            $ 3,643,340  
                 
Household Products — 1.4%
               
Procter & Gamble Co. 
    42,978     $ 2,709,763  
                 
            $ 2,709,763  
                 
Industrial Conglomerates — 2.0%
               
General Electric Co. 
    176,342     $ 3,689,075  
                 
            $ 3,689,075  
                 
Insurance — 3.6%
               
Aflac, Inc. 
    22,527     $ 1,325,939  
Lincoln National Corp. 
    45,138       1,431,777  
MetLife, Inc. 
    44,124       2,089,713  
Prudential Financial, Inc. 
    28,085       1,848,836  
                 
            $ 6,696,265  
                 
Internet & Catalog Retail — 1.5%
               
Amazon.com, Inc.(1)
    16,254     $ 2,816,656  
                 
            $ 2,816,656  
                 
 
2

 

                 
Security   Shares     Value  
Internet Software & Services — 2.7%
               
Akamai Technologies, Inc.(1)
    22,954     $ 861,464  
Google, Inc., Class A(1)
    6,928       4,249,635  
                 
            $ 5,111,099  
                 
IT Services — 4.0%
               
Accenture PLC, Class A
    59,188     $ 3,046,998  
International Business Machines Corp. 
    27,175       4,399,089  
                 
            $ 7,446,087  
                 
Machinery — 2.2%
               
Danaher Corp. 
    81,168     $ 4,107,101  
                 
            $ 4,107,101  
                 
Media — 1.4%
               
Comcast Corp., Class A
    102,946     $ 2,651,889  
                 
            $ 2,651,889  
                 
Metals & Mining — 3.3%
               
Freeport-McMoRan Copper & Gold, Inc. 
    29,150     $ 1,543,492  
Goldcorp, Inc. 
    96,106       4,594,828  
                 
            $ 6,138,320  
                 
Multi-Utilities — 1.1%
               
PG&E Corp. 
    45,991     $ 2,118,345  
                 
            $ 2,118,345  
                 
Multiline Retail — 1.1%
               
Target Corp. 
    37,645     $ 1,978,245  
                 
            $ 1,978,245  
                 
Oil, Gas & Consumable Fuels — 12.3%
               
Apache Corp. 
    25,516     $ 3,179,804  
ConocoPhillips
    51,335       3,997,457  
Exxon Mobil Corp. 
    64,081       5,480,848  
Hess Corp. 
    43,179       3,757,868  
Occidental Petroleum Corp. 
    22,119       2,255,474  
Peabody Energy Corp. 
    35,454       2,321,883  
Southwestern Energy Co.(1)
    50,773       2,004,518  
                 
            $ 22,997,852  
                 
Pharmaceuticals — 1.8%
               
Johnson & Johnson
    14,302     $ 878,715  
Pfizer, Inc. 
    134,769       2,592,955  
                 
            $ 3,471,670  
                 
Real Estate Investment Trusts (REITs) — 1.3%
               
AvalonBay Communities, Inc. 
    10,814     $ 1,308,818  
Boston Properties, Inc. 
    12,382       1,187,682  
                 
            $ 2,496,500  
                 
Semiconductors & Semiconductor Equipment — 1.0%
               
Intel Corp. 
    84,169     $ 1,807,108  
                 
            $ 1,807,108  
                 
Software — 6.3%
               
Microsoft Corp. 
    189,207     $ 5,029,122  
Oracle Corp. 
    129,793       4,270,190  
salesforce.com, inc.(1)
    19,404       2,566,567  
                 
            $ 11,865,879  
                 
Specialty Retail — 1.5%
               
Home Depot, Inc. 
    74,715     $ 2,799,571  
                 
            $ 2,799,571  
                 
 
3

 

                 
Security   Shares     Value  
Textiles, Apparel & Luxury Goods — 1.4%
               
NIKE, Inc., Class B
    28,921     $ 2,574,837  
                 
            $ 2,574,837  
                 
Tobacco — 1.4%
               
Philip Morris International, Inc. 
    40,548     $ 2,545,603  
                 
            $ 2,545,603  
                 
Wireless Telecommunication Services — 1.6%
               
American Tower Corp., Class A(1)
    14,007     $ 755,818  
Vodafone Group PLC
    760,893       2,160,246  
                 
            $ 2,916,064  
                 
                 
Total Common Stocks
(identified cost $158,882,073)
          $ 183,492,836  
                 
 
Call Options Purchased — 0.3%
 
                             
    Number
 		    Strike
 		    Expiration
 		     
Security   of Contracts     Price     Date   Value  
Celgene Corp. 
    400       $62.50     4/16/11   $ 4,200  
Clearwire Corp., Class A
    530       7.00     3/19/11     2,650  
Goldcorp, Inc. 
    230       47.00     7/16/11     89,125  
Microsoft Corp. 
    705       29.00     3/19/11     1,763  
Shaw Group, Inc. (The)
    440       35.00     1/21/12     358,600  
St. Jude Medical, Inc. 
    1,125       50.00     4/16/11     104,062  
                             
         
Total Call Options Purchased
(identified cost $446,870)
  $ 560,400  
         
 
Put Options Purchased — 1.5%
 
                             
    Number
 		  Strike
 		    Expiration
 		     
Description   of Contracts   Price     Date   Value  
S&P 500 Index
    1,545       $1,200     6/18/11   $ 2,858,250  
                         
         
Total Put Options Purchased
(identified cost $6,529,704)
  $ 2,858,250  
         
 
Short-Term Investments — 0.1%
 
                     
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.18%(2)
  $     199     $ 198,634  
                     
                     
Total Short-Term Investments
(identified cost $198,634)
              $ 198,634  
                     
         
Total Investments — 99.8%
(identified cost $166,057,281)
  $ 187,110,120  
         
 
Call Options Written — (0.2)%
 
                             
    Number
 		    Strike
 		    Expiration
 		     
Description   of Contracts     Price     Date   Value  
S&P 500 Index
    1,295       $1,360     3/19/11   $ (456,488 )
                             
         
Total Call Options Written
(premiums received $1,087,763)
 
$ 		(456,488 )
         
 
4

 

Put Options Written — (0.3)%
 
                             
    Number
 		    Strike
 		    Expiration
 		     
Security   of Contracts     Price     Date   Value  
Akamai Technologies, Inc. 
    465       $40.00     5/21/11   $ (220,875 )
Celgene Corp. 
    400       47.50     4/16/11     (20,400 )
Clearwire Corp., Class A
    940       6.00     3/19/11     (105,750 )
General Electric Co. 
    2,005       18.00     4/16/11     (26,065 )
Goldcorp, Inc. 
    240       40.00     7/16/11     (21,840 )
McDonald’s Corp. 
    280       70.00     6/18/11     (30,240 )
Microsoft Corp. 
    705       26.00     3/19/11     (20,445 )
Shaw Group, Inc. (The)
    655       25.00     1/21/12     (55,675 )
St. Jude Medical, Inc. 
    385       50.00     4/16/11     (127,050 )
                             
         
Total Put Options Written
(premiums received $725,441)
 
$ 		(628,340 )
         
         
Other Assets, Less Liabilities — 0.7%
  $ 1,405,481  
         
         
Net Assets — 100.0%
  $ 187,430,773  
         
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
(1)
      Non-income producing security.
         
(2)
      Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2011. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended February 28, 2011 was $32.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 165,022,104  
         
Gross unrealized appreciation
  $ 28,103,198  
Gross unrealized depreciation
    (6,015,182 )
         
Net unrealized appreciation
  $ 22,088,016  
         
 
Written call and put options activity for the fiscal year to date ended February 28, 2011 was as follows:
 
                 
    Number
 		    Premiums
 		 
    of Contracts     Received  
Outstanding, beginning of period
    4,550     $ 1,914,677  
Options written
    9,185       4,172,361  
Options terminated in closing purchase transactions
    (3,950 )     (4,065,962 )
Options expired
    (2,415 )     (207,872 )
                 
Outstanding, end of period
    7,370     $ 1,813,204  
                 
 
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At February 28, 2011, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund generally intends to purchase call options on individual stocks at or above the current value of the stock to enhance return. In buying call options on individual stocks, the Fund in effect, acquires potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium paid. The Fund generally intends to purchase index put options below the current value of the index to reduce the Fund’s exposure to market risk and volatility. In buying index put options, the Fund in effect, acquires protection against decline in the value of the applicable index below the exercise price in exchange for the option premium paid. The Fund generally intends to write index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline. The Fund generally intends to write put options on individual stocks below the current value of the individual stock to generate premium income. In writing put options on individual stocks, the Fund in effect, sells protection
 
5

 

against decline in the value of the applicable individual stock below the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline below the exercise price.
 
At February 28, 2011, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is equity price risk was $3,418,650 and $1,084,828, respectively.
 
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.
 
At February 28, 2011, 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
  $ 18,732,061     $ —     $ —     $ 18,732,061  
Consumer Staples
    13,605,234       —       —       13,605,234  
Energy
    27,639,601       —       —       27,639,601  
Financials
    29,397,699       —       —       29,397,699  
Health Care
    19,281,991       —       —       19,281,991  
Industrials
    17,322,460       —       —       17,322,460  
Information Technology
    40,511,768       —       —       40,511,768  
Materials
    9,324,197       —       —       9,324,197  
Telecommunication Services
    2,405,051       2,160,246       —       4,565,297  
Utilities
    3,112,528       —       —       3,112,528  
 
 
Total Common Stocks
  $ 181,332,590     $ 2,160,246 *   $ —     $ 183,492,836  
 
 
                                 
Call Options Purchased
  $ 560,400     $ —     $ —     $ 560,400  
Put Options Purchased
    2,858,250       —       —       2,858,250  
Short-Term Investments
    —       198,634       —       198,634  
 
 
Total Investments
  $ 184,751,240     $ 2,358,880     $ —     $ 187,110,120  
 
 
                                 
Liability Description                        
   
Call Options Written
  $ (456,488 )   $ —     $ —     $ (456,488 )
Put Options Written
    —       (628,340 )     —       (628,340 )
 
 
Total
  $ (456,488 )   $ (628,340 )   $ —     $ (1,084,828 )
 
 
 
* 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.
 
The Fund held no investments or other financial instruments as of November 30, 2010 whose fair value was determined using Level 3 inputs. At February 28, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
6

 

 
Eaton Vance
Enhanced Equity Option Income Fund
February 28, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 97.8%(1)
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.0%
               
United Technologies Corp. 
    1,781     $ 148,785  
                 
            $ 148,785  
                 
Automobiles — 1.2%
               
Ford Motor Co.(2)
    12,564     $ 189,088  
                 
            $ 189,088  
                 
Beverages — 2.7%
               
Coca-Cola Co. (The)
    3,495     $ 223,400  
PepsiCo, Inc. 
    3,166       200,788  
                 
            $ 424,188  
                 
Biotechnology — 0.8%
               
Celgene Corp.(2)
    2,240     $ 118,944  
                 
            $ 118,944  
                 
Capital Markets — 2.1%
               
Goldman Sachs Group, Inc. (The)
    985     $ 161,323  
State Street Corp. 
    3,673       164,257  
                 
            $ 325,580  
                 
Chemicals — 1.6%
               
Monsanto Co. 
    3,464     $ 249,027  
                 
            $ 249,027  
                 
Commercial Banks — 4.4%
               
KeyCorp
    28,168     $ 257,456  
PNC Financial Services Group, Inc. 
    1,759       108,530  
Wells Fargo & Co. 
    9,772       315,245  
                 
            $ 681,231  
                 
Communications Equipment — 2.4%
               
Cisco Systems, Inc.(2)
    7,501     $ 139,218  
JDS Uniphase Corp.(2)
    4,343       107,142  
QUALCOMM, Inc. 
    2,019       120,292  
                 
            $ 366,652  
                 
Computers & Peripherals — 3.6%
               
Apple, Inc.(2)
    1,570     $ 554,540  
                 
            $ 554,540  
                 
Construction & Engineering — 1.8%
               
Fluor Corp. 
    3,942     $ 278,936  
                 
            $ 278,936  
                 
Consumer Finance — 0.6%
               
American Express Co. 
    2,273     $ 99,035  
                 
            $ 99,035  
                 
Diversified Financial Services — 3.7%
               
Citigroup, Inc.(2)
    46,668     $ 218,406  
JPMorgan Chase & Co. 
    7,550       352,510  
                 
            $ 570,916  
                 
 
1

 

                 
Security   Shares     Value  
Diversified Telecommunication Services — 1.2%
               
AT&T, Inc. 
    3,755     $ 106,567  
Verizon Communications, Inc. 
    2,118       78,196  
                 
            $ 184,763  
                 
Electric Utilities — 0.5%
               
American Electric Power Co., Inc. 
    2,009     $ 71,882  
                 
            $ 71,882  
                 
Electrical Equipment — 2.0%
               
Emerson Electric Co. 
    5,314     $ 317,033  
                 
            $ 317,033  
                 
Electronic Equipment, Instruments & Components — 1.2%
               
Corning, Inc. 
    8,193     $ 188,931  
                 
            $ 188,931  
                 
Energy Equipment & Services — 2.7%
               
Halliburton Co. 
    4,010     $ 188,229  
Schlumberger, Ltd. 
    2,411       225,236  
                 
            $ 413,465  
                 
Food & Staples Retailing — 1.4%
               
Wal-Mart Stores, Inc. 
    4,057     $ 210,883  
                 
            $ 210,883  
                 
Health Care Equipment & Supplies — 3.3%
               
Covidien PLC
    3,186     $ 163,920  
St. Jude Medical, Inc.(2)
    4,920       235,569  
Varian Medical Systems, Inc.(2)
    1,646       114,035  
                 
            $ 513,524  
                 
Health Care Providers & Services — 4.7%
               
AmerisourceBergen Corp. 
    6,366     $ 241,335  
DaVita, Inc.(2)
    1,209       95,958  
Fresenius Medical Care AG & Co. KGaA ADR
    1,870       124,131  
UnitedHealth Group, Inc. 
    6,467       275,365  
                 
            $ 736,789  
                 
Hotels, Restaurants & Leisure — 1.9%
               
Carnival Corp. 
    1,582     $ 67,504  
McDonald’s Corp. 
    3,051       230,900  
                 
            $ 298,404  
                 
Household Products — 1.8%
               
Procter & Gamble Co. 
    4,560     $ 287,508  
                 
            $ 287,508  
                 
Industrial Conglomerates — 2.4%
               
General Electric Co. 
    17,916     $ 374,803  
                 
            $ 374,803  
                 
Insurance — 3.1%
               
Aflac, Inc. 
    1,552     $ 91,351  
Lincoln National Corp. 
    3,397       107,753  
MetLife, Inc. 
    3,137       148,568  
Prudential Financial, Inc. 
    1,934       127,315  
                 
            $ 474,987  
                 
Internet & Catalog Retail — 1.6%
               
Amazon.com, Inc.(2)
    1,438     $ 249,191  
                 
            $ 249,191  
                 
 
2

 

                 
Security   Shares     Value  
Internet Software & Services — 2.7%
               
Akamai Technologies, Inc.(2)
    1,941     $ 72,846  
Google, Inc., Class A(2)
    557       341,664  
                 
            $ 414,510  
                 
IT Services — 3.8%
               
Accenture PLC, Class A
    5,006     $ 257,709  
International Business Machines Corp. 
    2,052       332,178  
                 
            $ 589,887  
                 
Machinery — 2.1%
               
Danaher Corp. 
    6,528     $ 330,317  
                 
            $ 330,317  
                 
Media — 1.6%
               
Comcast Corp., Class A
    9,666     $ 248,996  
                 
            $ 248,996  
                 
Metals & Mining — 3.7%
               
Freeport-McMoRan Copper & Gold, Inc. 
    5,100     $ 270,045  
Goldcorp, Inc. 
    6,450       308,374  
                 
            $ 578,419  
                 
Multi-Utilities — 1.0%
               
PG&E Corp. 
    3,210     $ 147,853  
                 
            $ 147,853  
                 
Multiline Retail — 1.1%
               
Target Corp. 
    3,258     $ 171,208  
                 
            $ 171,208  
                 
Oil, Gas & Consumable Fuels — 12.1%
               
Apache Corp. 
    2,155     $ 268,556  
ConocoPhillips
    3,418       266,160  
Exxon Mobil Corp. 
    6,338       542,089  
Hess Corp. 
    3,366       292,943  
Occidental Petroleum Corp. 
    1,781       181,608  
Peabody Energy Corp. 
    2,771       181,473  
Southwestern Energy Co.(2)
    3,654       144,260  
                 
            $ 1,877,089  
                 
Pharmaceuticals — 1.8%
               
Johnson & Johnson
    1,203     $ 73,912  
Pfizer, Inc. 
    11,033       212,275  
                 
            $ 286,187  
                 
Real Estate Investment Trusts (REITs) — 1.3%
               
AvalonBay Communities, Inc. 
    1,006     $ 121,756  
Boston Properties, Inc. 
    894       85,753  
                 
            $ 207,509  
                 
Semiconductors & Semiconductor Equipment — 1.3%
               
Intel Corp. 
    9,718     $ 208,645  
                 
            $ 208,645  
                 
Software — 6.0%
               
Microsoft Corp. 
    15,027     $ 399,418  
Oracle Corp. 
    10,036       330,184  
salesforce.com, inc.(2)
    1,485       196,421  
                 
            $ 926,023  
                 
Specialty Retail — 1.4%
               
Home Depot, Inc. 
    5,988     $ 224,370  
                 
            $ 224,370  
                 
 
3

 

                 
Security   Shares     Value  
Textiles, Apparel & Luxury Goods — 1.3%
               
NIKE, Inc., Class B
    2,350     $ 209,220  
                 
            $ 209,220  
                 
Tobacco — 1.2%
               
Philip Morris International, Inc. 
    2,989     $ 187,649  
                 
            $ 187,649  
                 
Wireless Telecommunication Services — 1.7%
               
American Tower Corp., Class A(2)
    2,076     $ 112,021  
Vodafone Group PLC
    53,792       152,720  
                 
            $ 264,741  
                 
                 
Total Common Stocks
(identified cost $12,925,867)
          $ 15,201,708  
                 
 
Call Options Purchased — 0.4%
 
                             
    Number of
 		  Strike
 		  Expiration
 		   
Security   Contracts   Price   Date   Value
Celgene Corp. 
    25       $62.50     4/16/11   $ 263  
Clearwire Corp., Class A
    25       7.00     3/19/11     125  
Goldcorp, Inc. 
    15       47.00     7/16/11     5,812  
JDS Uniphase Corp. 
    45       20.00     1/21/12     32,287  
Microsoft Corp. 
    55       29.00     3/19/11     138  
Shaw Group, Inc. (The)
    27       35.00     1/21/12     22,005  
St. Jude Medical, Inc. 
    75       50.00     4/16/11     6,937  
                             
         
Total Call Options Purchased
(identified cost $64,368)
  $ 67,567  
         
         
Total Investments — 98.2%
(identified cost $12,990,235)
  $ 15,269,275  
         
 
Covered Call Options Written — (1.1)%
 
                             
    Number of
 		  Strike
 		    Expiration
 		     
Security   Contracts   Price     Date   Value  
Accenture PLC, Class A
    48       $55.00     3/19/11   $ (360 )
Aflac, Inc. 
    15       60.00     4/16/11     (2,025 )
Amazon.com, Inc. 
    12       195.00     3/19/11     (354 )
American Express Co. 
    21       47.00     3/19/11     (242 )
American Tower Corp., Class A
    20       55.00     4/16/11     (2,750 )
AmerisourceBergen Corp. 
    49       38.00     3/19/11     (3,675 )
AmerisourceBergen Corp. 
    14       39.00     4/16/11     (1,120 )
Apache Corp. 
    20       130.00     3/19/11     (2,080 )
Apple, Inc. 
    15       370.00     3/19/11     (2,970 )
AvalonBay Communities, Inc. 
    6       120.00     3/19/11     (1,620 )
AvalonBay Communities, Inc. 
    4       120.00     4/16/11     (1,540 )
Boston Properties, Inc. 
    8       95.00     3/19/11     (1,840 )
Carnival Corp. 
    15       50.00     3/19/11     (75 )
Cisco Systems, Inc. 
    72       23.00     3/19/11     (36 )
Coca-Cola Co. (The)
    34       65.00     4/16/11     (2,057 )
Comcast Corp., Class A
    96       26.00     4/16/11     (7,584 )
ConocoPhillips
    33       72.50     3/19/11     (18,645 )
Corning, Inc. 
    81       24.00     4/16/11     (4,779 )
Covidien PLC
    30       50.00     3/19/11     (6,300 )
Danaher Corp. 
    63       49.00     3/19/11     (13,073 )
DaVita, Inc. 
    12       80.00     4/16/11     (2,280 )
Emerson Electric Co. 
    53       62.50     4/16/11     (3,710 )
Exxon Mobil Corp. 
    63       90.00     4/16/11     (5,387 )
 
4

 

                             
    Number of
 		  Strike
 		    Expiration
 		     
Security   Contracts   Price     Date   Value  
Fluor Corp. 
    38       $75.00     3/19/11   $ (2,470 )
Freeport-McMoRan Copper & Gold, Inc. 
    48       60.00     3/19/11     (864 )
Goldman Sachs Group, Inc. (The)
    9       170.00     4/16/11     (2,484 )
Google, Inc., Class A
    5       650.00     3/19/11     (413 )
Halliburton Co. 
    40       50.00     4/16/11     (4,820 )
Hess Corp. 
    33       90.00     4/16/11     (8,993 )
Home Depot, Inc. 
    59       39.00     4/16/11     (2,744 )
International Business Machines Corp. 
    20       165.00     4/16/11     (5,130 )
JPMorgan Chase & Co. 
    75       49.00     4/16/11     (5,663 )
Lincoln National Corp. 
    33       33.00     4/16/11     (2,591 )
MetLife, Inc. 
    5       49.00     4/16/11     (525 )
Monsanto Co. 
    34       75.00     4/16/11     (6,681 )
NIKE, Inc., Class B
    23       90.00     4/16/11     (5,267 )
Oracle Corp. 
    100       34.00     4/16/11     (8,050 )
Peabody Energy Corp. 
    26       70.00     3/19/11     (1,287 )
PepsiCo, Inc. 
    31       65.00     4/16/11     (1,566 )
Pfizer, Inc. 
    110       20.00     4/16/11     (2,750 )
PNC Financial Services Group, Inc. 
    17       65.00     4/16/11     (1,547 )
Prudential Financial, Inc. 
    19       67.50     4/16/11     (3,392 )
QUALCOMM, Inc. 
    20       60.00     4/16/11     (3,820 )
salesforce.com, inc.
    14       145.00     3/19/11     (1,687 )
Schlumberger, Ltd. 
    24       100.00     4/16/11     (3,624 )
Southwestern Energy Co. 
    10       41.00     4/16/11     (1,185 )
State Street Corp. 
    36       47.00     4/16/11     (2,448 )
United Technologies Corp. 
    17       85.00     4/16/11     (2,550 )
UnitedHealth Group, Inc. 
    64       46.00     4/16/11     (2,400 )
Verizon Communications, Inc. 
    21       37.00     4/16/11     (1,754 )
Wells Fargo & Co. 
    97       34.00     4/16/11     (5,772 )
                         
         
Total Covered Call Options Written
(premiums received $161,855)
 
$ 		(176,979 )
         
 
Put Options Written — (0.2)%
 
                             
    Number of
 		  Strike
 		    Expiration
 		     
Security   Contracts   Price     Date   Value  
Akamai Technologies, Inc. 
    20       $40.00     5/21/11   $ (9,500 )
Celgene Corp. 
    25       47.50     4/16/11     (1,275 )
Clearwire Corp., Class A
    45       6.00     3/19/11     (5,063 )
General Electric Co. 
    150       18.00     4/16/11     (1,950 )
Goldcorp, Inc. 
    16       40.00     7/16/11     (1,456 )
McDonald’s Corp. 
    20       70.00     6/18/11     (2,160 )
Microsoft Corp. 
    55       26.00     3/19/11     (1,595 )
Shaw Group, Inc. (The)
    42       25.00     1/21/12     (3,570 )
St. Jude Medical, Inc. 
    30       50.00     4/16/11     (9,900 )
                         
         
Total Put Options Written
(premiums received $47,231)
  $ (36,469 )
         
         
Other Assets, Less Liabilities — 3.1%
  $ 496,693  
         
         
Net Assets — 100.0%
  $ 15,552,520  
         
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
(1)
      A portion of each applicable common stock for which a written call option is outstanding at February 28, 2011 has been pledged as collateral for such written option.
         
(2)
      Non-income producing security.
 
5

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 13,158,922  
         
Gross unrealized appreciation
  $ 2,230,396  
Gross unrealized depreciation
    (120,043 )
         
Net unrealized appreciation
  $ 2,110,353  
         
 
Written call and put options activity for the fiscal year to date ended February 28, 2011 was as follows:
 
                 
    Number of
 		    Premiums
 		 
    Contracts     Received  
Outstanding, beginning of period
    608     $ 62,665  
Options written
    3,301       289,250  
Options terminated in closing purchase transactions
    (916 )     (71,897 )
Options exercised
    (12 )     (1,996 )
Options expired
    (766 )     (68,936 )
                 
Outstanding, end of period
    2,215     $ 209,086  
                 
 
At February 28, 2011, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund generally intends to purchase call options on individual stocks at or above the current value of the stock to enhance return. In buying call options on individual stocks, the Fund in effect, acquires potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium paid. The Fund generally intends to write covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect, sells potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline. The Fund generally intends to write put options on individual stocks below the current value of the individual stock to generate premium income. In writing put options on individual stocks, the Fund in effect, sells protection against decline in the value of the applicable individual stock below the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline below the exercise price.
 
At February 28, 2011, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is equity price risk was $67,567 and $213,448, respectively.
 
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.
 
6

 

At February 28, 2011, 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
  $ 1,590,477     $ —     $ —     $ 1,590,477  
Consumer Staples
    1,110,228       —       —       1,110,228  
Energy
    2,290,554       —       —       2,290,554  
Financials
    2,359,258       —       —       2,359,258  
Health Care
    1,655,444       —       —       1,655,444  
Industrials
    1,449,874       —       —       1,449,874  
Information Technology
    3,249,188       —       —       3,249,188  
Materials
    827,446       —       —       827,446  
Telecommunication Services
    296,784       152,720       —       449,504  
Utilities
    219,735       —       —       219,735  
 
 
Total Common Stocks
  $ 15,048,988     $ 152,720 *   $ —     $ 15,201,708  
 
 
Call Options Purchased
  $ 67,567     $ —     $ —     $ 67,567  
 
 
Total Investments
  $ 15,116,555     $ 152,720     $ —     $ 15,269,275  
 
 
                                 
Liability Description                        
   
Covered Call Options Written
  $ (176,979 )   $ —     $ —     $ (176,979 )
Put Options Written
    —       (36,469 )     —       (36,469 )
 
 
Total
  $ (176,979 )   $ (36,469 )   $ —     $ (213,448 )
 
 
 
*  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.
 
The Fund held no investments or other financial instruments as of November 30, 2010 whose fair value was determined using Level 3 inputs. At February 28, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
7

 

Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

 

 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Special Investment Trust
         
     
  By:   /s/ Duncan W. Richardson    
    Duncan W. Richardson   
    President   
 
Date: April 25, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
  By:   /s/ Duncan W. Richardson    
    Duncan W. Richardson   
    President   
 
Date: April 25, 2011
         
     
  By:   /s/ Barbara E. Campbell    
    Barbara E. Campbell   
    Treasurer   
 
Date: April 25, 2011