Eaton Vance Special Investment Trust

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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 must be 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 a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

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Eaton Vance

Balanced Fund

December 31, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

For U.S. equity and fixed-income investors, the 12-month period ended December 31, 2023, may be viewed as a roller-coaster ride driven by shifting perceptions of how long the U.S. Federal Reserve (the Fed) might keep raising interest rates to combat inflation, how long rates might remain high, and whether the Fed could guide the world’s largest economy to a soft economic landing.

As the period opened in January 2023, U.S. equities began a rally that lasted through July. The initial tailwind was ChatGPT, an artificial intelligence (AI) application that led investors to perceive AI might become the next big innovation to drive stock market performance. Earlier recession fears that had weighed on stock prices receded as more investors came to view the U.S. economy as doing surprisingly well.

In the fixed-income market, meanwhile, government bonds performed poorly as the Fed continued raising the federal funds rate through July 2023. Corporate bond returns, however, were positive throughout the period, buoyed by the very factors that were fueling inflation: low unemployment, strong job creation, and robust consumer spending.

From August through October 2023, the bond market became an attractive alternative to stocks as investors feared the Fed might keep rates higher for longer than anticipated, and longer-term bond interest rates rose sharply. Given the potential for relatively strong returns with lower risk than stocks, many investors shifted asset allocations from equities to bonds.

In the final two months of the period, however, U.S. stocks and bonds both rallied. Encouraged by cooling economic data and declining inflation, investors began to conclude the Fed was done raising interest rates -- and might begin lowering rates as early as March 2024.

In response, the U.S. stock market ended the period on a high note. The S&P 500® Index, a broad measure of U.S. stocks; the blue-chip Dow Jones Industrial Average®; and the technology-laden Nasdaq Composite Index each rose more than 9% in November and more than 4% in December 2023. The bond market rebounded as the Fed announced in December that its monetary tightening cycle was finished and there could be as many as three rate cuts in 2024.

For the period as a whole, U.S. equity performance was strong. The S&P 500® Index returned 26.29%, the Dow Jones Industrial Average® returned 16.18%, and the Nasdaq Composite Index returned 44.64%.

U.S. Treasurys finished the period in positive territory as well, with the Bloomberg U.S. Treasury Index returning 4.05%. The Bloomberg U.S. Corporate Bond Index, meanwhile, returned 8.52% during the period.

Fund Performance

For the 12-month period ended December 31, 2023, Eaton Vance Balanced Fund (the Fund) returned 16.05% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the S&P 500® Index (the Index), which returned 26.29%.

The Fund invests in a blend of Stock Portfolio -- the Fund’s equity allocation -- and Core Bond Portfolio -- the Fund’s fixed-income allocation. At period-end, 57% of the Fund was invested in equities, while 43% was invested in fixed-income securities.

On the equity side, the Stock Portfolio underperformed the Index during the period. On an individual stock basis, the largest detractor from Fund performance versus the Index was an underweight position in semiconductor maker NVIDIA Corp. The company’s share price more than tripled during the period, lifted by increased demand for its high-end graphics processing units in the burgeoning artificial intelligence (AI) industry.

On a sector basis, stock selections in the information technology, communication services, and utilities sectors detracted from Fund performance versus the Index during the period.

In contrast, the largest individual stock contributor to Fund performance relative to the Index was an overweight position in Lam Research Corp., which manufactures equipment used to fabricate semiconductor microchips. Although sales and earnings were relatively weak during the period, the company’s stock price nearly doubled on investor enthusiasm over AI and the potential for stronger sales in 2024 and beyond to supply microchip producers with new equipment.

On a sector basis, stock selections and underweight positions in the health care and energy sectors, along with stock selections in the financials sector, contributed to Fund performance versus the Index during the period.

On the fixed-income side, the Core Bond Portfolio underperformed the Index, but outperformed the Fund’s secondary benchmark, the Bloomberg U.S. Aggregate Bond Index (the Secondary Index), which returned 5.53% during the period.

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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

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Eaton Vance

Balanced Fund

December 31, 2023

Management’s Discussion of Fund Performance^† — continued

The Fund’s asset allocation contributed most to returns relative to the Secondary Index during the period. Allocations to investment-grade credit and high yield credit were especially beneficial to Secondary Index-relative returns. Meanwhile, security selections in investment-grade credit and asset-backed securities also enhanced Secondary Index-relative performance during the period.

In contrast, duration positioning in the Fund’s investment-grade credit and U.S. Treasury allocations detracted from Secondary Index-relative returns during the period. The Fund’s security selections in the commercial mortgage-backed securities sector and an underweight exposure to U.S. Treasurys also weighed on performance relative to the Secondary Index.

The Fund’s use of derivatives had a slight positive impact on returns relative to the Secondary Index during the period.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Balanced Fund

December 31, 2023

Performance

Portfolio Manager(s) Charles B. Gaffney, Vishal Khanduja, CFA and Brian S. Ellis, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	04/01/1932	04/01/1932	16.05%	9.53%	7.36%
Class A with 5.25% Maximum Sales Charge	—	—	9.94	8.36	6.78
Class C at NAV	11/02/1993	04/01/1932	15.15	8.71	6.72
Class C with 1% Maximum Deferred Sales Charge	—	—	14.15	8.71	6.72
Class I at NAV	09/28/2012	04/01/1932	16.32	9.82	7.63
Class R at NAV	05/02/2016	04/01/1932	15.83	9.27	7.17
Class R6 at NAV	05/02/2016	04/01/1932	16.37	9.87	7.67

S&P 500® Index	—	—	26.29%	15.68%	12.03%
Bloomberg U.S. Aggregate Bond Index	—	—	5.53	1.10	1.81
Blended Index	—	—	17.67	9.98	8.09

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I	Class R	Class R6
	0.97%	1.72%	0.72%	1.22%	0.67%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment²	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class C	$10,000	12/31/2013	$19,171	N.A.
Class I, at minimum investment	$1,000,000	12/31/2013	$2,087,524	N.A.
Class R	$10,000	12/31/2013	$19,986	N.A.
Class R6, at minimum investment	$5,000,000	12/31/2013	$10,476,979	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Balanced Fund

December 31, 2023

Endnotes and Additional Disclosures

†

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment grade bonds, including corporate, government and mortgage-backed securities. The Blended Index consists of 60% S&P 500® Index and 40% Bloomberg U.S. Aggregate Bond Index, rebalanced monthly. 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.

Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

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 adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R is linked to Class A and the performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

	Fund profile subject to change due to active management.
	Additional Information
	Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Bloomberg U.S. Treasury Index measures the performance of U.S. Treasuries with a maturity of one year or more. Bloomberg U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.
	Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

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Eaton Vance

Balanced Fund

December 31, 2023

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) 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 (July 1, 2023 to December 31, 2023).

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 any transactional costs, such as sales charges (loads). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period* (7/1/23 – 12/31/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$1,068.80	$5.11	0.98%
Class C	$1,000.00	$1,065.20	$9.01	1.73%
Class I	$1,000.00	$1,070.00	$3.81	0.73%
Class R	$1,000.00	$1,067.70	$6.41	1.23%
Class R6	$1,000.00	$1,070.30	$3.55	0.68%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,020.27	$4.99	0.98%
Class C	$1,000.00	$1,016.48	$8.79	1.73%
Class I	$1,000.00	$1,021.53	$3.72	0.73%
Class R	$1,000.00	$1,019.01	$6.26	1.23%
Class R6	$1,000.00	$1,021.78	$3.47	0.68%

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 184/365 (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 June 30, 2023. The Example reflects the expenses of both the Fund and the Portfolios.

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Eaton Vance

Balanced Fund

December 31, 2023

Statement of Assets and Liabilities

	December 31, 2023
Assets
Investment in Core Bond Portfolio, at value (identified cost, $360,850,395)	$ 333,818,965
Investment in Stock Portfolio, at value (identified cost, $335,199,869)	514,911,190
Receivable for Fund shares sold	642,210
Total assets	$849,372,365
Liabilities
Payable for Fund shares redeemed	$ 499,119
Payable to affiliates:
Administration fee	28,516
Distribution and service fees	214,701
Trustees' fees	125
Accrued expenses	261,256
Total liabilities	$ 1,003,717
Net Assets	$848,368,648
Sources of Net Assets
Paid-in capital	$ 654,631,354
Distributable earnings	193,737,294
Net Assets	$848,368,648
Class A Shares
Net Assets	$ 395,906,699
Shares Outstanding	37,911,652
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 10.44
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share)	$ 11.02
Class C Shares
Net Assets	$ 146,922,937
Shares Outstanding	13,988,850
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$ 10.50
Class I Shares
Net Assets	$ 284,307,270
Shares Outstanding	27,208,836
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 10.45
Class R Shares
Net Assets	$ 14,157,636
Shares Outstanding	1,361,838
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 10.40

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Statement of Operations

	Year Ended
	December 31, 2023
Investment Income
Dividend income allocated from Portfolios (net of foreign taxes withheld of $25,606)	$ 6,616,893
Interest income allocated from Portfolios (net of foreign taxes withheld of $652)	14,154,633
Expenses allocated from Portfolios	(4,866,339)
Total investment income from Portfolios	$ 15,905,187
Expenses
Administration fee	$ 335,489
Distribution and service fees:
Class A	923,301
Class C	1,673,827
Class R	68,170
Trustees’ fees and expenses	500
Custodian fee	53,903
Transfer and dividend disbursing agent fees	636,417
Legal and accounting services	64,050
Printing and postage	72,972
Registration fees	81,509
Miscellaneous	20,618
Total expenses	$ 3,930,756
Net investment income	$ 11,974,431
Realized and Unrealized Gain (Loss) from Portfolios
Net realized gain (loss):
Investment transactions	$ 26,394,882
Futures contracts	(396,654)
Foreign currency transactions	(5,508)
Net realized gain	$ 25,992,720
Change in unrealized appreciation (depreciation):
Investments	$ 84,203,114
Futures contracts	670,721
Foreign currency	6,529
Net change in unrealized appreciation (depreciation)	$ 84,880,364
Net realized and unrealized gain	$110,873,084
Net increase in net assets from operations	$122,847,515

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Statements of Changes in Net Assets

	Year Ended December 31,
	2023	2022
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 11,974,431	$ 9,964,028
Net realized gain	25,992,720	12,164,717
Net change in unrealized appreciation (depreciation)	84,880,364	(194,365,904)
Net increase (decrease) in net assets from operations	$122,847,515	$ (172,237,159)
Distributions to shareholders:
Class A	$ (7,921,538)	$ (19,606,480)
Class C	(2,086,519)	(8,804,256)
Class I	(6,656,672)	(16,932,328)
Class R	(259,027)	(691,511)
Class R6	(150,942)	(262,178)
Total distributions to shareholders	$ (17,074,698)	$ (46,296,753)
Transactions in shares of beneficial interest:
Class A	$ (2,382,199)	$ (9,760,073)
Class C	(56,876,573)	(25,998,184)
Class I	(34,519,562)	(49,224,778)
Class R	(488,453)	557,795
Class R6	1,765,045	464,775
Net decrease in net assets from Fund share transactions	$ (92,501,742)	$ (83,960,465)
Other capital:
Portfolio transaction fee contributed to Portfolio	$ —	$ (784,624)
Portfolio transaction fee allocated from Portfolio	—	765,338
Net decrease in net assets from other capital	$ —	$ (19,286)
Net increase (decrease) in net assets	$ 13,271,075	$ (302,513,663)
Net Assets
At beginning of year	$ 835,097,573	$1,137,611,236
At end of year	$848,368,648	$ 835,097,573

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Financial Highlights

	Class A
	Year Ended December 31,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.190	$ 11.500	$ 10.930	$ 9.850	$ 8.280
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.145	$ 0.116	$ 0.085	$ 0.110	$ 0.125
Net realized and unrealized gain (loss)	1.315	(1.896)	1.430	1.266	1.819
Total income (loss) from operations	$ 1.460	$ (1.780)	$ 1.515	$ 1.376	$ 1.944
Less Distributions
From net investment income	$ (0.155)	$ (0.130)	$ (0.127)	$ (0.118)	$ (0.127)
From net realized gain	(0.055)	(0.400)	(0.818)	(0.178)	(0.247)
Total distributions	$ (0.210)	$ (0.530)	$ (0.945)	$ (0.296)	$ (0.374)
Portfolio transaction fee, net⁽¹⁾	$ —	$ (0.000)⁽²⁾	$ (0.000)⁽²⁾	$ 0.000⁽²⁾	$ (0.000)⁽²⁾
Net asset value — End of year	$ 10.440	$ 9.190	$ 11.500	$ 10.930	$ 9.850
Total Return⁽³⁾	16.05%	(15.58)%	14.01%	14.20% ⁽⁴⁾	23.63%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$395,907	$350,731	$448,684	$391,745	$353,169
Ratios (as a percentage of average daily net assets):⁽⁵⁾
Expenses	0.98% ⁽⁶⁾	0.97% ⁽⁶⁾	0.95%	0.96% ⁽⁴⁾	0.98%
Net investment income	1.50%	1.15%	0.73%	1.10%	1.34%
Portfolio Turnover of the Fund⁽⁷⁾	2%	7%	7%	11%	12%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.0005 or $(0.0005), as applicable.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
⁽⁴⁾	The administrator of the Fund reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for the year ended December 31, 2020). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fee due to the Portfolios’ investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Financial Highlights — continued

	Class C
	Year Ended December 31,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.240	$ 11.550	$ 10.970	$ 9.900	$ 8.310
Income (Loss) From Operations
Net investment income (loss)⁽¹⁾	$ 0.072	$ 0.039	$ (0.002)	$ 0.036	$ 0.055
Net realized and unrealized gain (loss)	1.320	(1.897)	1.442	1.257	1.837
Total income (loss) from operations	$ 1.392	$ (1.858)	$ 1.440	$ 1.293	$ 1.892
Less Distributions
From net investment income	$ (0.077)	$ (0.052)	$ (0.042)	$ (0.045)	$ (0.055)
From net realized gain	(0.055)	(0.400)	(0.818)	(0.178)	(0.247)
Total distributions	$ (0.132)	$ (0.452)	$ (0.860)	$ (0.223)	$ (0.302)
Portfolio transaction fee, net⁽¹⁾	$ —	$ (0.000)⁽²⁾	$ (0.000)⁽²⁾	$ 0.000⁽²⁾	$ (0.000)⁽²⁾
Net asset value — End of year	$ 10.500	$ 9.240	$ 11.550	$ 10.970	$ 9.900
Total Return⁽³⁾	15.15%	(16.16)%	13.21%	13.21% ⁽⁴⁾	22.71%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$146,923	$182,999	$258,309	$248,249	$236,215
Ratios (as a percentage of average daily net assets):⁽⁵⁾
Expenses	1.73% ⁽⁶⁾	1.72% ⁽⁶⁾	1.70%	1.71% ⁽⁴⁾	1.73%
Net investment income (loss)	0.74%	0.39%	(0.02)%	0.36%	0.59%
Portfolio Turnover of the Fund⁽⁷⁾	2%	7%	7%	11%	12%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.0005 or $(0.0005), as applicable.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
⁽⁴⁾	The administrator of the Fund reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for the year ended December 31, 2020). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fee due to the Portfolios’ investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Financial Highlights — continued

	Class I
	Year Ended December 31,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.200	$ 11.500	$ 10.930	$ 9.860	$ 8.280
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.170	$ 0.140	$ 0.114	$ 0.134	$ 0.149
Net realized and unrealized gain (loss)	1.314	(1.884)	1.430	1.257	1.830
Total income (loss) from operations	$ 1.484	$ (1.744)	$ 1.544	$ 1.391	$ 1.979
Less Distributions
From net investment income	$ (0.179)	$ (0.156)	$ (0.156)	$ (0.143)	$ (0.152)
From net realized gain	(0.055)	(0.400)	(0.818)	(0.178)	(0.247)
Total distributions	$ (0.234)	$ (0.556)	$ (0.974)	$ (0.321)	$ (0.399)
Portfolio transaction fee, net⁽¹⁾	$ —	$ (0.000)⁽²⁾	$ (0.000)⁽²⁾	$ 0.000⁽²⁾	$ (0.000)⁽²⁾
Net asset value — End of year	$ 10.450	$ 9.200	$ 11.500	$ 10.930	$ 9.860
Total Return⁽³⁾	16.32%	(15.27)%	14.28%	14.36% ⁽⁴⁾	24.07%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$284,307	$283,882	$409,900	$399,991	$322,436
Ratios (as a percentage of average daily net assets):⁽⁵⁾
Expenses	0.73% ⁽⁶⁾	0.72% ⁽⁶⁾	0.70%	0.71% ⁽⁴⁾	0.73%
Net investment income	1.75%	1.39%	0.98%	1.34%	1.59%
Portfolio Turnover of the Fund⁽⁷⁾	2%	7%	7%	11%	12%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.0005 or $(0.0005), as applicable.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾	The administrator of the Fund reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for the year ended December 31, 2020). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fee due to the Portfolios’ investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Financial Highlights — continued

	Class R
	Year Ended December 31,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.150	$11.450	$ 10.890	$ 9.820	$ 8.260
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.121	$ 0.091	$ 0.055	$ 0.083	$ 0.102
Net realized and unrealized gain (loss)	1.315	(1.885)	1.425	1.261	1.812
Total income (loss) from operations	$ 1.436	$ (1.794)	$ 1.480	$ 1.344	$ 1.914
Less Distributions
From net investment income	$ (0.131)	$ (0.106)	$ (0.102)	$ (0.096)	$ (0.107)
From net realized gain	(0.055)	(0.400)	(0.818)	(0.178)	(0.247)
Total distributions	$ (0.186)	$ (0.506)	$ (0.920)	$ (0.274)	$(0.354)
Portfolio transaction fee, net⁽¹⁾	$ —	$ (0.000)⁽²⁾	$ (0.000)⁽²⁾	$ 0.000⁽²⁾	$(0.000) ⁽²⁾
Net asset value — End of year	$10.400	$ 9.150	$11.450	$10.890	$ 9.820
Total Return⁽³⁾	15.83%	(15.77)%	13.71%	13.89% ⁽⁴⁾	23.31%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 14,158	$12,922	$ 15,587	$ 8,958	$ 5,905
Ratios (as a percentage of average daily net assets):⁽⁵⁾
Expenses	1.23% ⁽⁶⁾	1.22% ⁽⁶⁾	1.20%	1.21% ⁽⁴⁾	1.23%
Net investment income	1.25%	0.90%	0.47%	0.84%	1.08%
Portfolio Turnover of the Fund⁽⁷⁾	2%	7%	7%	11%	12%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.0005 or $(0.0005), as applicable.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾	The administrator of the Fund reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for the year ended December 31, 2020). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fee due to the Portfolios’ investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Financial Highlights — continued

	Class R6
	Year Ended December 31,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.200	$11.510	$ 10.930	$ 9.860	$ 8.280
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.176	$ 0.146	$ 0.119	$ 0.139	$ 0.153
Net realized and unrealized gain (loss)	1.313	(1.895)	1.440	1.256	1.829
Total income (loss) from operations	$ 1.489	$ (1.749)	$ 1.559	$ 1.395	$ 1.982
Less Distributions
From net investment income	$ (0.184)	$ (0.161)	$ (0.161)	$ (0.147)	$ (0.155)
From net realized gain	(0.055)	(0.400)	(0.818)	(0.178)	(0.247)
Total distributions	$ (0.239)	$ (0.561)	$ (0.979)	$ (0.325)	$ (0.402)
Portfolio transaction fee, net⁽¹⁾	$ —	$ (0.000)⁽²⁾	$ (0.000)⁽²⁾	$ 0.000⁽²⁾	$ (0.000)⁽²⁾
Net asset value — End of year	$10.450	$ 9.200	$11.510	$10.930	$ 9.860
Total Return⁽³⁾	16.37%	(15.30)%	14.42%	14.41% ⁽⁴⁾	24.11%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 7,074	$ 4,564	$ 5,131	$ 54,388	$42,255
Ratios (as a percentage of average daily net assets):⁽⁵⁾
Expenses	0.68% ⁽⁶⁾	0.67% ⁽⁶⁾	0.66%	0.67% ⁽⁴⁾	0.68%
Net investment income	1.80%	1.45%	1.02%	1.39%	1.63%
Portfolio Turnover of the Fund⁽⁷⁾	2%	7%	7%	11%	12%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.0005 or $(0.0005), as applicable.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾	The administrator of the Fund reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for the year ended December 31, 2020). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of the Portfolios’ adviser fee due to the Portfolios’ investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

See Notes to Financial Statements.

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Eaton Vance

Balanced Fund

December 31, 2023

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Balanced Fund (the Fund) is a diversified series of Eaton Vance Special Investment 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I, Class R and Class R6 shares 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. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund's investment objective is to provide current income and long-term growth of capital. The Fund currently pursues its objective by investing substantially all of its assets in interests in two portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Fund's proportionate interest in each of the Portfolio's net assets at December 31, 2023 were as follows: Core Bond Portfolio (56.2%) and Stock Portfolio (86.6%). The performance of the Fund is directly affected by the performance of the Portfolios. The financial statements of Stock Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of Core Bond Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

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—Valuation of securities by Stock Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of Core Bond Portfolio.

Additional valuation policies for Core Bond Portfolio (the Portfolio) are as follows:

Debt Obligations. Debt obligations 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 ask 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 debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Preferred Securities. Preferred securities that are not listed or traded in the over-the-counter market are valued 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.

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.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

B Income—The Fund's net investment income or loss consists of the Fund's pro rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund.

C Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year 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 December 31, 2023, 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.

D 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.

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Eaton Vance

Balanced Fund

December 31, 2023

Notes to Financial Statements — continued

E 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.

F Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. 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, upon request by the shareholder, 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.

G Other—Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make quarterly 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, at the election of the shareholder, receive 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 tax character of distributions declared for the years ended December 31, 2023 and December 31, 2022 was as follows:

	Year Ended December 31,
	2023	2022
Ordinary income	$12,494,004	$10,727,583
Long-term capital gains	$ 4,580,694	$35,569,170

During the year ended December 31, 2023, distributable earnings was decreased by $1,646,331 and paid-in capital was increased by $1,646,331 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net
assets or net asset value per share of the Fund.

As of December 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed long-term capital gains	$ 10,894,949
Net unrealized appreciation	182,842,345
Distributable earnings	$193,737,294

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate based on the percentage of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

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Eaton Vance

Balanced Fund

December 31, 2023

Notes to Financial Statements — continued

For equity securities:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million	0.600%
$500 million but less than $1 billion	0.575%
$1 billion but less than $2.5 billion	0.550%
$2.5 billion but less than $5 billion	0.530%
$5 billion and over	0.515%

For income securities and cash:

Average Daily Net Assets	Annual Fee Rate
Less than $1 billion	0.450%
$1 billion up to $2 billion	0.425%
$2 billion up to $5 billion	0.415%
$5 billion and over	0.405%

For the year ended December 31, 2023, the Fund incurred no investment adviser fee on such assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its pro rata share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley, to render investment advisory services. See Note 2 of the Portfolios’ Notes to Financial Statements. For the year ended December 31, 2023, the Fund’s allocated portion of investment adviser fees paid by the Portfolios amounted to $4,501,247 or 0.54% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.04% of the Fund’s average daily net assets. For the year ended December 31, 2023, the administration fee amounted to $335,489.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2023, EVM earned $127,392 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, received $29,150 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2023. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended December 31, 2023 in the amount of $3,925. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended December 31, 2023 amounted to $923,301 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended December 31, 2023, the Fund paid or accrued to EVD $1,255,370 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended December 31, 2023, the Fund paid or accrued to EVD $34,085 for Class R shares.

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Eaton Vance

Balanced Fund

December 31, 2023

Notes to Financial Statements — continued

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended December 31, 2023 amounted to $418,457 and $34,085 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended December 31, 2023, the Fund was informed that EVD received $5,134 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended December 31, 2023, increases and decreases in the Fund's investments in the Portfolios were as follows:

Portfolio	Contributions	Withdrawals
Core Bond Portfolio	$5,388,301	$52,431,302
Stock Portfolio	7,753,896	75,449,924

In addition, prior to December 24, 2022, a Portfolio transaction fee was imposed by Stock Portfolio on the combined daily inflows or outflows of the Fund and Stock Portfolio’s other investors as more fully described at Note 1H of Stock Portfolio’s financial statements included herein. Such fee was allocated to the Fund based on its pro rata interest in Stock Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective after the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.

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, including direct exchanges pursuant to share class conversions, were as follows:

	Year Ended December 31, 2023		Year Ended December 31, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	5,247,777	$ 51,183,180	3,533,106	$ 35,319,040
Issued to shareholders electing to receive payments of distributions in Fund shares	732,879	7,213,576	1,892,087	17,920,820
Redemptions	(6,229,639)	(60,778,955)	(6,286,466)	(62,999,933)
Net decrease	(248,983)	$ (2,382,199)	(861,273)	$ (9,760,073)
Class C
Sales	783,217	$ 7,671,569	1,504,585	$ 15,270,383
Issued to shareholders electing to receive payments of distributions in Fund shares	206,249	2,046,818	915,758	8,650,430
Redemptions	(6,808,578)	(66,594,960)	(4,974,068)	(49,918,997)
Net decrease	(5,819,112)	$(56,876,573)	(2,553,725)	$ (25,998,184)

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Eaton Vance

Balanced Fund

December 31, 2023

Notes to Financial Statements — continued

	Year Ended December 31, 2023		Year Ended December 31, 2022
	Shares	Amount	Shares	Amount
Class I
Sales	4,423,506	$ 42,912,161	4,591,878	$ 46,467,208
Issued to shareholders electing to receive payments of distributions in Fund shares	616,616	6,052,407	1,636,674	15,552,170
Redemptions	(8,702,084)	(83,484,130)	(10,986,770)	(111,244,156)
Net decrease	(3,661,962)	$(34,519,562)	(4,758,218)	$ (49,224,778)
Class R
Sales	271,074	$ 2,625,867	263,754	$ 2,711,156
Issued to shareholders electing to receive payments of distributions in Fund shares	26,380	258,639	73,478	691,512
Redemptions	(347,826)	(3,372,959)	(286,225)	(2,844,873)
Net increase (decrease)	(50,372)	$ (488,453)	51,007	$ 557,795
Class R6
Sales	314,482	$ 3,065,657	228,791	$ 2,300,945
Issued to shareholders electing to receive payments of distributions in Fund shares	15,277	150,661	27,540	261,580
Redemptions	(149,094)	(1,451,273)	(206,014)	(2,097,750)
Net increase	180,665	$ 1,765,045	50,317	$ 464,775

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.

At December 31, 2023 and December 31, 2022, the Fund’s investment in Core Bond Portfolio, whose financial statements are not included but are available elsewhere as discussed in Note 1, and in Stock Portfolio were valued based on Level 1 inputs.

Table of Contents

Eaton Vance

Balanced Fund

December 31, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Special Investment Trust and Shareholders of Eaton Vance Balanced Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Balanced Fund (the “Fund”) (one of the funds constituting Eaton Vance Special Investment Trust), as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
February 23, 2024

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Balanced Fund

December 31, 2023

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in February 2024 showed the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Business Income. For the fiscal year ended December 31, 2023, the Fund designates approximately $116,353, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income. For the fiscal year ended December 31, 2023, the Fund designates approximately $5,938,454, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2023 ordinary income dividends, 46.16% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2023, $12,638,898 or, if subsequently determined to be different, the net capital gain of such year.

Table of Contents

Stock Portfolio

December 31, 2023

Portfolio of Investments

Common Stocks — 99.7%

Security	Shares		Value
Aerospace & Defense — 0.8%
HEICO Corp.		26,800	$ 4,793,716
			$ 4,793,716
Biotechnology — 2.2%
AbbVie, Inc.		84,016	$ 13,019,959
			$ 13,019,959
Broadline Retail — 4.8%
Amazon.com, Inc.⁽¹⁾		189,089	$ 28,730,183
			$ 28,730,183
Capital Markets — 6.3%
Intercontinental Exchange, Inc.		89,304	$ 11,469,313
S&P Global, Inc.		22,836	10,059,715
Stifel Financial Corp.		114,519	7,918,989
Tradeweb Markets, Inc., Class A		90,429	8,218,187
			$ 37,666,204
Chemicals — 1.5%
Linde PLC		21,306	$ 8,750,587
			$ 8,750,587
Commercial Services & Supplies — 1.8%
GFL Environmental, Inc.		120,129	$ 4,145,652
Waste Management, Inc.		38,173	6,836,784
			$ 10,982,436
Consumer Staples Distribution & Retail — 2.3%
Walmart, Inc.		85,600	$ 13,494,840
			$ 13,494,840
Containers & Packaging — 1.4%
AptarGroup, Inc.		66,580	$ 8,230,620
			$ 8,230,620
Electric Utilities — 1.3%
NextEra Energy, Inc.		123,397	$ 7,495,134
			$ 7,495,134

Security	Shares		Value
Electrical Equipment — 1.4%
AMETEK, Inc.		50,957	$ 8,402,300
			$ 8,402,300
Financial Services — 3.7%
Shift4 Payments, Inc., Class A⁽¹⁾		89,200	$ 6,631,128
Visa, Inc., Class A		59,330	15,446,565
			$ 22,077,693
Ground Transportation — 2.2%
Uber Technologies, Inc.⁽¹⁾		84,000	$ 5,171,880
Union Pacific Corp.		33,224	8,160,479
			$ 13,332,359
Health Care Equipment & Supplies — 2.8%
Intuitive Surgical, Inc.⁽¹⁾		24,857	$ 8,385,758
Stryker Corp.		26,633	7,975,518
			$ 16,361,276
Health Care Providers & Services — 1.4%
Humana, Inc.		18,200	$ 8,332,142
			$ 8,332,142
Hotels, Restaurants & Leisure — 1.6%
Domino's Pizza, Inc.		7,989	$ 3,293,305
Marriott International, Inc., Class A		28,408	6,406,288
			$ 9,699,593
Household Products — 1.8%
Procter & Gamble Co. (The)		74,400	$ 10,902,576
			$ 10,902,576
Insurance — 3.7%
Allstate Corp. (The)		81,270	$ 11,376,175
W.R. Berkley Corp.		147,000	10,395,840
			$ 21,772,015
Interactive Media & Services — 7.4%
Alphabet, Inc., Class C⁽¹⁾		203,497	$ 28,678,832
Meta Platforms, Inc., Class A⁽¹⁾		42,612	15,082,944
			$ 43,761,776
IT Services — 1.3%
Gartner, Inc.⁽¹⁾		17,755	$ 8,009,458
			$ 8,009,458

See Notes to Financial Statements.

Table of Contents

Stock Portfolio

December 31, 2023

Portfolio of Investments — continued

Security	Shares		Value
Life Sciences Tools & Services — 3.4%
Danaher Corp.		27,520	$ 6,366,477
Illumina, Inc.⁽¹⁾		36,655	5,103,842
Thermo Fisher Scientific, Inc.		15,980	8,482,024
			$ 19,952,343
Machinery — 0.9%
Parker-Hannifin Corp.		12,100	$ 5,574,470
			$ 5,574,470
Media — 1.6%
Comcast Corp., Class A		221,105	$ 9,695,454
			$ 9,695,454
Multi-Utilities — 0.6%
Sempra		48,826	$ 3,648,767
			$ 3,648,767
Oil, Gas & Consumable Fuels — 1.9%
ConocoPhillips		95,256	$ 11,056,364
			$ 11,056,364
Pharmaceuticals — 2.4%
Eli Lilly & Co.		24,800	$ 14,456,416
			$ 14,456,416
Professional Services — 4.6%
Automatic Data Processing, Inc.		40,836	$ 9,513,563
Booz Allen Hamilton Holding Corp.		44,590	5,703,507
TransUnion		173,470	11,919,123
			$ 27,136,193
Real Estate Management & Development — 1.5%
FirstService Corp.		53,264	$ 8,633,562
			$ 8,633,562
Semiconductors & Semiconductor Equipment — 9.0%
Analog Devices, Inc.		49,713	$ 9,871,013
Broadcom, Inc.		9,707	10,835,439
Lam Research Corp.		9,645	7,554,543
NVIDIA Corp.		50,500	25,008,610
			$ 53,269,605
Software — 11.7%
ANSYS, Inc.⁽¹⁾		24,201	$ 8,782,059

Security	Shares		Value
Software (continued)
Fair Isaac Corp.⁽¹⁾		7,000	$ 8,148,070
Microsoft Corp.		140,264	52,744,874
			$ 69,675,003
Specialty Retail — 2.4%
Burlington Stores, Inc.⁽¹⁾		34,081	$ 6,628,073
TJX Cos., Inc. (The)		78,122	7,328,625
			$ 13,956,698
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.		237,484	$ 45,722,794
			$ 45,722,794
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		60,367	$ 6,554,045
			$ 6,554,045
Wireless Telecommunication Services — 1.2%
T-Mobile US, Inc.		46,008	$ 7,376,463
			$ 7,376,463
Total Common Stocks (identified cost $365,929,040)			$592,523,044

Short-Term Investments — 0.4%

Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%⁽²⁾		2,428,547	$ 2,428,547
Total Short-Term Investments (identified cost $2,428,547)			$ 2,428,547
Total Investments — 100.1% (identified cost $368,357,587)			$594,951,591
Other Assets, Less Liabilities — (0.1)%			$ (469,556)
Net Assets — 100.0%			$594,482,035

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Non-income producing security.
⁽²⁾	May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023.

See Notes to Financial Statements.

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Stock Portfolio

December 31, 2023

Notes to Financial Statements

1 Significant Accounting Policies

Stock Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At December 31, 2023, Eaton Vance Stock Fund and Eaton Vance Balanced Fund held an interest of 13.4% and 86.6%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio 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.

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 ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System 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 ask prices.

Foreign Currencies. Foreign 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.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolio 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 statements, 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—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 Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of December 31, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio 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 Foreign Currency Translation—Other assets and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. 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.

F 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.

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Stock Portfolio

December 31, 2023

Notes to Financial Statements — continued

G Indemnifications—Under the Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Capital Transactions—To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, prior to December 24, 2022, the Portfolio imposed a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it received to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may have varied over time, was limited to amounts that had been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee was recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective after the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million	0.600%
$500 million but less than $1 billion	0.575%
$1 billion but less than $2.5 billion	0.550%
$2.5 billion but less than $5 billion	0.530%
$5 billion and over	0.515%

For the year ended December 31, 2023, the Portfolio's investment adviser fee amounted to $3,392,163 or 0.60% of the Portfolio’s average daily net assets.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended December 31, 2023, the investment adviser fee paid was reduced by $3,963 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR’s organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $247,069,992 and $323,019,446, respectively, for the year ended December 31, 2023.

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Stock Portfolio

December 31, 2023

Notes to Financial Statements — continued

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at December 31, 2023, as determined on a federal income tax basis, were as follows:

Aggregate cost	$370,127,195
Gross unrealized appreciation	$ 225,968,999
Gross unrealized depreciation	(1,144,603)
Net unrealized appreciation	$224,824,396

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 22, 2024. In connection with the renewal of the agreement on October 24, 2023, the borrowing limit was decreased from $725 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2023, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2023.

6 Affiliated Investments

At December 31, 2023, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $2,428,547, which represents 0.4% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 31, 2023 were as follows:

Name	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss)	Change in unrealized appreciation (depreciation)	Value, end of period	Dividend income	Shares, end of period
Short-Term Investments
Liquidity Fund	$4,125	$90,266,983	$(87,842,561)	$ —	$ —	$2,428,547	$135,448	2,428,547

7 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)

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Stock Portfolio

December 31, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Stock Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Stock Portfolio (the “Portfolio”), including the portfolio of investments, as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
February 23, 2024

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Balanced Fund

December 31, 2023

Management and Organization

Fund Management. The Trustees of Eaton Vance Special Investment Trust (the Trust), Core Bond Portfolio (CBP) and Stock Portfolio (SP) (the Portfolios) are responsible for the overall management and supervision of the Trust and each Portfolio’s affairs. The Board members and officers of the Trust and each Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's and the Portfolio's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolios to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolios to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and each Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “MSIM” refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 127 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Anchal Pachnanda⁽¹⁾ 1980	Trustee	Since 2023	Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None.
Noninterested Trustees
Alan C. Bowser 1962	Trustee	Since 2022	Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021).
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

Table of Contents

Eaton Vance

Balanced Fund

December 31, 2023

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.
Nancy A. Wiser 1967	Trustee	Since 2022	Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None.

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Kenneth A. Topping 1966	President of the Trust	Since 2023	Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management `Classic' (2009-2020).
R. Kelly Williams, Jr. 1971	President of Stock Portfolio	Since 2023	President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR.
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.

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Eaton Vance Funds

Privacy Notice

April 2021

FACTS

WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

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Eaton Vance Funds

Privacy Notice — continued

April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

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Eaton Vance Funds

IMPORTANT NOTICES

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

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.

Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.

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Eaton Vance

Core Bond Fund

December 31, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

For fixed-income investors, the dominant events during the 12-month period ended December 31, 2023, were four interest rate hikes by the U.S. Federal Reserve (the Fed), followed by an end-of-year halt to rising rates, and the prospect of rate cuts as early as March 2024.

While the Fed’s campaign to tamp down inflation led to negative performance for government bonds until later in the period, corporate bond returns were positive throughout the calendar year buoyed by the very factors that were fueling inflation: low unemployment, strong job creation, and robust consumer spending.

By the summer of 2023, many economists and market observers came around to the view that the Fed might be able to accomplish what had seldom, if ever, been done before: Raise interest rates significantly to lower inflation and still bring the U.S. economy in for a soft landing without a recession.

However, one persistent cloud over fixed-income markets during much of the period was a fear that even after the Fed finished raising the federal funds rate, America’s central bank might leave rates elevated for an extended time. From August to October 2023, longer-term interest rates rose dramatically as investor expectations of how high rates might go -- and how long rates might stay there -- seemed to get higher and longer.

This fear was largely dispelled during the last two months of the period when data showed inflation falling faster than anticipated. In December 2023, the Fed announced that its current round of rate hikes were done and, subsequently, there could be as many as three rate cuts in 2024. This sharp turnaround led to a strong rebound in bond markets that produced substantial positive returns in all major fixed-income markets during the period.

U.S. Treasurys -- one of the worst-performing major fixed-income asset classes during the Fed’s monetary-tightening cycle -- finished in positive territory, with the Bloomberg U.S. Treasury Index returning 4.05% for the full period.

Meanwhile, the Bloomberg U.S. Corporate Bond Index returned 8.52% during the period.

Elsewhere, high yield bonds were the standout performer among major fixed-income asset classes during the period, with the Bloomberg U.S. Corporate High Yield Index returning 13.44%. With a strong U.S. economy helping keep bond defaults low and a recession looking increasingly remote, investors gravitated toward riskier investments with greater yields.

Asset-backed securities benefited from strong consumer balance sheets as well as steady consumer spending during the period, with the Bloomberg U.S. Asset-Backed Securities Index returning 5.54%.

Mortgage-backed securities (MBS), which had posted negative returns during much of the period, underwent a resurgence in the final months.

MBS performance had weakened during the period as the Fed gradually reduced its MBS holdings as part of its quantitative tightening program. In addition, several regional banks -- that had been significant buyers of MBS -- liquidated their assets following the banking crisis of March 2023. However, boosted by news of the end of rate hikes -- and possible rate cuts to come -- the Bloomberg U.S. Mortgage-Backed Securities Index returned 5.05% during the period.

Fund Performance

For the 12-month period ended December 31, 2023, Eaton Vance Core Bond Fund (the Fund) returned 5.81% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index), which returned 5.53%.

The Fund’s asset allocation contributed most to returns relative to the Index during the period. Allocations to investment-grade credit and high yield credit were especially beneficial to Index-relative returns. Meanwhile, security selections in investment-grade credit and asset-backed securities also enhanced Index-relative performance during the period.

In contrast, duration positioning in the Fund’s investment-grade credit and U.S. Treasury allocations detracted from Index-relative returns during the period. The Fund’s security selections in the commercial mortgage-backed securities sector and an underweight exposure to U.S. Treasurys also weighed on performance relative to the Index.

The Fund’s use of derivatives had a slight positive impact on returns relative to the Index during the period.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Core Bond Fund

December 31, 2023

Performance

Portfolio Manager(s) Vishal Khanduja, CFA and Brian S. Ellis, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	01/05/2009	03/07/2000	5.81%	1.59%	1.86%
Class A with 3.25% Maximum Sales Charge	—	—	2.40	0.92	1.52
Class I at NAV	03/21/2007	03/07/2000	6.08	1.87	2.12

Bloomberg U.S. Aggregate Bond Index	—	—	5.53%	1.10%	1.81%

% Total Annual Operating Expense Ratios³	Class A	Class I
Gross	0.86%	0.61%
Net	0.74	0.49

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class I, at minimum investment	$1,000,000	12/31/2013	$1,233,647	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Core Bond Fund

December 31, 2023

Endnotes and Additional Disclosures

†

¹	Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. 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	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.
³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

	Additional Information
	Bloomberg U.S. Treasury Index measures the performance of U.S. Treasuries with a maturity of one year or more. Bloomberg U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. Bloomberg U.S. Corporate High Yield Index measures USD-denominated, non-investment grade corporate securities. Bloomberg U.S. Asset-Backed Securities Index tracks the performance of U.S. dollar denominated investment grade, fixed rate asset-backed securities publicly issued in the U.S. domestic market. Bloomberg U.S. Mortgage-Backed Securities Index measures agency mortgage-backed pass-through securities issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
	Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

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Eaton Vance

Core Bond Fund

December 31, 2023

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period* (7/1/23 – 12/31/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$1,036.60	$3.80**	0.74%
Class I	$1,000.00	$1,039.10	$2.52**	0.49%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,021.48	$3.77**	0.74%
Class I	$1,000.00	$1,022.74	$2.50**	0.49%

Absent an allocation of certain expenses to affiliate(s), expenses would be higher.

	December 31, 2023
Assets
Unaffiliated investments, at value (identified cost $365,929,040)	$ 592,523,044
Affiliated investments, at value (identified cost $2,428,547)	2,428,547
Dividends receivable	373,160
Dividends receivable from affiliated investments	14,084
Tax reclaims receivable	22,146
Trustees' deferred compensation plan	56,331
Total assets	$595,417,312
Liabilities
Payable for investments purchased	$ 440,920
Payable to affiliates:
Investment adviser fee	297,775
Trustees' fees	9,205
Trustees' deferred compensation plan	56,331
Accrued expenses	131,046
Total liabilities	$ 935,277
Net Assets applicable to investors' interest in Portfolio	$594,482,035

	Year Ended
	December 31, 2023
Investment Income
Dividend income (net of foreign taxes withheld of $16,419)	$ 6,918,566
Dividend income from affiliated investments	135,448
Total investment income	$ 7,054,014
Expenses
Investment adviser fee	$ 3,392,163
Trustees’ fees and expenses	25,823
Custodian fee	138,280
Legal and accounting services	71,158
Miscellaneous	35,550
Total expenses	$ 3,662,974
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$ 3,963
Total expense reductions	$ 3,963
Net expenses	$ 3,659,011
Net investment income	$ 3,395,003
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ 45,847,288
Foreign currency transactions	(6,344)
Net realized gain	$ 45,840,944
Change in unrealized appreciation (depreciation):
Investments	$ 74,494,795
Foreign currency	7,523
Net change in unrealized appreciation (depreciation)	$ 74,502,318
Net realized and unrealized gain	$120,343,262
Net increase in net assets from operations	$123,738,265

	Year Ended December 31,
	2023	2022
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 3,395,003	$ 5,289,328
Net realized gain	45,840,944	32,248,543
Net change in unrealized appreciation (depreciation)	74,502,318	(166,975,429)
Net increase (decrease) in net assets from operations	$123,738,265	$(129,437,558)
Capital transactions:
Contributions	$ 11,099,572	$ 5,305,309
Withdrawals	(90,392,247)	(198,020,738)
Portfolio transaction fee	—	879,886
Net decrease in net assets from capital transactions	$ (79,292,675)	$(191,835,543)
Net increase (decrease) in net assets	$ 44,445,590	$(321,273,101)
Net Assets
At beginning of year	$ 550,036,445	$ 871,309,546
At end of year	$594,482,035	$ 550,036,445

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Nicholas S. Di Lorenzo 1987	Secretary	Since 2022	Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP.
Laura T. Donovan 1976	Chief Compliance Officer	Since 2024	Vice President of EVM and BMR.

	December 31, 2023
Class R6 Shares
Net Assets	$7,074,106
Shares Outstanding	676,890
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 10.45

On sales of $50,000 or more, the offering price of Class A shares is reduced.
*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

Asset Description	Level 1	Level 2	Level 3	Total
Common Stocks	$ 592,523,044*	$ —	$ —	$ 592,523,044
Short-Term Investments	2,428,547	—	—	2,428,547
Total Investments	$ 594,951,591	$ —	$ —	$594,951,591