# EDGAR Filing Document

**Accession Number:** 0000031266
**File Stem:** 0001193125-26-081305
**Filing Date:** 2026-2
**Character Count:** 1061889
**Document Hash:** f1f12822ff3e96e95c17518b494fb0bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081305.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081305

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Special Investment Trust
- **CENTRAL INDEX KEY:** 0000031266

**ORGANIZATION NAME:**
- **EIN:** 046039283

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01545
- **FILM NUMBER:** 26695909

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 6174828260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE SPECIAL INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19930301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE SPECIAL EQUITIES FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE SPECIAL EQUITIES FUND INC
- **DATE OF NAME CHANGE:** 19890619

## Series and Classes Contracts Data

### Eaton Vance Balanced Fund (Series ID: S000005213)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000014207 | Eaton Vance Balanced Fund Class A  | EVIFX           |
| C000014209 | Eaton Vance Balanced Fund Class C  | ECIFX           |
| C000120937 | Eaton Vance Balanced Fund Class I  | EIIFX           |
| C000171358 | Eaton Vance Balanced Fund Class R  | ERIFX           |
| C000171359 | Eaton Vance Balanced Fund Class R6 | ESIFX           |

### Eaton Vance Dividend Builder Fund (Series ID: S000005215)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000014213 | Eaton Vance Dividend Builder Fund Class A | EVTMX           |
| C000014215 | Eaton Vance Dividend Builder Fund Class C | ECTMX           |
| C000014216 | Eaton Vance Dividend Builder Fund Class I | EIUTX           |

### Eaton Vance Greater India Fund (Series ID: S000005217)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000014219 | Eaton Vance Greater India Fund Class A | ETGIX           |
| C000034727 | Eaton Vance Greater India Fund Class C | ECGIX           |
| C000081648 | Eaton Vance Greater India Fund Class I | EGIIX           |

### Eaton Vance Growth Fund (Series ID: S000005220)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000014223 | Eaton Vance Growth Fund Class A | EALCX           |
| C000014225 | Eaton Vance Growth Fund Class C | ECLCX           |
| C000048018 | Eaton Vance Growth Fund Class I | ELCIX           |
| C000080478 | Eaton Vance Growth Fund Class R | ELCRX           |

### Eaton Vance Large-Cap Value Fund (Series ID: S000005221)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000014226 | Eaton Vance Large-Cap Value Fund Class A  | EHSTX           |
| C000014228 | Eaton Vance Large-Cap Value Fund Class C  | ECSTX           |
| C000014229 | Eaton Vance Large-Cap Value Fund Class R  | ERSTX           |
| C000014230 | Eaton Vance Large-Cap Value Fund Class I  | EILVX           |
| C000142453 | Eaton Vance Large-Cap Value Fund Class R6 | ERLVX           |

### Eaton Vance Small-Cap Fund (Series ID: S000005222)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000014231 | Eaton Vance Small-Cap Fund Class A | ETEGX           |
| C000014233 | Eaton Vance Small-Cap Fund Class C | ECSMX           |
| C000070580 | Eaton Vance Small-Cap Fund Class I | EISGX           |
| C000080479 | Eaton Vance Small-Cap Fund Class R | ERSGX           |

### Eaton Vance Core Bond Fund (Series ID: S000012344)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000033565 | Eaton Vance Core Bond Fund Class I | EIGIX           |
| C000075110 | Eaton Vance Core Bond Fund Class A | EAGIX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Special Investment Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-01545

## Eaton Vance Special Investment Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### December 31

#### Date of Fiscal Year End

#### December 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance Balanced Fund
![Image](g84380g97o76.jpg)

# Class A EVIFX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $101 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio and Core Bond Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index (the Index), and the Bloomberg U.S. Aggregate Bond Index (the Secondary Index):

• The Fund invests in a blend of Stock Portfolio — the Fund's equity allocation — and Core Bond Portfolio — the Fund's fixed-income allocation

↓ Both the Stock Portfolio and Core Bond Portfolio underperformed the Index and detracted from Index-relative returns — but both outperformed the Secondary Index

↓ An out-of-index position in Shift4 Payments, Inc. hurt on missed earnings, Global Blue integration issues, valuation pressure and payment-sector headwinds

↓ Among sectors, stock selection in industrials, financials, communication services, and real estate detracted the most from relative returns

↓ The Fund's modestly short duration position detracted as interest rates declined over the period

↑ An out-of-index position in Mr. Cooper Group, Inc., helped returns as stock soared due to its acquisition by Rocket Companies

↑ Among sectors, stock selection in consumer staples, health care, consumer discretionary and an overweight to communication services helped returns

↑ The Fund's positioning within securitized credit drove performance. Overweight to commercial mortgage backed securities, asset backed securities, and non-agency residential mortgage backed securities contributed as spreads tightened and security selection strengthened returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g25a34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9267 | $9504 | $9757 | $10138 |
| **2/16** | $9209 | $9491 | $9777 | $10210 |
| **3/16** | $9610 | $10135 | $10211 | $10303 |
| **4/16** | $9610 | $10174 | $10250 | $10343 |
| **5/16** | $9692 | $10357 | $10362 | $10345 |
| **6/16** | $9785 | $10384 | $10452 | $10531 |
| **7/16** | $9983 | $10766 | $10710 | $10598 |
| **8/16** | $9948 | $10782 | $10714 | $10586 |
| **9/16** | $9924 | $10784 | $10713 | $10580 |
| **10/16** | $9783 | $10587 | $10563 | $10499 |
| **11/16** | $9795 | $10979 | $10698 | $10250 |
| **12/16** | $9911 | $11196 | $10831 | $10265 |
| **1/17** | $9994 | $11408 | $10962 | $10285 |
| **2/17** | $10241 | $11861 | $11253 | $10354 |
| **3/17** | $10236 | $11875 | $11258 | $10349 |
| **4/17** | $10330 | $11997 | $11363 | $10428 |
| **5/17** | $10472 | $12166 | $11494 | $10509 |
| **6/17** | $10552 | $12242 | $11532 | $10498 |
| **7/17** | $10679 | $12494 | $11694 | $10543 |
| **8/17** | $10726 | $12532 | $11758 | $10638 |
| **9/17** | $10803 | $12790 | $11881 | $10587 |
| **10/17** | $10959 | $13089 | $12050 | $10593 |
| **11/17** | $11115 | $13490 | $12265 | $10580 |
| **12/17** | $11252 | $13640 | $12370 | $10628 |
| **1/18** | $11548 | $14421 | $12738 | $10506 |
| **2/18** | $11252 | $13890 | $12408 | $10406 |
| **3/18** | $11117 | $13537 | $12250 | $10473 |
| **4/18** | $11166 | $13589 | $12242 | $10395 |
| **5/18** | $11340 | $13916 | $12454 | $10469 |
| **6/18** | $11358 | $14002 | $12494 | $10456 |
| **7/18** | $11644 | $14523 | $12774 | $10459 |
| **8/18** | $11849 | $14996 | $13056 | $10526 |
| **9/18** | $11859 | $15081 | $13067 | $10458 |
| **10/18** | $11345 | $14050 | $12490 | $10376 |
| **11/18** | $11483 | $14337 | $12673 | $10438 |
| **12/18** | $10866 | $13042 | $12079 | $10630 |
| **1/19** | $11457 | $14087 | $12711 | $10742 |
| **2/19** | $11693 | $14540 | $12953 | $10736 |
| **3/19** | $11973 | $14822 | $13204 | $10942 |
| **4/19** | $12302 | $15422 | $13526 | $10945 |
| **5/19** | $12078 | $14442 | $13106 | $11139 |
| **6/19** | $12557 | $15460 | $13726 | $11279 |
| **7/19** | $12742 | $15682 | $13857 | $11304 |
| **8/19** | $12814 | $15434 | $13869 | $11597 |
| **9/19** | $12819 | $15723 | $13995 | $11535 |
| **10/19** | $12952 | $16063 | $14194 | $11570 |
| **11/19** | $13205 | $16646 | $14500 | $11564 |
| **12/19** | $13435 | $17149 | $14758 | $11556 |
| **1/20** | $13571 | $17142 | $14869 | $11778 |
| **2/20** | $12971 | $15731 | $14241 | $11990 |
| **3/20** | $11721 | $13788 | $13152 | $11920 |
| **4/20** | $12762 | $15555 | $14257 | $12132 |
| **5/20** | $13200 | $16296 | $14691 | $12188 |
| **6/20** | $13451 | $16620 | $14904 | $12265 |
| **7/20** | $14083 | $17558 | $15497 | $12448 |
| **8/20** | $14669 | $18820 | $16115 | $12348 |
| **9/20** | $14292 | $18105 | $15744 | $12341 |
| **10/20** | $14056 | $17623 | $15465 | $12286 |
| **11/20** | $14932 | $19552 | $16541 | $12406 |
| **12/20** | $15343 | $20304 | $16932 | $12424 |
| **1/21** | $15160 | $20099 | $16781 | $12334 |
| **2/21** | $15413 | $20653 | $16962 | $12156 |
| **3/21** | $15619 | $21558 | $17323 | $12005 |
| **4/21** | $16323 | $22708 | $17932 | $12099 |
| **5/21** | $16323 | $22867 | $18031 | $12139 |
| **6/21** | $16626 | $23401 | $18334 | $12224 |
| **7/21** | $16894 | $23956 | $18677 | $12361 |
| **8/21** | $17147 | $24685 | $19004 | $12337 |
| **9/21** | $16526 | $23537 | $18408 | $12231 |
| **10/21** | $17176 | $25186 | $19179 | $12227 |
| **11/21** | $17034 | $25011 | $19122 | $12263 |
| **12/21** | $17492 | $26132 | $19617 | $12232 |
| **1/22** | $16595 | $24780 | $18839 | $11968 |
| **2/22** | $16397 | $24038 | $18416 | $11835 |
| **3/22** | $16574 | $24931 | $18622 | $11506 |
| **4/22** | $15537 | $22757 | $17365 | $11069 |
| **5/22** | $15461 | $22798 | $17429 | $11141 |
| **6/22** | $14743 | $20916 | $16456 | $10966 |
| **7/22** | $15569 | $22845 | $17528 | $11234 |
| **8/22** | $15080 | $21913 | $16901 | $10917 |
| **9/22** | $14134 | $19895 | $15675 | $10445 |
| **10/22** | $14595 | $21506 | $16355 | $10310 |
| **11/22** | $15270 | $22708 | $17144 | $10689 |
| **12/22** | $14767 | $21399 | $16520 | $10641 |
| **1/23** | $15362 | $22744 | $17346 | $10968 |
| **2/23** | $14928 | $22189 | $16913 | $10684 |
| **3/23** | $15442 | $23004 | $17457 | $10956 |
| **4/23** | $15571 | $23363 | $17663 | $11022 |
| **5/23** | $15507 | $23464 | $17632 | $10902 |
| **6/23** | $16035 | $25015 | $18306 | $10863 |
| **7/23** | $16326 | $25818 | $18654 | $10856 |
| **8/23** | $16261 | $25407 | $18428 | $10786 |
| **9/23** | $15592 | $24196 | $17714 | $10512 |
| **10/23** | $15316 | $23687 | $17378 | $10346 |
| **11/23** | $16486 | $25850 | $18645 | $10815 |
| **12/23** | $17137 | $27025 | $19439 | $11229 |
| **1/24** | $17531 | $27479 | $19614 | $11198 |
| **2/24** | $18138 | $28946 | $20131 | $11040 |
| **3/24** | $18480 | $29878 | $20594 | $11142 |
| **4/24** | $17821 | $28657 | $19882 | $10860 |
| **5/24** | $18645 | $30078 | $20608 | $11044 |
| **6/24** | $19298 | $31157 | $21130 | $11149 |
| **7/24** | $19496 | $31537 | $21481 | $11409 |
| **8/24** | $20041 | $32302 | $21917 | $11573 |
| **9/24** | $20362 | $32992 | $22316 | $11728 |
| **10/24** | $20130 | $32692 | $21973 | $11437 |
| **11/24** | $20826 | $34611 | $22840 | $11558 |
| **12/24** | $20473 | $33786 | $22364 | $11369 |
| **1/25** | $20907 | $34727 | $22785 | $11430 |
| **2/25** | $20820 | $34274 | $22807 | $11681 |
| **3/25** | $20001 | $32343 | $22039 | $11685 |
| **4/25** | $20035 | $32124 | $21984 | $11731 |
| **5/25** | $20802 | $34146 | $22751 | $11647 |
| **6/25** | $21623 | $35882 | $23586 | $11826 |
| **7/25** | $21886 | $36687 | $23878 | $11795 |
| **8/25** | $22078 | $37431 | $24283 | $11936 |
| **9/25** | $22370 | $38797 | $24921 | $12067 |
| **10/25** | $22633 | $39706 | $25333 | $12142 |
| **11/25** | $22861 | $39803 | $25433 | $12217 |
| **12/25** | $22736 | $39827 | $25428 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 11.01% | 8.17% | 9.13% |
| Class A with 5.25% Maximum Sales Charge | 5.21% | 7.00% | 8.55% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Blended Index<sup>Footnote Reference1</sup> | 13.70% | 8.47% | 9.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Benchmark is an internally constructed benchmark comprised of a blend of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1082378107 |
| # of Portfolio Holdings (for Stock and Core Bond Portfolios) | 429 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $5443712 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio and Core Bond Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g99f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Short-Term Investments | 3.3% |
| Asset-Backed Securities | 5.0% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds | 7.8% |
| U.S. Government Agency Mortgage-Backed Securities | 9.5% |
| Common Stocks | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, 5.00%, 30-Year, TBA | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;34.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EVIFX-TSR-AR

# Eaton Vance Balanced Fund
![Image](g84380g97o76.jpg)

# Class C ECIFX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $180 | 1.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio and Core Bond Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index (the Index), and the Bloomberg U.S. Aggregate Bond Index (the Secondary Index):

• The Fund invests in a blend of Stock Portfolio — the Fund's equity allocation — and Core Bond Portfolio — the Fund's fixed-income allocation

↓ Both the Stock Portfolio and Core Bond Portfolio underperformed the Index and detracted from Index-relative returns — but both outperformed the Secondary Index

↓ An out-of-index position in Shift4 Payments, Inc. hurt on missed earnings, Global Blue integration issues, valuation pressure and payment-sector headwinds

↓ Among sectors, stock selection in industrials, financials, communication services, and real estate detracted the most from relative returns

↓ The Fund's modestly short duration position detracted as interest rates declined over the period

↑ An out-of-index position in Mr. Cooper Group, Inc., helped returns as stock soared due to its acquisition by Rocket Companies

↑ Among sectors, stock selection in consumer staples, health care, consumer discretionary and an overweight to communication services helped returns

↑ The Fund's positioning within securitized credit drove performance. Overweight to commercial mortgage backed securities, asset backed securities, and non-agency residential mortgage backed securities contributed as spreads tightened and security selection strengthened returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g68c68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9781 | $9504 | $9757 | $10138 |
| **2/16** | $9720 | $9491 | $9777 | $10210 |
| **3/16** | $10139 | $10135 | $10211 | $10303 |
| **4/16** | $10127 | $10174 | $10250 | $10343 |
| **5/16** | $10200 | $10357 | $10362 | $10345 |
| **6/16** | $10294 | $10384 | $10452 | $10531 |
| **7/16** | $10501 | $10766 | $10710 | $10598 |
| **8/16** | $10452 | $10782 | $10714 | $10586 |
| **9/16** | $10433 | $10784 | $10713 | $10580 |
| **10/16** | $10274 | $10587 | $10563 | $10499 |
| **11/16** | $10274 | $10979 | $10698 | $10250 |
| **12/16** | $10388 | $11196 | $10831 | $10265 |
| **1/17** | $10474 | $11408 | $10962 | $10285 |
| **2/17** | $10733 | $11861 | $11253 | $10354 |
| **3/17** | $10708 | $11875 | $11258 | $10349 |
| **4/17** | $10807 | $11997 | $11363 | $10428 |
| **5/17** | $10955 | $12166 | $11494 | $10509 |
| **6/17** | $11029 | $12242 | $11532 | $10498 |
| **7/17** | $11149 | $12494 | $11694 | $10543 |
| **8/17** | $11186 | $12532 | $11758 | $10638 |
| **9/17** | $11269 | $12790 | $11881 | $10587 |
| **10/17** | $11418 | $13089 | $12050 | $10593 |
| **11/17** | $11568 | $13490 | $12265 | $10580 |
| **12/17** | $11700 | $13640 | $12370 | $10628 |
| **1/18** | $12007 | $14421 | $12738 | $10506 |
| **2/18** | $11700 | $13890 | $12408 | $10406 |
| **3/18** | $11552 | $13537 | $12250 | $10473 |
| **4/18** | $11591 | $13589 | $12242 | $10395 |
| **5/18** | $11770 | $13916 | $12454 | $10469 |
| **6/18** | $11779 | $14002 | $12494 | $10456 |
| **7/18** | $12061 | $14523 | $12774 | $10459 |
| **8/18** | $12273 | $14996 | $13056 | $10526 |
| **9/18** | $12273 | $15081 | $13067 | $10458 |
| **10/18** | $11743 | $14050 | $12490 | $10376 |
| **11/18** | $11860 | $14337 | $12673 | $10438 |
| **12/18** | $11228 | $13042 | $12079 | $10630 |
| **1/19** | $11822 | $14087 | $12711 | $10742 |
| **2/19** | $12065 | $14540 | $12953 | $10736 |
| **3/19** | $12343 | $14822 | $13204 | $10942 |
| **4/19** | $12681 | $15422 | $13526 | $10945 |
| **5/19** | $12437 | $14442 | $13106 | $11139 |
| **6/19** | $12918 | $15460 | $13726 | $11279 |
| **7/19** | $13094 | $15682 | $13857 | $11304 |
| **8/19** | $13168 | $15434 | $13869 | $11597 |
| **9/19** | $13161 | $15723 | $13995 | $11535 |
| **10/19** | $13284 | $16063 | $14194 | $11570 |
| **11/19** | $13543 | $16646 | $14500 | $11564 |
| **12/19** | $13778 | $17149 | $14758 | $11556 |
| **1/20** | $13904 | $17142 | $14869 | $11778 |
| **2/20** | $13277 | $15731 | $14241 | $11990 |
| **3/20** | $11994 | $13788 | $13152 | $11920 |
| **4/20** | $13040 | $15555 | $14257 | $12132 |
| **5/20** | $13487 | $16296 | $14691 | $12188 |
| **6/20** | $13746 | $16620 | $14904 | $12265 |
| **7/20** | $14375 | $17558 | $15497 | $12448 |
| **8/20** | $14957 | $18820 | $16115 | $12348 |
| **9/20** | $14575 | $18105 | $15744 | $12341 |
| **10/20** | $14321 | $17623 | $15465 | $12286 |
| **11/20** | $15211 | $19552 | $16541 | $12406 |
| **12/20** | $15599 | $20304 | $16932 | $12424 |
| **1/21** | $15414 | $20099 | $16781 | $12334 |
| **2/21** | $15656 | $20653 | $16962 | $12156 |
| **3/21** | $15863 | $21558 | $17323 | $12005 |
| **4/21** | $16561 | $22708 | $17932 | $12099 |
| **5/21** | $16561 | $22867 | $18031 | $12139 |
| **6/21** | $16849 | $23401 | $18334 | $12224 |
| **7/21** | $17119 | $23956 | $18677 | $12361 |
| **8/21** | $17361 | $24685 | $19004 | $12337 |
| **9/21** | $16721 | $23537 | $18408 | $12231 |
| **10/21** | $17376 | $25186 | $19179 | $12227 |
| **11/21** | $17219 | $25011 | $19122 | $12263 |
| **12/21** | $17660 | $26132 | $19617 | $12232 |
| **1/22** | $16743 | $24780 | $18839 | $11968 |
| **2/22** | $16544 | $24038 | $18416 | $11835 |
| **3/22** | $16704 | $24931 | $18622 | $11506 |
| **4/22** | $15649 | $22757 | $17365 | $11069 |
| **5/22** | $15572 | $22798 | $17429 | $11141 |
| **6/22** | $14837 | $20916 | $16456 | $10966 |
| **7/22** | $15649 | $22845 | $17528 | $11234 |
| **8/22** | $15144 | $21913 | $16901 | $10917 |
| **9/22** | $14201 | $19895 | $15675 | $10445 |
| **10/22** | $14646 | $21506 | $16355 | $10310 |
| **11/22** | $15305 | $22708 | $17144 | $10689 |
| **12/22** | $14805 | $21399 | $16520 | $10641 |
| **1/23** | $15382 | $22744 | $17346 | $10968 |
| **2/23** | $14950 | $22189 | $16913 | $10684 |
| **3/23** | $15448 | $23004 | $17457 | $10956 |
| **4/23** | $15576 | $23363 | $17663 | $11022 |
| **5/23** | $15480 | $23464 | $17632 | $10902 |
| **6/23** | $16006 | $25015 | $18306 | $10863 |
| **7/23** | $16295 | $25818 | $18654 | $10856 |
| **8/23** | $16231 | $25407 | $18428 | $10786 |
| **9/23** | $15551 | $24196 | $17714 | $10512 |
| **10/23** | $15261 | $23687 | $17378 | $10346 |
| **11/23** | $16405 | $25850 | $18645 | $10815 |
| **12/23** | $17049 | $27025 | $19439 | $11229 |
| **1/24** | $17422 | $27479 | $19614 | $11198 |
| **2/24** | $18023 | $28946 | $20131 | $11040 |
| **3/24** | $18359 | $29878 | $20594 | $11142 |
| **4/24** | $17692 | $28657 | $19882 | $10860 |
| **5/24** | $18505 | $30078 | $20608 | $11044 |
| **6/24** | $19129 | $31157 | $21130 | $11149 |
| **7/24** | $19308 | $31537 | $21481 | $11409 |
| **8/24** | $19845 | $32302 | $21917 | $11573 |
| **9/24** | $20138 | $32992 | $22316 | $11728 |
| **10/24** | $19894 | $32692 | $21973 | $11437 |
| **11/24** | $20579 | $34611 | $22840 | $11558 |
| **12/24** | $20226 | $33786 | $22364 | $11369 |
| **1/25** | $20618 | $34727 | $22785 | $11430 |
| **2/25** | $20532 | $34274 | $22807 | $11681 |
| **3/25** | $19723 | $32343 | $22039 | $11685 |
| **4/25** | $19723 | $32124 | $21984 | $11731 |
| **5/25** | $20473 | $34146 | $22751 | $11647 |
| **6/25** | $21272 | $35882 | $23586 | $11826 |
| **7/25** | $21511 | $36687 | $23878 | $11795 |
| **8/25** | $21699 | $37431 | $24283 | $11936 |
| **9/25** | $21961 | $38797 | $24921 | $12067 |
| **10/25** | $22201 | $39706 | $25333 | $12142 |
| **11/25** | $22423 | $39803 | $25433 | $12217 |
| **12/25** | $22284 | $39827 | $25428 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 10.18% | 7.39% | 8.34% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 9.18% | 7.39% | 8.34% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Blended Index<sup>Footnote Reference1</sup> | 13.70% | 8.47% | 9.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Benchmark is an internally constructed benchmark comprised of a blend of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1082378107 |
| # of Portfolio Holdings (for Stock and Core Bond Portfolios) | 429 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $5443712 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio and Core Bond Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g99f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Short-Term Investments | 3.3% |
| Asset-Backed Securities | 5.0% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds | 7.8% |
| U.S. Government Agency Mortgage-Backed Securities | 9.5% |
| Common Stocks | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, 5.00%, 30-Year, TBA | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;34.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECIFX-TSR-AR

# Eaton Vance Balanced Fund
![Image](g84380g97o76.jpg)

# Class I EIIFX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $75 | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio and Core Bond Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index (the Index), and the Bloomberg U.S. Aggregate Bond Index (the Secondary Index):

• The Fund invests in a blend of Stock Portfolio — the Fund's equity allocation — and Core Bond Portfolio — the Fund's fixed-income allocation

↓ Both the Stock Portfolio and Core Bond Portfolio underperformed the Index and detracted from Index-relative returns — but both outperformed the Secondary Index

↓ An out-of-index position in Shift4 Payments, Inc. hurt on missed earnings, Global Blue integration issues, valuation pressure and payment-sector headwinds

↓ Among sectors, stock selection in industrials, financials, communication services, and real estate detracted the most from relative returns

↓ The Fund's modestly short duration position detracted as interest rates declined over the period

↑ An out-of-index position in Mr. Cooper Group, Inc., helped returns as stock soared due to its acquisition by Rocket Companies

↑ Among sectors, stock selection in consumer staples, health care, consumer discretionary and an overweight to communication services helped returns

↑ The Fund's positioning within securitized credit drove performance. Overweight to commercial mortgage backed securities, asset backed securities, and non-agency residential mortgage backed securities contributed as spreads tightened and security selection strengthened returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g67r45.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **1/16** | $978022 | $950376 | $975730 | $1013761 |
| **2/16** | $973138 | $949094 | $977709 | $1020953 |
| **3/16** | $1014817 | $1013478 | $1021093 | $1030320 |
| **4/16** | $1014817 | $1017407 | $1025035 | $1034275 |
| **5/16** | $1024634 | $1035678 | $1036185 | $1034540 |
| **6/16** | $1033874 | $1038362 | $1045243 | $1053128 |
| **7/16** | $1056055 | $1076645 | $1071009 | $1059787 |
| **8/16** | $1052358 | $1078156 | $1071421 | $1058575 |
| **9/16** | $1050436 | $1078360 | $1071291 | $1057954 |
| **10/16** | $1034352 | $1058690 | $1056289 | $1049862 |
| **11/16** | $1035589 | $1097898 | $1069766 | $1025029 |
| **12/16** | $1048572 | $1119599 | $1083057 | $1026475 |
| **1/17** | $1058547 | $1140834 | $1096232 | $1028489 |
| **2/17** | $1084730 | $1186132 | $1125295 | $1035401 |
| **3/17** | $1083550 | $1187516 | $1125847 | $1034858 |
| **4/17** | $1093571 | $1199711 | $1136260 | $1042844 |
| **5/17** | $1109856 | $1216594 | $1149352 | $1050871 |
| **6/17** | $1117666 | $1224188 | $1153194 | $1049814 |
| **7/17** | $1132369 | $1249360 | $1169406 | $1054331 |
| **8/17** | $1136160 | $1253185 | $1175750 | $1063788 |
| **9/17** | $1145060 | $1279036 | $1188062 | $1058722 |
| **10/17** | $1162833 | $1308883 | $1204972 | $1059335 |
| **11/17** | $1179336 | $1349026 | $1226527 | $1057975 |
| **12/17** | $1193350 | $1364025 | $1236961 | $1062831 |
| **1/18** | $1226099 | $1442121 | $1273755 | $1050590 |
| **2/18** | $1194660 | $1388969 | $1240757 | $1040631 |
| **3/18** | $1181021 | $1353670 | $1225021 | $1047305 |
| **4/18** | $1184967 | $1358865 | $1224197 | $1039516 |
| **5/18** | $1204694 | $1391589 | $1245380 | $1046934 |
| **6/18** | $1207347 | $1400154 | $1249367 | $1045647 |
| **7/18** | $1236408 | $1452259 | $1277382 | $1045895 |
| **8/18** | $1259538 | $1499581 | $1305644 | $1052625 |
| **9/18** | $1260007 | $1508116 | $1306739 | $1045847 |
| **10/18** | $1206729 | $1405036 | $1249019 | $1037582 |
| **11/18** | $1220049 | $1433669 | $1267274 | $1043776 |
| **12/18** | $1155314 | $1304222 | $1207932 | $1062952 |
| **1/19** | $1218103 | $1408736 | $1271143 | $1074240 |
| **2/19** | $1244614 | $1453969 | $1295336 | $1073617 |
| **3/19** | $1275124 | $1482222 | $1320388 | $1094233 |
| **4/19** | $1310155 | $1542236 | $1352600 | $1094513 |
| **5/19** | $1284933 | $1444230 | $1310632 | $1113942 |
| **6/19** | $1336698 | $1546014 | $1372636 | $1127931 |
| **7/19** | $1356396 | $1568233 | $1385681 | $1130412 |
| **8/19** | $1365533 | $1543392 | $1386873 | $1159703 |
| **9/19** | $1365451 | $1572270 | $1399488 | $1153527 |
| **10/19** | $1379645 | $1606325 | $1419361 | $1157001 |
| **11/19** | $1406613 | $1664632 | $1449985 | $1156412 |
| **12/19** | $1433454 | $1714874 | $1475839 | $1155606 |
| **1/20** | $1447992 | $1714202 | $1486852 | $1177845 |
| **2/20** | $1384024 | $1573090 | $1424119 | $1199045 |
| **3/20** | $1250134 | $1378793 | $1315229 | $1191988 |
| **4/20** | $1361127 | $1555546 | $1425743 | $1213177 |
| **5/20** | $1407861 | $1629634 | $1469141 | $1218826 |
| **6/20** | $1436866 | $1662043 | $1490373 | $1226503 |
| **7/20** | $1504311 | $1755757 | $1549699 | $1244824 |
| **8/20** | $1565440 | $1881962 | $1611531 | $1234776 |
| **9/20** | $1527619 | $1810454 | $1574438 | $1234099 |
| **10/20** | $1502357 | $1762307 | $1546504 | $1228588 |
| **11/20** | $1595976 | $1955216 | $1654146 | $1240643 |
| **12/20** | $1639300 | $2030390 | $1693217 | $1242353 |
| **1/21** | $1619803 | $2009892 | $1678104 | $1233446 |
| **2/21** | $1648299 | $2065314 | $1696175 | $1215634 |
| **3/21** | $1671337 | $2155766 | $1732275 | $1200455 |
| **4/21** | $1745050 | $2270817 | $1793218 | $1209938 |
| **5/21** | $1746555 | $2286677 | $1803076 | $1213891 |
| **6/21** | $1780026 | $2340059 | $1833399 | $1222420 |
| **7/21** | $1808687 | $2395647 | $1867730 | $1236088 |
| **8/21** | $1835840 | $2468488 | $1900381 | $1233735 |
| **9/21** | $1768941 | $2353679 | $1840768 | $1223053 |
| **10/21** | $1840001 | $2518582 | $1917946 | $1222716 |
| **11/21** | $1824882 | $2501131 | $1912242 | $1226333 |
| **12/21** | $1873368 | $2613222 | $1961704 | $1223195 |
| **1/22** | $1778885 | $2477996 | $1883892 | $1196843 |
| **2/22** | $1757708 | $2403801 | $1841641 | $1183490 |
| **3/22** | $1777861 | $2493053 | $1862203 | $1150611 |
| **4/22** | $1665111 | $2275654 | $1736503 | $1106947 |
| **5/22** | $1658575 | $2279829 | $1742893 | $1114085 |
| **6/22** | $1582689 | $2091643 | $1645637 | $1096607 |
| **7/22** | $1669614 | $2284502 | $1752763 | $1123402 |
| **8/22** | $1618771 | $2191336 | $1690063 | $1091658 |
| **9/22** | $1518369 | $1989517 | $1567463 | $1044492 |
| **10/22** | $1567773 | $2150591 | $1635485 | $1030963 |
| **11/22** | $1640233 | $2270775 | $1714382 | $1068878 |
| **12/22** | $1587329 | $2139945 | $1652024 | $1064056 |
| **1/23** | $1651167 | $2274406 | $1734635 | $1096791 |
| **2/23** | $1604582 | $2218913 | $1691302 | $1068433 |
| **3/23** | $1660815 | $2300379 | $1745744 | $1095574 |
| **4/23** | $1674684 | $2336284 | $1766325 | $1102214 |
| **5/23** | $1666016 | $2346439 | $1763238 | $1090212 |
| **6/23** | $1725523 | $2501481 | $1830627 | $1086324 |
| **7/23** | $1756864 | $2581841 | $1865402 | $1085566 |
| **8/23** | $1749899 | $2540734 | $1842816 | $1078632 |
| **9/23** | $1679012 | $2419597 | $1771367 | $1051223 |
| **10/23** | $1649280 | $2368721 | $1737838 | $1034633 |
| **11/23** | $1775205 | $2585046 | $1864543 | $1081488 |
| **12/23** | $1846365 | $2702486 | $1943917 | $1122886 |
| **1/24** | $1887003 | $2747899 | $1961381 | $1119802 |
| **2/24** | $1954144 | $2894625 | $2013134 | $1103982 |
| **3/24** | $1992139 | $2987758 | $2059433 | $1114176 |
| **4/24** | $1921181 | $2865725 | $1988156 | $1086033 |
| **5/24** | $2011652 | $3007821 | $2060787 | $1104445 |
| **6/24** | $2081413 | $3115748 | $2112958 | $1114901 |
| **7/24** | $2102779 | $3153674 | $2148131 | $1140942 |
| **8/24** | $2163316 | $3230171 | $2191742 | $1157337 |
| **9/24** | $2197444 | $3299158 | $2231566 | $1172833 |
| **10/24** | $2172412 | $3269240 | $2197288 | $1143748 |
| **11/24** | $2249296 | $3461148 | $2283971 | $1155841 |
| **12/24** | $2210826 | $3378640 | $2236352 | $1136925 |
| **1/25** | $2257666 | $3472727 | $2278463 | $1142956 |
| **2/25** | $2250172 | $3427414 | $2280678 | $1168103 |
| **3/25** | $2161300 | $3234299 | $2203919 | $1168543 |
| **4/25** | $2165062 | $3212367 | $2198417 | $1173135 |
| **5/25** | $2249708 | $3414569 | $2275148 | $1164736 |
| **6/25** | $2337903 | $3588209 | $2358560 | $1182645 |
| **7/25** | $2366229 | $3668739 | $2387831 | $1179526 |
| **8/25** | $2388891 | $3743110 | $2428298 | $1193633 |
| **9/25** | $2420046 | $3879734 | $2492074 | $1206654 |
| **10/25** | $2448472 | $3970572 | $2533310 | $1214193 |
| **11/25** | $2473109 | $3980304 | $2543333 | $1221738 |
| **12/25** | $2460099 | $3982741 | $2542762 | $1219931 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 11.28% | 8.45% | 9.41% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Blended Index<sup>Footnote Reference1</sup> | 13.70% | 8.47% | 9.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Benchmark is an internally constructed benchmark comprised of a blend of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1082378107 |
| # of Portfolio Holdings (for Stock and Core Bond Portfolios) | 429 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $5443712 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio and Core Bond Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g99f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Short-Term Investments | 3.3% |
| Asset-Backed Securities | 5.0% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds | 7.8% |
| U.S. Government Agency Mortgage-Backed Securities | 9.5% |
| Common Stocks | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, 5.00%, 30-Year, TBA | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;34.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EIIFX-TSR-AR

# Eaton Vance Balanced Fund
![Image](g84380g97o76.jpg)

# Class R ERIFX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $127 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio and Core Bond Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index (the Index), and the Bloomberg U.S. Aggregate Bond Index (the Secondary Index):

• The Fund invests in a blend of Stock Portfolio — the Fund's equity allocation — and Core Bond Portfolio — the Fund's fixed-income allocation

↓ Both the Stock Portfolio and Core Bond Portfolio underperformed the Index and detracted from Index-relative returns — but both outperformed the Secondary Index

↓ An out-of-index position in Shift4 Payments, Inc. hurt on missed earnings, Global Blue integration issues, valuation pressure and payment-sector headwinds

↓ Among sectors, stock selection in industrials, financials, communication services, and real estate detracted the most from relative returns

↓ The Fund's modestly short duration position detracted as interest rates declined over the period

↑ An out-of-index position in Mr. Cooper Group, Inc., helped returns as stock soared due to its acquisition by Rocket Companies

↑ Among sectors, stock selection in consumer staples, health care, consumer discretionary and an overweight to communication services helped returns

↑ The Fund's positioning within securitized credit drove performance. Overweight to commercial mortgage backed securities, asset backed securities, and non-agency residential mortgage backed securities contributed as spreads tightened and security selection strengthened returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g68t05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9780 | $9504 | $9757 | $10138 |
| **2/16** | $9719 | $9491 | $9777 | $10210 |
| **3/16** | $10143 | $10135 | $10211 | $10303 |
| **4/16** | $10143 | $10174 | $10250 | $10343 |
| **5/16** | $10216 | $10357 | $10362 | $10345 |
| **6/16** | $10313 | $10384 | $10452 | $10531 |
| **7/16** | $10535 | $10766 | $10710 | $10598 |
| **8/16** | $10486 | $10782 | $10714 | $10586 |
| **9/16** | $10464 | $10784 | $10713 | $10580 |
| **10/16** | $10303 | $10587 | $10563 | $10499 |
| **11/16** | $10316 | $10979 | $10698 | $10250 |
| **12/16** | $10445 | $11196 | $10831 | $10265 |
| **1/17** | $10532 | $11408 | $10962 | $10285 |
| **2/17** | $10793 | $11861 | $11253 | $10354 |
| **3/17** | $10782 | $11875 | $11258 | $10349 |
| **4/17** | $10870 | $11997 | $11363 | $10428 |
| **5/17** | $11019 | $12166 | $11494 | $10509 |
| **6/17** | $11109 | $12242 | $11532 | $10498 |
| **7/17** | $11243 | $12494 | $11694 | $10543 |
| **8/17** | $11280 | $12532 | $11758 | $10638 |
| **9/17** | $11355 | $12790 | $11881 | $10587 |
| **10/17** | $11532 | $13089 | $12050 | $10593 |
| **11/17** | $11683 | $13490 | $12265 | $10580 |
| **12/17** | $11825 | $13640 | $12370 | $10628 |
| **1/18** | $12138 | $14421 | $12738 | $10506 |
| **2/18** | $11825 | $13890 | $12408 | $10406 |
| **3/18** | $11678 | $13537 | $12250 | $10473 |
| **4/18** | $11730 | $13589 | $12242 | $10395 |
| **5/18** | $11913 | $13916 | $12454 | $10469 |
| **6/18** | $11926 | $14002 | $12494 | $10456 |
| **7/18** | $12227 | $14523 | $12774 | $10459 |
| **8/18** | $12430 | $14996 | $13056 | $10526 |
| **9/18** | $12447 | $15081 | $13067 | $10458 |
| **10/18** | $11907 | $14050 | $12490 | $10376 |
| **11/18** | $12039 | $14337 | $12673 | $10438 |
| **12/18** | $11399 | $13042 | $12079 | $10630 |
| **1/19** | $12006 | $14087 | $12711 | $10742 |
| **2/19** | $12268 | $14540 | $12953 | $10736 |
| **3/19** | $12555 | $14822 | $13204 | $10942 |
| **4/19** | $12901 | $15422 | $13526 | $10945 |
| **5/19** | $12652 | $14442 | $13106 | $11139 |
| **6/19** | $13148 | $15460 | $13726 | $11279 |
| **7/19** | $13343 | $15682 | $13857 | $11304 |
| **8/19** | $13419 | $15434 | $13869 | $11597 |
| **9/19** | $13416 | $15723 | $13995 | $11535 |
| **10/19** | $13556 | $16063 | $14194 | $11570 |
| **11/19** | $13808 | $16646 | $14500 | $11564 |
| **12/19** | $14056 | $17149 | $14758 | $11556 |
| **1/20** | $14199 | $17142 | $14869 | $11778 |
| **2/20** | $13555 | $15731 | $14241 | $11990 |
| **3/20** | $12251 | $13788 | $13152 | $11920 |
| **4/20** | $13329 | $15555 | $14257 | $12132 |
| **5/20** | $13788 | $16296 | $14691 | $12188 |
| **6/20** | $14058 | $16620 | $14904 | $12265 |
| **7/20** | $14706 | $17558 | $15497 | $12448 |
| **8/20** | $15307 | $18820 | $16115 | $12348 |
| **9/20** | $14931 | $18105 | $15744 | $12341 |
| **10/20** | $14683 | $17623 | $15465 | $12286 |
| **11/20** | $15587 | $19552 | $16541 | $12406 |
| **12/20** | $16008 | $20304 | $16932 | $12424 |
| **1/21** | $15817 | $20099 | $16781 | $12334 |
| **2/21** | $16082 | $20653 | $16962 | $12156 |
| **3/21** | $16289 | $21558 | $17323 | $12005 |
| **4/21** | $17010 | $22708 | $17932 | $12099 |
| **5/21** | $17010 | $22867 | $18031 | $12139 |
| **6/21** | $17333 | $23401 | $18334 | $12224 |
| **7/21** | $17598 | $23956 | $18677 | $12361 |
| **8/21** | $17864 | $24685 | $19004 | $12337 |
| **9/21** | $17204 | $23537 | $18408 | $12231 |
| **10/21** | $17884 | $25186 | $19179 | $12227 |
| **11/21** | $17736 | $25011 | $19122 | $12263 |
| **12/21** | $18204 | $26132 | $19617 | $12232 |
| **1/22** | $17266 | $24780 | $18839 | $11968 |
| **2/22** | $17059 | $24038 | $18416 | $11835 |
| **3/22** | $17250 | $24931 | $18622 | $11506 |
| **4/22** | $16151 | $22757 | $17365 | $11069 |
| **5/22** | $16087 | $22798 | $17429 | $11141 |
| **6/22** | $15327 | $20916 | $16456 | $10966 |
| **7/22** | $16173 | $22845 | $17528 | $11234 |
| **8/22** | $15663 | $21913 | $16901 | $10917 |
| **9/22** | $14683 | $19895 | $15675 | $10445 |
| **10/22** | $15163 | $21506 | $16355 | $10310 |
| **11/22** | $15852 | $22708 | $17144 | $10689 |
| **12/22** | $15334 | $21399 | $16520 | $10641 |
| **1/23** | $15954 | $22744 | $17346 | $10968 |
| **2/23** | $15485 | $22189 | $16913 | $10684 |
| **3/23** | $16028 | $23004 | $17457 | $10956 |
| **4/23** | $16162 | $23363 | $17663 | $11022 |
| **5/23** | $16078 | $23464 | $17632 | $10902 |
| **6/23** | $16634 | $25015 | $18306 | $10863 |
| **7/23** | $16921 | $25818 | $18654 | $10856 |
| **8/23** | $16854 | $25407 | $18428 | $10786 |
| **9/23** | $16163 | $24196 | $17714 | $10512 |
| **10/23** | $15876 | $23687 | $17378 | $10346 |
| **11/23** | $17077 | $25850 | $18645 | $10815 |
| **12/23** | $17761 | $27025 | $19439 | $11229 |
| **1/24** | $18137 | $27479 | $19614 | $11198 |
| **2/24** | $18786 | $28946 | $20131 | $11040 |
| **3/24** | $19130 | $29878 | $20594 | $11142 |
| **4/24** | $18445 | $28657 | $19882 | $10860 |
| **5/24** | $19301 | $30078 | $20608 | $11044 |
| **6/24** | $19968 | $31157 | $21130 | $11149 |
| **7/24** | $20156 | $31537 | $21481 | $11409 |
| **8/24** | $20723 | $32302 | $21917 | $11573 |
| **9/24** | $21044 | $32992 | $22316 | $11728 |
| **10/24** | $20803 | $32692 | $21973 | $11437 |
| **11/24** | $21526 | $34611 | $22840 | $11558 |
| **12/24** | $21164 | $33786 | $22364 | $11369 |
| **1/25** | $21579 | $34727 | $22785 | $11430 |
| **2/25** | $21507 | $34274 | $22807 | $11681 |
| **3/25** | $20661 | $32343 | $22039 | $11685 |
| **4/25** | $20679 | $32124 | $21984 | $11731 |
| **5/25** | $21474 | $34146 | $22751 | $11647 |
| **6/25** | $22313 | $35882 | $23586 | $11826 |
| **7/25** | $22567 | $36687 | $23878 | $11795 |
| **8/25** | $22784 | $37431 | $24283 | $11936 |
| **9/25** | $23073 | $38797 | $24921 | $12067 |
| **10/25** | $23328 | $39706 | $25333 | $12142 |
| **11/25** | $23564 | $39803 | $25433 | $12217 |
| **12/25** | $23428 | $39827 | $25428 | $12199 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 10.70% | 7.91% | 8.88% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Blended Index<sup>Footnote Reference2</sup> | 13.70% | 8.47% | 9.77% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Benchmark is an internally constructed benchmark comprised of a blend of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1082378107 |
| # of Portfolio Holdings (for Stock and Core Bond Portfolios) | 429 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $5443712 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio and Core Bond Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g99f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Short-Term Investments | 3.3% |
| Asset-Backed Securities | 5.0% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds | 7.8% |
| U.S. Government Agency Mortgage-Backed Securities | 9.5% |
| Common Stocks | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, 5.00%, 30-Year, TBA | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;34.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ERIFX-TSR-AR

# Eaton Vance Balanced Fund
![Image](g84380g97o76.jpg)

# Class R6 ESIFX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $71 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio and Core Bond Portfolio, the Portfolios in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index (the Index), and the Bloomberg U.S. Aggregate Bond Index (the Secondary Index):

• The Fund invests in a blend of Stock Portfolio — the Fund's equity allocation — and Core Bond Portfolio — the Fund's fixed-income allocation

↓ Both the Stock Portfolio and Core Bond Portfolio underperformed the Index and detracted from Index-relative returns — but both outperformed the Secondary Index

↓ An out-of-index position in Shift4 Payments, Inc. hurt on missed earnings, Global Blue integration issues, valuation pressure and payment-sector headwinds

↓ Among sectors, stock selection in industrials, financials, communication services, and real estate detracted the most from relative returns

↓ The Fund's modestly short duration position detracted as interest rates declined over the period

↑ An out-of-index position in Mr. Cooper Group, Inc., helped returns as stock soared due to its acquisition by Rocket Companies

↑ Among sectors, stock selection in consumer staples, health care, consumer discretionary and an overweight to communication services helped returns

↑ The Fund's positioning within securitized credit drove performance. Overweight to commercial mortgage backed securities, asset backed securities, and non-agency residential mortgage backed securities contributed as spreads tightened and security selection strengthened returns

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g56i87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $5000000 | $5000000 | $5000000 | $5000000 |
| **1/16** | $4890110 | $4751879 | $4878650 | $5068806 |
| **2/16** | $4865690 | $4745468 | $4888544 | $5104763 |
| **3/16** | $5074084 | $5067392 | $5105463 | $5151599 |
| **4/16** | $5074084 | $5087037 | $5125177 | $5171373 |
| **5/16** | $5123169 | $5178390 | $5180926 | $5172700 |
| **6/16** | $5169588 | $5191808 | $5226216 | $5265642 |
| **7/16** | $5280497 | $5383223 | $5355043 | $5298933 |
| **8/16** | $5262013 | $5390782 | $5357105 | $5292873 |
| **9/16** | $5253188 | $5391801 | $5356457 | $5289772 |
| **10/16** | $5178938 | $5293448 | $5281444 | $5249311 |
| **11/16** | $5185125 | $5489490 | $5348832 | $5125146 |
| **12/16** | $5251087 | $5597996 | $5415285 | $5132374 |
| **1/17** | $5294742 | $5704170 | $5481161 | $5142444 |
| **2/17** | $5425707 | $5930660 | $5626477 | $5177007 |
| **3/17** | $5420713 | $5937577 | $5629235 | $5174292 |
| **4/17** | $5470847 | $5998556 | $5681298 | $5214222 |
| **5/17** | $5552314 | $6082972 | $5746761 | $5254357 |
| **6/17** | $5598687 | $6120939 | $5765969 | $5249068 |
| **7/17** | $5665958 | $6246802 | $5847032 | $5271656 |
| **8/17** | $5691253 | $6265925 | $5878750 | $5318942 |
| **9/17** | $5730416 | $6395180 | $5940311 | $5293608 |
| **10/17** | $5819358 | $6544414 | $6024859 | $5296675 |
| **11/17** | $5901948 | $6745129 | $6132634 | $5289876 |
| **12/17** | $5972975 | $6820126 | $6184805 | $5314154 |
| **1/18** | $6136888 | $7210605 | $6368775 | $5252952 |
| **2/18** | $5979532 | $6944843 | $6203786 | $5203157 |
| **3/18** | $5912093 | $6768352 | $6125104 | $5236524 |
| **4/18** | $5938427 | $6794323 | $6120984 | $5197578 |
| **5/18** | $6030598 | $6957943 | $6226901 | $5234672 |
| **6/18** | $6044919 | $7000769 | $6246833 | $5228234 |
| **7/18** | $6197034 | $7261293 | $6386908 | $5229477 |
| **8/18** | $6306223 | $7497904 | $6528218 | $5263126 |
| **9/18** | $6309504 | $7540582 | $6533697 | $5229234 |
| **10/18** | $6042717 | $7025182 | $6245097 | $5187911 |
| **11/18** | $6116083 | $7168344 | $6336368 | $5218880 |
| **12/18** | $5786292 | $6521108 | $6039662 | $5314758 |
| **1/19** | $6100764 | $7043682 | $6355713 | $5371198 |
| **2/19** | $6233542 | $7269843 | $6476682 | $5368086 |
| **3/19** | $6386208 | $7411108 | $6601940 | $5471163 |
| **4/19** | $6561653 | $7711181 | $6763002 | $5472564 |
| **5/19** | $6442350 | $7221150 | $6553158 | $5569710 |
| **6/19** | $6695299 | $7730070 | $6863181 | $5639656 |
| **7/19** | $6793967 | $7841167 | $6928403 | $5652061 |
| **8/19** | $6839729 | $7716960 | $6934364 | $5798515 |
| **9/19** | $6840102 | $7861348 | $6997439 | $5767633 |
| **10/19** | $6918315 | $8031623 | $7096807 | $5785005 |
| **11/19** | $7053411 | $8323162 | $7249925 | $5782060 |
| **12/19** | $7181614 | $8574372 | $7379194 | $5778030 |
| **1/20** | $7254450 | $8571010 | $7434262 | $5889225 |
| **2/20** | $6933972 | $7865451 | $7120595 | $5995223 |
| **3/20** | $6263915 | $6893967 | $6576143 | $5959942 |
| **4/20** | $6827374 | $7777730 | $7128714 | $6065887 |
| **5/20** | $7061539 | $8148169 | $7345707 | $6094129 |
| **6/20** | $7200539 | $8310213 | $7451867 | $6132517 |
| **7/20** | $7538524 | $8778785 | $7748495 | $6224119 |
| **8/20** | $7852280 | $9409809 | $8057657 | $6173878 |
| **9/20** | $7656067 | $9052268 | $7872191 | $6170494 |
| **10/20** | $7529459 | $8811534 | $7732520 | $6142941 |
| **11/20** | $7998654 | $9776079 | $8270729 | $6203217 |
| **12/20** | $8216623 | $10151951 | $8466084 | $6211765 |
| **1/21** | $8126413 | $10049459 | $8390521 | $6167228 |
| **2/21** | $8261728 | $10326572 | $8480876 | $6078170 |
| **3/21** | $8378085 | $10778831 | $8661373 | $6002274 |
| **4/21** | $8755137 | $11354084 | $8966090 | $6049691 |
| **5/21** | $8755137 | $11433386 | $9015381 | $6069456 |
| **6/21** | $8923840 | $11700296 | $9166995 | $6112100 |
| **7/21** | $9067529 | $11978235 | $9338651 | $6180440 |
| **8/21** | $9211218 | $12342441 | $9501907 | $6168673 |
| **9/21** | $8869146 | $11768397 | $9203842 | $6115265 |
| **10/21** | $9225428 | $12592912 | $9589729 | $6113579 |
| **11/21** | $9157204 | $12505656 | $9561210 | $6131666 |
| **12/21** | $9401735 | $13066111 | $9808521 | $6115977 |
| **1/22** | $8919804 | $12389979 | $9419458 | $5984213 |
| **2/22** | $8813616 | $12019005 | $9208204 | $5917452 |
| **3/22** | $8915685 | $12465265 | $9311014 | $5753054 |
| **4/22** | $8350260 | $11378271 | $8682517 | $5534737 |
| **5/22** | $8325676 | $11399146 | $8714467 | $5570423 |
| **6/22** | $7937886 | $10458217 | $8228187 | $5483034 |
| **7/22** | $8382078 | $11422511 | $8763814 | $5617010 |
| **8/22** | $8118853 | $10956680 | $8450317 | $5458292 |
| **9/22** | $7616246 | $9947585 | $7837316 | $5222459 |
| **10/22** | $7864063 | $10752955 | $8177423 | $5154816 |
| **11/22** | $8227529 | $11353873 | $8571908 | $5344388 |
| **12/22** | $7962823 | $10699725 | $8260121 | $5320280 |
| **1/23** | $8283067 | $11372031 | $8673177 | $5483954 |
| **2/23** | $8049376 | $11094565 | $8456508 | $5342164 |
| **3/23** | $8332506 | $11501894 | $8728719 | $5477868 |
| **4/23** | $8402088 | $11681421 | $8831625 | $5511068 |
| **5/23** | $8367297 | $11732196 | $8816192 | $5451060 |
| **6/23** | $8658179 | $12507404 | $9153133 | $5431618 |
| **7/23** | $8815442 | $12909204 | $9327008 | $5427832 |
| **8/23** | $8789231 | $12703669 | $9214078 | $5393162 |
| **9/23** | $8425731 | $12097985 | $8856835 | $5256113 |
| **10/23** | $8276525 | $11843606 | $8689189 | $5173165 |
| **11/23** | $8908455 | $12925228 | $9322716 | $5407439 |
| **12/23** | $9266639 | $13512429 | $9719583 | $5614430 |
| **1/24** | $9479462 | $13739496 | $9806905 | $5599012 |
| **2/24** | $9816430 | $14473125 | $10065671 | $5519908 |
| **3/24** | $9999422 | $14938791 | $10297164 | $5570878 |
| **4/24** | $9643254 | $14328623 | $9940778 | $5430166 |
| **5/24** | $10097369 | $15039103 | $10303936 | $5522225 |
| **6/24** | $10448704 | $15578738 | $10564792 | $5574506 |
| **7/24** | $10555962 | $15768368 | $10740656 | $5704709 |
| **8/24** | $10859859 | $16150857 | $10958712 | $5786685 |
| **9/24** | $11032098 | $16495792 | $11157832 | $5864165 |
| **10/24** | $10906427 | $16346199 | $10986440 | $5718741 |
| **11/24** | $11292416 | $17305739 | $11419853 | $5779204 |
| **12/24** | $11100343 | $16893201 | $11181759 | $5684624 |
| **1/25** | $11335520 | $17363633 | $11392317 | $5714782 |
| **2/25** | $11297891 | $17137070 | $11403388 | $5840517 |
| **3/25** | $10852714 | $16171495 | $11019595 | $5842715 |
| **4/25** | $10871605 | $16061837 | $10992085 | $5865677 |
| **5/25** | $11296646 | $17072844 | $11375739 | $5823678 |
| **6/25** | $11740570 | $17941044 | $11792798 | $5913225 |
| **7/25** | $11882822 | $18343694 | $11939155 | $5897628 |
| **8/25** | $11996624 | $18715549 | $12141489 | $5968166 |
| **9/25** | $12155234 | $19398668 | $12460368 | $6033272 |
| **10/25** | $12298013 | $19852861 | $12666552 | $6070966 |
| **11/25** | $12431273 | $19901520 | $12716664 | $6108691 |
| **12/25** | $12358129 | $19913705 | $12713810 | $6099654 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 11.33% | 8.50% | 9.46% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Blended Index<sup>Footnote Reference2</sup> | 13.70% | 8.47% | 9.77% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Benchmark is an internally constructed benchmark comprised of a blend of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1082378107 |
| # of Portfolio Holdings (for Stock and Core Bond Portfolios) | 429 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $5443712 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio and Core Bond Portfolio, affiliated investment companies in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g99f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Short-Term Investments | 3.3% |
| Asset-Backed Securities | 5.0% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds | 7.8% |
| U.S. Government Agency Mortgage-Backed Securities | 9.5% |
| Common Stocks | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, 5.00%, 30-Year, TBA | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;34.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ESIFX-TSR-AR

# Eaton Vance Core Bond Fund
![Image](g84380g89m26.jpg)

# Class A EAGIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 0.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Core Bond Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ The Fund's overweight in commercial mortgage-backed securities, asset-backed securities, and non-agency residential mortgage-backed securities (RMBS) drove relative outperformance as spreads tightened and strong security selection supported returns

↑ The Fund's overweight to agency RMBS—particularly 30-year fixed-rate passthroughs—also contributed positively to relative performance

↑ The Fund's within corporate credit, out-of-benchmark high-yield exposure and an overweight to financials within investment-grade corporates drove relative outperformance

↑ The Fund's yield curve positioning benefited relative performance, as U.S. interest rates steepened over the course of the year

↓ In contrast, the Fund's underweight exposures to government-related and sovereign debt detracted from relative performance as these sectors rallied

↓ The Fund's modestly short duration position detracted from performance as interest rates declined over the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g05c99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9784 | $10110 | $10138 |
| **2/16** | $9843 | $10182 | $10210 |
| **3/16** | $9944 | $10307 | $10303 |
| **4/16** | $9996 | $10377 | $10343 |
| **5/16** | $9987 | $10385 | $10345 |
| **6/16** | $10170 | $10568 | $10531 |
| **7/16** | $10252 | $10655 | $10598 |
| **8/16** | $10222 | $10667 | $10586 |
| **9/16** | $10232 | $10669 | $10580 |
| **10/16** | $10150 | $10598 | $10499 |
| **11/16** | $9895 | $10360 | $10250 |
| **12/16** | $9915 | $10391 | $10265 |
| **1/17** | $9946 | $10428 | $10285 |
| **2/17** | $10018 | $10508 | $10354 |
| **3/17** | $10009 | $10505 | $10349 |
| **4/17** | $10093 | $10592 | $10428 |
| **5/17** | $10176 | $10674 | $10509 |
| **6/17** | $10177 | $10664 | $10498 |
| **7/17** | $10229 | $10718 | $10543 |
| **8/17** | $10314 | $10810 | $10638 |
| **9/17** | $10274 | $10772 | $10587 |
| **10/17** | $10286 | $10785 | $10593 |
| **11/17** | $10278 | $10769 | $10580 |
| **12/17** | $10331 | $10816 | $10628 |
| **1/18** | $10249 | $10712 | $10506 |
| **2/18** | $10156 | $10610 | $10406 |
| **3/18** | $10192 | $10664 | $10473 |
| **4/18** | $10133 | $10593 | $10395 |
| **5/18** | $10179 | $10651 | $10469 |
| **6/18** | $10173 | $10635 | $10456 |
| **7/18** | $10199 | $10657 | $10459 |
| **8/18** | $10257 | $10710 | $10526 |
| **9/18** | $10219 | $10664 | $10458 |
| **10/18** | $10137 | $10575 | $10376 |
| **11/18** | $10163 | $10622 | $10438 |
| **12/18** | $10266 | $10789 | $10630 |
| **1/19** | $10420 | $10937 | $10742 |
| **2/19** | $10434 | $10949 | $10736 |
| **3/19** | $10624 | $11147 | $10942 |
| **4/19** | $10652 | $11163 | $10945 |
| **5/19** | $10811 | $11334 | $11139 |
| **6/19** | $10925 | $11494 | $11279 |
| **7/19** | $10962 | $11528 | $11304 |
| **8/19** | $11206 | $11789 | $11597 |
| **9/19** | $11153 | $11738 | $11535 |
| **10/19** | $11176 | $11776 | $11570 |
| **11/19** | $11178 | $11773 | $11564 |
| **12/19** | $11190 | $11791 | $11556 |
| **1/20** | $11403 | $12003 | $11778 |
| **2/20** | $11538 | $12182 | $11990 |
| **3/20** | $10869 | $11944 | $11920 |
| **4/20** | $11165 | $12184 | $12132 |
| **5/20** | $11313 | $12297 | $12188 |
| **6/20** | $11537 | $12400 | $12265 |
| **7/20** | $11764 | $12618 | $12448 |
| **8/20** | $11766 | $12545 | $12348 |
| **9/20** | $11779 | $12522 | $12341 |
| **10/20** | $11745 | $12478 | $12286 |
| **11/20** | $11985 | $12640 | $12406 |
| **12/20** | $12072 | $12684 | $12424 |
| **1/21** | $12056 | $12604 | $12334 |
| **2/21** | $11949 | $12442 | $12156 |
| **3/21** | $11851 | $12297 | $12005 |
| **4/21** | $11942 | $12400 | $12099 |
| **5/21** | $11999 | $12448 | $12139 |
| **6/21** | $12102 | $12538 | $12224 |
| **7/21** | $12230 | $12664 | $12361 |
| **8/21** | $12215 | $12656 | $12337 |
| **9/21** | $12139 | $12548 | $12231 |
| **10/21** | $12146 | $12538 | $12227 |
| **11/21** | $12155 | $12553 | $12263 |
| **12/21** | $12115 | $12544 | $12232 |
| **1/22** | $11880 | $12269 | $11968 |
| **2/22** | $11719 | $12102 | $11835 |
| **3/22** | $11397 | $11777 | $11506 |
| **4/22** | $11014 | $11338 | $11069 |
| **5/22** | $11012 | $11400 | $11141 |
| **6/22** | $10813 | $11173 | $10966 |
| **7/22** | $11044 | $11453 | $11234 |
| **8/22** | $10786 | $11156 | $10917 |
| **9/22** | $10353 | $10675 | $10445 |
| **10/22** | $10193 | $10558 | $10310 |
| **11/22** | $10543 | $10952 | $10689 |
| **12/22** | $10500 | $10914 | $10641 |
| **1/23** | $10866 | $11253 | $10968 |
| **2/23** | $10633 | $10977 | $10684 |
| **3/23** | $10826 | $11234 | $10956 |
| **4/23** | $10844 | $11303 | $11022 |
| **5/23** | $10725 | $11185 | $10902 |
| **6/23** | $10718 | $11168 | $10863 |
| **7/23** | $10713 | $11179 | $10856 |
| **8/23** | $10670 | $11112 | $10786 |
| **9/23** | $10410 | $10847 | $10512 |
| **10/23** | $10227 | $10684 | $10346 |
| **11/23** | $10726 | $11165 | $10815 |
| **12/23** | $11111 | $11588 | $11229 |
| **1/24** | $11146 | $11560 | $11198 |
| **2/24** | $10989 | $11422 | $11040 |
| **3/24** | $11091 | $11534 | $11142 |
| **4/24** | $10838 | $11264 | $10860 |
| **5/24** | $11033 | $11451 | $11044 |
| **6/24** | $11139 | $11556 | $11149 |
| **7/24** | $11391 | $11818 | $11409 |
| **8/24** | $11561 | $11992 | $11573 |
| **9/24** | $11720 | $12157 | $11728 |
| **10/24** | $11438 | $11881 | $11437 |
| **11/24** | $11567 | $12006 | $11558 |
| **12/24** | $11418 | $11824 | $11369 |
| **1/25** | $11498 | $11896 | $11430 |
| **2/25** | $11738 | $12142 | $11681 |
| **3/25** | $11739 | $12139 | $11685 |
| **4/25** | $11791 | $12182 | $11731 |
| **5/25** | $11721 | $12120 | $11647 |
| **6/25** | $11911 | $12309 | $11826 |
| **7/25** | $11896 | $12291 | $11795 |
| **8/25** | $12059 | $12439 | $11936 |
| **9/25** | $12127 | $12571 | $12067 |
| **10/25** | $12194 | $12654 | $12142 |
| **11/25** | $12275 | $12730 | $12217 |
| **12/25** | $12255 | $12721 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 7.38% | 0.31% | 2.39% |
| Class A with 3.25% Maximum Sales Charge | 3.94% | (0.34)% | 2.05% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $370378216 |
| # of Portfolio Holdings (for Core Bond Portfolio) | 378 |
| Portfolio Turnover Rate (for Core Bond Portfolio) | 388% |
| Total Advisory Fees Paid | $865843 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Core Bond Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g92n76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Exchange-Traded Funds | 2.6% |
| Collateralized Mortgage Obligations | 3.8% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 19.2% |
| Corporate Bonds | 20.5% |
| U.S. Government Agency Mortgage-Backed Securities | 25.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g84380g24b39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 1.7% |
| Not Rated | 3.7% |
| CCC or Lower | 0.2% |
| B | 0.8% |
| BB | 1.4% |
| BBB | 14.9% |
| A | 13.5% |
| AA | 55.7% |
| AAA | 8.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EAGIX-TSR-AR

# Eaton Vance Core Bond Fund
![Image](g84380g89m26.jpg)

# Class I EIGIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $49 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Core Bond Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ The Fund's overweight in commercial mortgage-backed securities, asset-backed securities, and non-agency residential mortgage-backed securities (RMBS) drove relative outperformance as spreads tightened and strong security selection supported returns

↑ The Fund's overweight to agency RMBS—particularly 30-year fixed-rate passthroughs—also contributed positively to relative performance

↑ The Fund's within corporate credit, out-of-benchmark high-yield exposure and an overweight to financials within investment-grade corporates drove relative outperformance

↑ The Fund's yield curve positioning benefited relative performance, as U.S. interest rates steepened over the course of the year

↓ In contrast, the Fund's underweight exposures to government-related and sovereign debt detracted from relative performance as these sectors rallied

↓ The Fund's modestly short duration position detracted from performance as interest rates declined over the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g01w00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $1011455 | $1011039 | $1013761 |
| **2/16** | $1016722 | $1018221 | $1020953 |
| **3/16** | $1028506 | $1030700 | $1030320 |
| **4/16** | $1034037 | $1037722 | $1034275 |
| **5/16** | $1033331 | $1038533 | $1034540 |
| **6/16** | $1052469 | $1056816 | $1053128 |
| **7/16** | $1061188 | $1065524 | $1059787 |
| **8/16** | $1058372 | $1066674 | $1058575 |
| **9/16** | $1059527 | $1066927 | $1057954 |
| **10/16** | $1050252 | $1059849 | $1049862 |
| **11/16** | $1023975 | $1036026 | $1025029 |
| **12/16** | $1027325 | $1039104 | $1026475 |
| **1/17** | $1030750 | $1042770 | $1028489 |
| **2/17** | $1038515 | $1050816 | $1035401 |
| **3/17** | $1037791 | $1050464 | $1034858 |
| **4/17** | $1046669 | $1059180 | $1042844 |
| **5/17** | $1055545 | $1067352 | $1050871 |
| **6/17** | $1055857 | $1066447 | $1049814 |
| **7/17** | $1061494 | $1071759 | $1054331 |
| **8/17** | $1070478 | $1081005 | $1063788 |
| **9/17** | $1065460 | $1077201 | $1058722 |
| **10/17** | $1068021 | $1078494 | $1059335 |
| **11/17** | $1067404 | $1076862 | $1057975 |
| **12/17** | $1073215 | $1081610 | $1062831 |
| **1/18** | $1064836 | $1071201 | $1050590 |
| **2/18** | $1055389 | $1061044 | $1040631 |
| **3/18** | $1059342 | $1066396 | $1047305 |
| **4/18** | $1053419 | $1059280 | $1039516 |
| **5/18** | $1058396 | $1065057 | $1046934 |
| **6/18** | $1057989 | $1063512 | $1045647 |
| **7/18** | $1060947 | $1065738 | $1045895 |
| **8/18** | $1066173 | $1070989 | $1052625 |
| **9/18** | $1063503 | $1066399 | $1045847 |
| **10/18** | $1055189 | $1057479 | $1037582 |
| **11/18** | $1057003 | $1062235 | $1043776 |
| **12/18** | $1067885 | $1078854 | $1062952 |
| **1/19** | $1084236 | $1093729 | $1074240 |
| **2/19** | $1087040 | $1094921 | $1073617 |
| **3/19** | $1107081 | $1114693 | $1094233 |
| **4/19** | $1110189 | $1116253 | $1094513 |
| **5/19** | $1126991 | $1133352 | $1113942 |
| **6/19** | $1139164 | $1149383 | $1127931 |
| **7/19** | $1142086 | $1152804 | $1130412 |
| **8/19** | $1168985 | $1178889 | $1159703 |
| **9/19** | $1162506 | $1173782 | $1153527 |
| **10/19** | $1166325 | $1177574 | $1157001 |
| **11/19** | $1166716 | $1177339 | $1156412 |
| **12/19** | $1167055 | $1179093 | $1155606 |
| **1/20** | $1189579 | $1200255 | $1177845 |
| **2/20** | $1205127 | $1218227 | $1199045 |
| **3/20** | $1135398 | $1194431 | $1191988 |
| **4/20** | $1165392 | $1218357 | $1213177 |
| **5/20** | $1181145 | $1229736 | $1218826 |
| **6/20** | $1204842 | $1239997 | $1226503 |
| **7/20** | $1228766 | $1261779 | $1244824 |
| **8/20** | $1230408 | $1254503 | $1234776 |
| **9/20** | $1230819 | $1252242 | $1234099 |
| **10/20** | $1227543 | $1247766 | $1228588 |
| **11/20** | $1254090 | $1264049 | $1240643 |
| **12/20** | $1262327 | $1268414 | $1242353 |
| **1/21** | $1262155 | $1260441 | $1233446 |
| **2/21** | $1251125 | $1244178 | $1215634 |
| **3/21** | $1241192 | $1229699 | $1200455 |
| **4/21** | $1250984 | $1240039 | $1209938 |
| **5/21** | $1255971 | $1244769 | $1213891 |
| **6/21** | $1267003 | $1253843 | $1222420 |
| **7/21** | $1280725 | $1266434 | $1236088 |
| **8/21** | $1280665 | $1265588 | $1233735 |
| **9/21** | $1272884 | $1254781 | $1223053 |
| **10/21** | $1272649 | $1253755 | $1222716 |
| **11/21** | $1273828 | $1255270 | $1226333 |
| **12/21** | $1271228 | $1254423 | $1223195 |
| **1/22** | $1245428 | $1226921 | $1196843 |
| **2/22** | $1228762 | $1210193 | $1183490 |
| **3/22** | $1196529 | $1177725 | $1150611 |
| **4/22** | $1155228 | $1133799 | $1106947 |
| **5/22** | $1156501 | $1140037 | $1114085 |
| **6/22** | $1135769 | $1117257 | $1096607 |
| **7/22** | $1159037 | $1145347 | $1123402 |
| **8/22** | $1133419 | $1115572 | $1091658 |
| **9/22** | $1088152 | $1067509 | $1044492 |
| **10/22** | $1071512 | $1055796 | $1030963 |
| **11/22** | $1107313 | $1095163 | $1068878 |
| **12/22** | $1104307 | $1091443 | $1064056 |
| **1/23** | $1141775 | $1125300 | $1096791 |
| **2/23** | $1118753 | $1097650 | $1068433 |
| **3/23** | $1139330 | $1123400 | $1095574 |
| **4/23** | $1141480 | $1130262 | $1102214 |
| **5/23** | $1129129 | $1118544 | $1090212 |
| **6/23** | $1127324 | $1116806 | $1086324 |
| **7/23** | $1128286 | $1117916 | $1085566 |
| **8/23** | $1124075 | $1111184 | $1078632 |
| **9/23** | $1096862 | $1084688 | $1051223 |
| **10/23** | $1077710 | $1068376 | $1034633 |
| **11/23** | $1129276 | $1116458 | $1081488 |
| **12/23** | $1171449 | $1158821 | $1122886 |
| **1/24** | $1174093 | $1156048 | $1119802 |
| **2/24** | $1159051 | $1142187 | $1103982 |
| **3/24** | $1170044 | $1153402 | $1114176 |
| **4/24** | $1143611 | $1126449 | $1086033 |
| **5/24** | $1164410 | $1145121 | $1104445 |
| **6/24** | $1174474 | $1155589 | $1114901 |
| **7/24** | $1202702 | $1181818 | $1140942 |
| **8/24** | $1220972 | $1199216 | $1157337 |
| **9/24** | $1237994 | $1215664 | $1172833 |
| **10/24** | $1208411 | $1188053 | $1143748 |
| **11/24** | $1220953 | $1200578 | $1155841 |
| **12/24** | $1205415 | $1182446 | $1136925 |
| **1/25** | $1215550 | $1189571 | $1142956 |
| **2/25** | $1241225 | $1214166 | $1168103 |
| **3/25** | $1241532 | $1213876 | $1168543 |
| **4/25** | $1245844 | $1218164 | $1173135 |
| **5/25** | $1240178 | $1211985 | $1164736 |
| **6/25** | $1260523 | $1230868 | $1182645 |
| **7/25** | $1257723 | $1229111 | $1179526 |
| **8/25** | $1276798 | $1243874 | $1193633 |
| **9/25** | $1282717 | $1257054 | $1206654 |
| **10/25** | $1290118 | $1265355 | $1214193 |
| **11/25** | $1300505 | $1272986 | $1221738 |
| **12/25** | $1299158 | $1272105 | $1219931 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.78% | 0.58% | 2.65% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $370378216 |
| # of Portfolio Holdings (for Core Bond Portfolio) | 378 |
| Portfolio Turnover Rate (for Core Bond Portfolio) | 388% |
| Total Advisory Fees Paid | $865843 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Core Bond Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g84380g92n76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Exchange-Traded Funds | 2.6% |
| Collateralized Mortgage Obligations | 3.8% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 19.2% |
| Corporate Bonds | 20.5% |
| U.S. Government Agency Mortgage-Backed Securities | 25.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g84380g24b39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 1.7% |
| Not Rated | 3.7% |
| CCC or Lower | 0.2% |
| B | 0.8% |
| BB | 1.4% |
| BBB | 14.9% |
| A | 13.5% |
| AA | 55.7% |
| AAA | 8.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

## Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EIGIX-TSR-AR

# Eaton Vance Dividend Builder Fund
![Image](g84380g97o76.jpg)

# Class A EVTMX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Dividend Builder Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $104 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index and NASDAQ US Broad Dividend Achievers™ Index (the Index):

↓ An underweight position in Alphabet, Inc., was the largest detractor from performance as the stock rose on AI-driven search, cloud growth, and strong earnings

↓ Not owning semiconductor maker NVIDIA Corp. hurt returns as the stock outperformed on soaring AI chip demand, driving record sales and repeated earnings beats

↓ An out-of-index position in Blue Owl Capital, Inc., hurt returns on missed earnings, Business Development Company redemption concerns, and private credit jitters. The position was sold by year-end

↓ Among sectors, stock selection in financials, industrials, consumer discretionary and communication services hurt returns the most

↑ In contrast, an overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Amphenol Corp. helped returns as earnings beats from surging AI data center demand and strategic acquisitions sent shares higher

↑ An underweight position in Apple, Inc. also helped returns as slower iPhone sales and no major AI product boost caused shares to lag

↑ Among sectors, stock selection in information technology, an underweight to consumer discretionary and overweight to health care and industrials helped returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g02g18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **S&P 500<sup>®</sup> Index** | **NASDAQ US Broad Dividend Achievers™ Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9123 | $9504 | $9913 |
| **2/16** | $9117 | $9491 | $10004 |
| **3/16** | $9656 | $10135 | $10650 |
| **4/16** | $9614 | $10174 | $10648 |
| **5/16** | $9768 | $10357 | $10792 |
| **6/16** | $9922 | $10384 | $11174 |
| **7/16** | $10189 | $10766 | $11381 |
| **8/16** | $10161 | $10782 | $11282 |
| **9/16** | $10096 | $10784 | $11255 |
| **10/16** | $9920 | $10587 | $11009 |
| **11/16** | $10092 | $10979 | $11285 |
| **12/16** | $10348 | $11196 | $11522 |
| **1/17** | $10433 | $11408 | $11595 |
| **2/17** | $10750 | $11861 | $12014 |
| **3/17** | $10775 | $11875 | $11986 |
| **4/17** | $10822 | $11997 | $12080 |
| **5/17** | $10924 | $12166 | $12270 |
| **6/17** | $10995 | $12242 | $12240 |
| **7/17** | $11198 | $12494 | $12406 |
| **8/17** | $11216 | $12532 | $12359 |
| **9/17** | $11462 | $12790 | $12602 |
| **10/17** | $11748 | $13089 | $12825 |
| **11/17** | $12105 | $13490 | $13389 |
| **12/17** | $12302 | $13640 | $13598 |
| **1/18** | $12820 | $14421 | $14074 |
| **2/18** | $12357 | $13890 | $13249 |
| **3/18** | $12060 | $13537 | $13100 |
| **4/18** | $12054 | $13589 | $13050 |
| **5/18** | $12319 | $13916 | $13231 |
| **6/18** | $12423 | $14002 | $13367 |
| **7/18** | $12919 | $14523 | $13938 |
| **8/18** | $13280 | $14996 | $14226 |
| **9/18** | $13360 | $15081 | $14467 |
| **10/18** | $12421 | $14050 | $13754 |
| **11/18** | $12667 | $14337 | $14249 |
| **12/18** | $11638 | $13042 | $13062 |
| **1/19** | $12395 | $14087 | $13833 |
| **2/19** | $12732 | $14540 | $14403 |
| **3/19** | $13061 | $14822 | $14706 |
| **4/19** | $13672 | $15422 | $15164 |
| **5/19** | $12886 | $14442 | $14400 |
| **6/19** | $13676 | $15460 | $15346 |
| **7/19** | $13979 | $15682 | $15569 |
| **8/19** | $13963 | $15434 | $15605 |
| **9/19** | $14192 | $15723 | $15918 |
| **10/19** | $14385 | $16063 | $15922 |
| **11/19** | $14882 | $16646 | $16244 |
| **12/19** | $15256 | $17149 | $16658 |
| **1/20** | $15327 | $17142 | $16633 |
| **2/20** | $14152 | $15731 | $15195 |
| **3/20** | $12112 | $13788 | $13495 |
| **4/20** | $13627 | $15555 | $14915 |
| **5/20** | $14239 | $16296 | $15517 |
| **6/20** | $14388 | $16620 | $15519 |
| **7/20** | $15032 | $17558 | $16219 |
| **8/20** | $15911 | $18820 | $17050 |
| **9/20** | $15382 | $18105 | $16779 |
| **10/20** | $14932 | $17623 | $16401 |
| **11/20** | $16570 | $19552 | $17981 |
| **12/20** | $17136 | $20304 | $18320 |
| **1/21** | $16694 | $20099 | $17899 |
| **2/21** | $17230 | $20653 | $18201 |
| **3/21** | $18009 | $21558 | $19354 |
| **4/21** | $18941 | $22708 | $20126 |
| **5/21** | $19125 | $22867 | $20453 |
| **6/21** | $19320 | $23401 | $20433 |
| **7/21** | $19788 | $23956 | $20949 |
| **8/21** | $20115 | $24685 | $21312 |
| **9/21** | $19131 | $23537 | $20382 |
| **10/21** | $20293 | $25186 | $21696 |
| **11/21** | $20081 | $25011 | $21307 |
| **12/21** | $21320 | $26132 | $22688 |
| **1/22** | $20322 | $24780 | $21870 |
| **2/22** | $19936 | $24038 | $21353 |
| **3/22** | $20715 | $24931 | $22063 |
| **4/22** | $19444 | $22757 | $21120 |
| **5/22** | $19770 | $22798 | $21295 |
| **6/22** | $18400 | $20916 | $19947 |
| **7/22** | $19203 | $22845 | $21195 |
| **8/22** | $18533 | $21913 | $20484 |
| **9/22** | $17068 | $19895 | $18782 |
| **10/22** | $18571 | $21506 | $20776 |
| **11/22** | $19967 | $22708 | $22126 |
| **12/22** | $19241 | $21399 | $21377 |
| **1/23** | $19688 | $22744 | $21904 |
| **2/23** | $18980 | $22189 | $21237 |
| **3/23** | $19291 | $23004 | $21558 |
| **4/23** | $19535 | $23363 | $22001 |
| **5/23** | $18982 | $23464 | $21322 |
| **6/23** | $19913 | $25015 | $22646 |
| **7/23** | $20649 | $25818 | $23171 |
| **8/23** | $20254 | $25407 | $22747 |
| **9/23** | $19458 | $24196 | $21775 |
| **10/23** | $19040 | $23687 | $21424 |
| **11/23** | $20348 | $25850 | $22991 |
| **12/23** | $21388 | $27025 | $23917 |
| **1/24** | $21645 | $27479 | $24213 |
| **2/24** | $22258 | $28946 | $24904 |
| **3/24** | $22998 | $29878 | $25708 |
| **4/24** | $21935 | $28657 | $24674 |
| **5/24** | $22613 | $30078 | $25549 |
| **6/24** | $22863 | $31157 | $25912 |
| **7/24** | $23683 | $31537 | $27034 |
| **8/24** | $24417 | $32302 | $27922 |
| **9/24** | $24648 | $32992 | $28381 |
| **10/24** | $24704 | $32692 | $27919 |
| **11/24** | $25628 | $34611 | $29400 |
| **12/24** | $24492 | $33786 | $28129 |
| **1/25** | $25382 | $34727 | $29084 |
| **2/25** | $25303 | $34274 | $29343 |
| **3/25** | $24515 | $32343 | $28230 |
| **4/25** | $23994 | $32124 | $27797 |
| **5/25** | $24987 | $34146 | $28796 |
| **6/25** | $25920 | $35882 | $29840 |
| **7/25** | $26041 | $36687 | $30029 |
| **8/25** | $26562 | $37431 | $30771 |
| **9/25** | $27117 | $38797 | $31602 |
| **10/25** | $26738 | $39706 | $31661 |
| **11/25** | $26954 | $39803 | $32426 |
| **12/25** | $26561 | $39827 | $32208 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 8.48% | 9.16% | 10.85% |
| Class A with 5.25% Maximum Sales Charge | 2.77% | 8.00% | 10.25% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| NASDAQ US Broad Dividend Achievers™ Index | 14.50% | 11.94% | 12.40% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $876738990 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $5708091 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g70v59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.4% |
| Materials | 1.9% |
| Real Estate | 3.6% |
| Utilities | 4.3% |
| Communication Services | 4.7% |
| Energy | 5.4% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.4% |
| Industrials | 12.0% |
| Health Care | 13.5% |
| Financials | 18.5% |
| Information Technology | 23.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Sempra | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EVTMX-TSR-AR

# Eaton Vance Dividend Builder Fund
![Image](g84380g97o76.jpg)

# Class C ECTMX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Dividend Builder Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $182 | 1.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index and NASDAQ US Broad Dividend Achievers™ Index (the Index):

↓ An underweight position in Alphabet, Inc., was the largest detractor from performance as the stock rose on AI-driven search, cloud growth, and strong earnings

↓ Not owning semiconductor maker NVIDIA Corp. hurt returns as the stock outperformed on soaring AI chip demand, driving record sales and repeated earnings beats

↓ An out-of-index position in Blue Owl Capital, Inc., hurt returns on missed earnings, Business Development Company redemption concerns, and private credit jitters. The position was sold by year-end

↓ Among sectors, stock selection in financials, industrials, consumer discretionary and communication services hurt returns the most

↑ In contrast, an overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Amphenol Corp. helped returns as earnings beats from surging AI data center demand and strategic acquisitions sent shares higher

↑ An underweight position in Apple, Inc. also helped returns as slower iPhone sales and no major AI product boost caused shares to lag

↑ Among sectors, stock selection in information technology, an underweight to consumer discretionary and overweight to health care and industrials helped returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g93e67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **NASDAQ US Broad Dividend Achievers™ Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9624 | $9504 | $9913 |
| **2/16** | $9620 | $9491 | $10004 |
| **3/16** | $10180 | $10135 | $10650 |
| **4/16** | $10129 | $10174 | $10648 |
| **5/16** | $10285 | $10357 | $10792 |
| **6/16** | $10432 | $10384 | $11174 |
| **7/16** | $10713 | $10766 | $11381 |
| **8/16** | $10677 | $10782 | $11282 |
| **9/16** | $10602 | $10784 | $11255 |
| **10/16** | $10411 | $10587 | $11009 |
| **11/16** | $10584 | $10979 | $11285 |
| **12/16** | $10851 | $11196 | $11522 |
| **1/17** | $10927 | $11408 | $11595 |
| **2/17** | $11250 | $11861 | $12014 |
| **3/17** | $11277 | $11875 | $11986 |
| **4/17** | $11319 | $11997 | $12080 |
| **5/17** | $11418 | $12166 | $12270 |
| **6/17** | $11484 | $12242 | $12240 |
| **7/17** | $11680 | $12494 | $12406 |
| **8/17** | $11699 | $12532 | $12359 |
| **9/17** | $11946 | $12790 | $12602 |
| **10/17** | $12235 | $13089 | $12825 |
| **11/17** | $12598 | $13490 | $13389 |
| **12/17** | $12793 | $13640 | $13598 |
| **1/18** | $13330 | $14421 | $14074 |
| **2/18** | $12842 | $13890 | $13249 |
| **3/18** | $12520 | $13537 | $13100 |
| **4/18** | $12513 | $13589 | $13050 |
| **5/18** | $12780 | $13916 | $13231 |
| **6/18** | $12878 | $14002 | $13367 |
| **7/18** | $13382 | $14523 | $13938 |
| **8/18** | $13745 | $14996 | $14226 |
| **9/18** | $13818 | $15081 | $14467 |
| **10/18** | $12845 | $14050 | $13754 |
| **11/18** | $13089 | $14337 | $14249 |
| **12/18** | $12014 | $13042 | $13062 |
| **1/19** | $12792 | $14087 | $13833 |
| **2/19** | $13136 | $14540 | $14403 |
| **3/19** | $13466 | $14822 | $14706 |
| **4/19** | $14082 | $15422 | $15164 |
| **5/19** | $13260 | $14442 | $14400 |
| **6/19** | $14068 | $15460 | $15346 |
| **7/19** | $14369 | $15682 | $15569 |
| **8/19** | $14343 | $15434 | $15605 |
| **9/19** | $14578 | $15723 | $15918 |
| **10/19** | $14755 | $16063 | $15922 |
| **11/19** | $15261 | $16646 | $16244 |
| **12/19** | $15633 | $17149 | $16658 |
| **1/20** | $15695 | $17142 | $16633 |
| **2/20** | $14480 | $15731 | $15195 |
| **3/20** | $12388 | $13788 | $13495 |
| **4/20** | $13939 | $15555 | $14915 |
| **5/20** | $14541 | $16296 | $15517 |
| **6/20** | $14684 | $16620 | $15519 |
| **7/20** | $15338 | $17558 | $16219 |
| **8/20** | $16227 | $18820 | $17050 |
| **9/20** | $15672 | $18105 | $16779 |
| **10/20** | $15207 | $17623 | $16401 |
| **11/20** | $16863 | $19552 | $17981 |
| **12/20** | $17432 | $20304 | $18320 |
| **1/21** | $16975 | $20099 | $17899 |
| **2/21** | $17505 | $20653 | $18201 |
| **3/21** | $18281 | $21558 | $19354 |
| **4/21** | $19218 | $22708 | $20126 |
| **5/21** | $19391 | $22867 | $20453 |
| **6/21** | $19575 | $23401 | $20433 |
| **7/21** | $20034 | $23956 | $20949 |
| **8/21** | $20360 | $24685 | $21312 |
| **9/21** | $19348 | $23537 | $20382 |
| **10/21** | $20512 | $25186 | $21696 |
| **11/21** | $20277 | $25011 | $21307 |
| **12/21** | $21516 | $26132 | $22688 |
| **1/22** | $20502 | $24780 | $21870 |
| **2/22** | $20104 | $24038 | $21353 |
| **3/22** | $20871 | $24931 | $22063 |
| **4/22** | $19576 | $22757 | $21120 |
| **5/22** | $19890 | $22798 | $21295 |
| **6/22** | $18509 | $20916 | $19947 |
| **7/22** | $19298 | $22845 | $21195 |
| **8/22** | $18608 | $21913 | $20484 |
| **9/22** | $17137 | $19895 | $18782 |
| **10/22** | $18631 | $21506 | $20776 |
| **11/22** | $20020 | $22708 | $22126 |
| **12/22** | $19286 | $21399 | $21377 |
| **1/23** | $19703 | $22744 | $21904 |
| **2/23** | $18989 | $22189 | $21237 |
| **3/23** | $19286 | $23004 | $21558 |
| **4/23** | $19515 | $23363 | $22001 |
| **5/23** | $18956 | $23464 | $21322 |
| **6/23** | $19865 | $25015 | $22646 |
| **7/23** | $20592 | $25818 | $23171 |
| **8/23** | $20189 | $25407 | $22747 |
| **9/23** | $19390 | $24196 | $21775 |
| **10/23** | $18952 | $23687 | $21424 |
| **11/23** | $20258 | $25850 | $22991 |
| **12/23** | $21269 | $27025 | $23917 |
| **1/24** | $21508 | $27479 | $24213 |
| **2/24** | $22112 | $28946 | $24904 |
| **3/24** | $22824 | $29878 | $25708 |
| **4/24** | $21752 | $28657 | $24674 |
| **5/24** | $22418 | $30078 | $25549 |
| **6/24** | $22648 | $31157 | $25912 |
| **7/24** | $23445 | $31537 | $27034 |
| **8/24** | $24163 | $32302 | $27922 |
| **9/24** | $24373 | $32992 | $28381 |
| **10/24** | $24401 | $32692 | $27919 |
| **11/24** | $25303 | $34611 | $29400 |
| **12/24** | $24177 | $33786 | $28129 |
| **1/25** | $25044 | $34727 | $29084 |
| **2/25** | $24937 | $34274 | $29343 |
| **3/25** | $24153 | $32343 | $28230 |
| **4/25** | $23615 | $32124 | $27797 |
| **5/25** | $24583 | $34146 | $28796 |
| **6/25** | $25490 | $35882 | $29840 |
| **7/25** | $25581 | $36687 | $30029 |
| **8/25** | $26099 | $37431 | $30771 |
| **9/25** | $26608 | $38797 | $31602 |
| **10/25** | $26229 | $39706 | $31661 |
| **11/25** | $26421 | $39803 | $32426 |
| **12/25** | $26032 | $39827 | $32208 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 7.67% | 8.35% | 10.03% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 6.68% | 8.35% | 10.03% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| NASDAQ US Broad Dividend Achievers™ Index | 14.50% | 11.94% | 12.40% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $876738990 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $5708091 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g70v59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.4% |
| Materials | 1.9% |
| Real Estate | 3.6% |
| Utilities | 4.3% |
| Communication Services | 4.7% |
| Energy | 5.4% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.4% |
| Industrials | 12.0% |
| Health Care | 13.5% |
| Financials | 18.5% |
| Information Technology | 23.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Sempra | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECTMX-TSR-AR

# Eaton Vance Dividend Builder Fund
![Image](g84380g97o76.jpg)

# Class I EIUTX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Dividend Builder Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $78 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup><sup>®</sup></sup> Index and NASDAQ US Broad Dividend Achievers™ Index (the Index):

↓ An underweight position in Alphabet, Inc., was the largest detractor from performance as the stock rose on AI-driven search, cloud growth, and strong earnings

↓ Not owning semiconductor maker NVIDIA Corp. hurt returns as the stock outperformed on soaring AI chip demand, driving record sales and repeated earnings beats

↓ An out-of-index position in Blue Owl Capital, Inc., hurt returns on missed earnings, Business Development Company redemption concerns, and private credit jitters. The position was sold by year-end

↓ Among sectors, stock selection in financials, industrials, consumer discretionary and communication services hurt returns the most

↑ In contrast, an overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Amphenol Corp. helped returns as earnings beats from surging AI data center demand and strategic acquisitions sent shares higher

↑ An underweight position in Apple, Inc. also helped returns as slower iPhone sales and no major AI product boost caused shares to lag

↑ Among sectors, stock selection in information technology, an underweight to consumer discretionary and overweight to health care and industrials helped returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g37a84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **NASDAQ US Broad Dividend Achievers™ Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $962958 | $950376 | $991345 |
| **2/16** | $962604 | $949094 | $1000404 |
| **3/16** | $1019718 | $1013478 | $1064960 |
| **4/16** | $1015501 | $1017407 | $1064800 |
| **5/16** | $1032027 | $1035678 | $1079171 |
| **6/16** | $1048518 | $1038362 | $1117380 |
| **7/16** | $1076997 | $1076645 | $1138073 |
| **8/16** | $1074233 | $1078156 | $1128236 |
| **9/16** | $1067601 | $1078360 | $1125508 |
| **10/16** | $1049175 | $1058690 | $1100874 |
| **11/16** | $1067623 | $1097898 | $1128464 |
| **12/16** | $1094916 | $1119599 | $1152231 |
| **1/17** | $1104222 | $1140834 | $1159541 |
| **2/17** | $1137972 | $1186132 | $1201361 |
| **3/17** | $1140808 | $1187516 | $1198625 |
| **4/17** | $1146143 | $1199711 | $1208048 |
| **5/17** | $1157158 | $1216594 | $1226970 |
| **6/17** | $1164928 | $1224188 | $1224043 |
| **7/17** | $1186735 | $1249360 | $1240596 |
| **8/17** | $1188807 | $1253185 | $1235883 |
| **9/17** | $1215168 | $1279036 | $1260189 |
| **10/17** | $1245729 | $1308883 | $1282514 |
| **11/17** | $1283095 | $1349026 | $1338928 |
| **12/17** | $1304246 | $1364025 | $1359835 |
| **1/18** | $1360370 | $1442121 | $1407435 |
| **2/18** | $1311458 | $1388969 | $1324880 |
| **3/18** | $1280253 | $1353670 | $1309969 |
| **4/18** | $1279793 | $1358865 | $1304960 |
| **5/18** | $1308259 | $1391589 | $1323148 |
| **6/18** | $1319560 | $1400154 | $1336673 |
| **7/18** | $1372645 | $1452259 | $1393775 |
| **8/18** | $1410313 | $1499581 | $1422630 |
| **9/18** | $1420055 | $1508116 | $1446737 |
| **10/18** | $1320514 | $1405036 | $1375389 |
| **11/18** | $1346904 | $1433669 | $1424941 |
| **12/18** | $1237757 | $1304222 | $1306213 |
| **1/19** | $1318514 | $1408736 | $1383286 |
| **2/19** | $1354775 | $1453969 | $1440259 |
| **3/19** | $1390068 | $1482222 | $1470562 |
| **4/19** | $1455346 | $1542236 | $1516396 |
| **5/19** | $1371971 | $1444230 | $1440037 |
| **6/19** | $1456470 | $1546014 | $1534556 |
| **7/19** | $1488000 | $1568233 | $1556930 |
| **8/19** | $1487614 | $1543392 | $1560546 |
| **9/19** | $1512424 | $1572270 | $1591798 |
| **10/19** | $1532254 | $1606325 | $1592227 |
| **11/19** | $1585617 | $1664632 | $1624356 |
| **12/19** | $1626929 | $1714874 | $1665846 |
| **1/20** | $1633702 | $1714202 | $1663322 |
| **2/20** | $1509677 | $1573090 | $1519518 |
| **3/20** | $1292257 | $1378793 | $1349493 |
| **4/20** | $1454242 | $1555546 | $1491501 |
| **5/20** | $1519967 | $1629634 | $1551693 |
| **6/20** | $1536152 | $1662043 | $1551896 |
| **7/20** | $1604206 | $1755757 | $1621921 |
| **8/20** | $1699599 | $1881962 | $1705004 |
| **9/20** | $1643429 | $1810454 | $1677875 |
| **10/20** | $1594544 | $1762307 | $1640081 |
| **11/20** | $1771153 | $1955216 | $1798100 |
| **12/20** | $1831984 | $2030390 | $1831995 |
| **1/21** | $1785153 | $2009892 | $1789919 |
| **2/21** | $1841750 | $2065314 | $1820101 |
| **3/21** | $1926601 | $2155766 | $1935390 |
| **4/21** | $2026733 | $2270817 | $2012640 |
| **5/21** | $2046905 | $2286677 | $2045280 |
| **6/21** | $2067068 | $2340059 | $2043305 |
| **7/21** | $2117658 | $2395647 | $2094913 |
| **8/21** | $2153171 | $2468488 | $2131215 |
| **9/21** | $2048128 | $2353679 | $2038210 |
| **10/21** | $2173186 | $2518582 | $2169631 |
| **11/21** | $2150830 | $2501131 | $2130688 |
| **12/21** | $2284119 | $2613222 | $2268761 |
| **1/22** | $2177621 | $2477996 | $2187038 |
| **2/22** | $2137818 | $2403801 | $2135256 |
| **3/22** | $2221752 | $2493053 | $2206334 |
| **4/22** | $2084670 | $2275654 | $2111997 |
| **5/22** | $2120184 | $2279829 | $2129495 |
| **6/22** | $1973427 | $2091643 | $1994659 |
| **7/22** | $2060148 | $2284502 | $2119462 |
| **8/22** | $1988555 | $2191336 | $2048403 |
| **9/22** | $1832804 | $1989517 | $1878158 |
| **10/22** | $1994715 | $2150591 | $2077645 |
| **11/22** | $2145137 | $2270775 | $2212558 |
| **12/22** | $2066325 | $2139945 | $2137729 |
| **1/23** | $2114935 | $2274406 | $2190433 |
| **2/23** | $2039192 | $2218913 | $2123711 |
| **3/23** | $2073022 | $2300379 | $2155767 |
| **4/23** | $2099776 | $2336284 | $2200120 |
| **5/23** | $2040650 | $2346439 | $2132192 |
| **6/23** | $2141345 | $2501481 | $2264611 |
| **7/23** | $2221091 | $2581841 | $2317139 |
| **8/23** | $2178929 | $2540734 | $2274662 |
| **9/23** | $2095152 | $2419597 | $2177460 |
| **10/23** | $2049027 | $2368721 | $2142409 |
| **11/23** | $2192019 | $2585046 | $2299054 |
| **12/23** | $2303035 | $2702486 | $2391704 |
| **1/24** | $2331228 | $2747899 | $2421295 |
| **2/24** | $2397937 | $2894625 | $2490402 |
| **3/24** | $2478234 | $2987758 | $2570784 |
| **4/24** | $2363985 | $2865725 | $2467416 |
| **5/24** | $2437632 | $3007821 | $2554896 |
| **6/24** | $2465176 | $3115748 | $2591219 |
| **7/24** | $2552682 | $3153674 | $2703443 |
| **8/24** | $2634100 | $3230171 | $2792150 |
| **9/24** | $2659588 | $3299158 | $2838064 |
| **10/24** | $2664574 | $3269240 | $2791933 |
| **11/24** | $2766644 | $3461148 | $2940027 |
| **12/24** | $2644331 | $3378640 | $2812939 |
| **1/25** | $2741145 | $3472727 | $2908439 |
| **2/25** | $2731564 | $3427414 | $2934346 |
| **3/25** | $2648588 | $3234299 | $2823039 |
| **4/25** | $2592711 | $3212367 | $2779707 |
| **5/25** | $2700742 | $3414569 | $2879612 |
| **6/25** | $2802270 | $3588209 | $2983966 |
| **7/25** | $2814295 | $3668739 | $3002891 |
| **8/25** | $2872962 | $3743110 | $3077082 |
| **9/25** | $2932051 | $3879734 | $3160176 |
| **10/25** | $2891535 | $3970572 | $3166142 |
| **11/25** | $2917314 | $3980304 | $3242588 |
| **12/25** | $2876094 | $3982741 | $3220801 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 8.76% | 9.43% | 11.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| NASDAQ US Broad Dividend Achievers™ Index | 14.50% | 11.94% | 12.40% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $876738990 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $5708091 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g70v59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.4% |
| Materials | 1.9% |
| Real Estate | 3.6% |
| Utilities | 4.3% |
| Communication Services | 4.7% |
| Energy | 5.4% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.4% |
| Industrials | 12.0% |
| Health Care | 13.5% |
| Financials | 18.5% |
| Information Technology | 23.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Sempra | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EIUTX-TSR-AR

# Eaton Vance Greater India Fund
![Image](g84380g97o76.jpg)

# Class A ETGIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Greater India Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $155 | 1.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Greater India Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI India Index (the Index):

↓ The Fund's exposures to the consumer discretionary and industrials sectors were the largest detractors from Index-relative performance during the period

↓ An overweight position in Trent Ltd., detracted due to revenue growth moderation and missed market expectations, raising concerns about its premium valuation

↓ An overweight position in Dixon Technologies (India) Ltd. hurt returns as slower medium-term growth expectations and rising competition weighed on sentiment

↑ In contrast, the Fund's exposures to the financials and information technology sectors were the largest contributors to Index-relative returns

↑ An overweight position in Bajaj Finance Ltd. contributed to returns as the market rewarded its disciplined assets under management growth and rise in profit

↑ A zero-weight position in Tata Consultancy Services Ltd. helped as the stock lagged due to weak global information technology spending and slow revenue growth

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g40a34.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI India Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $8732 | $9312 |
| **2/16** | $8122 | $8623 |
| **3/16** | $9162 | $9750 |
| **4/16** | $9457 | $9797 |
| **5/16** | $9799 | $9981 |
| **6/16** | $10137 | $10113 |
| **7/16** | $10810 | $10687 |
| **8/16** | $11144 | $10811 |
| **9/16** | $10924 | $10712 |
| **10/16** | $10975 | $10659 |
| **11/16** | $9913 | $9864 |
| **12/16** | $9725 | $9857 |
| **1/17** | $10336 | $10286 |
| **2/17** | $10924 | $10893 |
| **3/17** | $11582 | $11544 |
| **4/17** | $11955 | $11767 |
| **5/17** | $12207 | $11974 |
| **6/17** | $12277 | $11880 |
| **7/17** | $13056 | $12795 |
| **8/17** | $13138 | $12699 |
| **9/17** | $12676 | $12231 |
| **10/17** | $13305 | $13132 |
| **11/17** | $13457 | $13040 |
| **12/17** | $14082 | $13677 |
| **1/18** | $14155 | $14148 |
| **2/18** | $13291 | $13199 |
| **3/18** | $13184 | $12726 |
| **4/18** | $13509 | $13250 |
| **5/18** | $13042 | $12773 |
| **6/18** | $12874 | $12649 |
| **7/18** | $13593 | $13473 |
| **8/18** | $13463 | $13603 |
| **9/18** | $12091 | $12364 |
| **10/18** | $11268 | $11502 |
| **11/18** | $12462 | $12694 |
| **12/18** | $12374 | $12678 |
| **1/19** | $12149 | $12433 |
| **2/19** | $12126 | $12437 |
| **3/19** | $13123 | $13585 |
| **4/19** | $13019 | $13661 |
| **5/19** | $13146 | $13691 |
| **6/19** | $13100 | $13653 |
| **7/19** | $12362 | $12941 |
| **8/19** | $12217 | $12563 |
| **9/19** | $12946 | $12950 |
| **10/19** | $13444 | $13510 |
| **11/19** | $13488 | $13434 |
| **12/19** | $13667 | $13638 |
| **1/20** | $13771 | $13530 |
| **2/20** | $13221 | $12546 |
| **3/20** | $9663 | $9393 |
| **4/20** | $11065 | $10909 |
| **5/20** | $10814 | $10606 |
| **6/20** | $11380 | $11326 |
| **7/20** | $12348 | $12502 |
| **8/20** | $12833 | $12939 |
| **9/20** | $12948 | $13020 |
| **10/20** | $13172 | $13166 |
| **11/20** | $14079 | $14302 |
| **12/20** | $15502 | $15759 |
| **1/21** | $15166 | $15392 |
| **2/21** | $15710 | $16197 |
| **3/21** | $15934 | $16565 |
| **4/21** | $15722 | $16411 |
| **5/21** | $16745 | $17834 |
| **6/21** | $17049 | $17710 |
| **7/21** | $17628 | $17862 |
| **8/21** | $18951 | $19817 |
| **9/21** | $18991 | $19936 |
| **10/21** | $19255 | $19778 |
| **11/21** | $18583 | $19177 |
| **12/21** | $19228 | $19893 |
| **1/22** | $18784 | $19622 |
| **2/22** | $17885 | $18836 |
| **3/22** | $18095 | $19524 |
| **4/22** | $17231 | $19197 |
| **5/22** | $16211 | $18079 |
| **6/22** | $15125 | $16860 |
| **7/22** | $16459 | $18432 |
| **8/22** | $16581 | $19189 |
| **9/22** | $15927 | $17955 |
| **10/22** | $16472 | $18415 |
| **11/22** | $17292 | $19372 |
| **12/22** | $16241 | $18311 |
| **1/23** | $16040 | $17763 |
| **2/23** | $15514 | $16952 |
| **3/23** | $15540 | $17148 |
| **4/23** | $16004 | $17863 |
| **5/23** | $16446 | $18383 |
| **6/23** | $17304 | $19246 |
| **7/23** | $17847 | $19821 |
| **8/23** | $17741 | $19444 |
| **9/23** | $17847 | $19769 |
| **10/23** | $17452 | $19181 |
| **11/23** | $18531 | $20463 |
| **12/23** | $19587 | $22121 |
| **1/24** | $20140 | $22654 |
| **2/24** | $20682 | $23275 |
| **3/24** | $20798 | $23464 |
| **4/24** | $21213 | $24007 |
| **5/24** | $21472 | $24177 |
| **6/24** | $23076 | $25858 |
| **7/24** | $24171 | $26886 |
| **8/24** | $24331 | $27169 |
| **9/24** | $25133 | $27743 |
| **10/24** | $23413 | $25451 |
| **11/24** | $23557 | $25345 |
| **12/24** | $23016 | $24602 |
| **1/25** | $21752 | $23727 |
| **2/25** | $20447 | $21825 |
| **3/25** | $21602 | $23875 |
| **4/25** | $22671 | $25024 |
| **5/25** | $23016 | $25305 |
| **6/25** | $23619 | $26077 |
| **7/25** | $22355 | $24748 |
| **8/25** | $21987 | $23973 |
| **9/25** | $21890 | $24094 |
| **10/25** | $22763 | $25151 |
| **11/25** | $22809 | $25370 |
| **12/25** | $22514 | $25246 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (2.17)% | 7.75% | 9.03% |
| Class A with 5.25% Maximum Sales Charge | (7.31)% | 6.59% | 8.45% |
| MSCI India Index (net of foreign withholding taxes) | 2.62% | 9.88% | 9.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 15, 2016 is that of the Fund's former investment sub-adviser. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $209688752 |
| # of Portfolio Holdings (for Greater India Portfolio) | 69 |
| Portfolio Turnover Rate (for Greater India Portfolio) | 26% |
| Total Advisory Fees Paid | $2171391 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Greater India Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g71a68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 0.9% |
| Real Estate | 1.9% |
| Communication Services | 4.2% |
| Energy | 4.8% |
| Industrials | 5.8% |
| Consumer Staples | 6.5% |
| Materials | 7.4% |
| Health Care | 8.1% |
| Information Technology | 9.2% |
| Consumer Discretionary | 18.3% |
| Financials | 32.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;40.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

In February 2026, the Board of Trustees (the "Board") of the Fund approved a name change of the Fund to Eaton Vance India Fund along with a change to the Fund's investment strategy, termination of the investment sub-advisory agreement with the current sub-adviser to the Fund, Goldman Sachs Asset Management, L.P., as well as a new investment sub-advisory agreement with Morgan Stanley Investment Management Company. Boston Management and Research will continue to serve as the Fund's investment adviser. The Board additionally approved a reduction in the Fund's investment adviser fee and establishment of an expense cap for the Fund. These changes will be effective on or about April 13, 2026. Please see the Fund's prospectus for further information.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ETGIX-TSR-AR

# Eaton Vance Greater India Fund
![Image](g84380g97o76.jpg)

# Class C ECGIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Greater India Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $229 | 2.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Greater India Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI India Index (the Index):

↓ The Fund's exposures to the consumer discretionary and industrials sectors were the largest detractors from Index-relative performance during the period

↓ An overweight position in Trent Ltd., detracted due to revenue growth moderation and missed market expectations, raising concerns about its premium valuation

↓ An overweight position in Dixon Technologies (India) Ltd. hurt returns as slower medium-term growth expectations and rising competition weighed on sentiment

↑ In contrast, the Fund's exposures to the financials and information technology sectors were the largest contributors to Index-relative returns

↑ An overweight position in Bajaj Finance Ltd. contributed to returns as the market rewarded its disciplined assets under management growth and rise in profit

↑ A zero-weight position in Tata Consultancy Services Ltd. helped as the stock lagged due to weak global information technology spending and slow revenue growth

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g19e48.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI India Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9216 | $9312 |
| **2/16** | $8565 | $8623 |
| **3/16** | $9655 | $9750 |
| **4/16** | $9960 | $9797 |
| **5/16** | $10314 | $9981 |
| **6/16** | $10664 | $10113 |
| **7/16** | $11368 | $10687 |
| **8/16** | $11709 | $10811 |
| **9/16** | $11470 | $10712 |
| **10/16** | $11519 | $10659 |
| **11/16** | $10394 | $9864 |
| **12/16** | $10195 | $9857 |
| **1/17** | $10833 | $10286 |
| **2/17** | $11435 | $10893 |
| **3/17** | $12121 | $11544 |
| **4/17** | $12502 | $11767 |
| **5/17** | $12759 | $11974 |
| **6/17** | $12826 | $11880 |
| **7/17** | $13629 | $12795 |
| **8/17** | $13709 | $12699 |
| **9/17** | $13219 | $12231 |
| **10/17** | $13870 | $13132 |
| **11/17** | $14021 | $13040 |
| **12/17** | $14662 | $13677 |
| **1/18** | $14731 | $14148 |
| **2/18** | $13820 | $13199 |
| **3/18** | $13701 | $12726 |
| **4/18** | $14031 | $13250 |
| **5/18** | $13537 | $12773 |
| **6/18** | $13358 | $12649 |
| **7/18** | $14095 | $13473 |
| **8/18** | $13949 | $13603 |
| **9/18** | $12523 | $12364 |
| **10/18** | $11661 | $11502 |
| **11/18** | $12893 | $12694 |
| **12/18** | $12791 | $12678 |
| **1/19** | $12550 | $12433 |
| **2/19** | $12523 | $12437 |
| **3/19** | $13541 | $13585 |
| **4/19** | $13426 | $13661 |
| **5/19** | $13551 | $13691 |
| **6/19** | $13495 | $13653 |
| **7/19** | $12726 | $12941 |
| **8/19** | $12571 | $12563 |
| **9/19** | $13310 | $12950 |
| **10/19** | $13814 | $13510 |
| **11/19** | $13857 | $13434 |
| **12/19** | $14030 | $13638 |
| **1/20** | $14131 | $13530 |
| **2/20** | $13555 | $12546 |
| **3/20** | $9902 | $9393 |
| **4/20** | $11332 | $10909 |
| **5/20** | $11068 | $10606 |
| **6/20** | $11640 | $11326 |
| **7/20** | $12624 | $12502 |
| **8/20** | $13111 | $12939 |
| **9/20** | $13222 | $13020 |
| **10/20** | $13443 | $13166 |
| **11/20** | $14358 | $14302 |
| **12/20** | $15803 | $15759 |
| **1/21** | $15452 | $15392 |
| **2/21** | $15996 | $16197 |
| **3/21** | $16217 | $16565 |
| **4/21** | $15991 | $16411 |
| **5/21** | $17022 | $17834 |
| **6/21** | $17320 | $17710 |
| **7/21** | $17894 | $17862 |
| **8/21** | $19213 | $19817 |
| **9/21** | $19247 | $19936 |
| **10/21** | $19498 | $19778 |
| **11/21** | $18814 | $19177 |
| **12/21** | $19465 | $19893 |
| **1/22** | $19010 | $19622 |
| **2/22** | $18101 | $18836 |
| **3/22** | $18320 | $19524 |
| **4/22** | $17437 | $19197 |
| **5/22** | $16389 | $18079 |
| **6/22** | $15287 | $16860 |
| **7/22** | $16630 | $18432 |
| **8/22** | $16737 | $19189 |
| **9/22** | $16063 | $17955 |
| **10/22** | $16603 | $18415 |
| **11/22** | $17421 | $19372 |
| **12/22** | $16332 | $18311 |
| **1/23** | $16117 | $17763 |
| **2/23** | $15586 | $16952 |
| **3/23** | $15599 | $17148 |
| **4/23** | $16056 | $17863 |
| **5/23** | $16486 | $18383 |
| **6/23** | $17333 | $19246 |
| **7/23** | $17871 | $19821 |
| **8/23** | $17750 | $19444 |
| **9/23** | $17844 | $19769 |
| **10/23** | $17441 | $19181 |
| **11/23** | $18509 | $20463 |
| **12/23** | $19553 | $22121 |
| **1/24** | $20090 | $22654 |
| **2/24** | $20620 | $23275 |
| **3/24** | $20720 | $23464 |
| **4/24** | $21121 | $24007 |
| **5/24** | $21364 | $24177 |
| **6/24** | $22946 | $25858 |
| **7/24** | $24020 | $26886 |
| **8/24** | $24170 | $27169 |
| **9/24** | $24950 | $27743 |
| **10/24** | $23225 | $25451 |
| **11/24** | $23354 | $25345 |
| **12/24** | $22803 | $24602 |
| **1/25** | $21538 | $23727 |
| **2/25** | $20229 | $21825 |
| **3/25** | $21358 | $23875 |
| **4/25** | $22404 | $25024 |
| **5/25** | $22735 | $25305 |
| **6/25** | $23314 | $26077 |
| **7/25** | $22050 | $24748 |
| **8/25** | $21674 | $23973 |
| **9/25** | $21561 | $24094 |
| **10/25** | $22411 | $25151 |
| **11/25** | $22441 | $25370 |
| **12/25** | $22138 | $25246 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (2.91)% | 6.97% | 8.26% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (3.72)% | 6.97% | 8.26% |
| MSCI India Index (net of foreign withholding taxes) | 2.62% | 9.88% | 9.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 15, 2016 is that of the Fund's former investment sub-adviser. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $209688752 |
| # of Portfolio Holdings (for Greater India Portfolio) | 69 |
| Portfolio Turnover Rate (for Greater India Portfolio) | 26% |
| Total Advisory Fees Paid | $2171391 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Greater India Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g71a68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 0.9% |
| Real Estate | 1.9% |
| Communication Services | 4.2% |
| Energy | 4.8% |
| Industrials | 5.8% |
| Consumer Staples | 6.5% |
| Materials | 7.4% |
| Health Care | 8.1% |
| Information Technology | 9.2% |
| Consumer Discretionary | 18.3% |
| Financials | 32.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;40.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

In February 2026, the Board of Trustees (the "Board") of the Fund approved a name change of the Fund to Eaton Vance India Fund along with a change to the Fund's investment strategy, termination of the investment sub-advisory agreement with the current sub-adviser to the Fund, Goldman Sachs Asset Management, L.P., as well as a new investment sub-advisory agreement with Morgan Stanley Investment Management Company. Boston Management and Research will continue to serve as the Fund's investment adviser. The Board additionally approved a reduction in the Fund's investment adviser fee and establishment of an expense cap for the Fund. These changes will be effective on or about April 13, 2026. Please see the Fund's prospectus for further information.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECGIX-TSR-AR

# Eaton Vance Greater India Fund
![Image](g84380g97o76.jpg)

# Class I EGIIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Greater India Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $131 | 1.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Greater India Portfolio, the Portfolio in which it invests. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI India Index (the Index):

↓ The Fund's exposures to the consumer discretionary and industrials sectors were the largest detractors from Index-relative performance during the period

↓ An overweight position in Trent Ltd., detracted due to revenue growth moderation and missed market expectations, raising concerns about its premium valuation

↓ An overweight position in Dixon Technologies (India) Ltd. hurt returns as slower medium-term growth expectations and rising competition weighed on sentiment

↑ In contrast, the Fund's exposures to the financials and information technology sectors were the largest contributors to Index-relative returns

↑ An overweight position in Bajaj Finance Ltd. contributed to returns as the market rewarded its disciplined assets under management growth and rise in profit

↑ A zero-weight position in Tata Consultancy Services Ltd. helped as the stock lagged due to weak global information technology spending and slow revenue growth

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g66i27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI India Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $922226 | $931183 |
| **2/16** | $857796 | $862265 |
| **3/16** | $967594 | $975041 |
| **4/16** | $999238 | $979680 |
| **5/16** | $1035837 | $998093 |
| **6/16** | $1071674 | $1011339 |
| **7/16** | $1143347 | $1068738 |
| **8/16** | $1178803 | $1081122 |
| **9/16** | $1155928 | $1071224 |
| **10/16** | $1161266 | $1065931 |
| **11/16** | $1049180 | $986446 |
| **12/16** | $1029718 | $985674 |
| **1/17** | $1094724 | $1028565 |
| **2/17** | $1157038 | $1089302 |
| **3/17** | $1227045 | $1154425 |
| **4/17** | $1267049 | $1176701 |
| **5/17** | $1293975 | $1197368 |
| **6/17** | $1301668 | $1187996 |
| **7/17** | $1384630 | $1279522 |
| **8/17** | $1393526 | $1269923 |
| **9/17** | $1344793 | $1223074 |
| **10/17** | $1412478 | $1313239 |
| **11/17** | $1428722 | $1303985 |
| **12/17** | $1495377 | $1367676 |
| **1/18** | $1503747 | $1414761 |
| **2/18** | $1412079 | $1319908 |
| **3/18** | $1400920 | $1272578 |
| **4/18** | $1435993 | $1324951 |
| **5/18** | $1386572 | $1277331 |
| **6/18** | $1369035 | $1264900 |
| **7/18** | $1445957 | $1347292 |
| **8/18** | $1432473 | $1360282 |
| **9/18** | $1287092 | $1236445 |
| **10/18** | $1199701 | $1150174 |
| **11/18** | $1326961 | $1269444 |
| **12/18** | $1318101 | $1267768 |
| **1/19** | $1293938 | $1243343 |
| **2/19** | $1292327 | $1243735 |
| **3/19** | $1398645 | $1358519 |
| **4/19** | $1387771 | $1366135 |
| **5/19** | $1401867 | $1369093 |
| **6/19** | $1397034 | $1365337 |
| **7/19** | $1318906 | $1294146 |
| **8/19** | $1303800 | $1256307 |
| **9/19** | $1381812 | $1294957 |
| **10/19** | $1435342 | $1350966 |
| **11/19** | $1440736 | $1343379 |
| **12/19** | $1460239 | $1363802 |
| **1/20** | $1471858 | $1353031 |
| **2/20** | $1413349 | $1254635 |
| **3/20** | $1033247 | $939299 |
| **4/20** | $1183462 | $1090917 |
| **5/20** | $1156905 | $1060578 |
| **6/20** | $1217489 | $1132645 |
| **7/20** | $1321643 | $1250241 |
| **8/20** | $1373717 | $1293941 |
| **9/20** | $1386617 | $1301996 |
| **10/20** | $1411170 | $1316630 |
| **11/20** | $1508550 | $1430177 |
| **12/20** | $1661277 | $1575937 |
| **1/21** | $1625905 | $1539221 |
| **2/21** | $1684166 | $1619710 |
| **3/21** | $1708719 | $1656462 |
| **4/21** | $1686663 | $1641125 |
| **5/21** | $1795278 | $1783418 |
| **6/21** | $1827738 | $1770977 |
| **7/21** | $1889329 | $1786227 |
| **8/21** | $2029156 | $1981667 |
| **9/21** | $2034565 | $1993627 |
| **10/21** | $2062448 | $1977759 |
| **11/21** | $1992950 | $1917728 |
| **12/21** | $2065098 | $1989344 |
| **1/22** | $2018905 | $1962150 |
| **2/22** | $1925160 | $1883583 |
| **3/22** | $1954144 | $1952388 |
| **4/22** | $1861305 | $1919749 |
| **5/22** | $1751257 | $1807936 |
| **6/22** | $1634416 | $1685974 |
| **7/22** | $1778882 | $1843150 |
| **8/22** | $1792469 | $1918879 |
| **9/22** | $1721820 | $1795496 |
| **10/22** | $1781147 | $1841548 |
| **11/22** | $1870363 | $1937180 |
| **12/22** | $1762382 | $1831115 |
| **1/23** | $1741155 | $1776339 |
| **2/23** | $1684550 | $1695176 |
| **3/23** | $1687272 | $1714828 |
| **4/23** | $1737890 | $1786273 |
| **5/23** | $1786331 | $1838287 |
| **6/23** | $1879947 | $1924614 |
| **7/23** | $1939274 | $1982111 |
| **8/23** | $1928388 | $1944361 |
| **9/23** | $1940362 | $1976915 |
| **10/23** | $1897364 | $1918107 |
| **11/23** | $2015473 | $2046275 |
| **12/23** | $2131115 | $2212084 |
| **1/24** | $2191548 | $2265420 |
| **2/24** | $2251411 | $2327484 |
| **3/24** | $2263953 | $2346350 |
| **4/24** | $2309563 | $2400716 |
| **5/24** | $2338639 | $2417745 |
| **6/24** | $2513667 | $2585844 |
| **7/24** | $2633392 | $2688620 |
| **8/24** | $2651636 | $2716894 |
| **9/24** | $2739435 | $2774276 |
| **10/24** | $2552435 | $2545052 |
| **11/24** | $2568398 | $2534473 |
| **12/24** | $2509718 | $2460171 |
| **1/25** | $2373179 | $2372700 |
| **2/25** | $2230729 | $2182457 |
| **3/25** | $2357219 | $2387520 |
| **4/25** | $2474253 | $2502430 |
| **5/25** | $2512673 | $2530514 |
| **6/25** | $2579465 | $2607731 |
| **7/25** | $2441744 | $2474767 |
| **8/25** | $2401550 | $2397342 |
| **9/25** | $2391502 | $2409373 |
| **10/25** | $2487848 | $2515088 |
| **11/25** | $2493167 | $2536952 |
| **12/25** | $2461944 | $2524609 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (1.90)% | 8.18% | 9.42% |
| MSCI India Index (net of foreign withholding taxes) | 2.62% | 9.88% | 9.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 15, 2016 is that of the Fund's former investment sub-adviser. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $209688752 |
| # of Portfolio Holdings (for Greater India Portfolio) | 69 |
| Portfolio Turnover Rate (for Greater India Portfolio) | 26% |
| Total Advisory Fees Paid | $2171391 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Greater India Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g71a68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 0.9% |
| Real Estate | 1.9% |
| Communication Services | 4.2% |
| Energy | 4.8% |
| Industrials | 5.8% |
| Consumer Staples | 6.5% |
| Materials | 7.4% |
| Health Care | 8.1% |
| Information Technology | 9.2% |
| Consumer Discretionary | 18.3% |
| Financials | 32.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;40.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

In February 2026, the Board of Trustees (the "Board") of the Fund approved a name change of the Fund to Eaton Vance India Fund along with a change to the Fund's investment strategy, termination of the investment sub-advisory agreement with the current sub-adviser to the Fund, Goldman Sachs Asset Management, L.P., as well as a new investment sub-advisory agreement with Morgan Stanley Investment Management Company. Boston Management and Research will continue to serve as the Fund's investment adviser. The Board additionally approved a reduction in the Fund's investment adviser fee and establishment of an expense cap for the Fund. These changes will be effective on or about April 13, 2026. Please see the Fund's prospectus for further information.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EGIIX-TSR-AR

# Eaton Vance Growth Fund
![Image](g84380g97o76.jpg)

# Class A EALCX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $112 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index (the Index):

↓ An overweight position in Shift4 Payments, Inc. hurt returns on missed earnings, Global Blue integration issues, valuation pressure and payment sector headwinds. The position was sold by year-end

↓ Not owning Palantir Technologies, Inc., a data integration and analytics software provider, detracted as shares rose on strong government and commercial demand

↓ An overweight position in Gartner, Inc. hurt returns as government spending cuts and artificial intelligence (AI) alternatives challenged growth expectations. The position was sold by year-end

↓ On a sector basis, stock selection in financials, information technology and industrials as well as an overweight to consumer staples, hurt returns the most

↑ An overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Broadcom Inc., a semiconductor firm, helped returns as the stock surged on AI chip demand, strong earnings and a major OpenAI deal

↑ An overweight position in Alphabet, Inc., parent of Google, helped returns as the stock rose on AI-driven search, cloud growth and strong earnings

↑ Stock selection and an underweight position in consumer discretionary, as well as stock selection in consumer staples and an overweight to industrials helped

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g10o26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $8780 | $9504 | $9442 |
| **2/16** | $8601 | $9491 | $9438 |
| **3/16** | $9155 | $10135 | $10074 |
| **4/16** | $9211 | $10174 | $9982 |
| **5/16** | $9462 | $10357 | $10176 |
| **6/16** | $9278 | $10384 | $10136 |
| **7/16** | $9817 | $10766 | $10615 |
| **8/16** | $9808 | $10782 | $10562 |
| **9/16** | $9851 | $10784 | $10600 |
| **10/16** | $9599 | $10587 | $10351 |
| **11/16** | $9695 | $10979 | $10577 |
| **12/16** | $9695 | $11196 | $10708 |
| **1/17** | $10138 | $11408 | $11068 |
| **2/17** | $10504 | $11861 | $11528 |
| **3/17** | $10508 | $11875 | $11662 |
| **4/17** | $10782 | $11997 | $11928 |
| **5/17** | $11060 | $12166 | $12238 |
| **6/17** | $11069 | $12242 | $12206 |
| **7/17** | $11290 | $12494 | $12531 |
| **8/17** | $11377 | $12532 | $12760 |
| **9/17** | $11459 | $12790 | $12926 |
| **10/17** | $11694 | $13089 | $13427 |
| **11/17** | $12017 | $13490 | $13835 |
| **12/17** | $12159 | $13640 | $13943 |
| **1/18** | $13131 | $14421 | $14930 |
| **2/18** | $12880 | $13890 | $14539 |
| **3/18** | $12510 | $13537 | $14140 |
| **4/18** | $12707 | $13589 | $14189 |
| **5/18** | $13281 | $13916 | $14811 |
| **6/18** | $13395 | $14002 | $14954 |
| **7/18** | $13729 | $14523 | $15393 |
| **8/18** | $14349 | $14996 | $16235 |
| **9/18** | $14486 | $15081 | $16325 |
| **10/18** | $13190 | $14050 | $14865 |
| **11/18** | $13254 | $14337 | $15023 |
| **12/18** | $12193 | $13042 | $13732 |
| **1/19** | $13411 | $14087 | $14966 |
| **2/19** | $13871 | $14540 | $15501 |
| **3/19** | $14124 | $14822 | $15943 |
| **4/19** | $14769 | $15422 | $16663 |
| **5/19** | $13561 | $14442 | $15610 |
| **6/19** | $14516 | $15460 | $16682 |
| **7/19** | $14842 | $15682 | $17059 |
| **8/19** | $14470 | $15434 | $16928 |
| **9/19** | $14392 | $15723 | $16930 |
| **10/19** | $14790 | $16063 | $17408 |
| **11/19** | $15436 | $16646 | $18180 |
| **12/19** | $15896 | $17149 | $18729 |
| **1/20** | $16128 | $17142 | $19147 |
| **2/20** | $14964 | $15731 | $17843 |
| **3/20** | $13291 | $13788 | $16088 |
| **4/20** | $15326 | $15555 | $18468 |
| **5/20** | $16422 | $16296 | $19708 |
| **6/20** | $17157 | $16620 | $20567 |
| **7/20** | $18191 | $17558 | $22149 |
| **8/20** | $19980 | $18820 | $24435 |
| **9/20** | $19107 | $18105 | $23285 |
| **10/20** | $18637 | $17623 | $22494 |
| **11/20** | $20892 | $19552 | $24797 |
| **12/20** | $21803 | $20304 | $25938 |
| **1/21** | $21584 | $20099 | $25746 |
| **2/21** | $22258 | $20653 | $25740 |
| **3/21** | $22306 | $21558 | $26182 |
| **4/21** | $23593 | $22708 | $27963 |
| **5/21** | $23423 | $22867 | $27577 |
| **6/21** | $24551 | $23401 | $29307 |
| **7/21** | $25013 | $23956 | $30273 |
| **8/21** | $25783 | $24685 | $31404 |
| **9/21** | $24193 | $23537 | $29646 |
| **10/21** | $25662 | $25186 | $32213 |
| **11/21** | $25407 | $25011 | $32410 |
| **12/21** | $26080 | $26132 | $33096 |
| **1/22** | $23913 | $24780 | $30255 |
| **2/22** | $22694 | $24038 | $28970 |
| **3/22** | $23030 | $24931 | $30103 |
| **4/22** | $20368 | $22757 | $26468 |
| **5/22** | $20079 | $22798 | $25853 |
| **6/22** | $18465 | $20916 | $23805 |
| **7/22** | $20507 | $22845 | $26662 |
| **8/22** | $19420 | $21913 | $25420 |
| **9/22** | $17595 | $19895 | $22949 |
| **10/22** | $18787 | $21506 | $24290 |
| **11/22** | $19756 | $22708 | $25397 |
| **12/22** | $18351 | $21399 | $23453 |
| **1/23** | $19804 | $22744 | $25407 |
| **2/23** | $19123 | $22189 | $25106 |
| **3/23** | $20583 | $23004 | $26822 |
| **4/23** | $20868 | $23363 | $27086 |
| **5/23** | $21681 | $23464 | $28321 |
| **6/23** | $23064 | $25015 | $30258 |
| **7/23** | $23926 | $25818 | $31277 |
| **8/23** | $23718 | $25407 | $30996 |
| **9/23** | $22320 | $24196 | $29310 |
| **10/23** | $22028 | $23687 | $28893 |
| **11/23** | $24399 | $25850 | $32043 |
| **12/23** | $25380 | $27025 | $33462 |
| **1/24** | $26339 | $27479 | $34296 |
| **2/24** | $28181 | $28946 | $36636 |
| **3/24** | $28592 | $29878 | $37281 |
| **4/24** | $27321 | $28657 | $35700 |
| **5/24** | $29147 | $30078 | $37837 |
| **6/24** | $31240 | $31157 | $40388 |
| **7/24** | $30654 | $31537 | $39701 |
| **8/24** | $31369 | $32302 | $40528 |
| **9/24** | $31902 | $32992 | $41677 |
| **10/24** | $31750 | $32692 | $41539 |
| **11/24** | $33546 | $34611 | $44233 |
| **12/24** | $33618 | $33786 | $44623 |
| **1/25** | $34301 | $34727 | $45506 |
| **2/25** | $33260 | $34274 | $43871 |
| **3/25** | $30551 | $32343 | $40175 |
| **4/25** | $31096 | $32124 | $40887 |
| **5/25** | $33716 | $34146 | $44505 |
| **6/25** | $35611 | $35882 | $47342 |
| **7/25** | $36807 | $36687 | $49129 |
| **8/25** | $36717 | $37431 | $49679 |
| **9/25** | $37937 | $38797 | $52318 |
| **10/25** | $39287 | $39706 | $54218 |
| **11/25** | $38856 | $39803 | $53236 |
| **12/25** | $38524 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 14.59% | 12.05% | 15.04% |
| Class A with 5.25% Maximum Sales Charge | 8.57% | 10.85% | 14.43% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $445005370 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $2800086 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g18z39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Real Estate | 0.9% |
| Consumer Staples | 3.8% |
| Financials | 5.6% |
| Industrials | 6.7% |
| Health Care | 7.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 13.3% |
| Information Technology | 49.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;64.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EALCX-TSR-AR

# Eaton Vance Growth Fund
![Image](g84380g97o76.jpg)

# Class C ECLCX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $191 | 1.79% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index (the Index):

↓ An overweight position in Shift4 Payments, Inc. hurt returns on missed earnings, Global Blue integration issues, valuation pressure and payment sector headwinds. The position was sold by year-end

↓ Not owning Palantir Technologies, Inc., a data integration and analytics software provider, detracted as shares rose on strong government and commercial demand

↓ An overweight position in Gartner, Inc. hurt returns as government spending cuts and artificial intelligence (AI) alternatives challenged growth expectations. The position was sold by year-end

↓ On a sector basis, stock selection in financials, information technology and industrials as well as an overweight to consumer staples, hurt returns the most

↑ An overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Broadcom Inc., a semiconductor firm, helped returns as the stock surged on AI chip demand, strong earnings and a major OpenAI deal

↑ An overweight position in Alphabet, Inc., parent of Google, helped returns as the stock rose on AI-driven search, cloud growth and strong earnings

↑ Stock selection and an underweight position in consumer discretionary, as well as stock selection in consumer staples and an overweight to industrials helped

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g10e44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9260 | $9504 | $9442 |
| **2/16** | $9070 | $9491 | $9438 |
| **3/16** | $9645 | $10135 | $10074 |
| **4/16** | $9697 | $10174 | $9982 |
| **5/16** | $9954 | $10357 | $10176 |
| **6/16** | $9759 | $10384 | $10136 |
| **7/16** | $10319 | $10766 | $10615 |
| **8/16** | $10298 | $10782 | $10562 |
| **9/16** | $10340 | $10784 | $10600 |
| **10/16** | $10068 | $10587 | $10351 |
| **11/16** | $10162 | $10979 | $10577 |
| **12/16** | $10157 | $11196 | $10708 |
| **1/17** | $10612 | $11408 | $11068 |
| **2/17** | $10994 | $11861 | $11528 |
| **3/17** | $10989 | $11875 | $11662 |
| **4/17** | $11266 | $11997 | $11928 |
| **5/17** | $11554 | $12166 | $12238 |
| **6/17** | $11554 | $12242 | $12206 |
| **7/17** | $11779 | $12494 | $12531 |
| **8/17** | $11863 | $12532 | $12760 |
| **9/17** | $11941 | $12790 | $12926 |
| **10/17** | $12177 | $13089 | $13427 |
| **11/17** | $12507 | $13490 | $13835 |
| **12/17** | $12641 | $13640 | $13943 |
| **1/18** | $13647 | $14421 | $14930 |
| **2/18** | $13381 | $13890 | $14539 |
| **3/18** | $12989 | $13537 | $14140 |
| **4/18** | $13182 | $13589 | $14189 |
| **5/18** | $13768 | $13916 | $14811 |
| **6/18** | $13879 | $14002 | $14954 |
| **7/18** | $14216 | $14523 | $15393 |
| **8/18** | $14846 | $14996 | $16235 |
| **9/18** | $14979 | $15081 | $16325 |
| **10/18** | $13636 | $14050 | $14865 |
| **11/18** | $13691 | $14337 | $15023 |
| **12/18** | $12586 | $13042 | $13732 |
| **1/19** | $13834 | $14087 | $14966 |
| **2/19** | $14302 | $14540 | $15501 |
| **3/19** | $14551 | $14822 | $15943 |
| **4/19** | $15211 | $15422 | $16663 |
| **5/19** | $13956 | $14442 | $15610 |
| **6/19** | $14929 | $15460 | $16682 |
| **7/19** | $15249 | $15682 | $17059 |
| **8/19** | $14859 | $15434 | $16928 |
| **9/19** | $14776 | $15723 | $16930 |
| **10/19** | $15172 | $16063 | $17408 |
| **11/19** | $15825 | $16646 | $18180 |
| **12/19** | $16280 | $17149 | $18729 |
| **1/20** | $16509 | $17142 | $19147 |
| **2/20** | $15308 | $15731 | $17843 |
| **3/20** | $13586 | $13788 | $16088 |
| **4/20** | $15658 | $15555 | $18468 |
| **5/20** | $16766 | $16296 | $19708 |
| **6/20** | $17509 | $16620 | $20567 |
| **7/20** | $18552 | $17558 | $22149 |
| **8/20** | $20364 | $18820 | $24435 |
| **9/20** | $19469 | $18105 | $23285 |
| **10/20** | $18973 | $17623 | $22494 |
| **11/20** | $21253 | $19552 | $24797 |
| **12/20** | $22168 | $20304 | $25938 |
| **1/21** | $21934 | $20099 | $25746 |
| **2/21** | $22606 | $20653 | $25740 |
| **3/21** | $22637 | $21558 | $26182 |
| **4/21** | $23926 | $22708 | $27963 |
| **5/21** | $23747 | $22867 | $27577 |
| **6/21** | $24872 | $23401 | $29307 |
| **7/21** | $25325 | $23956 | $30273 |
| **8/21** | $26083 | $24685 | $31404 |
| **9/21** | $24465 | $23537 | $29646 |
| **10/21** | $25927 | $25186 | $32213 |
| **11/21** | $25653 | $25011 | $32410 |
| **12/21** | $26314 | $26132 | $33096 |
| **1/22** | $24116 | $24780 | $30255 |
| **2/22** | $22874 | $24038 | $28970 |
| **3/22** | $23196 | $24931 | $30103 |
| **4/22** | $20502 | $22757 | $26468 |
| **5/22** | $20198 | $22798 | $25853 |
| **6/22** | $18565 | $20916 | $23805 |
| **7/22** | $20607 | $22845 | $26662 |
| **8/22** | $19503 | $21913 | $25420 |
| **9/22** | $17653 | $19895 | $22949 |
| **10/22** | $18843 | $21506 | $24290 |
| **11/22** | $19799 | $22708 | $25397 |
| **12/22** | $18380 | $21399 | $23453 |
| **1/23** | $19827 | $22744 | $25407 |
| **2/23** | $19127 | $22189 | $25106 |
| **3/23** | $20582 | $23004 | $26822 |
| **4/23** | $20853 | $23363 | $27086 |
| **5/23** | $21646 | $23464 | $28321 |
| **6/23** | $23017 | $25015 | $30258 |
| **7/23** | $23866 | $25818 | $31277 |
| **8/23** | $23643 | $25407 | $30996 |
| **9/23** | $22234 | $24196 | $29310 |
| **10/23** | $21926 | $23687 | $28893 |
| **11/23** | $24277 | $25850 | $32043 |
| **12/23** | $25229 | $27025 | $33462 |
| **1/24** | $26169 | $27479 | $34296 |
| **2/24** | $27976 | $28946 | $36636 |
| **3/24** | $28367 | $29878 | $37281 |
| **4/24** | $27088 | $28657 | $35700 |
| **5/24** | $28885 | $30078 | $37837 |
| **6/24** | $30934 | $31157 | $40388 |
| **7/24** | $30342 | $31537 | $39701 |
| **8/24** | $31029 | $32302 | $40528 |
| **9/24** | $31536 | $32992 | $41677 |
| **10/24** | $31367 | $32692 | $41539 |
| **11/24** | $33121 | $34611 | $44233 |
| **12/24** | $33167 | $33786 | $44623 |
| **1/25** | $33818 | $34727 | $45506 |
| **2/25** | $32772 | $34274 | $43871 |
| **3/25** | $30089 | $32343 | $40175 |
| **4/25** | $30600 | $32124 | $40887 |
| **5/25** | $33155 | $34146 | $44505 |
| **6/25** | $35014 | $35882 | $47342 |
| **7/25** | $36164 | $36687 | $49129 |
| **8/25** | $36048 | $37431 | $49679 |
| **9/25** | $37221 | $38797 | $52318 |
| **10/25** | $38523 | $39706 | $54218 |
| **11/25** | $38070 | $39803 | $53236 |
| **12/25** | $38292 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 13.75% | 11.21% | 14.36% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 12.83% | 11.21% | 14.36% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $445005370 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $2800086 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g18z39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Real Estate | 0.9% |
| Consumer Staples | 3.8% |
| Financials | 5.6% |
| Industrials | 6.7% |
| Health Care | 7.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 13.3% |
| Information Technology | 49.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;64.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECLCX-TSR-AR

# Eaton Vance Growth Fund
![Image](g84380g97o76.jpg)

# Class I ELCIX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $85 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index (the Index):

↓ An overweight position in Shift4 Payments, Inc. hurt returns on missed earnings, Global Blue integration issues, valuation pressure and payment sector headwinds. The position was sold by year-end

↓ Not owning Palantir Technologies, Inc., a data integration and analytics software provider, detracted as shares rose on strong government and commercial demand

↓ An overweight position in Gartner, Inc. hurt returns as government spending cuts and artificial intelligence (AI) alternatives challenged growth expectations. The position was sold by year-end

↓ On a sector basis, stock selection in financials, information technology and industrials as well as an overweight to consumer staples, hurt returns the most

↑ An overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Broadcom Inc., a semiconductor firm, helped returns as the stock surged on AI chip demand, strong earnings and a major OpenAI deal

↑ An overweight position in Alphabet, Inc., parent of Google, helped returns as the stock rose on AI-driven search, cloud growth and strong earnings

↑ Stock selection and an underweight position in consumer discretionary, as well as stock selection in consumer staples and an overweight to industrials helped

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g08x35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $927065 | $950376 | $944173 |
| **2/16** | $908612 | $949094 | $943770 |
| **3/16** | $967047 | $1013478 | $1007419 |
| **4/16** | $972759 | $1017407 | $998220 |
| **5/16** | $999561 | $1035678 | $1017604 |
| **6/16** | $980544 | $1038362 | $1013608 |
| **7/16** | $1038011 | $1076645 | $1061452 |
| **8/16** | $1037113 | $1078156 | $1056178 |
| **9/16** | $1041603 | $1078360 | $1060042 |
| **10/16** | $1015563 | $1058690 | $1035149 |
| **11/16** | $1025440 | $1097898 | $1057672 |
| **12/16** | $1025889 | $1119599 | $1070765 |
| **1/17** | $1073031 | $1140834 | $1106848 |
| **2/17** | $1112091 | $1186132 | $1152822 |
| **3/17** | $1112989 | $1187516 | $1166156 |
| **4/17** | $1141723 | $1199711 | $1192826 |
| **5/17** | $1171803 | $1216594 | $1223843 |
| **6/17** | $1172701 | $1224188 | $1220618 |
| **7/17** | $1196568 | $1249360 | $1253061 |
| **8/17** | $1206029 | $1253185 | $1276032 |
| **9/17** | $1215039 | $1279036 | $1292623 |
| **10/17** | $1240268 | $1308883 | $1342708 |
| **11/17** | $1274507 | $1349026 | $1383499 |
| **12/17** | $1289700 | $1364025 | $1394270 |
| **1/18** | $1393480 | $1442121 | $1493021 |
| **2/18** | $1367063 | $1388969 | $1453872 |
| **3/18** | $1328381 | $1353670 | $1414003 |
| **4/18** | $1349137 | $1358865 | $1418943 |
| **5/18** | $1410462 | $1391589 | $1481137 |
| **6/18** | $1422727 | $1400154 | $1495398 |
| **7/18** | $1459049 | $1452259 | $1539298 |
| **8/18** | $1524619 | $1499581 | $1623461 |
| **9/18** | $1539715 | $1508116 | $1632534 |
| **10/18** | $1402442 | $1405036 | $1486542 |
| **11/18** | $1409518 | $1433669 | $1502331 |
| **12/18** | $1296983 | $1304222 | $1373165 |
| **1/19** | $1426256 | $1408736 | $1496593 |
| **2/19** | $1476263 | $1453969 | $1550141 |
| **3/19** | $1502862 | $1482222 | $1594262 |
| **4/19** | $1572553 | $1542236 | $1666291 |
| **5/19** | $1443812 | $1444230 | $1561026 |
| **6/19** | $1545953 | $1546014 | $1668232 |
| **7/19** | $1580532 | $1568233 | $1705902 |
| **8/19** | $1541165 | $1543392 | $1692837 |
| **9/19** | $1533718 | $1572270 | $1693047 |
| **10/19** | $1576276 | $1606325 | $1740777 |
| **11/19** | $1645435 | $1664632 | $1818003 |
| **12/19** | $1694463 | $1714874 | $1872854 |
| **1/20** | $1719996 | $1714202 | $1914722 |
| **2/20** | $1595813 | $1573090 | $1784326 |
| **3/20** | $1417662 | $1378793 | $1608792 |
| **4/20** | $1634693 | $1555546 | $1846847 |
| **5/20** | $1752493 | $1629634 | $1970833 |
| **6/20** | $1831413 | $1662043 | $2056653 |
| **7/20** | $1941669 | $1755757 | $2214890 |
| **8/20** | $2133498 | $1881962 | $2443450 |
| **9/20** | $2041045 | $1810454 | $2328485 |
| **10/20** | $1990990 | $1762307 | $2249406 |
| **11/20** | $2232429 | $1955216 | $2479727 |
| **12/20** | $2330017 | $2030390 | $2593772 |
| **1/21** | $2307028 | $2009892 | $2574581 |
| **2/21** | $2379724 | $2065314 | $2573985 |
| **3/21** | $2385316 | $2155766 | $2618207 |
| **4/21** | $2523253 | $2270817 | $2796346 |
| **5/21** | $2505856 | $2286677 | $2757669 |
| **6/21** | $2627017 | $2340059 | $2930679 |
| **7/21** | $2677345 | $2395647 | $3027263 |
| **8/21** | $2759983 | $2468488 | $3140449 |
| **9/21** | $2590358 | $2353679 | $2964566 |
| **10/21** | $2748178 | $2518582 | $3221343 |
| **11/21** | $2721460 | $2501131 | $3241039 |
| **12/21** | $2794102 | $2613222 | $3309563 |
| **1/22** | $2562269 | $2477996 | $3025520 |
| **2/22** | $2432576 | $2403801 | $2897015 |
| **3/22** | $2468863 | $2493053 | $3010340 |
| **4/22** | $2183943 | $2275654 | $2646806 |
| **5/22** | $2153703 | $2279829 | $2585274 |
| **6/22** | $1981004 | $2091643 | $2380491 |
| **7/22** | $2200070 | $2284502 | $2666200 |
| **8/22** | $2084489 | $2191336 | $2541998 |
| **9/22** | $1888270 | $1989517 | $2294876 |
| **10/22** | $2017291 | $2150591 | $2429008 |
| **11/22** | $2121448 | $2270775 | $2539690 |
| **12/22** | $1970777 | $2139945 | $2345260 |
| **1/23** | $2127761 | $2274406 | $2540731 |
| **2/23** | $2054926 | $2218913 | $2510557 |
| **3/23** | $2212617 | $2300379 | $2682169 |
| **4/23** | $2243730 | $2336284 | $2708631 |
| **5/23** | $2330708 | $2346439 | $2832086 |
| **6/23** | $2480620 | $2501481 | $3025760 |
| **7/23** | $2573961 | $2581841 | $3127697 |
| **8/23** | $2552040 | $2540734 | $3099614 |
| **9/23** | $2402128 | $2419597 | $2931045 |
| **10/23** | $2371014 | $2368721 | $2889314 |
| **11/23** | $2626996 | $2585046 | $3204281 |
| **12/23** | $2733270 | $2702486 | $3346173 |
| **1/24** | $2836471 | $2747899 | $3429632 |
| **2/24** | $3035940 | $2894625 | $3663626 |
| **3/24** | $3080609 | $2987758 | $3728121 |
| **4/24** | $2944292 | $2865725 | $3569990 |
| **5/24** | $3141451 | $3007821 | $3783708 |
| **6/24** | $3367876 | $3115748 | $4038849 |
| **7/24** | $3305493 | $3153674 | $3970147 |
| **8/24** | $3383279 | $3230171 | $4052836 |
| **9/24** | $3441810 | $3299158 | $4167655 |
| **10/24** | $3425637 | $3269240 | $4153864 |
| **11/24** | $3620486 | $3461148 | $4423285 |
| **12/24** | $3628602 | $3378640 | $4462330 |
| **1/25** | $3703190 | $3472727 | $4550596 |
| **2/25** | $3591717 | $3427414 | $4387108 |
| **3/25** | $3299921 | $3234299 | $4017540 |
| **4/25** | $3358936 | $3212367 | $4088693 |
| **5/25** | $3642536 | $3414569 | $4450463 |
| **6/25** | $3849088 | $3588209 | $4734211 |
| **7/25** | $3979413 | $3668739 | $4912938 |
| **8/25** | $3970397 | $3743110 | $4967863 |
| **9/25** | $4102361 | $3879734 | $5231772 |
| **10/25** | $4249899 | $3970572 | $5421816 |
| **11/25** | $4203998 | $3980304 | $5323557 |
| **12/25** | $4168718 | $3982741 | $5290555 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 14.88% | 12.33% | 15.33% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $445005370 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $2800086 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g18z39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Real Estate | 0.9% |
| Consumer Staples | 3.8% |
| Financials | 5.6% |
| Industrials | 6.7% |
| Health Care | 7.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 13.3% |
| Information Technology | 49.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;64.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ELCIX-TSR-AR

# Eaton Vance Growth Fund
![Image](g84380g97o76.jpg)

# Class R ELCRX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $138 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index (the Index):

↓ An overweight position in Shift4 Payments, Inc. hurt returns on missed earnings, Global Blue integration issues, valuation pressure and payment sector headwinds. The position was sold by year-end

↓ Not owning Palantir Technologies, Inc., a data integration and analytics software provider, detracted as shares rose on strong government and commercial demand

↓ An overweight position in Gartner, Inc. hurt returns as government spending cuts and artificial intelligence (AI) alternatives challenged growth expectations. The position was sold by year-end

↓ On a sector basis, stock selection in financials, information technology and industrials as well as an overweight to consumer staples, hurt returns the most

↑ An overweight position in Lam Research Corp. aided returns as the stock rose on surging semiconductor equipment demand tied to the AI boom

↑ An overweight position in Broadcom Inc., a semiconductor firm, helped returns as the stock surged on AI chip demand, strong earnings and a major OpenAI deal

↑ An overweight position in Alphabet, Inc., parent of Google, helped returns as the stock rose on AI-driven search, cloud growth and strong earnings

↑ Stock selection and an underweight position in consumer discretionary, as well as stock selection in consumer staples and an overweight to industrials helped

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g32g43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9261 | $9504 | $9442 |
| **2/16** | $9073 | $9491 | $9438 |
| **3/16** | $9656 | $10135 | $10074 |
| **4/16** | $9711 | $10174 | $9982 |
| **5/16** | $9972 | $10357 | $10176 |
| **6/16** | $9779 | $10384 | $10136 |
| **7/16** | $10343 | $10766 | $10615 |
| **8/16** | $10329 | $10782 | $10562 |
| **9/16** | $10376 | $10784 | $10600 |
| **10/16** | $10110 | $10587 | $10351 |
| **11/16** | $10208 | $10979 | $10577 |
| **12/16** | $10203 | $11196 | $10708 |
| **1/17** | $10669 | $11408 | $11068 |
| **2/17** | $11052 | $11861 | $11528 |
| **3/17** | $11056 | $11875 | $11662 |
| **4/17** | $11341 | $11997 | $11928 |
| **5/17** | $11630 | $12166 | $12238 |
| **6/17** | $11635 | $12242 | $12206 |
| **7/17** | $11863 | $12494 | $12531 |
| **8/17** | $11956 | $12532 | $12760 |
| **9/17** | $12040 | $12790 | $12926 |
| **10/17** | $12283 | $13089 | $13427 |
| **11/17** | $12619 | $13490 | $13835 |
| **12/17** | $12766 | $13640 | $13943 |
| **1/18** | $13784 | $14421 | $14930 |
| **2/18** | $13520 | $13890 | $14539 |
| **3/18** | $13128 | $13537 | $14140 |
| **4/18** | $13334 | $13589 | $14189 |
| **5/18** | $13926 | $13916 | $14811 |
| **6/18** | $14048 | $14002 | $14954 |
| **7/18** | $14396 | $14523 | $15393 |
| **8/18** | $15042 | $14996 | $16235 |
| **9/18** | $15179 | $15081 | $16325 |
| **10/18** | $13823 | $14050 | $14865 |
| **11/18** | $13882 | $14337 | $15023 |
| **12/18** | $12767 | $13042 | $13732 |
| **1/19** | $14040 | $14087 | $14966 |
| **2/19** | $14523 | $14540 | $15501 |
| **3/19** | $14784 | $14822 | $15943 |
| **4/19** | $15457 | $15422 | $16663 |
| **5/19** | $14184 | $14442 | $15610 |
| **6/19** | $15184 | $15460 | $16682 |
| **7/19** | $15518 | $15682 | $17059 |
| **8/19** | $15129 | $15434 | $16928 |
| **9/19** | $15045 | $15723 | $16930 |
| **10/19** | $15457 | $16063 | $17408 |
| **11/19** | $16129 | $16646 | $18180 |
| **12/19** | $16602 | $17149 | $18729 |
| **1/20** | $16846 | $17142 | $19147 |
| **2/20** | $15626 | $15731 | $17843 |
| **3/20** | $13870 | $13788 | $16088 |
| **4/20** | $15992 | $15555 | $18468 |
| **5/20** | $17132 | $16296 | $19708 |
| **6/20** | $17900 | $16620 | $20567 |
| **7/20** | $18973 | $17558 | $22149 |
| **8/20** | $20836 | $18820 | $24435 |
| **9/20** | $19920 | $18105 | $23285 |
| **10/20** | $19424 | $17623 | $22494 |
| **11/20** | $21772 | $19552 | $24797 |
| **12/20** | $22717 | $20304 | $25938 |
| **1/21** | $22481 | $20099 | $25746 |
| **2/21** | $23183 | $20653 | $25740 |
| **3/21** | $23229 | $21558 | $26182 |
| **4/21** | $24562 | $22708 | $27963 |
| **5/21** | $24385 | $22867 | $27577 |
| **6/21** | $25546 | $23401 | $29307 |
| **7/21** | $26025 | $23956 | $30273 |
| **8/21** | $26820 | $24685 | $31404 |
| **9/21** | $25159 | $23537 | $29646 |
| **10/21** | $26682 | $25186 | $32213 |
| **11/21** | $26406 | $25011 | $32410 |
| **12/21** | $27100 | $26132 | $33096 |
| **1/22** | $24848 | $24780 | $30255 |
| **2/22** | $23575 | $24038 | $28970 |
| **3/22** | $23918 | $24931 | $30103 |
| **4/22** | $21151 | $22757 | $26468 |
| **5/22** | $20851 | $22798 | $25853 |
| **6/22** | $19170 | $20916 | $23805 |
| **7/22** | $21280 | $22845 | $26662 |
| **8/22** | $20150 | $21913 | $25420 |
| **9/22** | $18248 | $19895 | $22949 |
| **10/22** | $19485 | $21506 | $24290 |
| **11/22** | $20479 | $22708 | $25397 |
| **12/22** | $19018 | $21399 | $23453 |
| **1/23** | $20531 | $22744 | $25407 |
| **2/23** | $19820 | $22189 | $25106 |
| **3/23** | $21326 | $23004 | $26822 |
| **4/23** | $21621 | $23363 | $27086 |
| **5/23** | $22453 | $23464 | $28321 |
| **6/23** | $23883 | $25015 | $30258 |
| **7/23** | $24768 | $25818 | $31277 |
| **8/23** | $24548 | $25407 | $30996 |
| **9/23** | $23096 | $24196 | $29310 |
| **10/23** | $22786 | $23687 | $28893 |
| **11/23** | $25244 | $25850 | $32043 |
| **12/23** | $26252 | $27025 | $33462 |
| **1/24** | $27234 | $27479 | $34296 |
| **2/24** | $29132 | $28946 | $36636 |
| **3/24** | $29548 | $29878 | $37281 |
| **4/24** | $28224 | $28657 | $35700 |
| **5/24** | $30114 | $30078 | $37837 |
| **6/24** | $32261 | $31157 | $40388 |
| **7/24** | $31662 | $31537 | $39701 |
| **8/24** | $32386 | $32302 | $40528 |
| **9/24** | $32927 | $32992 | $41677 |
| **10/24** | $32769 | $32692 | $41539 |
| **11/24** | $34617 | $34611 | $44233 |
| **12/24** | $34679 | $33786 | $44623 |
| **1/25** | $35375 | $34727 | $45506 |
| **2/25** | $34294 | $34274 | $43871 |
| **3/25** | $31498 | $32343 | $40175 |
| **4/25** | $32052 | $32124 | $40887 |
| **5/25** | $34741 | $34146 | $44505 |
| **6/25** | $36698 | $35882 | $47342 |
| **7/25** | $37921 | $36687 | $49129 |
| **8/25** | $37814 | $37431 | $49679 |
| **9/25** | $39065 | $38797 | $52318 |
| **10/25** | $40449 | $39706 | $54218 |
| **11/25** | $39994 | $39803 | $53236 |
| **12/25** | $39643 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 14.32% | 11.77% | 14.75% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $445005370 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $2800086 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g18z39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Real Estate | 0.9% |
| Consumer Staples | 3.8% |
| Financials | 5.6% |
| Industrials | 6.7% |
| Health Care | 7.5% |
| Consumer Discretionary | 12.2% |
| Communication Services | 13.3% |
| Information Technology | 49.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;64.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ELCRX-TSR-AR

# Eaton Vance Large-Cap Value Fund
![Image](g84380g97o76.jpg)

# Class A EHSTX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Large-Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $108 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Value Index (the Index):

↓ An overweight position in Robert Half, Inc. hurt returns as shares fell amid weaker-than-expected jobs markets

↓ Positioning in Alphabet, Inc. hurt results as the Fund was underweight toward period-end when the company announced strong earnings driven by Google Cloud growth and launch of Gemini 3

↓ An overweight position in The Clorox Co., hurt returns due to macroeconomic concerns impacting consumer and operational issues, including divestitures

↓ Among sectors, stock selections in industrials and health care, along with stock selections and an underweight position in consumer staples hurt returns

↑ An overweight position in Micron Technology, Inc. helped returns as artificial intelligence growth drove strong demand for the company's high-bandwidth memory chips

↑ An out-of-index position in Prudential Plc, aided returns as improving operational efficiencies and a focus on capital returns to shareholders boosted growth

↑ An overweight position in Huntington Ingalls Industries, Inc., helped returns as higher government spending from the One Big Beautiful Bill Act and growing order backlog lifted sentiment

↑ Among sectors, stock selections in financials, information technology and energy contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g03i17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9027 | $9436 | $9483 |
| **2/16** | $8919 | $9433 | $9481 |
| **3/16** | $9448 | $10097 | $10164 |
| **4/16** | $9516 | $10159 | $10377 |
| **5/16** | $9624 | $10341 | $10539 |
| **6/16** | $9618 | $10362 | $10630 |
| **7/16** | $9870 | $10774 | $10938 |
| **8/16** | $9881 | $10801 | $11023 |
| **9/16** | $9790 | $10818 | $11000 |
| **10/16** | $9607 | $10584 | $10829 |
| **11/16** | $10037 | $11058 | $11448 |
| **12/16** | $10381 | $11274 | $11734 |
| **1/17** | $10445 | $11486 | $11818 |
| **2/17** | $10784 | $11913 | $12242 |
| **3/17** | $10657 | $11921 | $12118 |
| **4/17** | $10652 | $12047 | $12095 |
| **5/17** | $10617 | $12171 | $12083 |
| **6/17** | $10808 | $12280 | $12281 |
| **7/17** | $10883 | $12512 | $12444 |
| **8/17** | $10761 | $12536 | $12299 |
| **9/17** | $11168 | $12842 | $12663 |
| **10/17** | $11267 | $13122 | $12755 |
| **11/17** | $11674 | $13521 | $13146 |
| **12/17** | $11918 | $13656 | $13337 |
| **1/18** | $12346 | $14375 | $13853 |
| **2/18** | $11772 | $13846 | $13192 |
| **3/18** | $11648 | $13568 | $12960 |
| **4/18** | $11832 | $13619 | $13002 |
| **5/18** | $11838 | $14004 | $13080 |
| **6/18** | $11935 | $14095 | $13112 |
| **7/18** | $12550 | $14563 | $13631 |
| **8/18** | $12808 | $15074 | $13832 |
| **9/18** | $12864 | $15099 | $13860 |
| **10/18** | $12044 | $13988 | $13142 |
| **11/18** | $12293 | $14268 | $13534 |
| **12/18** | $11104 | $12940 | $12235 |
| **1/19** | $11966 | $14051 | $13187 |
| **2/19** | $12396 | $14545 | $13608 |
| **3/19** | $12511 | $14757 | $13695 |
| **4/19** | $13213 | $15346 | $14181 |
| **5/19** | $12356 | $14353 | $13269 |
| **6/19** | $13235 | $15361 | $14221 |
| **7/19** | $13417 | $15590 | $14339 |
| **8/19** | $13079 | $15272 | $13918 |
| **9/19** | $13417 | $15540 | $14414 |
| **10/19** | $13546 | $15875 | $14616 |
| **11/19** | $14049 | $16478 | $15068 |
| **12/19** | $14412 | $16954 | $15482 |
| **1/20** | $14158 | $16935 | $15149 |
| **2/20** | $12736 | $15549 | $13682 |
| **3/20** | $10595 | $13410 | $11344 |
| **4/20** | $11801 | $15187 | $12619 |
| **5/20** | $12201 | $15999 | $13051 |
| **6/20** | $12074 | $16364 | $12965 |
| **7/20** | $12592 | $17294 | $13477 |
| **8/20** | $13083 | $18546 | $14035 |
| **9/20** | $12734 | $17871 | $13690 |
| **10/20** | $12622 | $17485 | $13510 |
| **11/20** | $14266 | $19613 | $15327 |
| **12/20** | $14741 | $20495 | $15915 |
| **1/21** | $14531 | $20404 | $15769 |
| **2/21** | $15464 | $21042 | $16722 |
| **3/21** | $16357 | $21796 | $17706 |
| **4/21** | $17018 | $22919 | $18414 |
| **5/21** | $17314 | $23024 | $18844 |
| **6/21** | $17102 | $23592 | $18628 |
| **7/21** | $17194 | $23991 | $18777 |
| **8/21** | $17476 | $24675 | $19150 |
| **9/21** | $16897 | $23568 | $18483 |
| **10/21** | $17837 | $25161 | $19422 |
| **11/21** | $17109 | $24778 | $18737 |
| **12/21** | $18322 | $25754 | $19919 |
| **1/22** | $18254 | $24239 | $19455 |
| **2/22** | $18285 | $23628 | $19229 |
| **3/22** | $18717 | $24395 | $19772 |
| **4/22** | $17634 | $22206 | $18657 |
| **5/22** | $18013 | $22176 | $19020 |
| **6/22** | $16614 | $20321 | $17358 |
| **7/22** | $17653 | $22227 | $18509 |
| **8/22** | $17221 | $21397 | $17957 |
| **9/22** | $15979 | $19413 | $16383 |
| **10/22** | $17744 | $21005 | $18063 |
| **11/22** | $18642 | $22102 | $19191 |
| **12/22** | $17813 | $20808 | $18418 |
| **1/23** | $18592 | $22241 | $19372 |
| **2/23** | $17994 | $21721 | $18689 |
| **3/23** | $17585 | $22302 | $18603 |
| **4/23** | $17996 | $22539 | $18883 |
| **5/23** | $17325 | $22627 | $18155 |
| **6/23** | $18241 | $24172 | $19361 |
| **7/23** | $18961 | $25039 | $20042 |
| **8/23** | $18384 | $24555 | $19501 |
| **9/23** | $17676 | $23386 | $18748 |
| **10/23** | $16930 | $22766 | $18087 |
| **11/23** | $18065 | $24888 | $19451 |
| **12/23** | $19223 | $26209 | $20529 |
| **1/24** | $18907 | $26499 | $20550 |
| **2/24** | $19751 | $27933 | $21308 |
| **3/24** | $20733 | $28835 | $22373 |
| **4/24** | $20294 | $27566 | $21418 |
| **5/24** | $20838 | $28868 | $22097 |
| **6/24** | $20543 | $29762 | $21889 |
| **7/24** | $21285 | $30315 | $23008 |
| **8/24** | $21514 | $30975 | $23625 |
| **9/24** | $21869 | $31616 | $23953 |
| **10/24** | $21566 | $31384 | $23689 |
| **11/24** | $22973 | $33471 | $25202 |
| **12/24** | $21432 | $32448 | $23478 |
| **1/25** | $22302 | $33473 | $24565 |
| **2/25** | $22184 | $32831 | $24665 |
| **3/25** | $21672 | $30916 | $23980 |
| **4/25** | $20707 | $30709 | $23249 |
| **5/25** | $21715 | $32655 | $24065 |
| **6/25** | $22372 | $34314 | $24888 |
| **7/25** | $22389 | $35070 | $25031 |
| **8/25** | $22754 | $35881 | $25829 |
| **9/25** | $23059 | $37120 | $26215 |
| **10/25** | $23314 | $37915 | $26330 |
| **11/25** | $23672 | $38019 | $27030 |
| **12/25** | $24035 | $38012 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 12.12% | 10.26% | 9.74% |
| Class A with 5.25% Maximum Sales Charge | 6.21% | 9.08% | 9.16% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1383965323 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $8747600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g63h37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.4% |
| Consumer Staples | 5.0% |
| Utilities | 5.2% |
| Energy | 5.9% |
| Materials | 6.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 11.6% |
| Information Technology | 11.8% |
| Industrials | 12.3% |
| Financials | 23.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EHSTX-TSR-AR

# Eaton Vance Large-Cap Value Fund
![Image](g84380g97o76.jpg)

# Class C ECSTX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Large-Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $187 | 1.77% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Value Index (the Index):

↓ An overweight position in Robert Half, Inc. hurt returns as shares fell amid weaker-than-expected jobs markets

↓ Positioning in Alphabet, Inc. hurt results as the Fund was underweight toward period-end when the company announced strong earnings driven by Google Cloud growth and launch of Gemini 3

↓ An overweight position in The Clorox Co., hurt returns due to macroeconomic concerns impacting consumer and operational issues, including divestitures

↓ Among sectors, stock selections in industrials and health care, along with stock selections and an underweight position in consumer staples hurt returns

↑ An overweight position in Micron Technology, Inc. helped returns as artificial intelligence growth drove strong demand for the company's high-bandwidth memory chips

↑ An out-of-index position in Prudential Plc, aided returns as improving operational efficiencies and a focus on capital returns to shareholders boosted growth

↑ An overweight position in Huntington Ingalls Industries, Inc., helped returns as higher government spending from the One Big Beautiful Bill Act and growing order backlog lifted sentiment

↑ Among sectors, stock selections in financials, information technology and energy contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g48t65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9515 | $9436 | $9483 |
| **2/16** | $9401 | $9433 | $9481 |
| **3/16** | $9954 | $10097 | $10164 |
| **4/16** | $10014 | $10159 | $10377 |
| **5/16** | $10122 | $10341 | $10539 |
| **6/16** | $10109 | $10362 | $10630 |
| **7/16** | $10373 | $10774 | $10938 |
| **8/16** | $10373 | $10801 | $11023 |
| **9/16** | $10269 | $10818 | $11000 |
| **10/16** | $10077 | $10584 | $10829 |
| **11/16** | $10522 | $11058 | $11448 |
| **12/16** | $10874 | $11274 | $11734 |
| **1/17** | $10934 | $11486 | $11818 |
| **2/17** | $11284 | $11913 | $12242 |
| **3/17** | $11144 | $11921 | $12118 |
| **4/17** | $11131 | $12047 | $12095 |
| **5/17** | $11089 | $12171 | $12083 |
| **6/17** | $11277 | $12280 | $12281 |
| **7/17** | $11349 | $12512 | $12444 |
| **8/17** | $11216 | $12536 | $12299 |
| **9/17** | $11635 | $12842 | $12663 |
| **10/17** | $11726 | $13122 | $12755 |
| **11/17** | $12149 | $13521 | $13146 |
| **12/17** | $12392 | $13656 | $13337 |
| **1/18** | $12830 | $14375 | $13853 |
| **2/18** | $12227 | $13846 | $13192 |
| **3/18** | $12084 | $13568 | $12960 |
| **4/18** | $12268 | $13619 | $13002 |
| **5/18** | $12275 | $14004 | $13080 |
| **6/18** | $12358 | $14095 | $13112 |
| **7/18** | $12994 | $14563 | $13631 |
| **8/18** | $13254 | $15074 | $13832 |
| **9/18** | $13300 | $15099 | $13860 |
| **10/18** | $12441 | $13988 | $13142 |
| **11/18** | $12697 | $14268 | $13534 |
| **12/18** | $11460 | $12940 | $12235 |
| **1/19** | $12340 | $14051 | $13187 |
| **2/19** | $12778 | $14545 | $13608 |
| **3/19** | $12889 | $14757 | $13695 |
| **4/19** | $13603 | $15346 | $14181 |
| **5/19** | $12715 | $14353 | $13269 |
| **6/19** | $13603 | $15361 | $14221 |
| **7/19** | $13784 | $15590 | $14339 |
| **8/19** | $13430 | $15272 | $13918 |
| **9/19** | $13774 | $15540 | $14414 |
| **10/19** | $13892 | $15875 | $14616 |
| **11/19** | $14393 | $16478 | $15068 |
| **12/19** | $14762 | $16954 | $15482 |
| **1/20** | $14496 | $16935 | $15149 |
| **2/20** | $13030 | $15549 | $13682 |
| **3/20** | $10834 | $13410 | $11344 |
| **4/20** | $12056 | $15187 | $12619 |
| **5/20** | $12456 | $15999 | $13051 |
| **6/20** | $12323 | $16364 | $12965 |
| **7/20** | $12843 | $17294 | $13477 |
| **8/20** | $13336 | $18546 | $14035 |
| **9/20** | $12973 | $17871 | $13690 |
| **10/20** | $12845 | $17485 | $13510 |
| **11/20** | $14512 | $19613 | $15327 |
| **12/20** | $14986 | $20495 | $15915 |
| **1/21** | $14759 | $20404 | $15769 |
| **2/21** | $15704 | $21042 | $16722 |
| **3/21** | $16598 | $21796 | $17706 |
| **4/21** | $17259 | $22919 | $18414 |
| **5/21** | $17550 | $23024 | $18844 |
| **6/21** | $17319 | $23592 | $18628 |
| **7/21** | $17405 | $23991 | $18777 |
| **8/21** | $17675 | $24675 | $19150 |
| **9/21** | $17085 | $23568 | $18483 |
| **10/21** | $18018 | $25161 | $19422 |
| **11/21** | $17278 | $24778 | $18737 |
| **12/21** | $18492 | $25754 | $19919 |
| **1/22** | $18408 | $24239 | $19455 |
| **2/22** | $18431 | $23628 | $19229 |
| **3/22** | $18845 | $24395 | $19772 |
| **4/22** | $17745 | $22206 | $18657 |
| **5/22** | $18117 | $22176 | $19020 |
| **6/22** | $16704 | $20321 | $17358 |
| **7/22** | $17736 | $22227 | $18509 |
| **8/22** | $17288 | $21397 | $17957 |
| **9/22** | $16031 | $19413 | $16383 |
| **10/22** | $17793 | $21005 | $18063 |
| **11/22** | $18674 | $22102 | $19191 |
| **12/22** | $17839 | $20808 | $18418 |
| **1/23** | $18607 | $22241 | $19372 |
| **2/23** | $17995 | $21721 | $18689 |
| **3/23** | $17584 | $22302 | $18603 |
| **4/23** | $17976 | $22539 | $18883 |
| **5/23** | $17294 | $22627 | $18155 |
| **6/23** | $18200 | $24172 | $19361 |
| **7/23** | $18899 | $25039 | $20042 |
| **8/23** | $18318 | $24555 | $19501 |
| **9/23** | $17597 | $23386 | $18748 |
| **10/23** | $16851 | $22766 | $18087 |
| **11/23** | $17966 | $24888 | $19451 |
| **12/23** | $19107 | $26209 | $20529 |
| **1/24** | $18778 | $26499 | $20550 |
| **2/24** | $19604 | $27933 | $21308 |
| **3/24** | $20566 | $28835 | $22373 |
| **4/24** | $20125 | $27566 | $21418 |
| **5/24** | $20646 | $28868 | $22097 |
| **6/24** | $20340 | $29762 | $21889 |
| **7/24** | $21062 | $30315 | $23008 |
| **8/24** | $21279 | $30975 | $23625 |
| **9/24** | $21610 | $31616 | $23953 |
| **10/24** | $21305 | $31384 | $23689 |
| **11/24** | $22670 | $33471 | $25202 |
| **12/24** | $21148 | $32448 | $23478 |
| **1/25** | $21984 | $33473 | $24565 |
| **2/25** | $21852 | $32831 | $24665 |
| **3/25** | $21341 | $30916 | $23980 |
| **4/25** | $20381 | $30709 | $23249 |
| **5/25** | $21350 | $32655 | $24065 |
| **6/25** | $21984 | $34314 | $24888 |
| **7/25** | $21984 | $35070 | $25031 |
| **8/25** | $22332 | $35881 | $25829 |
| **9/25** | $22614 | $37120 | $26215 |
| **10/25** | $22854 | $37915 | $26330 |
| **11/25** | $23194 | $38019 | $27030 |
| **12/25** | $23523 | $38012 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 11.23% | 9.43% | 8.92% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 10.23% | 9.43% | 8.92% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1383965323 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $8747600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g63h37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.4% |
| Consumer Staples | 5.0% |
| Utilities | 5.2% |
| Energy | 5.9% |
| Materials | 6.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 11.6% |
| Information Technology | 11.8% |
| Industrials | 12.3% |
| Financials | 23.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECSTX-TSR-AR

# Eaton Vance Large-Cap Value Fund
![Image](g84380g97o76.jpg)

# Class I EILVX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Large-Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $82 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Value Index (the Index):

↓ An overweight position in Robert Half, Inc. hurt returns as shares fell amid weaker-than-expected jobs markets

↓ Positioning in Alphabet, Inc. hurt results as the Fund was underweight toward period-end when the company announced strong earnings driven by Google Cloud growth and launch of Gemini 3

↓ An overweight position in The Clorox Co., hurt returns due to macroeconomic concerns impacting consumer and operational issues, including divestitures

↓ Among sectors, stock selections in industrials and health care, along with stock selections and an underweight position in consumer staples hurt returns

↑ An overweight position in Micron Technology, Inc. helped returns as artificial intelligence growth drove strong demand for the company's high-bandwidth memory chips

↑ An out-of-index position in Prudential Plc, aided returns as improving operational efficiencies and a focus on capital returns to shareholders boosted growth

↑ An overweight position in Huntington Ingalls Industries, Inc., helped returns as higher government spending from the One Big Beautiful Bill Act and growing order backlog lifted sentiment

↑ Among sectors, stock selections in financials, information technology and energy contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g85v99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $952836 | $943575 | $948328 |
| **2/16** | $941493 | $943271 | $948088 |
| **3/16** | $997680 | $1009683 | $1016384 |
| **4/16** | $1004875 | $1015940 | $1037734 |
| **5/16** | $1016866 | $1034116 | $1053852 |
| **6/16** | $1016292 | $1036242 | $1062965 |
| **7/16** | $1043385 | $1077368 | $1093829 |
| **8/16** | $1044589 | $1080116 | $1102263 |
| **9/16** | $1035072 | $1081814 | $1099966 |
| **10/16** | $1015725 | $1058408 | $1082942 |
| **11/16** | $1061675 | $1105774 | $1144793 |
| **12/16** | $1098052 | $1127351 | $1173405 |
| **1/17** | $1105336 | $1148570 | $1181764 |
| **2/17** | $1141756 | $1191287 | $1224229 |
| **3/17** | $1127819 | $1192098 | $1211758 |
| **4/17** | $1127819 | $1204734 | $1209484 |
| **5/17** | $1124773 | $1217063 | $1208299 |
| **6/17** | $1144997 | $1228046 | $1228051 |
| **7/17** | $1152948 | $1251201 | $1244373 |
| **8/17** | $1140715 | $1253612 | $1229878 |
| **9/17** | $1183720 | $1284185 | $1266304 |
| **10/17** | $1194158 | $1312208 | $1275498 |
| **11/17** | $1238363 | $1352054 | $1314556 |
| **12/17** | $1263823 | $1365567 | $1333745 |
| **1/18** | $1310273 | $1437547 | $1385310 |
| **2/18** | $1248985 | $1384560 | $1319160 |
| **3/18** | $1236044 | $1356766 | $1295954 |
| **4/18** | $1255468 | $1361923 | $1300232 |
| **5/18** | $1257411 | $1400370 | $1307951 |
| **6/18** | $1267223 | $1409528 | $1311190 |
| **7/18** | $1332859 | $1456305 | $1363086 |
| **8/18** | $1360827 | $1507447 | $1383233 |
| **9/18** | $1366944 | $1509942 | $1385976 |
| **10/18** | $1280195 | $1398761 | $1314209 |
| **11/18** | $1307140 | $1426776 | $1353445 |
| **12/18** | $1180814 | $1293987 | $1223480 |
| **1/19** | $1272742 | $1405055 | $1318709 |
| **2/19** | $1318350 | $1454470 | $1360844 |
| **3/19** | $1331296 | $1475708 | $1369496 |
| **4/19** | $1406409 | $1534635 | $1418073 |
| **5/19** | $1315558 | $1435326 | $1326895 |
| **6/19** | $1408823 | $1536139 | $1422146 |
| **7/19** | $1428210 | $1558974 | $1433934 |
| **8/19** | $1393026 | $1527193 | $1391769 |
| **9/19** | $1429799 | $1553997 | $1441424 |
| **10/19** | $1443491 | $1587450 | $1461572 |
| **11/19** | $1496820 | $1647792 | $1506758 |
| **12/19** | $1536349 | $1695370 | $1548208 |
| **1/20** | $1510099 | $1693518 | $1514901 |
| **2/20** | $1358433 | $1554864 | $1368188 |
| **3/20** | $1130442 | $1341042 | $1134373 |
| **4/20** | $1258569 | $1518650 | $1261901 |
| **5/20** | $1301766 | $1599865 | $1305144 |
| **6/20** | $1288968 | $1636441 | $1296481 |
| **7/20** | $1344084 | $1729364 | $1347735 |
| **8/20** | $1397028 | $1854647 | $1403464 |
| **9/20** | $1360774 | $1787117 | $1368991 |
| **10/20** | $1348133 | $1748545 | $1350998 |
| **11/20** | $1524364 | $1961261 | $1532727 |
| **12/20** | $1575100 | $2049495 | $1591491 |
| **1/21** | $1553442 | $2040379 | $1576915 |
| **2/21** | $1653519 | $2104155 | $1672213 |
| **3/21** | $1749500 | $2179574 | $1770613 |
| **4/21** | $1820679 | $2291930 | $1841422 |
| **5/21** | $1852896 | $2302392 | $1884409 |
| **6/21** | $1829971 | $2359167 | $1862829 |
| **7/21** | $1840493 | $2399062 | $1877718 |
| **8/21** | $1871305 | $2467478 | $1914955 |
| **9/21** | $1809208 | $2356767 | $1848300 |
| **10/21** | $1910222 | $2516142 | $1942152 |
| **11/21** | $1832577 | $2477843 | $1873710 |
| **12/21** | $1963183 | $2575418 | $1991916 |
| **1/22** | $1956741 | $2423890 | $1945516 |
| **2/22** | $1959962 | $2362834 | $1922940 |
| **3/22** | $2006503 | $2439475 | $1977223 |
| **4/22** | $1890184 | $2220551 | $1865700 |
| **5/22** | $1932188 | $2217574 | $1901968 |
| **6/22** | $1782485 | $2032055 | $1735790 |
| **7/22** | $1894295 | $2222698 | $1850894 |
| **8/22** | $1848113 | $2139748 | $1795746 |
| **9/22** | $1714980 | $1941331 | $1638282 |
| **10/22** | $1905172 | $2100532 | $1806256 |
| **11/22** | $2001081 | $2210172 | $1919132 |
| **12/22** | $1912894 | $2080759 | $1841768 |
| **1/23** | $1997855 | $2224067 | $1937209 |
| **2/23** | $1933083 | $2172084 | $1868905 |
| **3/23** | $1890568 | $2230164 | $1860298 |
| **4/23** | $1934456 | $2253925 | $1888327 |
| **5/23** | $1862716 | $2262694 | $1815499 |
| **6/23** | $1961971 | $2417203 | $1936097 |
| **7/23** | $2039028 | $2503852 | $2004180 |
| **8/23** | $1977213 | $2455518 | $1950074 |
| **9/23** | $1901877 | $2338552 | $1874822 |
| **10/23** | $1822030 | $2276560 | $1808674 |
| **11/23** | $1945198 | $2488845 | $1945138 |
| **12/23** | $2069667 | $2620858 | $2052884 |
| **1/24** | $2035767 | $2649904 | $2055010 |
| **2/24** | $2127906 | $2793345 | $2130819 |
| **3/24** | $2233517 | $2883451 | $2237348 |
| **4/24** | $2187331 | $2756574 | $2141779 |
| **5/24** | $2245718 | $2886814 | $2209673 |
| **6/24** | $2214589 | $2976182 | $2188888 |
| **7/24** | $2295088 | $3031507 | $2300788 |
| **8/24** | $2320463 | $3097499 | $2362506 |
| **9/24** | $2358274 | $3161573 | $2395298 |
| **10/24** | $2327556 | $3138356 | $2368935 |
| **11/24** | $2478513 | $3347132 | $2520213 |
| **12/24** | $2313736 | $3244826 | $2347849 |
| **1/25** | $2408063 | $3347260 | $2456519 |
| **2/25** | $2395365 | $3283113 | $2466494 |
| **3/25** | $2341078 | $3091607 | $2397994 |
| **4/25** | $2237354 | $3070866 | $2324906 |
| **5/25** | $2345628 | $3265516 | $2406545 |
| **6/25** | $2417715 | $3431413 | $2488808 |
| **7/25** | $2419541 | $3506982 | $2503098 |
| **8/25** | $2460628 | $3588140 | $2582874 |
| **9/25** | $2493134 | $3711972 | $2621456 |
| **10/25** | $2521507 | $3791527 | $2633030 |
| **11/25** | $2560862 | $3801940 | $2702973 |
| **12/25** | $2599975 | $3801166 | $2721305 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.37% | 10.54% | 10.02% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1383965323 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $8747600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g63h37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.4% |
| Consumer Staples | 5.0% |
| Utilities | 5.2% |
| Energy | 5.9% |
| Materials | 6.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 11.6% |
| Information Technology | 11.8% |
| Industrials | 12.3% |
| Financials | 23.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EILVX-TSR-AR

# Eaton Vance Large-Cap Value Fund
![Image](g84380g97o76.jpg)

# Class R ERSTX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Large-Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $135 | 1.27% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Value Index (the Index):

↓ An overweight position in Robert Half, Inc. hurt returns as shares fell amid weaker-than-expected jobs markets

↓ Positioning in Alphabet, Inc. hurt results as the Fund was underweight toward period-end when the company announced strong earnings driven by Google Cloud growth and launch of Gemini 3

↓ An overweight position in The Clorox Co., hurt returns due to macroeconomic concerns impacting consumer and operational issues, including divestitures

↓ Among sectors, stock selections in industrials and health care, along with stock selections and an underweight position in consumer staples hurt returns

↑ An overweight position in Micron Technology, Inc. helped returns as artificial intelligence growth drove strong demand for the company's high-bandwidth memory chips

↑ An out-of-index position in Prudential Plc, aided returns as improving operational efficiencies and a focus on capital returns to shareholders boosted growth

↑ An overweight position in Huntington Ingalls Industries, Inc., helped returns as higher government spending from the One Big Beautiful Bill Act and growing order backlog lifted sentiment

↑ Among sectors, stock selections in financials, information technology and energy contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g73e13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9520 | $9436 | $9483 |
| **2/16** | $9405 | $9433 | $9481 |
| **3/16** | $9965 | $10097 | $10164 |
| **4/16** | $10032 | $10159 | $10377 |
| **5/16** | $10146 | $10341 | $10539 |
| **6/16** | $10134 | $10362 | $10630 |
| **7/16** | $10406 | $10774 | $10938 |
| **8/16** | $10412 | $10801 | $11023 |
| **9/16** | $10309 | $10818 | $11000 |
| **10/16** | $10115 | $10584 | $10829 |
| **11/16** | $10569 | $11058 | $11448 |
| **12/16** | $10926 | $11274 | $11734 |
| **1/17** | $10993 | $11486 | $11818 |
| **2/17** | $11351 | $11913 | $12242 |
| **3/17** | $11211 | $11921 | $12118 |
| **4/17** | $11205 | $12047 | $12095 |
| **5/17** | $11162 | $12171 | $12083 |
| **6/17** | $11362 | $12280 | $12281 |
| **7/17** | $11435 | $12512 | $12444 |
| **8/17** | $11313 | $12536 | $12299 |
| **9/17** | $11734 | $12842 | $12663 |
| **10/17** | $11832 | $13122 | $12755 |
| **11/17** | $12260 | $13521 | $13146 |
| **12/17** | $12510 | $13656 | $13337 |
| **1/18** | $12960 | $14375 | $13853 |
| **2/18** | $12356 | $13846 | $13192 |
| **3/18** | $12218 | $13568 | $12960 |
| **4/18** | $12412 | $13619 | $13002 |
| **5/18** | $12418 | $14004 | $13080 |
| **6/18** | $12512 | $14095 | $13112 |
| **7/18** | $13158 | $14563 | $13631 |
| **8/18** | $13430 | $15074 | $13832 |
| **9/18** | $13480 | $15099 | $13860 |
| **10/18** | $12619 | $13988 | $13142 |
| **11/18** | $12880 | $14268 | $13534 |
| **12/18** | $11630 | $12940 | $12235 |
| **1/19** | $12535 | $14051 | $13187 |
| **2/19** | $12973 | $14545 | $13608 |
| **3/19** | $13099 | $14757 | $13695 |
| **4/19** | $13829 | $15346 | $14181 |
| **5/19** | $12929 | $14353 | $13269 |
| **6/19** | $13842 | $15361 | $14221 |
| **7/19** | $14027 | $15590 | $14339 |
| **8/19** | $13679 | $15272 | $13918 |
| **9/19** | $14032 | $15540 | $14414 |
| **10/19** | $14160 | $15875 | $14616 |
| **11/19** | $14680 | $16478 | $15068 |
| **12/19** | $15058 | $16954 | $15482 |
| **1/20** | $14791 | $16935 | $15149 |
| **2/20** | $13301 | $15549 | $13682 |
| **3/20** | $11064 | $13410 | $11344 |
| **4/20** | $12320 | $15187 | $12619 |
| **5/20** | $12731 | $15999 | $13051 |
| **6/20** | $12598 | $16364 | $12965 |
| **7/20** | $13141 | $17294 | $13477 |
| **8/20** | $13648 | $18546 | $14035 |
| **9/20** | $13281 | $17871 | $13690 |
| **10/20** | $13157 | $17485 | $13510 |
| **11/20** | $14876 | $19613 | $15327 |
| **12/20** | $15363 | $20495 | $15915 |
| **1/21** | $15136 | $20404 | $15769 |
| **2/21** | $16112 | $21042 | $16722 |
| **3/21** | $17035 | $21796 | $17706 |
| **4/21** | $17726 | $22919 | $18414 |
| **5/21** | $18028 | $23024 | $18844 |
| **6/21** | $17795 | $23592 | $18628 |
| **7/21** | $17891 | $23991 | $18777 |
| **8/21** | $18185 | $24675 | $19150 |
| **9/21** | $17576 | $23568 | $18483 |
| **10/21** | $18550 | $25161 | $19422 |
| **11/21** | $17790 | $24778 | $18737 |
| **12/21** | $19052 | $25754 | $19919 |
| **1/22** | $18973 | $24239 | $19455 |
| **2/22** | $19004 | $23628 | $19229 |
| **3/22** | $19443 | $24395 | $19772 |
| **4/22** | $18315 | $22206 | $18657 |
| **5/22** | $18709 | $22176 | $19020 |
| **6/22** | $17248 | $20321 | $17358 |
| **7/22** | $18323 | $22227 | $18509 |
| **8/22** | $17872 | $21397 | $17957 |
| **9/22** | $16577 | $19413 | $16383 |
| **10/22** | $18406 | $21005 | $18063 |
| **11/22** | $19333 | $22102 | $19191 |
| **12/22** | $18472 | $20808 | $18418 |
| **1/23** | $19275 | $22241 | $19372 |
| **2/23** | $18653 | $21721 | $18689 |
| **3/23** | $18231 | $22302 | $18603 |
| **4/23** | $18642 | $22539 | $18883 |
| **5/23** | $17944 | $22627 | $18155 |
| **6/23** | $18894 | $24172 | $19361 |
| **7/23** | $19633 | $25039 | $20042 |
| **8/23** | $19033 | $24555 | $19501 |
| **9/23** | $18294 | $23386 | $18748 |
| **10/23** | $17520 | $22766 | $18087 |
| **11/23** | $18690 | $24888 | $19451 |
| **12/23** | $19888 | $26209 | $20529 |
| **1/24** | $19551 | $26499 | $20550 |
| **2/24** | $20427 | $27933 | $21308 |
| **3/24** | $21433 | $28835 | $22373 |
| **4/24** | $20977 | $27566 | $21418 |
| **5/24** | $21534 | $28868 | $22097 |
| **6/24** | $21222 | $29762 | $21889 |
| **7/24** | $21983 | $30315 | $23008 |
| **8/24** | $22220 | $30975 | $23625 |
| **9/24** | $22574 | $31616 | $23953 |
| **10/24** | $22269 | $31384 | $23689 |
| **11/24** | $23709 | $33471 | $25202 |
| **12/24** | $22115 | $32448 | $23478 |
| **1/25** | $23007 | $33473 | $24565 |
| **2/25** | $22876 | $32831 | $24665 |
| **3/25** | $22349 | $30916 | $23980 |
| **4/25** | $21350 | $30709 | $23249 |
| **5/25** | $22375 | $32655 | $24065 |
| **6/25** | $23058 | $34314 | $24888 |
| **7/25** | $23067 | $35070 | $25031 |
| **8/25** | $23436 | $35881 | $25829 |
| **9/25** | $23745 | $37120 | $26215 |
| **10/25** | $24009 | $37915 | $26330 |
| **11/25** | $24369 | $38019 | $27030 |
| **12/25** | $24732 | $38012 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | 11.83% | 9.98% | 9.47% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1383965323 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $8747600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g63h37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.4% |
| Consumer Staples | 5.0% |
| Utilities | 5.2% |
| Energy | 5.9% |
| Materials | 6.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 11.6% |
| Information Technology | 11.8% |
| Industrials | 12.3% |
| Financials | 23.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ERSTX-TSR-AR

# Eaton Vance Large-Cap Value Fund
![Image](g84380g97o76.jpg)

# Class R6 ERLVX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Large-Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $75 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Value Index (the Index):

↓ An overweight position in Robert Half, Inc. hurt returns as shares fell amid weaker-than-expected jobs markets

↓ Positioning in Alphabet, Inc. hurt results as the Fund was underweight toward period-end when the company announced strong earnings driven by Google Cloud growth and launch of Gemini 3

↓ An overweight position in The Clorox Co., hurt returns due to macroeconomic concerns impacting consumer and operational issues, including divestitures

↓ Among sectors, stock selections in industrials and health care, along with stock selections and an underweight position in consumer staples hurt returns

↑ An overweight position in Micron Technology, Inc. helped returns as artificial intelligence growth drove strong demand for the company's high-bandwidth memory chips

↑ An out-of-index position in Prudential Plc, aided returns as improving operational efficiencies and a focus on capital returns to shareholders boosted growth

↑ An overweight position in Huntington Ingalls Industries, Inc., helped returns as higher government spending from the One Big Beautiful Bill Act and growing order backlog lifted sentiment

↑ Among sectors, stock selections in financials, information technology and energy contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g63g32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4764320 | $4717874 | $4741637 |
| **2/16** | $4707637 | $4716354 | $4740440 |
| **3/16** | $4989600 | $5048414 | $5081918 |
| **4/16** | $5025561 | $5079702 | $5188671 |
| **5/16** | $5085497 | $5170580 | $5269262 |
| **6/16** | $5083849 | $5181212 | $5314827 |
| **7/16** | $5219298 | $5386838 | $5469146 |
| **8/16** | $5225318 | $5400579 | $5511315 |
| **9/16** | $5178954 | $5409069 | $5499828 |
| **10/16** | $5085231 | $5292040 | $5414709 |
| **11/16** | $5315004 | $5528870 | $5723967 |
| **12/16** | $5495246 | $5636756 | $5867023 |
| **1/17** | $5534715 | $5742851 | $5908820 |
| **2/17** | $5713842 | $5956436 | $6121147 |
| **3/17** | $5648360 | $5960489 | $6058792 |
| **4/17** | $5645312 | $6023668 | $6047422 |
| **5/17** | $5630071 | $6085315 | $6041494 |
| **6/17** | $5732436 | $6140231 | $6140257 |
| **7/17** | $5772224 | $6256005 | $6221864 |
| **8/17** | $5714073 | $6268059 | $6149389 |
| **9/17** | $5930818 | $6420923 | $6331520 |
| **10/17** | $5983059 | $6561041 | $6377491 |
| **11/17** | $6201239 | $6760268 | $6572779 |
| **12/17** | $6333264 | $6827836 | $6668724 |
| **1/18** | $6562566 | $7187736 | $6926548 |
| **2/18** | $6258983 | $6922798 | $6595798 |
| **3/18** | $6192154 | $6783829 | $6479771 |
| **4/18** | $6292655 | $6809613 | $6501162 |
| **5/18** | $6299139 | $7001850 | $6539754 |
| **6/18** | $6349694 | $7047642 | $6555951 |
| **7/18** | $6681661 | $7281523 | $6815431 |
| **8/18** | $6821755 | $7537235 | $6916166 |
| **9/18** | $6850223 | $7549711 | $6929882 |
| **10/18** | $6415706 | $6993805 | $6571044 |
| **11/18** | $6550670 | $7133882 | $6767223 |
| **12/18** | $5919200 | $6469935 | $6117400 |
| **1/19** | $6379741 | $7025276 | $6593544 |
| **2/19** | $6608227 | $7272349 | $6804218 |
| **3/19** | $6677390 | $7378538 | $6847478 |
| **4/19** | $7050149 | $7673177 | $7090366 |
| **5/19** | $6594954 | $7176632 | $6634476 |
| **6/19** | $7063523 | $7680695 | $7110729 |
| **7/19** | $7164276 | $7794868 | $7169669 |
| **8/19** | $6987958 | $7635967 | $6958844 |
| **9/19** | $7169929 | $7769985 | $7207119 |
| **10/19** | $7242170 | $7937249 | $7307859 |
| **11/19** | $7509462 | $8238958 | $7533791 |
| **12/19** | $7705234 | $8476848 | $7741040 |
| **1/20** | $7573646 | $8467589 | $7574504 |
| **2/20** | $6813357 | $7774319 | $6840942 |
| **3/20** | $5671490 | $6705212 | $5671863 |
| **4/20** | $6317562 | $7593252 | $6309504 |
| **5/20** | $6530472 | $7999327 | $6525720 |
| **6/20** | $6467671 | $8182206 | $6482405 |
| **7/20** | $6747753 | $8646820 | $6738677 |
| **8/20** | $7013290 | $9273233 | $7017321 |
| **9/20** | $6828972 | $8935585 | $6844953 |
| **10/20** | $6765569 | $8742727 | $6754992 |
| **11/20** | $7653223 | $9806307 | $7663633 |
| **12/20** | $7908853 | $10247474 | $7957453 |
| **1/21** | $7796458 | $10201894 | $7884577 |
| **2/21** | $8302235 | $10520777 | $8361065 |
| **3/21** | $8781153 | $10897872 | $8853064 |
| **4/21** | $9142022 | $11459648 | $9207110 |
| **5/21** | $9303662 | $11511961 | $9422044 |
| **6/21** | $9186321 | $11795834 | $9314147 |
| **7/21** | $9239116 | $11995309 | $9388589 |
| **8/21** | $9397501 | $12337388 | $9574777 |
| **9/21** | $9087231 | $11783836 | $9241499 |
| **10/21** | $9594179 | $12580712 | $9710759 |
| **11/21** | $9204510 | $12389217 | $9368551 |
| **12/21** | $9861737 | $12877088 | $9959579 |
| **1/22** | $9829404 | $12119450 | $9727581 |
| **2/22** | $9845571 | $11814169 | $9614699 |
| **3/22** | $10080517 | $12197377 | $9886113 |
| **4/22** | $9496610 | $11102756 | $9328499 |
| **5/22** | $9707465 | $11087870 | $9509842 |
| **6/22** | $8953210 | $10160274 | $8678948 |
| **7/22** | $9514565 | $11113490 | $9254472 |
| **8/22** | $9286769 | $10698742 | $8978730 |
| **9/22** | $8619607 | $9706657 | $8191412 |
| **10/22** | $9574620 | $10502661 | $9031278 |
| **11/22** | $10060289 | $11050861 | $9595658 |
| **12/22** | $9614774 | $10403795 | $9208840 |
| **1/23** | $10037216 | $11120333 | $9686045 |
| **2/23** | $9716160 | $10860420 | $9344526 |
| **3/23** | $9499918 | $11150818 | $9301492 |
| **4/23** | $9720354 | $11269623 | $9441637 |
| **5/23** | $9364266 | $11313471 | $9077493 |
| **6/23** | $9864585 | $12086016 | $9680485 |
| **7/23** | $10251682 | $12519260 | $10020898 |
| **8/23** | $9941154 | $12277592 | $9750369 |
| **9/23** | $9564139 | $11692758 | $9374108 |
| **10/23** | $9162966 | $11382799 | $9043369 |
| **11/23** | $9777529 | $12444225 | $9725691 |
| **12/23** | $10408853 | $13104290 | $10264422 |
| **1/24** | $10238502 | $13249521 | $10275050 |
| **2/24** | $10701506 | $13966725 | $10654094 |
| **3/24** | $11234541 | $14417255 | $11186742 |
| **4/24** | $11002405 | $13782871 | $10708894 |
| **5/24** | $11295861 | $14434071 | $11048366 |
| **6/24** | $11141262 | $14880912 | $10944439 |
| **7/24** | $11545919 | $15157533 | $11503938 |
| **8/24** | $11673474 | $15487493 | $11812531 |
| **9/24** | $11864605 | $15807865 | $11976488 |
| **10/24** | $11710175 | $15691779 | $11844677 |
| **11/24** | $12473499 | $16735661 | $12601063 |
| **12/24** | $11642361 | $16224131 | $11739245 |
| **1/25** | $12116628 | $16736298 | $12282596 |
| **2/25** | $12052785 | $16415564 | $12332468 |
| **3/25** | $11776465 | $15458036 | $11989968 |
| **4/25** | $11259472 | $15354329 | $11624530 |
| **5/25** | $11808491 | $16327578 | $12032727 |
| **6/25** | $12168211 | $17157066 | $12444040 |
| **7/25** | $12177394 | $17534909 | $12515492 |
| **8/25** | $12384024 | $17940700 | $12914368 |
| **9/25** | $12553408 | $18559858 | $13107278 |
| **10/25** | $12696112 | $18957634 | $13165152 |
| **11/25** | $12894057 | $19009698 | $13514864 |
| **12/25** | $13088047 | $19005828 | $13606526 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 12.42% | 10.59% | 10.09% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1383965323 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $8747600 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g63h37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.4% |
| Consumer Staples | 5.0% |
| Utilities | 5.2% |
| Energy | 5.9% |
| Materials | 6.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 9.6% |
| Health Care | 11.6% |
| Information Technology | 11.8% |
| Industrials | 12.3% |
| Financials | 23.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ERLVX-TSR-AR

# Eaton Vance Small-Cap Fund
![Image](g84380g97o76.jpg)

# Class A ETEGX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Small-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $117 | 1.21% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Security selections and underweight exposure to health care and security selections in financials detracted from performance relative to the Index

↓ Stock selection within information technology detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc., hurt returns as its shares came under pressure on higher costs, leverage from a recent acquisition, and weaker pricing

↓ An overweight position in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Sector allocations ― specifically underweight exposure to the energy and consumer staples sectors ― contributed to Index-relative performance

↑ An underweight exposure to the real estate sector contributed to returns relative to the Index during the period

↑ An overweight position in Woodward, Inc. aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g89l21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $8885 | $9436 | $9121 |
| **2/16** | $8924 | $9433 | $9120 |
| **3/16** | $9599 | $10097 | $9848 |
| **4/16** | $9592 | $10159 | $10003 |
| **5/16** | $9949 | $10341 | $10228 |
| **6/16** | $9818 | $10362 | $10222 |
| **7/16** | $10163 | $10774 | $10832 |
| **8/16** | $10291 | $10801 | $11023 |
| **9/16** | $10267 | $10818 | $11146 |
| **10/16** | $10123 | $10584 | $10616 |
| **11/16** | $11006 | $11058 | $11800 |
| **12/16** | $11305 | $11274 | $12131 |
| **1/17** | $11323 | $11486 | $12179 |
| **2/17** | $11616 | $11913 | $12414 |
| **3/17** | $11696 | $11921 | $12430 |
| **4/17** | $11714 | $12047 | $12566 |
| **5/17** | $11634 | $12171 | $12311 |
| **6/17** | $11927 | $12280 | $12736 |
| **7/17** | $12002 | $12512 | $12831 |
| **8/17** | $11865 | $12536 | $12668 |
| **9/17** | $12412 | $12842 | $13458 |
| **10/17** | $12540 | $13122 | $13573 |
| **11/17** | $12968 | $13521 | $13964 |
| **12/17** | $12991 | $13656 | $13908 |
| **1/18** | $13396 | $14375 | $14271 |
| **2/18** | $12951 | $13846 | $13718 |
| **3/18** | $13080 | $13568 | $13896 |
| **4/18** | $13139 | $13619 | $14016 |
| **5/18** | $13900 | $14004 | $14867 |
| **6/18** | $14008 | $14095 | $14973 |
| **7/18** | $14226 | $14563 | $15234 |
| **8/18** | $14779 | $15074 | $15891 |
| **9/18** | $14719 | $15099 | $15509 |
| **10/18** | $13317 | $13988 | $13824 |
| **11/18** | $13653 | $14268 | $14044 |
| **12/18** | $12236 | $12940 | $12376 |
| **1/19** | $13437 | $14051 | $13768 |
| **2/19** | $14198 | $14545 | $14484 |
| **3/19** | $14043 | $14757 | $14181 |
| **4/19** | $14672 | $15346 | $14662 |
| **5/19** | $14054 | $14353 | $13522 |
| **6/19** | $15046 | $15361 | $14478 |
| **7/19** | $15311 | $15590 | $14561 |
| **8/19** | $14886 | $15272 | $13842 |
| **9/19** | $14942 | $15540 | $14130 |
| **10/19** | $14954 | $15875 | $14502 |
| **11/19** | $15472 | $16478 | $15099 |
| **12/19** | $15605 | $16954 | $15535 |
| **1/20** | $15368 | $16935 | $15037 |
| **2/20** | $14150 | $15549 | $13771 |
| **3/20** | $11772 | $13410 | $10779 |
| **4/20** | $12943 | $15187 | $12259 |
| **5/20** | $13677 | $15999 | $13057 |
| **6/20** | $13771 | $16364 | $13519 |
| **7/20** | $14375 | $17294 | $13893 |
| **8/20** | $14892 | $18546 | $14676 |
| **9/20** | $14163 | $17871 | $14185 |
| **10/20** | $14546 | $17485 | $14483 |
| **11/20** | $16279 | $19613 | $17152 |
| **12/20** | $17591 | $20495 | $18636 |
| **1/21** | $17627 | $20404 | $19573 |
| **2/21** | $18717 | $21042 | $20793 |
| **3/21** | $19304 | $21796 | $21002 |
| **4/21** | $19962 | $22919 | $21443 |
| **5/21** | $20034 | $23024 | $21487 |
| **6/21** | $19998 | $23592 | $21904 |
| **7/21** | $19986 | $23991 | $21113 |
| **8/21** | $20286 | $24675 | $21585 |
| **9/21** | $19747 | $23568 | $20949 |
| **10/21** | $20753 | $25161 | $21840 |
| **11/21** | $19986 | $24778 | $20930 |
| **12/21** | $21318 | $25754 | $21397 |
| **1/22** | $19704 | $24239 | $19337 |
| **2/22** | $20360 | $23628 | $19544 |
| **3/22** | $20183 | $24395 | $19787 |
| **4/22** | $18843 | $22206 | $17826 |
| **5/22** | $18391 | $22176 | $17853 |
| **6/22** | $17366 | $20321 | $16385 |
| **7/22** | $18911 | $22227 | $18095 |
| **8/22** | $17831 | $21397 | $17725 |
| **9/22** | $16409 | $19413 | $16026 |
| **10/22** | $18241 | $21005 | $17790 |
| **11/22** | $18925 | $22102 | $18206 |
| **12/22** | $18006 | $20808 | $17024 |
| **1/23** | $19684 | $22241 | $18684 |
| **2/23** | $19712 | $21721 | $18368 |
| **3/23** | $19176 | $22302 | $17491 |
| **4/23** | $19064 | $22539 | $17176 |
| **5/23** | $18373 | $22627 | $17017 |
| **6/23** | $19585 | $24172 | $18401 |
| **7/23** | $20093 | $25039 | $19526 |
| **8/23** | $19346 | $24555 | $18549 |
| **9/23** | $17978 | $23386 | $17457 |
| **10/23** | $16906 | $22766 | $16267 |
| **11/23** | $18359 | $24888 | $17739 |
| **12/23** | $20037 | $26209 | $19906 |
| **1/24** | $19569 | $26499 | $19132 |
| **2/24** | $20648 | $27933 | $20214 |
| **3/24** | $21500 | $28835 | $20938 |
| **4/24** | $20137 | $27566 | $19464 |
| **5/24** | $20719 | $28868 | $20440 |
| **6/24** | $20477 | $29762 | $20251 |
| **7/24** | $21855 | $30315 | $22309 |
| **8/24** | $22167 | $30975 | $21976 |
| **9/24** | $22380 | $31616 | $22129 |
| **10/24** | $21826 | $31384 | $21810 |
| **11/24** | $24141 | $33471 | $24202 |
| **12/24** | $22428 | $32448 | $22203 |
| **1/25** | $23069 | $33473 | $22785 |
| **2/25** | $22486 | $32831 | $21567 |
| **3/25** | $21468 | $30916 | $20099 |
| **4/25** | $20740 | $30709 | $19634 |
| **5/25** | $21628 | $32655 | $20683 |
| **6/25** | $21890 | $34314 | $21807 |
| **7/25** | $21351 | $35070 | $22185 |
| **8/25** | $22414 | $35881 | $23770 |
| **9/25** | $21555 | $37120 | $24510 |
| **10/25** | $21002 | $37915 | $24953 |
| **11/25** | $21162 | $38019 | $25193 |
| **12/25** | $21034 | $38012 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (6.19)% | 3.64% | 8.30% |
| Class A with 5.25% Maximum Sales Charge | (11.09)% | 2.54% | 7.71% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $140093903 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $979741 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g29u80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Consumer Staples | 1.6% |
| Utilities | 2.2% |
| Real Estate | 6.2% |
| Materials | 6.2% |
| Information Technology | 9.9% |
| Health Care | 10.1% |
| Consumer Discretionary | 15.1% |
| Financials | 20.7% |
| Industrials | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;27.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ETEGX-TSR-AR

# Eaton Vance Small-Cap Fund
![Image](g84380g97o76.jpg)

# Class C ECSMX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Small-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $189 | 1.96% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Security selections and underweight exposure to health care and security selections in financials detracted from performance relative to the Index

↓ Stock selection within information technology detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc., hurt returns as its shares came under pressure on higher costs, leverage from a recent acquisition, and weaker pricing

↓ An overweight position in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Sector allocations ― specifically underweight exposure to the energy and consumer staples sectors ― contributed to Index-relative performance

↑ An underweight exposure to the real estate sector contributed to returns relative to the Index during the period

↑ An overweight position in Woodward, Inc. aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g22o16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9382 | $9436 | $9121 |
| **2/16** | $9419 | $9433 | $9120 |
| **3/16** | $10120 | $10097 | $9848 |
| **4/16** | $10101 | $10159 | $10003 |
| **5/16** | $10479 | $10341 | $10228 |
| **6/16** | $10333 | $10362 | $10222 |
| **7/16** | $10687 | $10774 | $10832 |
| **8/16** | $10811 | $10801 | $11023 |
| **9/16** | $10783 | $10818 | $11146 |
| **10/16** | $10620 | $10584 | $10616 |
| **11/16** | $11539 | $11058 | $11800 |
| **12/16** | $11847 | $11274 | $12131 |
| **1/17** | $11858 | $11486 | $12179 |
| **2/17** | $12169 | $11913 | $12414 |
| **3/17** | $12233 | $11921 | $12430 |
| **4/17** | $12244 | $12047 | $12566 |
| **5/17** | $12158 | $12171 | $12311 |
| **6/17** | $12448 | $12280 | $12736 |
| **7/17** | $12528 | $12512 | $12831 |
| **8/17** | $12373 | $12536 | $12668 |
| **9/17** | $12938 | $12842 | $13458 |
| **10/17** | $13071 | $13122 | $13573 |
| **11/17** | $13502 | $13521 | $13964 |
| **12/17** | $13518 | $13656 | $13908 |
| **1/18** | $13932 | $14375 | $14271 |
| **2/18** | $13457 | $13846 | $13718 |
| **3/18** | $13579 | $13568 | $13896 |
| **4/18** | $13628 | $13619 | $14016 |
| **5/18** | $14419 | $14004 | $14867 |
| **6/18** | $14516 | $14095 | $14973 |
| **7/18** | $14735 | $14563 | $15234 |
| **8/18** | $15295 | $15074 | $15891 |
| **9/18** | $15234 | $15099 | $15509 |
| **10/18** | $13774 | $13988 | $13824 |
| **11/18** | $14102 | $14268 | $14044 |
| **12/18** | $12637 | $12940 | $12376 |
| **1/19** | $13872 | $14051 | $13768 |
| **2/19** | $14650 | $14545 | $14484 |
| **3/19** | $14483 | $14757 | $14181 |
| **4/19** | $15108 | $15346 | $14662 |
| **5/19** | $14470 | $14353 | $13522 |
| **6/19** | $15483 | $15361 | $14478 |
| **7/19** | $15747 | $15590 | $14561 |
| **8/19** | $15295 | $15272 | $13842 |
| **9/19** | $15352 | $15540 | $14130 |
| **10/19** | $15338 | $15875 | $14502 |
| **11/19** | $15880 | $16478 | $15099 |
| **12/19** | $15991 | $16954 | $15535 |
| **1/20** | $15733 | $16935 | $15037 |
| **2/20** | $14475 | $15549 | $13771 |
| **3/20** | $12035 | $13410 | $10779 |
| **4/20** | $13232 | $15187 | $12259 |
| **5/20** | $13975 | $15999 | $13057 |
| **6/20** | $14051 | $16364 | $13519 |
| **7/20** | $14672 | $17294 | $13893 |
| **8/20** | $15184 | $18546 | $14676 |
| **9/20** | $14431 | $17871 | $14185 |
| **10/20** | $14815 | $17485 | $14483 |
| **11/20** | $16565 | $19613 | $17152 |
| **12/20** | $17898 | $20495 | $18636 |
| **1/21** | $17914 | $20404 | $19573 |
| **2/21** | $19022 | $21042 | $20793 |
| **3/21** | $19606 | $21796 | $21002 |
| **4/21** | $20253 | $22919 | $21443 |
| **5/21** | $20330 | $23024 | $21487 |
| **6/21** | $20268 | $23592 | $21904 |
| **7/21** | $20237 | $23991 | $21113 |
| **8/21** | $20530 | $24675 | $21585 |
| **9/21** | $19976 | $23568 | $20949 |
| **10/21** | $20976 | $25161 | $21840 |
| **11/21** | $20191 | $24778 | $20930 |
| **12/21** | $21522 | $25754 | $21397 |
| **1/22** | $19874 | $24239 | $19337 |
| **2/22** | $20526 | $23628 | $19544 |
| **3/22** | $20345 | $24395 | $19787 |
| **4/22** | $18968 | $22206 | $17826 |
| **5/22** | $18515 | $22176 | $17853 |
| **6/22** | $17464 | $20321 | $16385 |
| **7/22** | $19022 | $22227 | $18095 |
| **8/22** | $17917 | $21397 | $17725 |
| **9/22** | $16468 | $19413 | $16026 |
| **10/22** | $18298 | $21005 | $17790 |
| **11/22** | $18968 | $22102 | $18206 |
| **12/22** | $18041 | $20808 | $17024 |
| **1/23** | $19712 | $22241 | $18684 |
| **2/23** | $19731 | $21721 | $18368 |
| **3/23** | $19186 | $22302 | $17491 |
| **4/23** | $19055 | $22539 | $17176 |
| **5/23** | $18360 | $22627 | $17017 |
| **6/23** | $19562 | $24172 | $18401 |
| **7/23** | $20050 | $25039 | $19526 |
| **8/23** | $19280 | $24555 | $18549 |
| **9/23** | $17929 | $23386 | $17457 |
| **10/23** | $16840 | $22766 | $16267 |
| **11/23** | $18267 | $24888 | $17739 |
| **12/23** | $19928 | $26209 | $19906 |
| **1/24** | $19455 | $26499 | $19132 |
| **2/24** | $20515 | $27933 | $20214 |
| **3/24** | $21348 | $28835 | $20938 |
| **4/24** | $19985 | $27566 | $19464 |
| **5/24** | $20553 | $28868 | $20440 |
| **6/24** | $20288 | $29762 | $20251 |
| **7/24** | $21650 | $30315 | $22309 |
| **8/24** | $21953 | $30975 | $21976 |
| **9/24** | $22142 | $31616 | $22129 |
| **10/24** | $21575 | $31384 | $21810 |
| **11/24** | $23865 | $33471 | $24202 |
| **12/24** | $22133 | $32448 | $22203 |
| **1/25** | $22758 | $33473 | $22785 |
| **2/25** | $22172 | $32831 | $21567 |
| **3/25** | $21156 | $30916 | $20099 |
| **4/25** | $20433 | $30709 | $19634 |
| **5/25** | $21293 | $32655 | $20683 |
| **6/25** | $21527 | $34314 | $21807 |
| **7/25** | $20980 | $35070 | $22185 |
| **8/25** | $22015 | $35881 | $23770 |
| **9/25** | $21156 | $37120 | $24510 |
| **10/25** | $20609 | $37915 | $24953 |
| **11/25** | $20746 | $38019 | $25193 |
| **12/25** | $20616 | $38012 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (6.85)% | 2.87% | 7.50% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (7.69)% | 2.87% | 7.50% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $140093903 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $979741 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g29u80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Consumer Staples | 1.6% |
| Utilities | 2.2% |
| Real Estate | 6.2% |
| Materials | 6.2% |
| Information Technology | 9.9% |
| Health Care | 10.1% |
| Consumer Discretionary | 15.1% |
| Financials | 20.7% |
| Industrials | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;27.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ECSMX-TSR-AR

# Eaton Vance Small-Cap Fund
![Image](g84380g97o76.jpg)

# Class I EISGX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Small-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $93 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Security selections and underweight exposure to health care and security selections in financials detracted from performance relative to the Index

↓ Stock selection within information technology detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc., hurt returns as its shares came under pressure on higher costs, leverage from a recent acquisition, and weaker pricing

↓ An overweight position in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Sector allocations ― specifically underweight exposure to the energy and consumer staples sectors ― contributed to Index-relative performance

↑ An underweight exposure to the real estate sector contributed to returns relative to the Index during the period

↑ An overweight position in Woodward, Inc. aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g84380g42q01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $938838 | $943575 | $912066 |
| **2/16** | $942661 | $943271 | $912025 |
| **3/16** | $1014526 | $1009683 | $984815 |
| **4/16** | $1013761 | $1015940 | $1000271 |
| **5/16** | $1051988 | $1034116 | $1022802 |
| **6/16** | $1038333 | $1036242 | $1022157 |
| **7/16** | $1074600 | $1077368 | $1083187 |
| **8/16** | $1088791 | $1080116 | $1102342 |
| **9/16** | $1085638 | $1081814 | $1114621 |
| **10/16** | $1070658 | $1058408 | $1061631 |
| **11/16** | $1164479 | $1105774 | $1180016 |
| **12/16** | $1197049 | $1127351 | $1213080 |
| **1/17** | $1198779 | $1148570 | $1217865 |
| **2/17** | $1230781 | $1191287 | $1241368 |
| **3/17** | $1238565 | $1192098 | $1242993 |
| **4/17** | $1241160 | $1204734 | $1256624 |
| **5/17** | $1232511 | $1217063 | $1231059 |
| **6/17** | $1263648 | $1228046 | $1273615 |
| **7/17** | $1272759 | $1251201 | $1283077 |
| **8/17** | $1257692 | $1253612 | $1266754 |
| **9/17** | $1316189 | $1284185 | $1345810 |
| **10/17** | $1330370 | $1312208 | $1357282 |
| **11/17** | $1375573 | $1352054 | $1396399 |
| **12/17** | $1378665 | $1365567 | $1390763 |
| **1/18** | $1421599 | $1437547 | $1427109 |
| **2/18** | $1374849 | $1384560 | $1371849 |
| **3/18** | $1389160 | $1356766 | $1389592 |
| **4/18** | $1394885 | $1361923 | $1401606 |
| **5/18** | $1476937 | $1400370 | $1486684 |
| **6/18** | $1488386 | $1409528 | $1497337 |
| **7/18** | $1512238 | $1456305 | $1523433 |
| **8/18** | $1571392 | $1507447 | $1589108 |
| **9/18** | $1564713 | $1509942 | $1550887 |
| **10/18** | $1416829 | $1398761 | $1382435 |
| **11/18** | $1452130 | $1426776 | $1404409 |
| **12/18** | $1301895 | $1293987 | $1237585 |
| **1/19** | $1430400 | $1405055 | $1376811 |
| **2/19** | $1511505 | $1454470 | $1448388 |
| **3/19** | $1495705 | $1475708 | $1418075 |
| **4/19** | $1562064 | $1534635 | $1466248 |
| **5/19** | $1496758 | $1435326 | $1352214 |
| **6/19** | $1602090 | $1536139 | $1447784 |
| **7/19** | $1631583 | $1558974 | $1456120 |
| **8/19** | $1586800 | $1527193 | $1384225 |
| **9/19** | $1593241 | $1553997 | $1413026 |
| **10/19** | $1594315 | $1587450 | $1450240 |
| **11/19** | $1650143 | $1647792 | $1509939 |
| **12/19** | $1663919 | $1695370 | $1553477 |
| **1/20** | $1639235 | $1693518 | $1503655 |
| **2/20** | $1509083 | $1554864 | $1377074 |
| **3/20** | $1255513 | $1341042 | $1077884 |
| **4/20** | $1382298 | $1518650 | $1225936 |
| **5/20** | $1460838 | $1599865 | $1305713 |
| **6/20** | $1469814 | $1636441 | $1351867 |
| **7/20** | $1536011 | $1729364 | $1389285 |
| **8/20** | $1591837 | $1854647 | $1467562 |
| **9/20** | $1513717 | $1787117 | $1418540 |
| **10/20** | $1554475 | $1748545 | $1448250 |
| **11/20** | $1740152 | $1961261 | $1715198 |
| **12/20** | $1880966 | $2049495 | $1863564 |
| **1/21** | $1884372 | $2040379 | $1957342 |
| **2/21** | $2002429 | $2104155 | $2079334 |
| **3/21** | $2064863 | $2179574 | $2100218 |
| **4/21** | $2136378 | $2291930 | $2144321 |
| **5/21** | $2145459 | $2302392 | $2148741 |
| **6/21** | $2140919 | $2359167 | $2190372 |
| **7/21** | $2139783 | $2399062 | $2111281 |
| **8/21** | $2172703 | $2467478 | $2158506 |
| **9/21** | $2115945 | $2356767 | $2094863 |
| **10/21** | $2223785 | $2516142 | $2183977 |
| **11/21** | $2142054 | $2477843 | $2092972 |
| **12/21** | $2284618 | $2575418 | $2139725 |
| **1/22** | $2112025 | $2423890 | $1933726 |
| **2/22** | $2183620 | $2362834 | $1954368 |
| **3/22** | $2165721 | $2439475 | $1978693 |
| **4/22** | $2021254 | $2220551 | $1782586 |
| **5/22** | $1972673 | $2217574 | $1785280 |
| **6/22** | $1862725 | $2032055 | $1638453 |
| **7/22** | $2030204 | $2222698 | $1809512 |
| **8/22** | $1913863 | $2139748 | $1772484 |
| **9/22** | $1761726 | $1941331 | $1602617 |
| **10/22** | $1958610 | $2100532 | $1779048 |
| **11/22** | $2032761 | $2210172 | $1820602 |
| **12/22** | $1934907 | $2080759 | $1702441 |
| **1/23** | $2115235 | $2224067 | $1868371 |
| **2/23** | $2119184 | $2172084 | $1836813 |
| **3/23** | $2061268 | $2230164 | $1749050 |
| **4/23** | $2050738 | $2253925 | $1717605 |
| **5/23** | $1977027 | $2262694 | $1701739 |
| **6/23** | $2107337 | $2417203 | $1840093 |
| **7/23** | $2162620 | $2503852 | $1952621 |
| **8/23** | $2082328 | $2455518 | $1854935 |
| **9/23** | $1936223 | $2338552 | $1745731 |
| **10/23** | $1820392 | $2276560 | $1626674 |
| **11/23** | $1977027 | $2488845 | $1773904 |
| **12/23** | $2158100 | $2620858 | $1990646 |
| **1/24** | $2108992 | $2649904 | $1913222 |
| **2/24** | $2225790 | $2793345 | $2021399 |
| **3/24** | $2317369 | $2883451 | $2093763 |
| **4/24** | $2171373 | $2756574 | $1946399 |
| **5/24** | $2233753 | $2886814 | $2044044 |
| **6/24** | $2208535 | $2976182 | $2025136 |
| **7/24** | $2358514 | $3031507 | $2230888 |
| **8/24** | $2391695 | $3097499 | $2197564 |
| **9/24** | $2415586 | $3161573 | $2212922 |
| **10/24** | $2357187 | $3138356 | $2180960 |
| **11/24** | $2606709 | $3347132 | $2420198 |
| **12/24** | $2422051 | $3244826 | $2220324 |
| **1/25** | $2492689 | $3347260 | $2278539 |
| **2/25** | $2428843 | $3283113 | $2156661 |
| **3/25** | $2320170 | $3091607 | $2009860 |
| **4/25** | $2242741 | $3070866 | $1963428 |
| **5/25** | $2339188 | $3265516 | $2068276 |
| **6/25** | $2367715 | $3431413 | $2180691 |
| **7/25** | $2309303 | $3506982 | $2218519 |
| **8/25** | $2424768 | $3588140 | $2377026 |
| **9/25** | $2332396 | $3711972 | $2450983 |
| **10/25** | $2272626 | $3791527 | $2495325 |
| **11/25** | $2290285 | $3801940 | $2519297 |
| **12/25** | $2277407 | $3801166 | $2504679 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (5.97)% | 3.90% | 8.57% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $140093903 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $979741 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g29u80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Consumer Staples | 1.6% |
| Utilities | 2.2% |
| Real Estate | 6.2% |
| Materials | 6.2% |
| Information Technology | 9.9% |
| Health Care | 10.1% |
| Consumer Discretionary | 15.1% |
| Financials | 20.7% |
| Industrials | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;27.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# EISGX-TSR-AR

# Eaton Vance Small-Cap Fund
![Image](g84380g97o76.jpg)

# Class R ERSGX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Eaton Vance Small-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $141 | 1.46% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Security selections and underweight exposure to health care and security selections in financials detracted from performance relative to the Index

↓ Stock selection within information technology detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc., hurt returns as its shares came under pressure on higher costs, leverage from a recent acquisition, and weaker pricing

↓ An overweight position in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Sector allocations ― specifically underweight exposure to the energy and consumer staples sectors ― contributed to Index-relative performance

↑ An underweight exposure to the real estate sector contributed to returns relative to the Index during the period

↑ An overweight position in Woodward, Inc. aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g84380g45z29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9378 | $9436 | $9121 |
| **2/16** | $9420 | $9433 | $9120 |
| **3/16** | $10134 | $10097 | $9848 |
| **4/16** | $10118 | $10159 | $10003 |
| **5/16** | $10496 | $10341 | $10228 |
| **6/16** | $10354 | $10362 | $10222 |
| **7/16** | $10711 | $10774 | $10832 |
| **8/16** | $10850 | $10801 | $11023 |
| **9/16** | $10815 | $10818 | $11146 |
| **10/16** | $10667 | $10584 | $10616 |
| **11/16** | $11589 | $11058 | $11800 |
| **12/16** | $11904 | $11274 | $12131 |
| **1/17** | $11923 | $11486 | $12179 |
| **2/17** | $12232 | $11913 | $12414 |
| **3/17** | $12309 | $11921 | $12430 |
| **4/17** | $12328 | $12047 | $12566 |
| **5/17** | $12241 | $12171 | $12311 |
| **6/17** | $12540 | $12280 | $12736 |
| **7/17** | $12622 | $12512 | $12831 |
| **8/17** | $12473 | $12536 | $12668 |
| **9/17** | $13048 | $12842 | $13458 |
| **10/17** | $13187 | $13122 | $13573 |
| **11/17** | $13623 | $13521 | $13964 |
| **12/17** | $13647 | $13656 | $13908 |
| **1/18** | $14078 | $14375 | $14271 |
| **2/18** | $13604 | $13846 | $13718 |
| **3/18** | $13733 | $13568 | $13896 |
| **4/18** | $13787 | $13619 | $14016 |
| **5/18** | $14584 | $14004 | $14867 |
| **6/18** | $14692 | $14095 | $14973 |
| **7/18** | $14929 | $14563 | $15234 |
| **8/18** | $15499 | $15074 | $15891 |
| **9/18** | $15435 | $15099 | $15509 |
| **10/18** | $13970 | $13988 | $13824 |
| **11/18** | $14315 | $14268 | $14044 |
| **12/18** | $12822 | $12940 | $12376 |
| **1/19** | $14090 | $14051 | $13768 |
| **2/19** | $14875 | $14545 | $14484 |
| **3/19** | $14706 | $14757 | $14181 |
| **4/19** | $15370 | $15346 | $14662 |
| **5/19** | $14718 | $14353 | $13522 |
| **6/19** | $15744 | $15361 | $14478 |
| **7/19** | $16034 | $15590 | $14561 |
| **8/19** | $15581 | $15272 | $13842 |
| **9/19** | $15630 | $15540 | $14130 |
| **10/19** | $15643 | $15875 | $14502 |
| **11/19** | $16186 | $16478 | $15099 |
| **12/19** | $16307 | $16954 | $15535 |
| **1/20** | $16060 | $16935 | $15037 |
| **2/20** | $14786 | $15549 | $13771 |
| **3/20** | $12302 | $13410 | $10779 |
| **4/20** | $13524 | $15187 | $12259 |
| **5/20** | $14292 | $15999 | $13057 |
| **6/20** | $14370 | $16364 | $13519 |
| **7/20** | $15007 | $17294 | $13893 |
| **8/20** | $15550 | $18546 | $14676 |
| **9/20** | $14787 | $17871 | $14185 |
| **10/20** | $15168 | $17485 | $14483 |
| **11/20** | $16969 | $19613 | $17152 |
| **12/20** | $18347 | $20495 | $18636 |
| **1/21** | $18373 | $20404 | $19573 |
| **2/21** | $19506 | $21042 | $20793 |
| **3/21** | $20112 | $21796 | $21002 |
| **4/21** | $20797 | $22919 | $21443 |
| **5/21** | $20876 | $23024 | $21487 |
| **6/21** | $20836 | $23592 | $21904 |
| **7/21** | $20810 | $23991 | $21113 |
| **8/21** | $21126 | $24675 | $21585 |
| **9/21** | $20560 | $23568 | $20949 |
| **10/21** | $21600 | $25161 | $21840 |
| **11/21** | $20797 | $24778 | $20930 |
| **12/21** | $22168 | $25754 | $21397 |
| **1/22** | $20493 | $24239 | $19337 |
| **2/22** | $21172 | $23628 | $19544 |
| **3/22** | $20991 | $24395 | $19787 |
| **4/22** | $19587 | $22206 | $17826 |
| **5/22** | $19104 | $22176 | $17853 |
| **6/22** | $18033 | $20321 | $16385 |
| **7/22** | $19648 | $22227 | $18095 |
| **8/22** | $18516 | $21397 | $17725 |
| **9/22** | $17037 | $19413 | $16026 |
| **10/22** | $18938 | $21005 | $17790 |
| **11/22** | $19648 | $22102 | $18206 |
| **12/22** | $18681 | $20808 | $17024 |
| **1/23** | $20424 | $22241 | $18684 |
| **2/23** | $20455 | $21721 | $18368 |
| **3/23** | $19879 | $22302 | $17491 |
| **4/23** | $19770 | $22539 | $17176 |
| **5/23** | $19055 | $22627 | $17017 |
| **6/23** | $20299 | $24172 | $18401 |
| **7/23** | $20828 | $25039 | $19526 |
| **8/23** | $20035 | $24555 | $18549 |
| **9/23** | $18619 | $23386 | $17457 |
| **10/23** | $17515 | $22766 | $16267 |
| **11/23** | $19008 | $24888 | $17739 |
| **12/23** | $20743 | $26209 | $19906 |
| **1/24** | $20257 | $26499 | $19132 |
| **2/24** | $21369 | $27933 | $20214 |
| **3/24** | $22246 | $28835 | $20938 |
| **4/24** | $20837 | $27566 | $19464 |
| **5/24** | $21431 | $28868 | $20440 |
| **6/24** | $21181 | $29762 | $20251 |
| **7/24** | $22590 | $30315 | $22309 |
| **8/24** | $22903 | $30975 | $21976 |
| **9/24** | $23122 | $31616 | $22129 |
| **10/24** | $22543 | $31384 | $21810 |
| **11/24** | $24938 | $33471 | $24202 |
| **12/24** | $23150 | $32448 | $22203 |
| **1/25** | $23809 | $33473 | $22785 |
| **2/25** | $23198 | $32831 | $21567 |
| **3/25** | $22138 | $30916 | $20099 |
| **4/25** | $21399 | $30709 | $19634 |
| **5/25** | $22315 | $32655 | $20683 |
| **6/25** | $22572 | $34314 | $21807 |
| **7/25** | $22009 | $35070 | $22185 |
| **8/25** | $23102 | $35881 | $23770 |
| **9/25** | $22202 | $37120 | $24510 |
| **10/25** | $21640 | $37915 | $24953 |
| **11/25** | $21801 | $38019 | $25193 |
| **12/25** | $21663 | $38012 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | (6.42)% | 3.38% | 8.03% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $140093903 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $979741 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g84380g29u80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Consumer Staples | 1.6% |
| Utilities | 2.2% |
| Real Estate | 6.2% |
| Materials | 6.2% |
| Information Technology | 9.9% |
| Health Care | 10.1% |
| Consumer Discretionary | 15.1% |
| Financials | 20.7% |
| Industrials | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Dorman Products, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;27.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g84380g33x75.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# ERSGX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that George J. Gorman, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services
Eaton Vance Balanced Fund, Eaton Vance Core Bond Fund, Eaton Vance Dividend Builder Fund, Eaton Vance Greater India Fund, Eaton Vance Growth Fund, Eaton Vance Large-Cap Value Fund and Eaton Vance Small-Cap Fund (the "Fund(s)") are series of Eaton Vance Special Investment Trust (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 8 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds' annual reports.

#### (a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund's fiscal years ended December 31, 2024 and December 31, 2025 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Funds' annual financial statements and fees billed for other services rendered by D&T during those periods.

---

| | | |
|:---|:---|:---|
| **Eaton Vance Balanced Fund** | **Eaton Vance Balanced Fund** | |
| **Fiscal Years Ended** | **12/31/24** |<br>**12/31/25** |
|  Audit Fees | $38200 | $38200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $38200 | $38200 |

---

---

| | | |
|:---|:---|:---|
| **Eaton Vance Core Bond Fund** | | |
| **Fiscal Years Ended** |<br>**12/31/24** |<br>**12/31/25** |
|  Audit Fees | $23700 | $23700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $23700 | $23700 |

---

---

| | | |
|:---|:---|:---|
| **Eaton Vance Dividend Builder Fund** | | |
| **Fiscal Years Ended** | **12/31/24** | **12/31/25** |
| **Fiscal Years Ended** | **12/31/24** | **12/31/25** |
|  Audit Fees | $49600 | $49600 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $49600 | $49600 |

---

------

---

| | | |
|:---|:---|:---|
| **Eaton Vance Greater India Fund** | | |
| **Fiscal Years Ended** |<br>**12/31/24** |<br>**12/31/25** |
|  Audit Fees | $23700 | $23700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $23700 | $23700 |

---

---

| | | |
|:---|:---|:---|
| **Eaton Vance Growth Fund** | **Eaton Vance Growth Fund** | |
| **Fiscal Years Ended** | **12/31/24** |<br>**12/31/25** |
|  Audit Fees | $35100 | $35100 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $35100 | $35100 |

---

---

| | | |
|:---|:---|:---|
| **Eaton Vance Large-Cap Value Fund** | | |
| **Fiscal Years Ended** |<br>**12/31/24** |<br>**12/31/25** |
|  Audit Fees | $49600 | $49600 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $49600 | $49600 |

---

---

| | | |
|:---|:---|:---|
| **Eaton Vance Small-Cap Fund** | | |
| **Fiscal Years Ended** |<br>**12/31/24** |<br>**12/31/25** |
|  Audit Fees | $35100 | $35100 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $35100 | $35100 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have varying fiscal year ends (October 31 and December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Years**<br> **Ended** | **10/31/24** | **12/31/24** | **10/31/25** | **12/31/25** |
|  Audit Fees | $23700 | $255000 | $23700 | $255000 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 | $0 | $0 |
|  Total | $23700 | $255000 | $23700 | $255000 |

---

------

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Series.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Years**<br> **Ended** | **10/31/24** | **12/31/24** | **10/31/25** | **12/31/25** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 | $0 | $0 |
|  **Eaton Vance<sup>(2)</sup>** | $18490 | $18490 | $18490 | $18490 |

---

<sup>(1)</sup> Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were "feeder" funds in a "master-feeder" fund structure or funds of funds.

<sup>(2)</sup> Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective "master" funds (if applicable).

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

------

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Balanced Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380imgf83fb4a61.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Balanced Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_da811a3e-a1ba-42be-8551-83752143aeb9_1)** |  |
| [Item 7 of Form N-CSR:](#xx_981c60aa-a2f7-470f-b4eb-0e9ebc12a9ec_1) | [Item 7 of Form N-CSR:](#xx_981c60aa-a2f7-470f-b4eb-0e9ebc12a9ec_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_981c60aa-a2f7-470f-b4eb-0e9ebc12a9ec_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_981c60aa-a2f7-470f-b4eb-0e9ebc12a9ec_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_981c60aa-a2f7-470f-b4eb-0e9ebc12a9ec_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_9f5476ca-f0d4-4737-94f4-6bb04404f522_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_79e2f9c0-132c-4607-b994-974d74a27f5b_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_db5c8069-230b-4b41-b0c2-c60bb7c866fe_1) | 16 |
| [Federal Tax Information](#xx_0d32ec7b-ef26-4327-8942-b2eadb1be956_1) | 17 |
| [Stock Portfolio](#xx_ea995b92-5669-4701-a1b4-c855af6bebb7_1) | [Stock Portfolio](#xx_ea995b92-5669-4701-a1b4-c855af6bebb7_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_ea995b92-5669-4701-a1b4-c855af6bebb7_1) | [Items 6 and 7 of Form N-CSR:](#xx_ea995b92-5669-4701-a1b4-c855af6bebb7_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_ea995b92-5669-4701-a1b4-c855af6bebb7_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_da28f1d1-a007-411f-a42e-90b5157eb8cc_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_30925c71-cabc-48fe-a816-b4e5461a692a_1) | 28 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investment in Core Bond Portfolio, at value<br> (identified cost, $403,247,047) | &nbsp;&nbsp;$389301079 |
| Investment in Stock Portfolio, at value<br> (identified cost, $372,385,636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693342147 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469984 |
| **Total assets** | &nbsp;&nbsp;**$1083113210** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$262686 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36858 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217342 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23782 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86853 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59203 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48254 |
| **Total liabilities** | &nbsp;&nbsp;**$735103** |
| **Net Assets** | &nbsp;&nbsp;**$1082378107** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$732297527 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350080580 |
| **Net Assets** | &nbsp;&nbsp;**$1082378107** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$514278930 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41331592 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.44 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$13.13 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$117575312 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9386328 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.53 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$419878938 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33720093 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.45 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$17434520 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408407 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.38 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$13210407 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060792 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.45 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolios (net of foreign taxes withheld of $57,021) | &nbsp;&nbsp;$7123703 |
| Interest income allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12713121 |
| Expenses allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6186053) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181252 |
| **Total investment income from Portfolios** | &nbsp;&nbsp;**$13832023** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$417221 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233568 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208359 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85480 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56808 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613438 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121826 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40104 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95901 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44752 |
| **Total expenses** | &nbsp;&nbsp;**$3917957** |
| **Net investment income** | &nbsp;&nbsp;**$9914066** |
| Realized and Unrealized Gain (Loss) from Portfolios |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$41906779 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272258 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24942) |
| **Net realized gain** | &nbsp;&nbsp;**$43157810** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$56376187 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73099) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16916) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$56286281** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$99444091** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$109358157** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$9914066 | &nbsp;&nbsp;$11897746 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43157810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53212130 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56286281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98044369 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$109358157** | &nbsp;&nbsp;**$163154245** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(25461987) | &nbsp;&nbsp;$(26591914) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5026030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6288759) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21877523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21418638) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(832265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(889053) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(682323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496014) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(53880128)** | &nbsp;&nbsp;**$(55684378)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$6505821 | &nbsp;&nbsp;$34400766 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16368026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36974183) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19634508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58641560 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719094 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564678 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$13709648** | &nbsp;&nbsp;**$57351915** |
| **Net increase in net assets** | &nbsp;&nbsp;**$69187677** | &nbsp;&nbsp;**$164821782** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1013190430 | &nbsp;&nbsp;$848368648 |
| **At end of year** | &nbsp;&nbsp;**$1082378107** | &nbsp;&nbsp;**$1013190430** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.79 | &nbsp;&nbsp;$10.44 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$10.93 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.29** | &nbsp;&nbsp;**$2.03** | &nbsp;&nbsp;**$1.46** | &nbsp;&nbsp;**$(1.78)** | &nbsp;&nbsp;**$1.52** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.13) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| **Total distributions** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.95)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.44** | &nbsp;&nbsp;**$11.79** | &nbsp;&nbsp;**$10.44** | &nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;**$11.50** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.01%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$514279 | &nbsp;&nbsp;$481330 | &nbsp;&nbsp;$395907 | &nbsp;&nbsp;$350731 | &nbsp;&nbsp;$448684 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolios. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds, if applicable (equal to less than 0.01% of average daily net assets for the year ended December 31, 2025 and less than 0.005% of average daily net assets for the years ended December 31, 2024, 2023 and 2022).

<sup>(7)</sup> 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.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.87 | &nbsp;&nbsp;$10.50 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$11.55 | &nbsp;&nbsp;$10.97 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.21** | &nbsp;&nbsp;**$1.96** | &nbsp;&nbsp;**$1.39** | &nbsp;&nbsp;**$(1.86)** | &nbsp;&nbsp;**$1.44** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| **Total distributions** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.86)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.53** | &nbsp;&nbsp;**$11.87** | &nbsp;&nbsp;**$10.50** | &nbsp;&nbsp;**$9.24** | &nbsp;&nbsp;**$11.55** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.16)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.21%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$117575 | &nbsp;&nbsp;$127560 | &nbsp;&nbsp;$146923 | &nbsp;&nbsp;$182999 | &nbsp;&nbsp;$258309 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolios. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds, if applicable (equal to less than 0.01% of average daily net assets for the year ended December 31, 2025 and less than 0.005% of average daily net assets for the years ended December 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.80 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$10.93 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.32** | &nbsp;&nbsp;**$2.06** | &nbsp;&nbsp;**$1.48** | &nbsp;&nbsp;**$(1.74)** | &nbsp;&nbsp;**$1.54** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.15) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| **Total distributions** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.97)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.45** | &nbsp;&nbsp;**$11.80** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$9.20** | &nbsp;&nbsp;**$11.50** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.74%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.28%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$419879 | &nbsp;&nbsp;$379082 | &nbsp;&nbsp;$284307 | &nbsp;&nbsp;$283882 | &nbsp;&nbsp;$409900 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

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

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolios. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds, if applicable (equal to less than 0.01% of average daily net assets for the year ended December 31, 2025 and less than 0.005% of average daily net assets for the years ended December 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.74 | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$11.45 | &nbsp;&nbsp;$10.89 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.25** | &nbsp;&nbsp;**$2.00** | &nbsp;&nbsp;**$1.43** | &nbsp;&nbsp;**$(1.79)** | &nbsp;&nbsp;**$1.48** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| **Total distributions** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.92)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.38** | &nbsp;&nbsp;**$11.74** | &nbsp;&nbsp;**$10.40** | &nbsp;&nbsp;**$9.15** | &nbsp;&nbsp;**$11.45** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.83%** | &nbsp;&nbsp;&nbsp;&nbsp;**(15.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.71%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$17435 | &nbsp;&nbsp;$16662 | &nbsp;&nbsp;$14158 | &nbsp;&nbsp;$12922 | &nbsp;&nbsp;$15587 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

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

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolios. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds, if applicable (equal to less than 0.01% of average daily net assets for the year ended December 31, 2025 and less than 0.005% of average daily net assets for the years ended December 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.80 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$11.51 | &nbsp;&nbsp;$10.93 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.33** | &nbsp;&nbsp;**$2.07** | &nbsp;&nbsp;**$1.49** | &nbsp;&nbsp;**$(1.75)** | &nbsp;&nbsp;**$1.56** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| **Total distributions** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.98)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.45** | &nbsp;&nbsp;**$11.80** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$9.20** | &nbsp;&nbsp;**$11.51** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.33%** | &nbsp;&nbsp;&nbsp;&nbsp;**19.79%** | &nbsp;&nbsp;&nbsp;&nbsp;**16.37%** | &nbsp;&nbsp;&nbsp;&nbsp;**(15.30)%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.42%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$13210 | &nbsp;&nbsp;$8557 | &nbsp;&nbsp;$7074 | &nbsp;&nbsp;$4564 | &nbsp;&nbsp;$5131 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Portfolio Turnover of the Fund<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

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

<sup>(4)</sup> Includes the Fund's share of the Portfolios' allocated expenses.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolios. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolios' adviser fee due to the Portfolios' investment in the Liquidity Fund and in other affiliated funds, if applicable (equal to less than 0.01% of average daily net assets for the year ended December 31, 2025 and less than 0.005% of average daily net assets for the years ended December 31, 2024, 2023 and 2022).

<sup>(7)</sup> Percentage is based on the Fund's contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

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, 2025 were as follows: Core Bond Portfolio (51.3%) and Stock Portfolio (87.0%). 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.**

**Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.**

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 and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Notes to Financial Statements — continued

------

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.

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.

H Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$12937282 | &nbsp;&nbsp;&nbsp;&nbsp;$14220901 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$40942846 | &nbsp;&nbsp;&nbsp;&nbsp;$41463477 |

---

During the year ended December 31, 2025, distributable earnings was decreased by $3,284,942 and paid-in capital was increased by $3,284,942 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$5402615 |
| Late year ordinary losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6084) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344684049 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$350080580** |

---

At December 31, 2025, the Fund had a late year ordinary loss of $6,084, related to certain specified losses realized after October 31, 2025, which it has elected to defer to the following taxable year pursuant to income tax regulations.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Notes to Financial Statements — continued

------

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:

#### For equity securities:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

#### For income securities and cash:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.450% |
| $1 billion up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.425% |
| $2 billion up to $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.415% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.405% |

---

For the year ended December 31, 2025, 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, 2025, the Fund's allocated portion of investment adviser fees paid by the Portfolios amounted to $5,624,964 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, 2025, the administration fee amounted to $417,221.

The Portfolios 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, and in other affiliated funds. The investment adviser fee paid by the Portfolios is reduced by an amount equal to their pro rata share of the advisory and administration fees/advisory fees paid by the Portfolios due to their investments in the Liquidity Fund and in other affiliated funds. In addition, pursuant to a voluntary expense reimbursement, a portion of Core Bond Portfolio's operating expenses are allocated to its investment adviser. For the year ended December 31, 2025, the Fund's allocated share of the reduction of the investment adviser fee paid by the Portfolios and the reimbursement of Core Bond Portfolio's operating expenses was $181,252.

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, 2025, EVM earned $91,081 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 $33,172 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. 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, 2025 in the amount of $5,228. 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.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Notes to Financial Statements — continued

------

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, 2025 amounted to $1,233,568 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, 2025, the Fund paid or accrued to EVD $906,269 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, 2025, the Fund paid or accrued to EVD $42,740 for Class R shares.

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, 2025 amounted to $302,090 and $42,740 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, 2025, the Fund was informed that EVD received $1,950 and $12,380 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended December 31, 2025, increases and decreases in the Fund's investments in the Portfolios were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Contributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals** |
| Core Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;$21092013 | &nbsp;&nbsp;&nbsp;&nbsp;$25058111 |
| Stock Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15692992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55298014 |

---

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Notes to Financial Statements — continued

------

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;4733376 | &nbsp;&nbsp;&nbsp;&nbsp;$57527583 | &nbsp;&nbsp;&nbsp;&nbsp;6276541 | &nbsp;&nbsp;&nbsp;&nbsp;$72932529 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1917628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23681983 | &nbsp;&nbsp;&nbsp;&nbsp;2071795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24710524 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(6129813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74703745) | &nbsp;&nbsp;&nbsp;&nbsp;(5449587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63242287) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **521191** | &nbsp;&nbsp;&nbsp;&nbsp;**$6505821** | &nbsp;&nbsp;&nbsp;&nbsp;**2898749** | &nbsp;&nbsp;&nbsp;&nbsp;**$34400766** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1425739 | &nbsp;&nbsp;&nbsp;&nbsp;$17374187 | &nbsp;&nbsp;&nbsp;&nbsp;1937226 | &nbsp;&nbsp;&nbsp;&nbsp;$22748791 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 395565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4933013 | &nbsp;&nbsp;&nbsp;&nbsp; 509870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6138300 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(3183161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38675226) | &nbsp;&nbsp;&nbsp;&nbsp;(5687761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65861274) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(1361857)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16368026)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3240665)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(36974183)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;7411061 | &nbsp;&nbsp;&nbsp;&nbsp;$89894734 | &nbsp;&nbsp;&nbsp;&nbsp;8379943 | &nbsp;&nbsp;&nbsp;&nbsp;$98421108 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1609934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19885435 | &nbsp;&nbsp;&nbsp;&nbsp;1641231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564677 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(7419826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90145661) | &nbsp;&nbsp;&nbsp;&nbsp;(5111086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59344225) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**1601169** | &nbsp;&nbsp;&nbsp;&nbsp;**$19634508** | &nbsp;&nbsp;&nbsp;&nbsp;**4910088** | &nbsp;&nbsp;&nbsp;&nbsp;**$58641560** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 194346 | &nbsp;&nbsp;&nbsp;&nbsp;$2374147 | &nbsp;&nbsp;&nbsp;&nbsp; 166536 | &nbsp;&nbsp;&nbsp;&nbsp;$1917935 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 67678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832265 | &nbsp;&nbsp;&nbsp;&nbsp; 74849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889053 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (273220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3333418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2087894) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(11196)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(127006)** | &nbsp;&nbsp;&nbsp;&nbsp; **57765** | &nbsp;&nbsp;&nbsp;&nbsp;**$719094** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 735800 | &nbsp;&nbsp;&nbsp;&nbsp;$8984619 | &nbsp;&nbsp;&nbsp;&nbsp; 282909 | &nbsp;&nbsp;&nbsp;&nbsp;$3289767 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 52639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649946 | &nbsp;&nbsp;&nbsp;&nbsp; 41388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492935 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (452490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5570214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (276344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3218024) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **335949** | &nbsp;&nbsp;&nbsp;&nbsp;**$4064351** | &nbsp;&nbsp;&nbsp;&nbsp; **47953** | &nbsp;&nbsp;&nbsp;&nbsp;**$564678** |

---

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Notes to Financial Statements — continued

------

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, 2025 and December 31, 2024, 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**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

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, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Eaton Vance

Balanced Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $4,592,443, 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 2025 ordinary income dividends, 33.89% 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, 2025, $35,820,400 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Portfolio of Investments

------

Common Stocks — 99.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23198 | &nbsp;&nbsp;$7506641 |
|  |  | &nbsp;&nbsp;**$7506641** |
| Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;245810 | &nbsp;&nbsp;$17184577 |
|  |  | &nbsp;&nbsp;**$17184577** |
| Biotechnology — 2.7% | Biotechnology — 2.7% | Biotechnology — 2.7% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68817 | &nbsp;&nbsp;$15723996 |
| Argenx SE ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959 | &nbsp;&nbsp;&nbsp;&nbsp; 5852171 |
|  |  | &nbsp;&nbsp;**$21576167** |
| Broadline Retail — 5.2% | Broadline Retail — 5.2% | Broadline Retail — 5.2% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178010 | &nbsp;&nbsp;$41088268 |
|  |  | &nbsp;&nbsp;**$41088268** |
| Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142276 | &nbsp;&nbsp;$7517864 |
|  |  | &nbsp;&nbsp;**$7517864** |
| Capital Markets — 5.2% | Capital Markets — 5.2% | Capital Markets — 5.2% |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64447 | &nbsp;&nbsp;$10437836 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26231 | &nbsp;&nbsp;&nbsp;&nbsp; 9368926 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24120 | &nbsp;&nbsp;&nbsp;&nbsp; 12604871 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;85057 | &nbsp;&nbsp;&nbsp;&nbsp; 9147030 |
|  |  | &nbsp;&nbsp;**$41558663** |
| Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48715 | &nbsp;&nbsp;$8542662 |
|  |  | &nbsp;&nbsp;**$8542662** |
| Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131428 | &nbsp;&nbsp;$14642394 |
|  |  | &nbsp;&nbsp;**$14642394** |
| Electrical Equipment — 3.6% | Electrical Equipment — 3.6% | Electrical Equipment — 3.6% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46394 | &nbsp;&nbsp;$9525152 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;37888 | &nbsp;&nbsp;&nbsp;&nbsp; 12067707 |
| Siemens Energy AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51808 | &nbsp;&nbsp;&nbsp;&nbsp; 7268069 |
|  |  | &nbsp;&nbsp;**$28860928** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;81963 | &nbsp;&nbsp;$11076480 |
|  |  | &nbsp;&nbsp;**$11076480** |
| Entertainment — 4.7% | Entertainment — 4.7% | Entertainment — 4.7% |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;118307 | &nbsp;&nbsp;$11654423 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61962 | &nbsp;&nbsp;&nbsp;&nbsp; 8829585 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131452 | &nbsp;&nbsp;&nbsp;&nbsp; 12324939 |
| Spotify Technology SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp; 4939519 |
|  |  | &nbsp;&nbsp;**$37748466** |
| Financial Services — 5.2% | Financial Services — 5.2% | Financial Services — 5.2% |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;807265 | &nbsp;&nbsp;$15628651 |
| Shift4 Payments, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58767 | &nbsp;&nbsp;&nbsp;&nbsp; 3700558 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;63406 | &nbsp;&nbsp;&nbsp;&nbsp; 22237118 |
|  |  | &nbsp;&nbsp;**$41566327** |
| Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106707 | &nbsp;&nbsp;$9096772 |
|  |  | &nbsp;&nbsp;**$9096772** |
| Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;$7611471 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36343 | &nbsp;&nbsp;&nbsp;&nbsp; 6306601 |
|  |  | &nbsp;&nbsp;**$13918072** |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24372 | &nbsp;&nbsp;$10158737 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28611 | &nbsp;&nbsp;&nbsp;&nbsp; 8876277 |
|  |  | &nbsp;&nbsp;**$19035014** |
| Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;34795 | &nbsp;&nbsp;$9004598 |
|  |  | &nbsp;&nbsp;**$9004598** |
| Interactive Media & Services — 10.2% | Interactive Media & Services — 10.2% | Interactive Media & Services — 10.2% |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;170143 | &nbsp;&nbsp;$53390874 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41756 | &nbsp;&nbsp;&nbsp;&nbsp; 27562718 |
|  |  | &nbsp;&nbsp;**$80953592** |
| Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18558 | &nbsp;&nbsp;$10753433 |
|  |  | &nbsp;&nbsp;**$10753433** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733 | &nbsp;&nbsp;$6796998 |
|  |  | &nbsp;&nbsp;**$6796998** |
| Oil, Gas & Consumable Fuels — 2.4% | Oil, Gas & Consumable Fuels — 2.4% | Oil, Gas & Consumable Fuels — 2.4% |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;112120 | &nbsp;&nbsp;$10495553 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155422 | &nbsp;&nbsp;&nbsp;&nbsp; 8330619 |
|  |  | &nbsp;&nbsp;**$18826172** |
| Pharmaceuticals — 2.8% | Pharmaceuticals — 2.8% | Pharmaceuticals — 2.8% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;20877 | &nbsp;&nbsp;$22436094 |
|  |  | &nbsp;&nbsp;**$22436094** |
| Professional Services — 1.4% | Professional Services — 1.4% | Professional Services — 1.4% |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;128685 | &nbsp;&nbsp;$11034739 |
|  |  | &nbsp;&nbsp;**$11034739** |
| Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% |
| CoStar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131451 | &nbsp;&nbsp;$8838765 |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41755 | &nbsp;&nbsp;&nbsp;&nbsp; 6494155 |
|  |  | &nbsp;&nbsp;**$15332920** |
| Semiconductors & Semiconductor Equipment — 16.5% | Semiconductors & Semiconductor Equipment — 16.5% | Semiconductors & Semiconductor Equipment — 16.5% |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40981 | &nbsp;&nbsp;$11114047 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95108 | &nbsp;&nbsp;&nbsp;&nbsp; 32916879 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76502 | &nbsp;&nbsp;&nbsp;&nbsp; 13095612 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;397578 | &nbsp;&nbsp;&nbsp;&nbsp; 74148297 |
|  |  | &nbsp;&nbsp;**$131274835** |
| Software — 11.4% | Software — 11.4% | Software — 11.4% |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;$9173304 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128862 | &nbsp;&nbsp;&nbsp;&nbsp; 62320241 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53051 | &nbsp;&nbsp;&nbsp;&nbsp; 9771994 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20878 | &nbsp;&nbsp;&nbsp;&nbsp; 9806814 |
|  |  | &nbsp;&nbsp;**$91072353** |
| Specialty Retail — 2.6% | Specialty Retail — 2.6% | Specialty Retail — 2.6% |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37115 | &nbsp;&nbsp;$10720668 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67273 | &nbsp;&nbsp;&nbsp;&nbsp; 10333805 |
|  |  | &nbsp;&nbsp;**$21054473** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202358 | &nbsp;&nbsp;$55013046 |
|  |  | &nbsp;&nbsp;**$55013046** |
| Total Common Stocks<br> (identified cost $404,888,202) |  | &nbsp;&nbsp;**$794472548** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | 3042492 | &nbsp;&nbsp;$3042492 |
| Total Short-Term Investments<br> (identified cost $3,042,492) |  | &nbsp;&nbsp;**$3042492** |
| Total Investments — 100.0%<br> (identified cost $407,930,694) |  | &nbsp;&nbsp;**$797515040** |
| Other Assets, Less Liabilities — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(356034)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$797159006** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 6). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $404,888,202) | &nbsp;&nbsp;$794472548 |
| Affiliated investments, at value (identified cost $3,042,492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042492 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147315 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9713 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9292 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70579 |
| **Total assets** | &nbsp;&nbsp;**$797751939** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;$402057 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12043 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70579 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64851 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40151 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 |
| **Total liabilities** | &nbsp;&nbsp;**$592933** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$797159006** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $49,152) | &nbsp;&nbsp;$5499081 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193687 |
| **Total investment income** | &nbsp;&nbsp;**$5692768** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$4487156 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50258 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186080 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70394 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34772 |
| **Total expenses** | &nbsp;&nbsp;**$4828660** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$6822 |
| **Total expense reductions** | &nbsp;&nbsp;**$6822** |
| **Net expenses** | &nbsp;&nbsp;**$4821838** |
| **Net investment income** | &nbsp;&nbsp;**$870930** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$46068817 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 |
| **Net realized gain** | &nbsp;&nbsp;**$46070582** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$50472308 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$50472435** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$96543017** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$97413947** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$870930 | &nbsp;&nbsp;$1762893 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46070582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68213141 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50472435 | &nbsp;&nbsp;&nbsp;&nbsp;112517896 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$97413947** | &nbsp;&nbsp;**$182493930** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$20295470 | &nbsp;&nbsp;$33145342 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67501353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63170365) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(47205883)** | &nbsp;&nbsp;**$(30025023)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$50208064** | &nbsp;&nbsp;**$152468907** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$746950942 | &nbsp;&nbsp;$594482035 |
| **At end of year** | &nbsp;&nbsp;**$797159006** | &nbsp;&nbsp;**$746950942** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.21%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$797159** | &nbsp;&nbsp;**$746951** | &nbsp;&nbsp;**$594482** | &nbsp;&nbsp;**$550036** | &nbsp;&nbsp;**$871310** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

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, 2025, Eaton Vance Stock Fund and Eaton Vance Balanced Fund held an interest of 13.0% and 87.0%, 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 and Other 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, 2025, 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.

During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Portfolio's financial statement presentation or disclosure.

As of December 31, 2025, 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.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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.

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 Segment Reporting—The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

I Interim Financial Statements—The interim financial statements relating to December 31, 2025 and for the year then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

For the year ended December 31, 2025, the Portfolio's investment adviser fee amounted to $4,487,156 or 0.59% 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, 2025, the investment adviser fee paid was reduced by $6,822 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 $322,377,633 and $370,253,820, respectively, for the year ended December 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

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, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$409999434** |
| Gross unrealized appreciation | &nbsp;&nbsp;$395429111 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7913505) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$387515606** |

---

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 20, 2026. 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 generally 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 2025, an arrangement fee of $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, 2025.

6 Affiliated Investments

At December 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $3,042,492, which represents 0.4% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $1361413 | $118386435 | $(116705356) | $— | $— | $3042492 | $193687 | 3042492 |

---

7 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.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$787,204,479\* | &nbsp;&nbsp;&nbsp;&nbsp;$7268069 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$794472548 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3042492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3042492 |
| **Total Investments** | &nbsp;&nbsp;**$790246971** | &nbsp;&nbsp;&nbsp;&nbsp;**$7268069** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$797515040** |

---

\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

Stock Portfolio

December 31, 2025

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, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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 and in accordance with auditing standards generally accepted in the United States of America. 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_1ac97877-cfe4-42fe-8a78-28c0bcda5b07_TOC)

EVIFX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Core Bond Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380img211975fb1.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Core Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_ebf94ec9-1998-4fd5-bc69-76571528ba92_1)** |  |
| [Item 7 of Form N-CSR:](#xx_3e8e1428-f358-4801-b7a8-fe36e5a7fbce_1) | [Item 7 of Form N-CSR:](#xx_3e8e1428-f358-4801-b7a8-fe36e5a7fbce_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_3e8e1428-f358-4801-b7a8-fe36e5a7fbce_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_3e8e1428-f358-4801-b7a8-fe36e5a7fbce_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_3e8e1428-f358-4801-b7a8-fe36e5a7fbce_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_8ff63259-92db-4673-b14f-cc0fd9f5290a_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a321d400-f610-455f-80f0-abf2ab5b64b4_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_b79711ac-608d-427a-bad3-b10e5691c2f8_1) | 10 |
| [Federal Tax Information](#xx_1a7f23ed-f416-479f-a0f4-2df7a0bce24b_1) | 11 |
| [Core Bond Portfolio](#xx_97415802-8902-4ff6-8412-ae66fabd7ef2_1) | [Core Bond Portfolio](#xx_97415802-8902-4ff6-8412-ae66fabd7ef2_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_97415802-8902-4ff6-8412-ae66fabd7ef2_1) | [Items 6 and 7 of Form N-CSR:](#xx_97415802-8902-4ff6-8412-ae66fabd7ef2_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_97415802-8902-4ff6-8412-ae66fabd7ef2_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_36320fa8-c59b-4c7b-b435-b006c36daa16_1) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_4f840da1-48f7-45a1-ae7f-d7b8d5562ab4_1) | 33 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investment in Core Bond Portfolio, at value (identified cost $365,638,849) | &nbsp;&nbsp;$369674646 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036427 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67212 |
| **Total assets** | &nbsp;&nbsp;**$370778285** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$296952 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41220 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33777 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18478 |
| **Total liabilities** | &nbsp;&nbsp;**$400069** |
| **Net Assets** | &nbsp;&nbsp;**$370378216** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$389370503 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18992287) |
| **Net Assets** | &nbsp;&nbsp;**$370378216** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$25341485 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898182 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.74 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.03 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$345036731 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39527290 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.73 |

---

On sales of $100,000 or more, the offering price of Class A shares is reduced.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $12,059) | &nbsp;&nbsp;$1745861 |
| Interest income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;11165833 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1586130) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139664 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$11465228** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$61036 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27516 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174822 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81678 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14454 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58121 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13561 |
| **Total expenses** | &nbsp;&nbsp;**$431688** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$369929 |
| **Total expense reductions** | &nbsp;&nbsp;**$369929** |
| **Net expenses** | &nbsp;&nbsp;**$61759** |
| **Net investment income** | &nbsp;&nbsp;**$11403469** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$813693 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140124 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18523 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22548) |
| **Net realized gain** | &nbsp;&nbsp;**$1949792** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$9204111 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235950) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13319) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$8954842** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$10904634** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$22308103** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$11403469 | &nbsp;&nbsp;$11601871 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996639) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371303) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$22308103** | &nbsp;&nbsp;**$7233929** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(976505) | &nbsp;&nbsp;$(908620) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11915813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10751925) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(12892318)** | &nbsp;&nbsp;**$(11660545)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$35038 | &nbsp;&nbsp;$4676912 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;143183339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43776096) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$143218377** | &nbsp;&nbsp;**$(39099184)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$152634162** | &nbsp;&nbsp;**$(43525800)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$217744054 | &nbsp;&nbsp;$261269854 |
| **At end of year** | &nbsp;&nbsp;**$370378216** | &nbsp;&nbsp;**$217744054** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.47 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.41 | &nbsp;&nbsp;$9.97 | &nbsp;&nbsp;$10.26 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$0.23** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$(1.32)** | &nbsp;&nbsp;**$0.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| **Total distributions** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.33)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$8.47** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$8.41** | &nbsp;&nbsp;**$9.97** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.81%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$25341 | &nbsp;&nbsp;$24538 | &nbsp;&nbsp;$20163 | &nbsp;&nbsp;$13226 | &nbsp;&nbsp;$17409 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Portfolio Turnover of the Portfolio<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolio and/or the administrator. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to 0.02% of average daily net assets for the year ended December 31, 2025, less than 0.01% of average daily net assets for the year ended December 31, 2024 and less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$8.57 | &nbsp;&nbsp;$8.40 | &nbsp;&nbsp;$9.96 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$(1.30)** | &nbsp;&nbsp;**$0.07** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| **Total distributions** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.35)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.73** | &nbsp;&nbsp;**$8.45** | &nbsp;&nbsp;**$8.57** | &nbsp;&nbsp;**$8.40** | &nbsp;&nbsp;**$9.96** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.13)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.71%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$345037 | &nbsp;&nbsp;$193206 | &nbsp;&nbsp;$241106 | &nbsp;&nbsp;$198001 | &nbsp;&nbsp;$106684 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Portfolio Turnover of the Portfolio<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser of the Portfolio and/or the administrator. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to 0.02% of average daily net assets for the year ended December 31, 2025, less than 0.01% of average daily net assets for the year ended December 31, 2024 and less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).

<sup>(6)</sup> Includes the effect of To Be Announced (TBA) transactions.

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Core Bond 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 two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I 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 are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Core Bond Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objectives and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (48.7% at December 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

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 the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

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 Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

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.

H Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, 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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$12892318 | &nbsp;&nbsp;&nbsp;&nbsp;$11660545 |

---

During the year ended December 31, 2025, accumulated loss was decreased by $61,639 and paid-in capital was decreased by $61,639 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(17990774) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (999278) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2235) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(18992287)** |

---

At December 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $17,990,774 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2025, $17,990,774 are long-term.

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 investment adviser fee is computed as a 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, at a per annum rate as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.450% |
| $1 billion up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.425% |
| $2 billion up to $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.415% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.405% |

---

For the year ended December 31, 2025, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.74% and 0.49% of the Fund's average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after May 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $369,929 of the Fund's operating expenses for the year ended December 31, 2025.

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, 2025, EVM earned $7,480 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 and the Fund's principal underwriter, received $3,846 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund 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 Portfolio are officers of the above organizations.

4 Distribution Plan

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, 2025 amounted to $61,036 for Class A shares.

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

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 0.75% contingent deferred sales charge (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, 2025, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended December 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $182,950,638 and $52,972,029, respectively.

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 481962 | &nbsp;&nbsp;&nbsp;&nbsp;$4171004 | &nbsp;&nbsp;&nbsp;&nbsp; 925441 | &nbsp;&nbsp;&nbsp;&nbsp;$7919652 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953447 | &nbsp;&nbsp;&nbsp;&nbsp; 103906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885293 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (591791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5089413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (480170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4128033) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **271** | &nbsp;&nbsp;&nbsp;&nbsp;**$35038** | &nbsp;&nbsp;&nbsp;&nbsp; **549177** | &nbsp;&nbsp;&nbsp;&nbsp;**$4676912** |

---

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[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;27736882 | &nbsp;&nbsp;&nbsp;&nbsp;$238585704 | &nbsp;&nbsp;&nbsp;&nbsp;14087713 | &nbsp;&nbsp;&nbsp;&nbsp;$121161128 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1375775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11909493 | &nbsp;&nbsp;&nbsp;&nbsp; 1258882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10712951 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(12440171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107311858) | &nbsp;&nbsp;&nbsp;&nbsp;(20618150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175650175) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**16672486** | &nbsp;&nbsp;&nbsp;&nbsp;**$143183339** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5271555)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(43776096)** |

---

At December 31, 2025, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 23.3% of the value of the outstanding shares of the Fund.

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[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Core Bond Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Eaton Vance

Core Bond Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 96.87% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments

------

Asset-Backed Securities — 14.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| AASET Trust, Series 2024-1A, Class A1, 6.261%, 5/16/49<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;$1973789 |
| Acacia LLC, Series 2025-1, Class A, 5.24%, 11/15/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 1210846 |
| ACHV ABS Trust, Series 2024-3AL, Class B, 5.45%, 12/26/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 888669 |
| ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 838209 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class A2, 4.305%, 9/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 1739450 |
| ALTDE Trust, Series 2025-1A, Class A, 5.90%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1540773 |
| Bridge Trust, Series 2025-SFR1, Class C, 4.20%, 9/17/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 943441 |
| Castlelake Aircraft Structured Trust, Series 2025-1A, Class A, 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 2015920 |
| Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.753%, 2/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp; 2038052 |
| Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.52%, 5/15/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 1126949 |
| Clarus Capital Funding LLC, Series 2024-1A, Class A2, 4.71%, 8/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 903275 |
| Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2328808 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1344040 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, 3.30%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2295790 |
| Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.05%, 1/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 1299840 |
| DataBank Issuer II LLC, Series 2025-1A, Class A2, 5.18%, 9/27/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp; 1880145 |
| DataBank Issuer LLC, Series 2021-2A, Class A2, 2.40%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 1161892 |
| DB Master Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A2II, 4.03%, 11/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 311870 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I, 2.045%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp; 1568575 |
| Diamond Infrastructure Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 1.76%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3655351 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 3.475%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 303995 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 3.237%, 1/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1464908 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.791%, 10/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 1213969 |
| Enterprise Fleet Financing LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, 5.51%, 1/22/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 253851 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A2, 5.74%, 12/20/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 748878 |
| Falcon Aerospace Ltd., Series 2019-1, Class A, 3.597%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 291992 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| FIGRE Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-FL2, Class A1, 5.053%, to 12/25/28, 11/25/55<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;$1035542 |
| &nbsp;&nbsp;&nbsp;Series 2025-HE5, Class A, 5.285%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 654682 |
| FMC FMSR Issuer Trust, Series 2024-FT1, Class A, 6.559%, 9/25/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp; 2718079 |
| FMC GMSR Issuer Trust, Series 2021-GT2, Class A, 3.85%, 10/25/26<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1188307 |
| Gilead Aviation LLC, Series 2025-1A, Class A, 5.789%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 1537218 |
| GLS Auto Select Receivables Trust, Series 2024-2A, Class A2, 5.58%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp; 1433925 |
| Goto Foods Funding LLC, Series 2017-1A, Class A2II, 5.093%, 4/30/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 913654 |
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425%, 11/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 812708 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp; 2182523 |
| Jersey Mike's Funding LLC, Series 2019-1A, Class A2, 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 1021439 |
| LAD Auto Receivables Trust, Series 2024-1A, Class A3, 5.23%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 353073 |
| Lendbuzz Securitization Trust, Series 2025-2A, Class A2, 5.18%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 | &nbsp;&nbsp;&nbsp;&nbsp; 3368811 |
| Lunar Aircraft Ltd., Series 2020-1A, Class B, 4.335%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 168096 |
| Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp; 2511418 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp;&nbsp;&nbsp; 2203416 |
| Navigator Aviation Ltd., Series 2024-1, Class A, 5.40%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 2093465 |
| Neighborly Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 3.584%, 4/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp; 1257159 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.695%, 1/30/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 729964 |
| NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 501606 |
| OBX Trust, Series 2025-HE1, Class A1, 5.474%, (30-day SOFR Average + 1.60%), 2/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1349871 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.47%, 5/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 298146 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A, 2.18%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp; 1568185 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A, 5.01%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp; 2922088 |
| PEAC Solutions Receivables LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.79%, 6/21/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 703977 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 4.74%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 657052 |
| PFS Financing Corp., Series 2024-B, Class A, 4.95%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp; 3118804 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, 5.842%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 860117 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Planet Fitness Master Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 3.858%, 12/5/49<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;$937884 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 1514766 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 6.932%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2120919 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.182%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 351571 |
| Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A, 5.044%, 6/27/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1772654 |
| Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, 9/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp; 1924948 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1A, 5.554%, (1 mo. SOFR + 1.60%), 10/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp; 1470964 |
| ServiceMaster Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2I, 2.841%, 1/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 500271 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2II, 3.337%, 1/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 548472 |
| SERVPRO Master Issuer LLC, Series 2025-1A, Class A2, 5.525%, 10/25/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp; 1869838 |
| SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1112935 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp; 1715460 |
| SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp; 393328 |
| STAR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class A, 5.201%, (1 mo. SOFR + 1.45%), 2/17/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp; 3452011 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class B, 5.401%, (1 mo. SOFR + 1.65%), 8/17/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp; 1658067 |
| Subway Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2I, 5.246%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 811868 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp; 649431 |
| Sunnova Helios V Issuer LLC, Series 2021-A, Class A, 1.80%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 156814 |
| Sunnova Helios XII Issuer LLC, Series 2023-B, Class A, 5.30%, 8/22/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1592542 |
| Sunnova Sol II Issuer LLC, Series 2020-2A, Class A, 2.73%, 11/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp; 1354549 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 1296856 |
| Vantage Data Centers Germany Borrower Lux SARL, Series 2025-1A, Class A2, 4.292%, 6/28/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp; 2301741 |
| Vantage Data Centers Jersey Borrower SPV Ltd., Series 2024-1A, Class A2, 6.172%, 5/28/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 968568 |
| Vantage Data Centers LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 1.992%, 9/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2114964 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.165%, 10/15/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp; 851512 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Willis Engine Structured Trust IX, Series 2025-B, Class A, 5.159%, 12/15/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;$1912634 |
| Willis Engine Structured Trust V: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class B, 4.212%, 3/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 712414 |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class C, 6.657%, 3/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 94741 |
| Total Asset-Backed Securities<br> (identified cost $109,147,495) |  | &nbsp;&nbsp;**$109669324** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Collateralized Mortgage Obligations — 4.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, 5.64%, (1 mo. SOFR + 1.89%), 7/15/41<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;$1807332 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp; 1311038 |
| Champs Trust, Series 2025-2, Class A, 6.981%, 10/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 1879574 |
| CHNGE Mortgage Trust, Series 2023-4, Class A1, 7.573% to 8/25/26, 9/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 621225 |
| FARM Mortgage Trust, Series 2024-2, Class A, 5.184%, 8/1/54<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 1194756 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 5324, Class MZ, 6.00%, 7/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 169152 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.304%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2070006 |
| &nbsp;&nbsp;&nbsp;Series 5529, Class AF, 4.874%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp; 2438981 |
| &nbsp;&nbsp;&nbsp;Series 5556, Class FA, 5.024%, (30-day SOFR Average + 1.15%), 7/25/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419 | &nbsp;&nbsp;&nbsp;&nbsp; 2426749 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M1A, 5.174%, (30-day SOFR Average + 1.30%), 2/25/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 223304 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-58, Class MA, 5.50%, 7/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25279 |
| &nbsp;&nbsp;&nbsp;Series 2013-6, Class HD, 1.50%, 12/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 35935 |
| &nbsp;&nbsp;&nbsp;Series 2014-70, Class KP, 3.50%, 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 186299 |
| &nbsp;&nbsp;&nbsp;Series 2025-75, Class FA, 4.924%, (30-day SOFR Average + 1.05%), 9/25/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1809113 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2019-R06, Class 2B1, 7.739%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2165012 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class DL, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 662209 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp; 677410 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 4.818%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp; 2796947 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class FB, 4.968%, (30-day SOFR Average + 1.05%), 12/20/54<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;$2355565 |
| PRMI Securitization Trust, Series 2025-CMG1, Class A1, 5.428%, (30-day SOFR Average + 1.50%), 12/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1637831 |
| Provident Funding Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp; 1367865 |
| &nbsp;&nbsp;&nbsp;Series 2025-5, Class A2, 5.50%, 11/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp; 2147965 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 860774 |
| Total Collateralized Mortgage Obligations<br> (identified cost $30,531,755) |  | &nbsp;&nbsp;**$30870321** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Commercial Mortgage-Backed Securities — 7.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BAMLL Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class DNM, 3.719%, 11/5/32<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;$2957936 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class FNM, 3.719%, 11/5/32<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1324574 |
| BAMLL Trust, Series 2024-BHP, Class A, 6.10%, (1 mo. SOFR + 2.35%), 8/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1896621 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class A, 5.25%, (1 mo. SOFR + 1.50%), 11/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1426174 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, 5.45%, (1 mo. SOFR + 1.60%), 12/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 1485395 |
| BPR Trust, Series 2022-SSP, Class A, 6.75%, (1 mo. SOFR + 3.00%), 5/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1282815 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, 5.865%, (1 mo. SOFR + 2.115%), 6/15/27<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1338828 |
| BX Trust, Series 2025-GW, Class B, 5.60%, (1 mo. SOFR + 1.850%), 7/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1752471 |
| DBC Mortgage Trust, Series 2025-DBC, Class A, 5.101%, (1 mo. SOFR + 1.35%), 11/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1182598 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class C, 5.824%, 8/10/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1966207 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-M4, Class A2, 3.067%, 3/25/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 383587 |
| &nbsp;&nbsp;&nbsp;Series 2020-M1, Class A2, 2.444%, 10/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434 | &nbsp;&nbsp;&nbsp;&nbsp; 4174735 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 7.739%, (30-day SOFR Average + 3.864%), 3/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp; 1099733 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class B, 5.60%, (1 mo. SOFR + 1.85%), 12/15/39<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1756582 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, 7.066%, 11/10/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp; 1160026 |
| Great Wolf Trust, Series 2024-WOLF, Class A, 5.292%, (1 mo. SOFR + 1.542%), 3/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp; 2375264 |
| GSJP Trust, Series 2025-BEDS, Class A, 5.261%, (1 mo. SOFR + 1.50%), 12/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 1871627 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, 5.143%, (1 mo. SOFR + 1.393%), 3/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1302877 |
| HLTN Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DPLO, Class A, 5.392%, (1 mo. SOFR + 1.642%), 6/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp; 1615503 |
| &nbsp;&nbsp;&nbsp;Series 2024-DPLO, Class B, 5.741%, (1 mo. SOFR + 1.991%), 6/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1340712 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class C, 6.00%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp; 2313555 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class D, 4.513%, 9/15/47<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 179392 |
| &nbsp;&nbsp;&nbsp;Series 2014-C23, Class D, 4.036%, 9/15/47<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854437 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-C13, Class D, 3.983%, 1/15/46<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 127455 |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class C, 5.416%, (1 mo. SOFR + 1.664%), 4/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2426239 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, Class B, 5.691%, (1 mo. SOFR + 1.941%), 6/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1385017 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class C, 4.713%, 5/15/49<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp; 920308 |
| NYCT Trust, Series 2024-3ELV, Class A, 5.741%, (1 mo. SOFR + 1.991%), 8/15/29<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004470 |
| NYO Commercial Mortgage Trust, Series 2021-1290, Class A1, 4.961%, (1 mo. SOFR + 1.201%), 11/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 1883217 |
| ORL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class A, 5.243%, (1 mo. SOFR + 1.493%), 12/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 2086902 |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class B, 5.642%, (1 mo. SOFR + 1.892%), 12/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp; 690601 |
| PENN Commercial Mortgage Trust, Series P11, Class A, 5.344%, 8/10/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1445998 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, 5.142%, (1 mo. SOFR + 1.392%), 5/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 871872 |
| TX Trust, Series 2024-HOU, Class A, 5.342%, (1 mo. SOFR + 1.591%), 6/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1998723 |
| TYSN Mortgage Trust, Series 2023-CRNR, Class A, 6.58%, 12/10/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 551000 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class D, 3.142%, 7/15/48<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$476018 |
| Willowbrook Mall, Series 2025-WBRK, Class C, 6.075%, 3/5/35<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1357891 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $56,014,626) |  | &nbsp;&nbsp;**$55267360** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 22.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;$1333800 |
| &nbsp;&nbsp;&nbsp;5.93%, 5/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 353475 |
| Hexcel Corp., 5.875%, 2/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097874 |
|  |  | &nbsp;&nbsp;**$3785149** |
| Air Transport — 0.3% | Air Transport — 0.3% | Air Transport — 0.3% |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;$2300264 |
|  |  | &nbsp;&nbsp;**$2300264** |
| Airlines — 0.3% | Airlines — 0.3% | Airlines — 0.3% |
| AS Mileage Plan IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, 10/20/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;$1976966 |
| &nbsp;&nbsp;&nbsp;5.308%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 469358 |
|  |  | &nbsp;&nbsp;**$2446324** |
| Auto Manufacturers — 1.0% | Auto Manufacturers — 1.0% | Auto Manufacturers — 1.0% |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;$211747 |
| &nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 1161741 |
| Hyundai Capital America, 4.50%, 9/18/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp; 2418141 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp; 1778449 |
| Toyota Motor Credit Corp., 4.65%, 1/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 2150659 |
|  |  | &nbsp;&nbsp;**$7720737** |
| Banks — 6.4% | Banks — 6.4% | Banks — 6.4% |
| ABN AMRO Bank NV, 4.988% to 12/3/27, 12/3/28<sup>(1)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;$1323765 |
| Banco Santander SA: |  |  |
| &nbsp;&nbsp;&nbsp;1.722% to 9/14/26, 9/14/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983221 |
| &nbsp;&nbsp;&nbsp;4.175% to 3/24/27, 3/24/28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200112 |
| &nbsp;&nbsp;&nbsp;5.294%, 8/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 407572 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.592% to 4/29/30, 4/29/31<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087 | &nbsp;&nbsp;$6606148 |
| &nbsp;&nbsp;&nbsp;5.933% to 9/15/26, 9/15/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2254215 |
| Bank of New York Mellon, 4.729% to 4/20/28, 4/20/29<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2160233 |
| Barclays PLC, 6.496% to 9/13/26, 9/13/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 1146816 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |
| &nbsp;&nbsp;&nbsp;5.125% to 1/18/28, 1/18/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983675 |
| &nbsp;&nbsp;&nbsp;7.625% to 2/11/30, 2/11/35<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 708332 |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.335% to 6/12/28, 6/12/29<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp; 1533158 |
| &nbsp;&nbsp;&nbsp;7.75% to 8/16/29<sup>(1)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 834463 |
| &nbsp;&nbsp;&nbsp;9.25% to 11/17/27<sup>(1)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 678909 |
| CaixaBank SA, 6.84% to 9/13/33, 9/13/34<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp; 1631704 |
| Citizens Financial Group, Inc., 5.253% to 3/5/30, 3/5/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226131 |
| Danske Bank AS, 5.427% to 3/1/27, 3/1/28<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 1000489 |
| Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.369% to 10/21/30, 10/21/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 850152 |
| &nbsp;&nbsp;&nbsp;5.218% to 4/23/30, 4/23/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp; 1159084 |
| ING Groep NV, 5.525% to 3/25/35, 3/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp; 1551390 |
| Intesa Sanpaolo SpA, 8.248% to 11/21/32, 11/21/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1836917 |
| JPMorgan Chase & Co., 5.581% to 4/22/29, 4/22/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1820985 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/35, 1/29/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52162 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;4.305% to 11/3/30, 11/3/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 423126 |
| &nbsp;&nbsp;&nbsp;4.696% to 8/6/30, 8/6/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp; 3945778 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.512% to 5/22/30, 5/22/31<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp; 2394077 |
| &nbsp;&nbsp;&nbsp;6.10% to 4/13/32, 4/13/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 814044 |
| Swedbank AB, 6.136%, 9/12/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 1743473 |
| Synovus Bank/Columbus, GA, 5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 766374 |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 706913 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 597867 |
| Toronto-Dominion Bank: |  |  |
| &nbsp;&nbsp;&nbsp;4.928%, 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1634529 |
| &nbsp;&nbsp;&nbsp;8.125% to 10/31/27, 10/31/82<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | &nbsp;&nbsp;&nbsp;&nbsp; 2301672 |
| UBS Group AG, 2.095% to 2/11/31, 2/11/32<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp; 1105846 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| UniCredit SpA, 5.459% to 6/30/30, 6/30/35<sup>(1)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;$623167 |
| Westpac New Zealand Ltd., 5.132%, 2/26/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | &nbsp;&nbsp;&nbsp;&nbsp; 1198253 |
|  |  | &nbsp;&nbsp;**$48204752** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Royalty Pharma PLC, 5.20%, 9/25/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;$531111 |
|  |  | &nbsp;&nbsp;**$531111** |
| Building Materials — 0.2% | Building Materials — 0.2% | Building Materials — 0.2% |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;$1325580 |
|  |  | &nbsp;&nbsp;**$1325580** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;$1242317 |
|  |  | &nbsp;&nbsp;**$1242317** |
| Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;$734968 |
| Ford Foundation, 2.415%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 388638 |
|  |  | &nbsp;&nbsp;**$1123606** |
| Diversified Financial Services — 4.7% | Diversified Financial Services — 4.7% | Diversified Financial Services — 4.7% |
| Apollo Global Management, Inc., 5.15%, 8/12/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;$1413276 |
| BlueHub Loan Fund, Inc., 3.099%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 2969183 |
| Brookfield Asset Management Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.298%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 484814 |
| &nbsp;&nbsp;&nbsp;5.795%, 4/24/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 1584238 |
| &nbsp;&nbsp;&nbsp;6.077%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 1722344 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 2117767 |
| Citadel Securities Global Holdings LLC, 6.20%, 6/18/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1343330 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2698701 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 | &nbsp;&nbsp;&nbsp;&nbsp; 4600391 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp; 2669241 |
| LPL Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 801791 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 414052 |
| &nbsp;&nbsp;&nbsp;5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1251377 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp; 1689108 |
| Midcap Financial Issuer Trust, 5.37%, 4/15/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 1133000 |
| Nuveen LLC, 5.85%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 1229976 |
| Raymond James Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 1897818 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) |
| Raymond James Financial, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;$1090256 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 1976707 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 700038 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 1525299 |
|  |  | &nbsp;&nbsp;**$35312707** |
| Electric — 1.4% | Electric — 1.4% | Electric — 1.4% |
| Capital Power U.S. Holdings, Inc., 5.257%, 6/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$1428566 |
| Engie SA, 5.625%, 4/10/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2371328 |
| NextEra Energy Capital Holdings, Inc., 5.45%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp; 2169825 |
| Southern Co., Series B, 4.00% to 1/15/26, 1/15/51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1639254 |
| Vistra Operations Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 10/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 747998 |
| &nbsp;&nbsp;&nbsp;5.70%, 12/30/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1823037 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 743423 |
|  |  | &nbsp;&nbsp;**$10923431** |
| Healthcare Services — 0.5% | Healthcare Services — 0.5% | Healthcare Services — 0.5% |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;$112338 |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp; 1464755 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 774573 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 731048 |
| LifePoint Health, Inc., 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 894693 |
|  |  | &nbsp;&nbsp;**$3977407** |
| Insurance — 2.6% | Insurance — 2.6% | Insurance — 2.6% |
| American International Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 5/7/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;$723033 |
| &nbsp;&nbsp;&nbsp;5.45%, 5/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 628378 |
| American National Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 890169 |
| &nbsp;&nbsp;&nbsp;5.55%, 1/28/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 431598 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 680342 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 451802 |
| Athene Global Funding, 4.86%, 8/27/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp; 2441692 |
| Athene Holding Ltd., 6.625%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 1221071 |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1807590 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp; 1192443 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 2251969 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Global Atlantic Fin Co.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;$2191211 |
| &nbsp;&nbsp;&nbsp;7.95%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34282 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 1199451 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 1396533 |
| Marsh & McLennan Cos., Inc., 5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217878 |
| NLG Global Funding, 4.35%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1853127 |
| Willis North America, Inc., 5.15%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 451214 |
|  |  | &nbsp;&nbsp;**$20063783** |
| Leisure Time — 0.2% | Leisure Time — 0.2% | Leisure Time — 0.2% |
| Royal Caribbean Cruises Ltd., 5.375%, 1/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;$1471690 |
|  |  | &nbsp;&nbsp;**$1471690** |
| Lodging — 0.3% | Lodging — 0.3% | Lodging — 0.3% |
| Las Vegas Sands Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;$628065 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1762912 |
|  |  | &nbsp;&nbsp;**$2390977** |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;$455688 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp; 1864780 |
|  |  | &nbsp;&nbsp;**$2320468** |
| Mining — 0.1% | Mining — 0.1% | Mining — 0.1% |
| Novelis Corp., 4.75%, 1/30/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;$928028 |
|  |  | &nbsp;&nbsp;**$928028** |
| Oil and Gas — 0.2% | Oil and Gas — 0.2% | Oil and Gas — 0.2% |
| Diamondback Energy, Inc., 5.40%, 4/18/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;$838866 |
| Sunoco LP, 4.625%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 962383 |
|  |  | &nbsp;&nbsp;**$1801249** |
| Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% |
| AbbVie, Inc., 5.40%, 3/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;$1516001 |
| Pfizer Investment Enterprises Pte. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 5/19/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 1784217 |
| &nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 603535 |
|  |  | &nbsp;&nbsp;**$3903753** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Pipelines — 0.3% | Pipelines — 0.3% | Pipelines — 0.3% |
| ONEOK, Inc., 6.05%, 9/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;$2073308 |
|  |  | &nbsp;&nbsp;**$2073308** |
| Real Estate Investment Trusts (REITs) — 0.7% | Real Estate Investment Trusts (REITs) — 0.7% | Real Estate Investment Trusts (REITs) — 0.7% |
| American Assets Trust LP, 3.375%, 2/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;$487910 |
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 1625264 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 506021 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 316325 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 757148 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 217859 |
| Healthpeak OP LLC, 4.75%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 1322260 |
|  |  | &nbsp;&nbsp;**$5232787** |
| Semiconductors — 0.5% | Semiconductors — 0.5% | Semiconductors — 0.5% |
| Foundry JV Holdco LLC, 5.90%, 1/25/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;$2757369 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 719536 |
|  |  | &nbsp;&nbsp;**$3476905** |
| Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Fiserv, Inc., 5.35%, 3/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;$1109469 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 748319 |
| &nbsp;&nbsp;&nbsp;3.95%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 403061 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp; 2219747 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 329232 |
|  |  | &nbsp;&nbsp;**$4809828** |
| Telecommunications — 0.3% | Telecommunications — 0.3% | Telecommunications — 0.3% |
| AT&T, Inc., 3.65%, 6/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;$740327 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp; 1167967 |
|  |  | &nbsp;&nbsp;**$1908294** |
| Total Corporate Bonds<br> (identified cost $165,961,694) |  | &nbsp;&nbsp;**$169274455** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

Exchange-Traded Funds — 2.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds — 2.8% | Fixed-Income Funds — 2.8% | Fixed-Income Funds — 2.8% |
| Eaton Vance Short Duration Income ETF<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;$14661455 |
| Eaton Vance Ultra-Short Income ETF<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 6614400 |
| Total Exchange-Traded Funds<br> (identified cost $21,105,190) |  | &nbsp;&nbsp;**$21275855** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Brookfield Property Partners LP, Series A, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83921 | &nbsp;&nbsp;$1116149 |
|  |  | &nbsp;&nbsp;**$1116149** |
| Total Preferred Stocks<br> (identified cost $2,098,025) |  | &nbsp;&nbsp;**$1116149** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 0.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue — 0.2% | Special Tax Revenue — 0.2% | Special Tax Revenue — 0.2% |
| California Health Facilities Financing Authority, (No Place Like Home Program), Social Bonds, 3.034%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;$1290426 |
|  |  | &nbsp;&nbsp;**$1290426** |
| Water and Sewer — 0.3% | Water and Sewer — 0.3% | Water and Sewer — 0.3% |
| Narragansett Bay Commission, RI, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.094%, 9/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;$755142 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.184%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 587708 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.264%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 518988 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.344%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 553131 |
|  |  | &nbsp;&nbsp;**$2414969** |
| Total Taxable Municipal Obligations<br> (identified cost $4,120,000) |  | &nbsp;&nbsp;**$3705395** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 27.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 2/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;$469296 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, with various maturities to 2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;$2069425 |
| &nbsp;&nbsp;&nbsp;3.50%, with various maturities to 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 2087177 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 1714186 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 530831 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7091 | &nbsp;&nbsp;&nbsp;&nbsp; 7085913 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43559 | &nbsp;&nbsp;&nbsp;&nbsp; 44235295 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 263680 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 548284 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 486238 |
| &nbsp;&nbsp;&nbsp;3.50%, with various maturities to 2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp; 3159348 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp; 1113023 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 189192 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 174907 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43988 | &nbsp;&nbsp;&nbsp;&nbsp; 44665800 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, with various maturities to 2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 | &nbsp;&nbsp;&nbsp;&nbsp; 2171533 |
| &nbsp;&nbsp;&nbsp;3.50%, 12/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 658552 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 1984085 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 413927 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 816573 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp; 5625624 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80865 | &nbsp;&nbsp;&nbsp;&nbsp; 80675473 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp; 5867926 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $207,959,701) |  | **$207006288** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 20.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, 11/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp;$3555996 |
| &nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp; 728967 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp;&nbsp;&nbsp; 6035943 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 198888 |
| &nbsp;&nbsp;&nbsp;2.25%, 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 878962 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364 | &nbsp;&nbsp;&nbsp;&nbsp; 2042184 |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp; 1335361 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp; 2817717 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp; 768248 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 614398 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp; 2969516 |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 1096877 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bonds: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;$767923 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 2367746 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp; 734983 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 613375 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp; 640647 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp; 1374026 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17070 | &nbsp;&nbsp;&nbsp;&nbsp; 17076834 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 474727 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp; 917626 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 1/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp; 4943221 |
| &nbsp;&nbsp;&nbsp;0.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 156240 |
| &nbsp;&nbsp;&nbsp;0.625%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp; 23498 |
| &nbsp;&nbsp;&nbsp;0.75%, 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 | &nbsp;&nbsp;&nbsp;&nbsp; 4777190 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680 | &nbsp;&nbsp;&nbsp;&nbsp; 7305600 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | &nbsp;&nbsp;&nbsp;&nbsp; 3721439 |
| &nbsp;&nbsp;&nbsp;1.25%, 4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp; 3282790 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 207399 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20027 | &nbsp;&nbsp;&nbsp;&nbsp; 19660197 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17828086 |
| &nbsp;&nbsp;&nbsp;3.125%, 8/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp; 3692187 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp; 2593861 |
| &nbsp;&nbsp;&nbsp;3.875%, 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015156 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1661173 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp; 3972484 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1617281 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19707 | &nbsp;&nbsp;&nbsp;&nbsp; 20050718 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7387 | &nbsp;&nbsp;&nbsp;&nbsp; 7449905 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 409989 |
| &nbsp;&nbsp;&nbsp;4.375%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 4059368 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 1020573 |
| Total U.S. Treasury Obligations<br> (identified cost $167,399,651) |  | &nbsp;&nbsp;**$158459299** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 8.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(11)</sup> | 67500581 | &nbsp;&nbsp;$67500581 |
| Total Short-Term Investments<br> (identified cost $67,500,581) |  | &nbsp;&nbsp;**$67500581** |
| Total Investments — 108.6%<br> (identified cost $831,838,718) |  | &nbsp;&nbsp;**$824145027** |
| Other Assets, Less Liabilities — (8.6)% |  | &nbsp;&nbsp;**$(65169082)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$758975945** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $248,591,054 or 32.8% of the Portfolio's net assets. |
| <sup>(2)</sup> | Step coupon security. Interest rate represents the rate in effect at December 31, 2025. |
| <sup>(3)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at December 31, 2025. |
| <sup>(4)</sup> | Variable rate security. The stated interest rate represents the rate in effect at December 31, 2025. |
| <sup>(5)</sup> | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 7). |
| <sup>(6)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(7)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| <sup>(8)</sup> | When-issued security. |
| <sup>(9)</sup> | Affiliated fund (see Note 7). |
| <sup>(10)</sup> | TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement. |
| <sup>(11)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| USD | &nbsp;&nbsp;2284309 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1952693 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(18233) |
| USD | &nbsp;&nbsp; 951162 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 714670 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(12001) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(30234)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;$158382493 | &nbsp;&nbsp;&nbsp;&nbsp;$(512397) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15741250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97862) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41729344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (445706) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52102078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (357474) |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105438476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36160 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11446000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275844 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(1101435)** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $742,183,902) | &nbsp;&nbsp;$734448283 |
| Affiliated investments, at value (identified cost $89,654,816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89696744 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19409411 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 |
| Deposits for derivatives collateral — futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403795 |
| Foreign currency, at value (identified cost $60,957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60958 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481884 |
| Interest and dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152757 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33080 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63942 |
| **Total assets** | &nbsp;&nbsp;**$853020854** |
| Liabilities |  |
| Cash collateral due to broker | &nbsp;&nbsp;$270000 |
| Payable for when-issued/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92923758 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290224 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30234 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281108 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11325 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63942 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174318 |
| **Total liabilities** | &nbsp;&nbsp;**$94044909** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$758975945** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $26,480) | &nbsp;&nbsp;$131002 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805755 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;23831483 |
| Interest income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47477 |
| **Total investment income** | &nbsp;&nbsp;**$27815717** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$3111617 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43570 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263220 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122673 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46363 |
| **Total expenses** | &nbsp;&nbsp;**$3587443** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$315003 |
| **Total expense reductions** | &nbsp;&nbsp;**$315003** |
| **Net expenses** | &nbsp;&nbsp;**$3272440** |
| **Net investment income** | &nbsp;&nbsp;**$24543277** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$2785781 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412383 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39015 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47490) |
| **Net realized gain** | &nbsp;&nbsp;**$5189689** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$21529976 |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158392 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309049) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30234) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$21349085** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$26538774** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$51082051** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$24543277 | &nbsp;&nbsp;$25871093 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9662146) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21349085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319926 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$51082051** | &nbsp;&nbsp;**$16528873** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$204042651 | &nbsp;&nbsp;$130190460 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78030141) | &nbsp;&nbsp;&nbsp;&nbsp;(158476847) |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$126012510** | &nbsp;&nbsp;**$(28286387)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$177094561** | &nbsp;&nbsp;**$(11757514)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$581881384 | &nbsp;&nbsp;$593638898 |
| **At end of year** | &nbsp;&nbsp;**$758975945** | &nbsp;&nbsp;**$581881384** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Portfolio Turnover<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.13)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.70%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$758976** | &nbsp;&nbsp;**$581881** | &nbsp;&nbsp;**$593639** | &nbsp;&nbsp;**$571500** | &nbsp;&nbsp;**$570872** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund and in other affiliated funds (equal to 0.02% of average daily net assets for the year ended December 31, 2025, less than 0.01% of average daily net assets for the year ended December 31, 2024 and less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).

<sup>(3)</sup> Includes the effect of To Be Announced (TBA) transactions.

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Core Bond 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 objectives are to seek current income and total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At December 31, 2025, Eaton Vance Balanced Fund and Eaton Vance Core Bond Fund held an interest of 51.3% and 48.7%, 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.

**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.**

**Equity Securities. Preferred securities and exchange-traded funds 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. Preferred securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. 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.**

**Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.**

**Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.**

**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—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on dividends have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal and Other 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

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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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, 2025, 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.

During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Portfolio's financial statement presentation or disclosure.

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

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.

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 Futures Contracts—Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I Forward Foreign Currency Exchange Contracts—The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

K Segment Reporting—The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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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** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.450% |
| $1 billion up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.425% |
| $2 billion up to $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.415% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.405% |

---

For the year ended December 31, 2025, the Portfolio's investment adviser fee amounted to $3,111,617 or 0.45% of the Portfolio's average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $176,709 of the Portfolio's operating expenses for the year ended December 31, 2025. 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, and in other affiliated funds. 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/advisory fees paid by the Portfolio due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended December 31, 2025, the investment adviser fee paid was reduced by $138,294 relating to the Portfolio's investment in the Liquidity Fund and in other affiliated funds.

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 and including maturities, paydowns and TBA transactions, for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$344279147 | &nbsp;&nbsp;&nbsp;&nbsp;$290998944 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634447524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604305620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$2978726671** | &nbsp;&nbsp;&nbsp;&nbsp;**$2895304564** |

---

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$832818719** |
| Gross unrealized appreciation | &nbsp;&nbsp;$7997860 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16671552) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(8673692)** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at December 31, 2025 is included in the Portfolio of Investments. At December 31, 2025, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.

Interest Rate Risk: The Portfolio enters into interest rate futures contracts to seek to hedge against fluctuations in interest rates.

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At December 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $30,234. At December 31, 2025, there were no assets pledged by the Portfolio for such liability.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/ or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Not applicable | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$312004<sup>(1)</sup> | &nbsp;&nbsp;$312004 |
| **Total Asset Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$312004** | &nbsp;&nbsp;**$312004** |
| Not applicable | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1413439)<sup>(1)</sup> | &nbsp;&nbsp;$(1413439) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(30234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30234) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(30234)** | &nbsp;&nbsp;**$(1413439)** | &nbsp;&nbsp;**$(1443673)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1413439)** | &nbsp;&nbsp;**$(1413439)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$(30234)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(30234)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio's derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Portfolio for such liabilities as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(b)</sup>** |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;$(12001) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(12001) |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;(18233) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(18233) |
|  | &nbsp;&nbsp;&nbsp;**$(30234)** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(30234)** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2412383 | &nbsp;&nbsp;$2412383 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(47490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47490) |
| **Total** | &nbsp;&nbsp;**$(47490)** | &nbsp;&nbsp;**$2412383** | &nbsp;&nbsp;**$2364893** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(309049) | &nbsp;&nbsp;$(309049) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(30234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30234) |
| **Total** | &nbsp;&nbsp;**$(30234)** | &nbsp;&nbsp;**$(309049)** | &nbsp;&nbsp;**$(339283)** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended December 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | |
|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** |
| $189001000 | &nbsp;&nbsp;&nbsp;&nbsp;$54023000 | &nbsp;&nbsp;&nbsp;&nbsp;$1898000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 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 20, 2026. 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 generally 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 2025, an arrangement fee of $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, 2025.

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Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

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7 Affiliated Investments

At December 31, 2025, the value of the Portfolio's investment in issuers and funds that may be deemed to be affiliated was $89,696,744, which represents 11.8% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares, end<br> of period** |
| **Commercial Mortgage-Backed Securities** |  |  |  |  |  |  |  |  |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class C, 4.713%, 5/15/49 | $935082 | $— | $— | $— | $(14774) | $920308 | $47477 | $993200 |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Short Duration Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14467840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;193615 | &nbsp;&nbsp;&nbsp;14661455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550095 | &nbsp;&nbsp;&nbsp; 285000 |
| Eaton Vance Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 1267250 | &nbsp;&nbsp;&nbsp; 5367599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(20449) | &nbsp;&nbsp;&nbsp; 6614400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147567 | &nbsp;&nbsp;&nbsp; 130000 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;56230488 | &nbsp;&nbsp;&nbsp;348935720 | &nbsp;&nbsp;&nbsp;(337665627) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;67500581 | &nbsp;&nbsp;&nbsp;3108093 | &nbsp;&nbsp;&nbsp;67500581 |
| **Total** |  |  |  | **$—** | **$158392** | **$89696744** | **$3853232** |  |

---

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, 2025, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$109669324 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$109669324 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30870321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30870321 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55267360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55267360 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169274455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169274455 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;21275855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21275855 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1116149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116149 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705395 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207006288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207006288 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158459299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158459299 |

---

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Short-Term Investments | &nbsp;&nbsp;$67500581 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67500581 |
| **Total Investments** | &nbsp;&nbsp;**$89892585** | &nbsp;&nbsp;&nbsp;&nbsp;**$734252442** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$824145027** |
| Futures Contracts | &nbsp;&nbsp;$312004 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$312004 |
| **Total** | &nbsp;&nbsp;**$90204589** | &nbsp;&nbsp;&nbsp;&nbsp;**$734252442** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$824457031** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(30234) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(30234) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1413439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1413439) |
| **Total** | &nbsp;&nbsp;**$(1413439)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(30234)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1443673)** |

---

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

Core Bond Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Core Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Core Bond Portfolio (the "Portfolio"), including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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 and in accordance with auditing standards generally accepted in the United States of America. 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

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------

[**Table of Contents**](#JOB_EV_AR_69cf3580-7df5-492e-b968-79cffab874ed_TOC)

EAGIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Greater India Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380img4b55a3d11.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Greater India Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_aca8f589-0b9e-460b-b256-9cda8a71039b_1)** |  |
| [Item 7 of Form N-CSR:](#xx_b09e0faa-e7ad-4a44-8ddf-dab7a6f167f5_1) | [Item 7 of Form N-CSR:](#xx_b09e0faa-e7ad-4a44-8ddf-dab7a6f167f5_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_b09e0faa-e7ad-4a44-8ddf-dab7a6f167f5_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_b09e0faa-e7ad-4a44-8ddf-dab7a6f167f5_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_b09e0faa-e7ad-4a44-8ddf-dab7a6f167f5_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5acc82a8-7371-41cb-9cfc-75fcd9e05614_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_d15be149-446d-4bf1-b18a-1b822d9167b3_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_5147c166-ed29-4dfa-afd3-a1b5b9426926_1) | 11 |
| [Federal Tax Information](#xx_4db2776d-c19e-4523-aae7-57e59e4d2669_1) | 12 |
| [Greater India Portfolio](#xx_4c71d9f2-c1f5-41e1-b0f9-ebc12db689cc_1) | [Greater India Portfolio](#xx_4c71d9f2-c1f5-41e1-b0f9-ebc12db689cc_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_4c71d9f2-c1f5-41e1-b0f9-ebc12db689cc_1) | [Items 6 and 7 of Form N-CSR:](#xx_4c71d9f2-c1f5-41e1-b0f9-ebc12db689cc_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_4c71d9f2-c1f5-41e1-b0f9-ebc12db689cc_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_53369ef7-5910-4e12-b852-5952166ce1c4_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_0520a2e5-b6b0-4223-8985-9049fae4d03d_1) | 25 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investment in Greater India Portfolio, at value (identified cost $144,835,712) | &nbsp;&nbsp;$210129221 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35939 |
| **Total assets** | &nbsp;&nbsp;**$210165160** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$318999 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26789 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35863 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27678 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38094 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20840 |
| **Total liabilities** | &nbsp;&nbsp;**$476408** |
| **Net Assets** | &nbsp;&nbsp;**$209688752** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$132842728 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76846024 |
| **Net Assets** | &nbsp;&nbsp;**$209688752** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$142838706 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171941 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$34.24 |
| **Maximum Offering Price Per Share <br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$36.14 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$5983984 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244544 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$24.47 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$60866062 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658672 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$36.70 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $769,603) | &nbsp;&nbsp;$1521167 |
| Expenses, excluding interest expense, allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2539508) |
| Interest expense allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32524) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 |
| **Total investment loss from Portfolio** | &nbsp;&nbsp;**$(1048366)** |
| Expenses |  |
| Administration fee | &nbsp;&nbsp;$383115 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384556 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82237 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26912 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225420 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70239 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22718 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57557 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18645 |
| **Total expenses** | &nbsp;&nbsp;**$1271899** |
| **Net investment loss** | &nbsp;&nbsp;**$(2320265)** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $8,016,571) | &nbsp;&nbsp;$28984770 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174214 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363262) |
| **Net realized gain** | &nbsp;&nbsp;**$28795722** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $7,249,128) | &nbsp;&nbsp;$(34786103) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65589 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(34715215)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(5919493)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(8239758)** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(2320265) | &nbsp;&nbsp;$(1534670) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28795722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876987 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34715215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29669555 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(8239758)** | &nbsp;&nbsp;**$41011872** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(18802012) | &nbsp;&nbsp;$(6623679) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1167427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512658) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7574838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4801004) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(27544277)** | &nbsp;&nbsp;**$(11937341)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(921800) | &nbsp;&nbsp;$1846895 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2634372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896490 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51876744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100201 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(55432916)** | &nbsp;&nbsp;**$42843586** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(91216951)** | &nbsp;&nbsp;**$71918117** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$300905703 | &nbsp;&nbsp;$228987586 |
| **At end of year** | &nbsp;&nbsp;**$209688752** | &nbsp;&nbsp;**$300905703** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$40.06 | &nbsp;&nbsp;$35.42 | &nbsp;&nbsp;$30.84 | &nbsp;&nbsp;$44.09 | &nbsp;&nbsp;$38.79 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.43) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.87)** | &nbsp;&nbsp;**$6.27** | &nbsp;&nbsp;**$6.30** | &nbsp;&nbsp;**$(6.58)** | &nbsp;&nbsp;**$9.30** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.00) |
| **Total distributions** | &nbsp;&nbsp;**$(4.95)** | &nbsp;&nbsp;**$(1.63)** | &nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;**$(6.67)** | &nbsp;&nbsp;**$(4.00)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$34.24** | &nbsp;&nbsp;**$40.06** | &nbsp;&nbsp;**$35.42** | &nbsp;&nbsp;**$30.84** | &nbsp;&nbsp;**$44.09** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15.54)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.04%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$142839 | &nbsp;&nbsp;$166399 | &nbsp;&nbsp;$145561 | &nbsp;&nbsp;$129752 | &nbsp;&nbsp;$181368 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense of 0.01% of average daily nets assets for the year ended December 31, 2025.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$30.30 | &nbsp;&nbsp;$27.32 | &nbsp;&nbsp;$24.30 | &nbsp;&nbsp;$36.39 | &nbsp;&nbsp;$32.81 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.62) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.88)** | &nbsp;&nbsp;**$4.61** | &nbsp;&nbsp;**$4.74** | &nbsp;&nbsp;**$(5.59)** | &nbsp;&nbsp;**$7.58** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;(4.00) |
| **Total distributions** | &nbsp;&nbsp;**$(4.95)** | &nbsp;&nbsp;**$(1.63)** | &nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;**$(6.50)** | &nbsp;&nbsp;**$(4.00)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$24.47** | &nbsp;&nbsp;**$30.30** | &nbsp;&nbsp;**$27.32** | &nbsp;&nbsp;**$24.30** | &nbsp;&nbsp;**$36.39** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.62%** | &nbsp;&nbsp;&nbsp;&nbsp;**19.73%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;**23.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5984 | &nbsp;&nbsp;$10085 | &nbsp;&nbsp;$6502 | &nbsp;&nbsp;$5465 | &nbsp;&nbsp;$9181 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(1.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.69)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense of 0.01% of average daily nets assets for the year ended December 31, 2025.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$42.46 | &nbsp;&nbsp;$37.38 | &nbsp;&nbsp;$32.38 | &nbsp;&nbsp;$45.60 | &nbsp;&nbsp;$39.92 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.30) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$6.71** | &nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;**$(6.43)** | &nbsp;&nbsp;**$9.68** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.88) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.00) |
| **Total distributions** | &nbsp;&nbsp;**$(4.95)** | &nbsp;&nbsp;**$(1.63)** | &nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;**$(6.79)** | &nbsp;&nbsp;**$(4.00)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$36.70** | &nbsp;&nbsp;**$42.46** | &nbsp;&nbsp;**$37.38** | &nbsp;&nbsp;**$32.38** | &nbsp;&nbsp;**$45.60** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.90)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.92%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.66)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.31%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$60866 | &nbsp;&nbsp;$124422 | &nbsp;&nbsp;$76924 | &nbsp;&nbsp;$51372 | &nbsp;&nbsp;$96220 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(5)</sup> Includes interest expense of 0.01% of average daily nets assets for the year ended December 31, 2025.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Greater India Fund (the Fund) is a non-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 three 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 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Greater India Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 100% at December 31, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

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 the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

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 Portfolio, less all actual and accrued expenses of the Fund.

C Federal and Other 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.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund's pro rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of December 31, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

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.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Notes to Financial Statements — continued

------

H Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the 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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$27544277 | &nbsp;&nbsp;&nbsp;&nbsp;$11937341 |

---

During the year ended December 31, 2025, distributable earnings was increased by $10,108,803 and paid-in capital was decreased by $10,108,803 due to differences between book and tax accounting for net operating losses. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$11018682 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65827342 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$76846024** |

---

3 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 Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.850% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.775% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.730% |

---

For the year ended December 31, 2025, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Fund to Goldman Sachs Asset Management, L.P. (GSAM). BMR pays GSAM a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio's investment adviser fee. The Portfolio has engaged BMR to render investment advisory services. See Note 2 of the Portfolio's

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[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Notes to Financial Statements — continued

------

Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended December 31, 2025, the administration fee amounted to $383,115.

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, 2025, EVM earned $28,479 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 and the Fund's principal underwriter, received $11,872 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended December 31, 2025 in the amount of $1,650. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee and administration fee. Certain officers and Trustees of the Fund and the Portfolio 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, 2025 amounted to $384,556 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C 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, 2025, the Fund paid or accrued to EVD $61,678 for Class C shares.

Pursuant to the Class C Plan, 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, 2025 amounted to $20,559 for Class C shares.

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, 2025, the Fund was informed that EVD received $4,661 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended December 31, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $8,920,128 and $92,992,497, respectively.

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[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Notes to Financial Statements — continued

------

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 211118 | &nbsp;&nbsp;&nbsp;&nbsp;$8029489 | &nbsp;&nbsp;&nbsp;&nbsp; 419468 | &nbsp;&nbsp;&nbsp;&nbsp;$16844920 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 491991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16855596 | &nbsp;&nbsp;&nbsp;&nbsp; 143051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5982399 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (685315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25806885) | &nbsp;&nbsp;&nbsp;&nbsp; (517574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20980424) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **17794** | &nbsp;&nbsp;&nbsp;&nbsp;**$(921800)** | &nbsp;&nbsp;&nbsp;&nbsp; **44945** | &nbsp;&nbsp;&nbsp;&nbsp;**$1846895** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 32811 | &nbsp;&nbsp;&nbsp;&nbsp;$961294 | &nbsp;&nbsp;&nbsp;&nbsp; 99750 | &nbsp;&nbsp;&nbsp;&nbsp;$3047765 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 47650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167427 | &nbsp;&nbsp;&nbsp;&nbsp; 16198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512658 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4763093) | &nbsp;&nbsp;&nbsp;&nbsp; (21094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (663933) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(88335)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2634372)** | &nbsp;&nbsp;&nbsp;&nbsp; **94854** | &nbsp;&nbsp;&nbsp;&nbsp;**$2896490** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 516122 | &nbsp;&nbsp;&nbsp;&nbsp;$21146112 | &nbsp;&nbsp;&nbsp;&nbsp;1658451 | &nbsp;&nbsp;&nbsp;&nbsp;$71825685 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 189510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6956910 | &nbsp;&nbsp;&nbsp;&nbsp; 103877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4603855 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1977035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79979766) | &nbsp;&nbsp;&nbsp;&nbsp; (890185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38329339) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1271403)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(51876744)** | &nbsp;&nbsp;&nbsp;&nbsp; **872143** | &nbsp;&nbsp;&nbsp;&nbsp;**$38100201** |

---

8 Subsequent Events

The Board of Trustees (the "Board") of the Fund has approved a name change of the Fund to Eaton Vance India Fund. In connection with the name change, the Fund's principal investment strategy will be amended to reflect that the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies in India. The Board has also approved the termination of the investment sub-advisory agreement with the current sub-adviser to the Fund, Goldman Sachs Asset Management, L.P., as well as a new investment sub-advisory agreement with Morgan Stanley Investment Management Company to manage the Fund's assets. Boston Management and Research will continue to serve as the Fund's investment adviser. The Board additionally approved a reduction in the Fund's investment adviser fee and establishment of an expense cap for the Fund. These changes will be effective on or about April 13, 2026. Please see the Fund's prospectus for further information.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Greater India Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Eaton Vance

Greater India Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 dividend income for individuals, the foreign tax credit and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $2,166,598, 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%.**

#### Foreign Tax Credit. For the fiscal year ended December 31, 2025, the Fund paid foreign taxes of $8,786,113 and recognized foreign source income of $2,256,090.
**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $35,945,625 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Portfolio of Investments

------

Common Stocks — 105.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| India — 103.9% | India — 103.9% | India — 103.9% |
| Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% |
| Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;810227 | &nbsp;&nbsp;$3606482 |
|  |  | &nbsp;&nbsp;**$3606482** |
| Automobile Components — 1.8% | Automobile Components — 1.8% | Automobile Components — 1.8% |
| Samvardhana Motherson International Ltd. | 2759294 | &nbsp;&nbsp;$3686111 |
|  |  | &nbsp;&nbsp;**$3686111** |
| Automobiles — 7.2% | Automobiles — 7.2% | Automobiles — 7.2% |
| Hyundai Motor India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;$88734 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;243471 | &nbsp;&nbsp;&nbsp;&nbsp; 10055121 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122820 | &nbsp;&nbsp;&nbsp;&nbsp; 5089447 |
|  |  | &nbsp;&nbsp;**$15233302** |
| Banks — 23.2% | Banks — 23.2% | Banks — 23.2% |
| AU Small Finance Bank Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;269998 | &nbsp;&nbsp;$2988628 |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;483411 | &nbsp;&nbsp;&nbsp;&nbsp; 6835667 |
| HDFC Bank Ltd. | 1000934 | &nbsp;&nbsp;&nbsp;&nbsp; 11057210 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;933563 | &nbsp;&nbsp;&nbsp;&nbsp; 13972242 |
| IDFC First Bank Ltd. | 3056472 | &nbsp;&nbsp;&nbsp;&nbsp; 2912977 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;254700 | &nbsp;&nbsp;&nbsp;&nbsp; 6247906 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;433926 | &nbsp;&nbsp;&nbsp;&nbsp; 4746756 |
|  |  | &nbsp;&nbsp;**$48761386** |
| Capital Markets — 2.3% | Capital Markets — 2.3% | Capital Markets — 2.3% |
| 360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176048 | &nbsp;&nbsp;$2333016 |
| Billionbrains Garage Ventures Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;569850 | &nbsp;&nbsp;&nbsp;&nbsp; 990143 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;98300 | &nbsp;&nbsp;&nbsp;&nbsp; 1618782 |
|  |  | &nbsp;&nbsp;**$4941941** |
| Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% |
| Navin Fluorine International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32723 | &nbsp;&nbsp;$2156250 |
|  |  | &nbsp;&nbsp;**$2156250** |
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;104278 | &nbsp;&nbsp;$1257003 |
|  |  | &nbsp;&nbsp;**$1257003** |
| Construction Materials — 1.9% | Construction Materials — 1.9% | Construction Materials — 1.9% |
| Grasim Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127015 | &nbsp;&nbsp;$3999885 |
|  |  | &nbsp;&nbsp;**$3999885** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Consumer Finance — 4.2% | Consumer Finance — 4.2% | Consumer Finance — 4.2% |
| Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;597389 | &nbsp;&nbsp;$6569479 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220177 | &nbsp;&nbsp;&nbsp;&nbsp; 1336731 |
| Tata Capital Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259742 | &nbsp;&nbsp;&nbsp;&nbsp; 987911 |
|  |  | &nbsp;&nbsp;**$8894121** |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Medplus Health Services Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114680 | &nbsp;&nbsp;$1031086 |
|  |  | &nbsp;&nbsp;**$1031086** |
| Diversified Consumer Services — 0.6% | Diversified Consumer Services — 0.6% | Diversified Consumer Services — 0.6% |
| Physicswallah Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;912025 | &nbsp;&nbsp;$1347651 |
|  |  | &nbsp;&nbsp;**$1347651** |
| Electrical Equipment — 2.0% | Electrical Equipment — 2.0% | Electrical Equipment — 2.0% |
| KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15924 | &nbsp;&nbsp;$791055 |
| Siemens Energy India Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37205 | &nbsp;&nbsp;&nbsp;&nbsp; 1057462 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 4166759 | &nbsp;&nbsp;&nbsp;&nbsp; 2445529 |
|  |  | &nbsp;&nbsp;**$4294046** |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Aditya Birla Capital Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;503315 | &nbsp;&nbsp;$2005109 |
|  |  | &nbsp;&nbsp;**$2005109** |
| Food Products — 3.7% | Food Products — 3.7% | Food Products — 3.7% |
| Nestle India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;283809 | &nbsp;&nbsp;$4066698 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;271998 | &nbsp;&nbsp;&nbsp;&nbsp; 3607235 |
|  |  | &nbsp;&nbsp;**$7673933** |
| Health Care Providers & Services — 2.0% | Health Care Providers & Services — 2.0% | Health Care Providers & Services — 2.0% |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53879 | &nbsp;&nbsp;$4225117 |
|  |  | &nbsp;&nbsp;**$4225117** |
| Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% |
| Eternal Ltd.<sup>(2)</sup> | 1465606 | &nbsp;&nbsp;$4541887 |
| MakeMyTrip Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26094 | &nbsp;&nbsp;&nbsp;&nbsp; 2142839 |
| Swiggy Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108545 | &nbsp;&nbsp;&nbsp;&nbsp; 467256 |
|  |  | &nbsp;&nbsp;**$7151982** |
| Household Durables — 3.2% | Household Durables — 3.2% | Household Durables — 3.2% |
| Amber Enterprises India Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23316 | &nbsp;&nbsp;$1657298 |
| Cello World Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86101 | &nbsp;&nbsp;&nbsp;&nbsp; 519887 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16641 | &nbsp;&nbsp;&nbsp;&nbsp; 2245162 |
| LG Electronics India Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86815 | &nbsp;&nbsp;&nbsp;&nbsp; 1469529 |
| Whirlpool of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87301 | &nbsp;&nbsp;&nbsp;&nbsp; 875297 |
|  |  | &nbsp;&nbsp;**$6767173** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% |
| NHPC Ltd. | 2287205 | &nbsp;&nbsp;$2017214 |
|  |  | &nbsp;&nbsp;**$2017214** |
| Industrial Conglomerates — 0.9% | Industrial Conglomerates — 0.9% | Industrial Conglomerates — 0.9% |
| Siemens Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52740 | &nbsp;&nbsp;$1800517 |
|  |  | &nbsp;&nbsp;**$1800517** |
| Insurance — 4.1% | Insurance — 4.1% | Insurance — 4.1% |
| Go Digit General Insurance Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;449517 | &nbsp;&nbsp;$1724630 |
| PB Fintech Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145409 | &nbsp;&nbsp;&nbsp;&nbsp; 2957397 |
| SBI Life Insurance Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172571 | &nbsp;&nbsp;&nbsp;&nbsp; 3911672 |
|  |  | &nbsp;&nbsp;**$8593699** |
| Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% |
| Info Edge India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133279 | &nbsp;&nbsp;$1978490 |
|  |  | &nbsp;&nbsp;**$1978490** |
| IT Services — 8.5% | IT Services — 8.5% | IT Services — 8.5% |
| Coforge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127176 | &nbsp;&nbsp;$2356151 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46393 | &nbsp;&nbsp;&nbsp;&nbsp; 395337 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;617356 | &nbsp;&nbsp;&nbsp;&nbsp; 11117892 |
| Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55972 | &nbsp;&nbsp;&nbsp;&nbsp; 3907638 |
|  |  | &nbsp;&nbsp;**$17777018** |
| Life Sciences Tools & Services — 1.3% | Life Sciences Tools & Services — 1.3% | Life Sciences Tools & Services — 1.3% |
| Divi's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38981 | &nbsp;&nbsp;$2770638 |
|  |  | &nbsp;&nbsp;**$2770638** |
| Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% |
| Tata Motors Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;405239 | &nbsp;&nbsp;$1873364 |
|  |  | &nbsp;&nbsp;**$1873364** |
| Metals & Mining — 4.9% | Metals & Mining — 4.9% | Metals & Mining — 4.9% |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129009 | &nbsp;&nbsp;$2749578 |
| Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;367675 | &nbsp;&nbsp;&nbsp;&nbsp; 3628684 |
| Tata Steel Ltd. | 1951861 | &nbsp;&nbsp;&nbsp;&nbsp; 3910075 |
|  |  | &nbsp;&nbsp;**$10288337** |
| Oil, Gas & Consumable Fuels — 5.1% | Oil, Gas & Consumable Fuels — 5.1% | Oil, Gas & Consumable Fuels — 5.1% |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;610184 | &nbsp;&nbsp;$10677375 |
|  |  | &nbsp;&nbsp;**$10677375** |
| Personal Care Products — 2.7% | Personal Care Products — 2.7% | Personal Care Products — 2.7% |
| Colgate-Palmolive (India) Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112912 | &nbsp;&nbsp;$2609481 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Personal Care Products (continued) | Personal Care Products (continued) | Personal Care Products (continued) |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;230886 | &nbsp;&nbsp;$3142640 |
|  |  | &nbsp;&nbsp;**$5752121** |
| Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% |
| Pfizer Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21965 | &nbsp;&nbsp;$1217177 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329508 | &nbsp;&nbsp;&nbsp;&nbsp; 6309349 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79720 | &nbsp;&nbsp;&nbsp;&nbsp; 3412235 |
|  |  | &nbsp;&nbsp;**$10938761** |
| Real Estate Management & Development — 2.0% | Real Estate Management & Development — 2.0% | Real Estate Management & Development — 2.0% |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80656 | &nbsp;&nbsp;$1503768 |
| Godrej Properties Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;121609 | &nbsp;&nbsp;&nbsp;&nbsp; 2713048 |
|  |  | &nbsp;&nbsp;**$4216816** |
| Specialty Retail — 1.8% | Specialty Retail — 1.8% | Specialty Retail — 1.8% |
| Metro Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73210 | &nbsp;&nbsp;$984967 |
| Trent Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56627 | &nbsp;&nbsp;&nbsp;&nbsp; 2700589 |
|  |  | &nbsp;&nbsp;**$3685556** |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;306422 | &nbsp;&nbsp;$1657382 |
|  |  | &nbsp;&nbsp;**$1657382** |
| Wireless Telecommunication Services — 3.5% | Wireless Telecommunication Services — 3.5% | Wireless Telecommunication Services — 3.5% |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;311398 | &nbsp;&nbsp;$7308973 |
|  |  | &nbsp;&nbsp;**$7308973** |
| Total India<br> (identified cost $141,092,758) |  | &nbsp;&nbsp;**$218368839** |
| United States — 1.8% | United States — 1.8% | United States — 1.8% |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Tenneco Clean Air India Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;183676 | &nbsp;&nbsp;$1037936 |
|  |  | &nbsp;&nbsp;**$1037936** |
| IT Services — 1.3% | IT Services — 1.3% | IT Services — 1.3% |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;$2689200 |
|  |  | &nbsp;&nbsp;**$2689200** |
| Total United States<br> (identified cost $3,304,106) |  | &nbsp;&nbsp;**$3727136** |
| Total Common Stocks<br> (identified cost $144,396,864) |  | &nbsp;&nbsp;**$222095975** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Portfolio of Investments — continued

------

Preferred Stocks — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Automobiles — 0.0%<sup>†</sup> | Automobiles — 0.0%<sup>†</sup> | Automobiles — 0.0%<sup>†</sup> |
| TVS Motor Co. Ltd., 6.00%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;559836 | &nbsp;&nbsp;$62288 |
| Total Preferred Stocks<br> (identified cost $0) |  | &nbsp;&nbsp;**$62288** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9433 | &nbsp;&nbsp;$9433 |
| Total Short-Term Investments<br> (identified cost $9,433) |  | &nbsp;&nbsp;**$9433** |
| Total Investments — 105.7%<br> (identified cost $144,406,297) |  | &nbsp;&nbsp;**$222167696** |
| Other Assets, Less Liabilities — (5.7)% |  | &nbsp;&nbsp;**$(12035125)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$210132571** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $9,238,094 or 4.4% of the Portfolio's net assets. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $144,396,864) | &nbsp;&nbsp;$222158263 |
| Affiliated investments, at value (identified cost $9,433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9433 |
| Foreign currency, at value (identified cost $825,382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825199 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481355 |
| Receivable for foreign taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43182 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528 |
| **Total assets** | &nbsp;&nbsp;**$223543076** |
| Liabilities |  |
| Payable for line of credit | &nbsp;&nbsp;$270000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283773 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153810 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528 |
| Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522450 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150389 |
| **Total liabilities** | &nbsp;&nbsp;**$13410505** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$210132571** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $769,613) | &nbsp;&nbsp;$1449446 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71741 |
| **Total investment income** | &nbsp;&nbsp;**$1521187** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$2173918 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18965 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210974 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121112 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32525 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14571 |
| **Total expenses** | &nbsp;&nbsp;**$2572065** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$2499 |
| **Total expense reductions** | &nbsp;&nbsp;**$2499** |
| **Net expenses** | &nbsp;&nbsp;**$2569566** |
| **Net investment loss** | &nbsp;&nbsp;**$(1048379)** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions (net of foreign capital gains taxes of $8,016,677) | &nbsp;&nbsp;$28985160 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174216 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363268) |
| **Net realized gain** | &nbsp;&nbsp;**$28796108** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments (including net decrease in accrued foreign capital gains taxes of $7,249,217) | &nbsp;&nbsp;$(34786531) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65589 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(34715642)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(5919534)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(6967913)** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(1048379) | &nbsp;&nbsp;$(187972) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28796108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12877140 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34715642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29669927 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(6967913)** | &nbsp;&nbsp;**$42359095** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$8920128 | &nbsp;&nbsp;$61937101 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92992497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32332036) |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$(84072369)** | &nbsp;&nbsp;**$29605065** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(91040282)** | &nbsp;&nbsp;**$71964160** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$301172853 | &nbsp;&nbsp;$229208693 |
| **At end of year** | &nbsp;&nbsp;**$210132571** | &nbsp;&nbsp;**$301172853** |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.76%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$210133** | &nbsp;&nbsp;**$301173** | &nbsp;&nbsp;**$229209** | &nbsp;&nbsp;**$187204** | &nbsp;&nbsp;**$284153** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Includes interest expense of 0.01% of average daily nets assets for the year ended December 31, 2025.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Greater India Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is to seek long-term capital appreciation. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At December 31, 2025, Eaton Vance Greater India Fund held an interest of approximately 100% 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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.**

**Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Foreign ownership of shares of certain Indian companies may be subject to limitations. When foreign ownership of such an Indian company's shares approaches the limitation, foreign investors may be willing to pay a premium to the local share price to acquire shares from other foreign investors. Such shares are valued at the closing price for foreign investors as provided by the exchange on which they trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.**

**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. Interest income is accrued as earned.

D Federal and Other 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.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in India. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities, historical effective tax rates on securities sold, and the availability of any realized losses in excess of gains that may be carried forward to offset future gains. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on certain Indian securities sold at a gain are included in net realized gain (loss) on investments. As of December 31, 2025, the Portfolio for tax reporting in India had no accumulated losses available to be carried forward to offset future realized gains from the sale of Indian securities.

As of December 31, 2025, 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. The Portfolio also files a tax return in India annually as of March 31st. Such tax returns are subject to examination by the Indian tax authorities for open years as determined by the statute of limitations, which is generally a period of up to 7 years after a tax return is filed.

During this reporting period, the Portfolio adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. For the year ended December 31, 2025, the Portfolio paid income taxes (net of refunds received) in foreign jurisdictions totaling $8,527,207. Income taxes paid (net of refunds received) with respect to the following jurisdictions represented 5% or more of the total amount:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**Income Taxes Paid<br> (Net of Refunds<br> Received)** |
| India | &nbsp;&nbsp;$8527207 |
| **Total** | &nbsp;&nbsp;**$8527207** |

---

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

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.

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 Futures Contracts—Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I Segment Reporting—The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.850% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.775% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.730% |

---

For the year ended December 31, 2025, the investment adviser fee amounted to $2,173,918 or 0.85% of the Portfolio's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Goldman Sachs Asset Management, L.P. (GSAM). BMR pays GSAM a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. 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, 2025, the investment adviser fee paid was reduced by $2,499 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 BMR.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $69,394,448 and $155,585,634, respectively, for the year ended December 31, 2025.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$146761149** |
| Gross unrealized appreciation | &nbsp;&nbsp;$80224298 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4817751) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$75406547** |

---

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At December 31, 2025, there were no obligations outstanding under these financial instruments.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the year ended December 31, 2025, the Portfolio entered into equity index futures contracts to manage cash flows.

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[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$174216 | &nbsp;&nbsp;&nbsp;&nbsp;$65589 |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2025, which is indicative of the volume of this derivative type, was approximately $1,645,000.

6 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 20, 2026. 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 generally 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 2025, an arrangement fee of $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. At December 31, 2025, the Portfolio had a balance outstanding pursuant to this line of credit of $270,000 at an annual interest rate of 4.64%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2025. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 8) at December 31, 2025. Average borrowings and the weighted average annual interest rate (excluding fees) for the year ended December 31, 2025 were $627,260 and 5.11%, respectively.

7 Affiliated Investments

At December 31, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $9,433, which represents less than 0.05% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $6723781 | $43275231 | $(49989579) | $— | $— | $9433 | $71741 | 9433 |

---

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.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9287463 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9287463 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 5997955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34569138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40567093 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14457140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14457140 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10677375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10677375 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 1978054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71218202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73196256 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17934516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17934516 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 1873364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10958048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12831412 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 2689200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17777018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20466218 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16444472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16444472 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4216816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4216816 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017214 |
| **Total Common Stocks** | &nbsp;&nbsp;**$12538573** | &nbsp;&nbsp;&nbsp;&nbsp;**$209,557,402\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$222095975** |
| Preferred Stocks | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$62288 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$62288 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 9433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9433 |
| **Total Investments** | &nbsp;&nbsp;**$12548006** | &nbsp;&nbsp;&nbsp;&nbsp;**$209619690** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$222167696** |

---

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

9 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Countries within the Indian sub-continent region are considered emerging market countries. The securities markets within the Indian sub-continent are undergoing a period of growth and change, which may result in trading or price volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying relevant laws and regulations. The securities markets in these countries are comparatively underdeveloped and may be concentrated in certain sectors. In addition, governmental actions can have a significant effect on the economic conditions in the India region, which could adversely affect the value and liquidity of investments.

10 Subsequent Events

The Board of Trustees (the "Board") of Eaton Vance Greater India Fund (the "Fund") has approved a change to the Portfolio's principal investment strategy to reflect that the Portfolio will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies in India. The Board has also approved the termination of the investment sub-advisory agreement with the current sub-adviser to the Portfolio, Goldman Sachs Asset Management, L.P., as well as a new investment sub-advisory agreement with Morgan Stanley Investment Management Company to manage the Portfolio's assets. Boston Management and Research will continue to serve as the Portfolio's investment adviser. The Board additionally approved a reduction in the Portfolio's investment adviser fee. These changes will be effective on or about April 13, 2026. Please see the Fund's prospectus for further information.

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

Greater India Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Greater India Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Greater India Portfolio (the "Portfolio"), including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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 and in accordance with auditing standards generally accepted in the United States of America. 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, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_609b6566-fa0f-43bf-8f32-ae5ec975e626_TOC)

ETGIX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Dividend Builder Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380imgc717ef471.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Dividend Builder Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_f0a2e113-bbe2-4a38-b031-58721d33d5c0_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_5309e37b-4e83-4d50-b952-87058ac6642c_1) | [Items 6 and 7 of Form N-CSR:](#xx_5309e37b-4e83-4d50-b952-87058ac6642c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_5309e37b-4e83-4d50-b952-87058ac6642c_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_7afcc559-722c-496f-b94b-ec029ba92c99_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_7afcc559-722c-496f-b94b-ec029ba92c99_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_7afcc559-722c-496f-b94b-ec029ba92c99_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_fbdb2db5-7255-4122-a1ff-60fd3bc1d3ae_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_946d01c4-56ee-4bf3-a97b-e76b6a29100b_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_b7dc48e6-2d89-4e43-bcfc-bf3ecef32d4c_1) | 16 |
| [Federal Tax Information](#xx_b0873684-70e6-4b3d-934b-5c9f782edfbf_1) | 17 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Portfolio of Investments

------

Common Stocks — 99.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53800 | &nbsp;&nbsp;$15794066 |
|  |  | &nbsp;&nbsp;**$15794066** |
| Banks — 4.1% | Banks — 4.1% | Banks — 4.1% |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;112300 | &nbsp;&nbsp;$36185306 |
|  |  | &nbsp;&nbsp;**$36185306** |
| Beverages — 2.7% | Beverages — 2.7% | Beverages — 2.7% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;331900 | &nbsp;&nbsp;$23203129 |
|  |  | &nbsp;&nbsp;**$23203129** |
| Biotechnology — 4.1% | Biotechnology — 4.1% | Biotechnology — 4.1% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100200 | &nbsp;&nbsp;$22894698 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104200 | &nbsp;&nbsp;&nbsp;&nbsp; 12789508 |
|  |  | &nbsp;&nbsp;**$35684206** |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158100 | &nbsp;&nbsp;$8354004 |
|  |  | &nbsp;&nbsp;**$8354004** |
| Capital Markets — 8.1% | Capital Markets — 8.1% | Capital Markets — 8.1% |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;$19587222 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp; 20125996 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108700 | &nbsp;&nbsp;&nbsp;&nbsp; 17605052 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 13691858 |
|  |  | &nbsp;&nbsp;**$71010128** |
| Commercial Services & Supplies — 1.5% | Commercial Services & Supplies — 1.5% | Commercial Services & Supplies — 1.5% |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;$13094716 |
|  |  | &nbsp;&nbsp;**$13094716** |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;36600 | &nbsp;&nbsp;$4567680 |
|  |  | &nbsp;&nbsp;**$4567680** |
| Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152800 | &nbsp;&nbsp;$17023448 |
|  |  | &nbsp;&nbsp;**$17023448** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| International Paper Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;297900 | &nbsp;&nbsp;$11734281 |
|  |  | &nbsp;&nbsp;**$11734281** |
| Electric Utilities — 1.9% | Electric Utilities — 1.9% | Electric Utilities — 1.9% |
| Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;195400 | &nbsp;&nbsp;$17038880 |
|  |  | &nbsp;&nbsp;**$17038880** |
| Electrical Equipment — 3.5% | Electrical Equipment — 3.5% | Electrical Equipment — 3.5% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78800 | &nbsp;&nbsp;$16178428 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 14810715 |
|  |  | &nbsp;&nbsp;**$30989143** |
| Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;$16027604 |
|  |  | &nbsp;&nbsp;**$16027604** |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;447700 | &nbsp;&nbsp;$8667472 |
|  |  | &nbsp;&nbsp;**$8667472** |
| Health Care Equipment & Supplies — 1.4% | Health Care Equipment & Supplies — 1.4% | Health Care Equipment & Supplies — 1.4% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;99500 | &nbsp;&nbsp;$12466355 |
|  |  | &nbsp;&nbsp;**$12466355** |
| Health Care Providers & Services — 3.5% | Health Care Providers & Services — 3.5% | Health Care Providers & Services — 3.5% |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;$11886805 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56200 | &nbsp;&nbsp;&nbsp;&nbsp; 18552182 |
|  |  | &nbsp;&nbsp;**$30438987** |
| Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;$11629278 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136500 | &nbsp;&nbsp;&nbsp;&nbsp; 10313940 |
|  |  | &nbsp;&nbsp;**$21943218** |
| Household Products — 1.8% | Household Products — 1.8% | Household Products — 1.8% |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;112100 | &nbsp;&nbsp;$16065051 |
|  |  | &nbsp;&nbsp;**$16065051** |
| Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;117200 | &nbsp;&nbsp;$18763720 |
|  |  | &nbsp;&nbsp;**$18763720** |
| Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127800 | &nbsp;&nbsp;$17467704 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;&nbsp;&nbsp; 12137251 |

---

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17982 | &nbsp;&nbsp;$554745 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299700 | &nbsp;&nbsp;&nbsp;&nbsp; 16360623 |
|  |  | &nbsp;&nbsp;**$46520323** |
| Interactive Media & Services — 3.4% | Interactive Media & Services — 3.4% | Interactive Media & Services — 3.4% |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;$16003800 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 13597854 |
|  |  | &nbsp;&nbsp;**$29601654** |
| IT Services — 1.0% | IT Services — 1.0% | IT Services — 1.0% |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;$8530848 |
|  |  | &nbsp;&nbsp;**$8530848** |
| Media — 1.4% | Media — 1.4% | Media — 1.4% |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;399100 | &nbsp;&nbsp;$11929099 |
|  |  | &nbsp;&nbsp;**$11929099** |
| Multi-Utilities — 2.4% | Multi-Utilities — 2.4% | Multi-Utilities — 2.4% |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;236200 | &nbsp;&nbsp;$20854098 |
|  |  | &nbsp;&nbsp;**$20854098** |
| Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145900 | &nbsp;&nbsp;$22236619 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151100 | &nbsp;&nbsp;&nbsp;&nbsp; 15867011 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178700 | &nbsp;&nbsp;&nbsp;&nbsp; 9578320 |
|  |  | &nbsp;&nbsp;**$47681950** |
| Pharmaceuticals — 4.6% | Pharmaceuticals — 4.6% | Pharmaceuticals — 4.6% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;$12896160 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;131400 | &nbsp;&nbsp;&nbsp;&nbsp; 27193230 |
|  |  | &nbsp;&nbsp;**$40089390** |
| Professional Services — 2.0% | Professional Services — 2.0% | Professional Services — 2.0% |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;$8694374 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp; 9127653 |
|  |  | &nbsp;&nbsp;**$17822027** |
| Semiconductors & Semiconductor Equipment — 12.7% | Semiconductors & Semiconductor Equipment — 12.7% | Semiconductors & Semiconductor Equipment — 12.7% |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;$15214320 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113400 | &nbsp;&nbsp;&nbsp;&nbsp; 39247740 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 13001356 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100400 | &nbsp;&nbsp;&nbsp;&nbsp; 17186472 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90900 | &nbsp;&nbsp;&nbsp;&nbsp; 15548445 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;&nbsp; 11311548 |
|  |  | &nbsp;&nbsp;**$111509881** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Software — 5.8% | Software — 5.8% | Software — 5.8% |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84467 | &nbsp;&nbsp;$40849930 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp; 9511608 |
|  |  | &nbsp;&nbsp;**$50361538** |
| Specialized REITs — 3.6% | Specialized REITs — 3.6% | Specialized REITs — 3.6% |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175300 | &nbsp;&nbsp;$14541135 |
| Lamar Advertising Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133200 | &nbsp;&nbsp;&nbsp;&nbsp; 16860456 |
|  |  | &nbsp;&nbsp;**$31401591** |
| Specialty Retail — 3.1% | Specialty Retail — 3.1% | Specialty Retail — 3.1% |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45200 | &nbsp;&nbsp;$15553320 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp; 11397862 |
|  |  | &nbsp;&nbsp;**$26951182** |
| Technology Hardware, Storage & Peripherals — 2.4% | Technology Hardware, Storage & Peripherals — 2.4% | Technology Hardware, Storage & Peripherals — 2.4% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59300 | &nbsp;&nbsp;$16121298 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp; 5072964 |
|  |  | &nbsp;&nbsp;**$21194262** |
| Total Common Stocks<br> (identified cost $656,873,129) |  | &nbsp;&nbsp;**$873499237** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | 3189907 | &nbsp;&nbsp;$3189907 |
| Total Short-Term Investments<br> (identified cost $3,189,907) |  | &nbsp;&nbsp;**$3189907** |
| Total Investments — 100.0%<br> (identified cost $660,063,036) |  | &nbsp;&nbsp;**$876689144** |
| Other Assets, Less Liabilities — 0.0%<sup>†</sup> |  | &nbsp;&nbsp;**$49846** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$876738990** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $6,448,748. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

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[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $656,873,129) — including $6,448,748 of securities on loan | &nbsp;&nbsp;$873499237 |
| Affiliated investments, at value (identified cost $3,189,907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189907 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497773 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11865 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804207 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229945 |
| **Total assets** | &nbsp;&nbsp;**$878234090** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$214170 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155844 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480957 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151365 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24986 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14736 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229945 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77612 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145370 |
| **Total liabilities** | &nbsp;&nbsp;**$1495100** |
| **Net Assets** | &nbsp;&nbsp;**$876738990** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$661399519 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;215339471 |
| **Net Assets** | &nbsp;&nbsp;**$876738990** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$654804793 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41619208 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.73 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$16.60 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$12680508 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797005 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.91 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$209253689 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320291 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.71 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $13,200) | &nbsp;&nbsp;$20512176 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271116 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13444 |
| **Total investment income** | &nbsp;&nbsp;**$20796736** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$5717608 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676590 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134318 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59561 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234276 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433722 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114729 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21763 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47638 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82689 |
| **Total expenses** | &nbsp;&nbsp;**$8522894** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$9517 |
| **Total expense reductions** | &nbsp;&nbsp;**$9517** |
| **Net expenses** | &nbsp;&nbsp;**$8513377** |
| **Net investment income** | &nbsp;&nbsp;**$12283359** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$57111163 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11769) |
| **Net realized gain** | &nbsp;&nbsp;**$57099394** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$4243970 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$4247200** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$61346594** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$73629953** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$12283359 | &nbsp;&nbsp;$15078264 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57099394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56083965 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49026857 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$73629953** | &nbsp;&nbsp;**$120189086** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(57105371) | &nbsp;&nbsp;$(49127130) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916865) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18781585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15445833) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(76871299)** | &nbsp;&nbsp;**$(65489828)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(16455033) | &nbsp;&nbsp;$(19607175) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1035290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3301988) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281533 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(13763128)** | &nbsp;&nbsp;**$(18627630)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(17004474)** | &nbsp;&nbsp;**$36071628** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$893743464 | &nbsp;&nbsp;$857671836 |
| **At end of year** | &nbsp;&nbsp;**$876738990** | &nbsp;&nbsp;**$893743464** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.84 | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$13.84 | &nbsp;&nbsp;$19.85 | &nbsp;&nbsp;$17.03 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;**$2.17** | &nbsp;&nbsp;**$1.51** | &nbsp;&nbsp;**$(1.89)** | &nbsp;&nbsp;**$4.10** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) |
| **Total distributions** | &nbsp;&nbsp;**$(1.45)** | &nbsp;&nbsp;**$(1.20)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(4.12)** | &nbsp;&nbsp;**$(1.28)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.73** | &nbsp;&nbsp;**$15.84** | &nbsp;&nbsp;**$14.87** | &nbsp;&nbsp;**$13.84** | &nbsp;&nbsp;**$19.85** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.42%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$654805 | &nbsp;&nbsp;$673451 | &nbsp;&nbsp;$650959 | &nbsp;&nbsp;$655476 | &nbsp;&nbsp;$821560 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$16.01 | &nbsp;&nbsp;$15.02 | &nbsp;&nbsp;$13.98 | &nbsp;&nbsp;$19.99 | &nbsp;&nbsp;$17.15 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.23** | &nbsp;&nbsp;**$2.07** | &nbsp;&nbsp;**$1.42** | &nbsp;&nbsp;**$(2.03)** | &nbsp;&nbsp;**$3.98** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.20) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) |
| **Total distributions** | &nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(3.98)** | &nbsp;&nbsp;**$(1.14)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.91** | &nbsp;&nbsp;**$16.01** | &nbsp;&nbsp;**$15.02** | &nbsp;&nbsp;**$13.98** | &nbsp;&nbsp;**$19.99** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(10.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.43%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$12681 | &nbsp;&nbsp;$13711 | &nbsp;&nbsp;$15965 | &nbsp;&nbsp;$20214 | &nbsp;&nbsp;$27405 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$13.82 | &nbsp;&nbsp;$19.83 | &nbsp;&nbsp;$17.02 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.38** | &nbsp;&nbsp;**$2.21** | &nbsp;&nbsp;**$1.55** | &nbsp;&nbsp;**$(1.85)** | &nbsp;&nbsp;**$4.14** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.39) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) |
| **Total distributions** | &nbsp;&nbsp;**$(1.49)** | &nbsp;&nbsp;**$(1.24)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(4.16)** | &nbsp;&nbsp;**$(1.33)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.71** | &nbsp;&nbsp;**$15.82** | &nbsp;&nbsp;**$14.85** | &nbsp;&nbsp;**$13.82** | &nbsp;&nbsp;**$19.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.76%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.54)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.68%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$209254 | &nbsp;&nbsp;$206581 | &nbsp;&nbsp;$190748 | &nbsp;&nbsp;$208906 | &nbsp;&nbsp;$239294 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Dividend Builder 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's investment objective is to seek total return. The Fund offers three 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 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. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

**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 Fund'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 Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial 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 Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements — continued

------

D Federal and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

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

G 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.

H 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.

I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, 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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$11844647 | &nbsp;&nbsp;&nbsp;&nbsp;$17086404 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$65026652 | &nbsp;&nbsp;&nbsp;&nbsp;$48403424 |

---

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements — continued

------

During the year ended December 31, 2025, distributable earnings was decreased by $1,833,469 and paid-in capital was increased by $1,833,469 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$586982 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214752489 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$215339471** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$661978114** |
| Gross unrealized appreciation | &nbsp;&nbsp;$234049390 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19338360) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$214711030** |

---

3 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 Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly.

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6500% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6000% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5500% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% |

---

For the year ended December 31, 2025, the investment adviser fee amounted to $5,717,608 or 0.64% of the Fund's average daily net assets. The Fund 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 Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment adviser fee paid was reduced by $9,517 relating to the Fund's investment in the Liquidity Fund.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. 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, 2025, EVM earned $95,391 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 and the Fund's principal underwriter, received $8,751 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. 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, 2025 in the amount of $1,500. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements — continued

------

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund 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 Fund 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, 2025 amounted to $1,676,590 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C 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, 2025, the Fund paid or accrued to EVD $100,738 for Class C shares.

Pursuant to the Class C Plan, 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, 2025 amounted to $33,580 for Class C shares.

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, 2025, the Fund was informed that EVD received less than $100 and $536 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $397,436,105 and $470,331,642, respectively, for the year ended December 31, 2025.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1015867 | &nbsp;&nbsp;&nbsp;&nbsp;$16418757 | &nbsp;&nbsp;&nbsp;&nbsp;1315415 | &nbsp;&nbsp;&nbsp;&nbsp;$20999576 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;3101433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49049028 | &nbsp;&nbsp;&nbsp;&nbsp;2605502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42192703 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(5007940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81922818) | &nbsp;&nbsp;&nbsp;&nbsp;(5179405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82799454) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(890640)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16455033)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1258488)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19607175)** |

---

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 121550 | &nbsp;&nbsp;&nbsp;&nbsp;$1999354 | &nbsp;&nbsp;&nbsp;&nbsp; 142656 | &nbsp;&nbsp;&nbsp;&nbsp;$2300306 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 57131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911621 | &nbsp;&nbsp;&nbsp;&nbsp; 52835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866152 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3946265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (401797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6468446) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(59398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1035290)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(206306)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3301988)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1289850 | &nbsp;&nbsp;&nbsp;&nbsp;$21020772 | &nbsp;&nbsp;&nbsp;&nbsp;1627354 | &nbsp;&nbsp;&nbsp;&nbsp;$26350578 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1097892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17345170 | &nbsp;&nbsp;&nbsp;&nbsp; 883188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278452 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2125030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34638747) | &nbsp;&nbsp;&nbsp;&nbsp;(2294366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36347497) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **262712** | &nbsp;&nbsp;&nbsp;&nbsp;**$3727195** | &nbsp;&nbsp;&nbsp;&nbsp; **216176** | &nbsp;&nbsp;&nbsp;&nbsp;**$4281533** |

---

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally 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 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2025.

9 Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At December 31, 2025, the value of the securities loaned and the value of the collateral received amounted to $6,448,748 and $6,624,357, respectively. Collateral received was comprised of U.S. Government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Notes to Financial Statements — continued

------

10 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,189,907, which represents 0.4% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $8579891 | $101423817 | $(106813801) | $— | $— | $3189907 | $271116 | 3189907 |

---

11 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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$873,499,237\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$873499237 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3189907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189907 |
| **Total Investments** | &nbsp;&nbsp;**$876689144** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$876689144** |

---

\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Dividend Builder Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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. Our procedures included confirmation of securities owned as of December 31, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

Eaton Vance

Dividend Builder Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $19,161,435, 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 2025 ordinary income dividends, 100% 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, 2025, $58,673,659 or, if subsequently determined to be different, the net capital gain of such year.**

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[**Table of Contents**](#JOB_EV_AR_d049a576-439d-44ee-acb7-aa892bd77999_TOC)

EVTMX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Growth Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380img9e620b161.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Growth Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_9e6a2455-1567-41d3-b4a3-eaf829b00517_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_c4e7be70-64eb-4fe6-9a89-1f0f5afb5da6_1) | [Items 6 and 7 of Form N-CSR:](#xx_c4e7be70-64eb-4fe6-9a89-1f0f5afb5da6_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_c4e7be70-64eb-4fe6-9a89-1f0f5afb5da6_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_2dda63b7-c8db-49e5-b159-ec40ccf3aba1_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_2dda63b7-c8db-49e5-b159-ec40ccf3aba1_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_2dda63b7-c8db-49e5-b159-ec40ccf3aba1_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_7bd7c904-0d1a-46d5-9487-3d553fce51e9_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3ba23cdc-e10c-496e-819a-9dddf6adde75_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_c02459f3-f004-47c2-a1b7-e1cef99f1507_1) | 17 |
| [Federal Tax Information](#xx_0109524f-15e5-4496-bfc3-baf8eb8a47d4_1) | 18 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Portfolio of Investments

------

Common Stocks — 99.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 2.0% | Aerospace & Defense — 2.0% | Aerospace & Defense — 2.0% |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15242 | &nbsp;&nbsp;$4932159 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp; 3791402 |
|  |  | &nbsp;&nbsp;**$8723561** |
| Automobiles — 1.3% | Automobiles — 1.3% | Automobiles — 1.3% |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12602 | &nbsp;&nbsp;$5667371 |
|  |  | &nbsp;&nbsp;**$5667371** |
| Beverages — 1.2% | Beverages — 1.2% | Beverages — 1.2% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;78704 | &nbsp;&nbsp;$5502197 |
|  |  | &nbsp;&nbsp;**$5502197** |
| Biotechnology — 2.6% | Biotechnology — 2.6% | Biotechnology — 2.6% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41518 | &nbsp;&nbsp;$9486448 |
| Caris Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78821 | &nbsp;&nbsp;&nbsp;&nbsp; 2126590 |
|  |  | &nbsp;&nbsp;**$11613038** |
| Broadline Retail — 7.0% | Broadline Retail — 7.0% | Broadline Retail — 7.0% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135335 | &nbsp;&nbsp;$31238025 |
|  |  | &nbsp;&nbsp;**$31238025** |
| Building Products — 1.9% | Building Products — 1.9% | Building Products — 1.9% |
| AAON, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59901 | &nbsp;&nbsp;$4567451 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;10060 | &nbsp;&nbsp;&nbsp;&nbsp; 3915352 |
|  |  | &nbsp;&nbsp;**$8482803** |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;$1923437 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp; 2356608 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp; 2167703 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23125 | &nbsp;&nbsp;&nbsp;&nbsp; 2486862 |
|  |  | &nbsp;&nbsp;**$8934610** |
| Commercial Services & Supplies — 0.9% | Commercial Services & Supplies — 0.9% | Commercial Services & Supplies — 0.9% |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23428 | &nbsp;&nbsp;$4108334 |
|  |  | &nbsp;&nbsp;**$4108334** |
| Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39224 | &nbsp;&nbsp;$5139521 |
|  |  | &nbsp;&nbsp;**$5139521** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9067 | &nbsp;&nbsp;$3826818 |
|  |  | &nbsp;&nbsp;**$3826818** |
| Consumer Staples Distribution & Retail — 2.5% | Consumer Staples Distribution & Retail — 2.5% | Consumer Staples Distribution & Retail — 2.5% |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7366 | &nbsp;&nbsp;$6351996 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45011 | &nbsp;&nbsp;&nbsp;&nbsp; 5014676 |
|  |  | &nbsp;&nbsp;**$11366672** |
| Electrical Equipment — 1.1% | Electrical Equipment — 1.1% | Electrical Equipment — 1.1% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23082 | &nbsp;&nbsp;$4738965 |
|  |  | &nbsp;&nbsp;**$4738965** |
| Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98240 | &nbsp;&nbsp;$9210982 |
|  |  | &nbsp;&nbsp;**$9210982** |
| Financial Services — 3.2% | Financial Services — 3.2% | Financial Services — 3.2% |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;40439 | &nbsp;&nbsp;$14182362 |
|  |  | &nbsp;&nbsp;**$14182362** |
| Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45656 | &nbsp;&nbsp;$3892174 |
| Medline, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp; 100254 |
|  |  | &nbsp;&nbsp;**$3992428** |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;$1673745 |
|  |  | &nbsp;&nbsp;**$1673745** |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995 | &nbsp;&nbsp;$2069026 |
|  |  | &nbsp;&nbsp;**$2069026** |
| Interactive Media & Services — 11.2% | Interactive Media & Services — 11.2% | Interactive Media & Services — 11.2% |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;68203 | &nbsp;&nbsp;$21347539 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;30011 | &nbsp;&nbsp;&nbsp;&nbsp; 9417452 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29078 | &nbsp;&nbsp;&nbsp;&nbsp; 19194097 |
|  |  | &nbsp;&nbsp;**$49959088** |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 | &nbsp;&nbsp;$2456868 |
|  |  | &nbsp;&nbsp;**$2456868** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;14503 | &nbsp;&nbsp;$15586084 |
|  |  | &nbsp;&nbsp;**$15586084** |
| Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% |
| CoStar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33656 | &nbsp;&nbsp;$2263029 |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 1741936 |
|  |  | &nbsp;&nbsp;**$4004965** |
| Semiconductors & Semiconductor Equipment — 24.6% | Semiconductors & Semiconductor Equipment — 24.6% | Semiconductors & Semiconductor Equipment — 24.6% |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456 | &nbsp;&nbsp;$2293267 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84134 | &nbsp;&nbsp;&nbsp;&nbsp; 29118777 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67072 | &nbsp;&nbsp;&nbsp;&nbsp; 11481385 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356126 | &nbsp;&nbsp;&nbsp;&nbsp; 66417499 |
|  |  | &nbsp;&nbsp;**$109310928** |
| Software — 16.3% | Software — 16.3% | Software — 16.3% |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 | &nbsp;&nbsp;$3814039 |
| Fortinet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42702 | &nbsp;&nbsp;&nbsp;&nbsp; 3390966 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10582 | &nbsp;&nbsp;&nbsp;&nbsp; 7009728 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90293 | &nbsp;&nbsp;&nbsp;&nbsp; 43667501 |
| Nutanix, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50242 | &nbsp;&nbsp;&nbsp;&nbsp; 2597009 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22166 | &nbsp;&nbsp;&nbsp;&nbsp; 4320375 |
| ServiceTitan, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25787 | &nbsp;&nbsp;&nbsp;&nbsp; 2746316 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10927 | &nbsp;&nbsp;&nbsp;&nbsp; 5132630 |
|  |  | &nbsp;&nbsp;**$72678564** |
| Specialty Retail — 3.5% | Specialty Retail — 3.5% | Specialty Retail — 3.5% |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;$2784514 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 | &nbsp;&nbsp;&nbsp;&nbsp; 2089719 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69971 | &nbsp;&nbsp;&nbsp;&nbsp; 10748246 |
|  |  | &nbsp;&nbsp;**$15622479** |
| Technology Hardware, Storage & Peripherals — 7.7% | Technology Hardware, Storage & Peripherals — 7.7% | Technology Hardware, Storage & Peripherals — 7.7% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126410 | &nbsp;&nbsp;$34365823 |
|  |  | &nbsp;&nbsp;**$34365823** |
| Total Common Stocks<br> (identified cost $160,930,169) |  | &nbsp;&nbsp;**$444455257** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | 1318548 | &nbsp;&nbsp;$1318548 |
| Total Short-Term Investments<br> (identified cost $1,318,548) |  | &nbsp;&nbsp;**$1318548** |
| Total Investments — 100.2%<br> (identified cost $162,248,717) |  | &nbsp;&nbsp;**$445773805** |
| Other Assets, Less Liabilities — (0.2)% |  | &nbsp;&nbsp;**$(768435)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$445005370** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $4,521,701. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $160,930,169) — including $4,521,701 of securities on loan | &nbsp;&nbsp;$444455257 |
| Affiliated investments, at value (identified cost $1,318,548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318548 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41914 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158039 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22149 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89681 |
| **Total assets** | &nbsp;&nbsp;**$446092921** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$494942 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245307 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79915 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89681 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149745 |
| **Total liabilities** | &nbsp;&nbsp;**$1087551** |
| **Net Assets** | &nbsp;&nbsp;**$445005370** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$161474097 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;283531273 |
| **Net Assets** | &nbsp;&nbsp;**$445005370** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$339823415 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232045 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$41.28 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$43.57 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$5607956 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212450 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.40 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$92083846 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056409 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$44.78 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$7490153 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195577 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$38.30 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $7,077) | &nbsp;&nbsp;$2098888 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91184 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302 |
| **Total investment income** | &nbsp;&nbsp;**$2202374** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$2803236 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826804 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58696 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32676 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28839 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105813 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267827 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71590 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16128 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64484 |
| ReFlow liquidity program fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17275 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45427 |
| **Total expenses** | &nbsp;&nbsp;**$4338795** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$3150 |
| **Total expense reductions** | &nbsp;&nbsp;**$3150** |
| **Net expenses** | &nbsp;&nbsp;**$4335645** |
| **Net investment loss** | &nbsp;&nbsp;**$(2133271)** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$60949196<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 |
| **Net realized gain** | &nbsp;&nbsp;**$60953135** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$446947 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$446941** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$61400076** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$59266805** |

---

<sup>(1)</sup> Includes $9,331,994 of net realized gains from redemptions in-kind.

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(2133271) | &nbsp;&nbsp;$(1769457) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60953135<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38237298 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77289629 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$59266805** | &nbsp;&nbsp;**$113757470** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(45048338) | &nbsp;&nbsp;$(22149175) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1119487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717129) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11606114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5409949) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411603) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(58803492)** | &nbsp;&nbsp;**$(28687856)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$6262077 | &nbsp;&nbsp;$(4500132) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(675588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2294711) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11252233) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608409 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$12630000** | &nbsp;&nbsp;**$(14438667)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$13093313** | &nbsp;&nbsp;**$70630947** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$431912057 | &nbsp;&nbsp;$361281110 |
| **At end of year** | &nbsp;&nbsp;**$445005370** | &nbsp;&nbsp;**$431912057** |

---

<sup>(1)</sup> Includes $9,331,994 of net realized gains from redemptions in-kind.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$41.33 | &nbsp;&nbsp;$33.35 | &nbsp;&nbsp;$26.40 | &nbsp;&nbsp;$39.59 | &nbsp;&nbsp;$35.93 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$6.06** | &nbsp;&nbsp;**$10.89** | &nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;**$(11.67)** | &nbsp;&nbsp;**$7.02** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(6.11) | &nbsp;&nbsp;$(2.91) | &nbsp;&nbsp;$(3.05) | &nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;$(3.36) |
| **Total distributions** | &nbsp;&nbsp;**$(6.11)** | &nbsp;&nbsp;**$(2.91)** | &nbsp;&nbsp;**$(3.05)** | &nbsp;&nbsp;**$(1.52)** | &nbsp;&nbsp;**$(3.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$41.28** | &nbsp;&nbsp;**$41.33** | &nbsp;&nbsp;**$33.35** | &nbsp;&nbsp;**$26.40** | &nbsp;&nbsp;**$39.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(29.63)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.62%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$339823 | &nbsp;&nbsp;$333368 | &nbsp;&nbsp;$273827 | &nbsp;&nbsp;$213878 | &nbsp;&nbsp;$330230 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$28.55 | &nbsp;&nbsp;$23.88 | &nbsp;&nbsp;$19.70 | &nbsp;&nbsp;$30.29 | &nbsp;&nbsp;$28.37 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.33) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.96** | &nbsp;&nbsp;**$7.58** | &nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;**$(9.07)** | &nbsp;&nbsp;**$5.28** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(6.11) | &nbsp;&nbsp;$(2.91) | &nbsp;&nbsp;$(3.05) | &nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;$(3.36) |
| **Total distributions** | &nbsp;&nbsp;**$(6.11)** | &nbsp;&nbsp;**$(2.91)** | &nbsp;&nbsp;**$(3.05)** | &nbsp;&nbsp;**$(1.52)** | &nbsp;&nbsp;**$(3.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.40** | &nbsp;&nbsp;**$28.55** | &nbsp;&nbsp;**$23.88** | &nbsp;&nbsp;**$19.70** | &nbsp;&nbsp;**$30.29** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**13.75%** | &nbsp;&nbsp;&nbsp;&nbsp;**31.46%** | &nbsp;&nbsp;&nbsp;&nbsp;**37.26%** | &nbsp;&nbsp;&nbsp;&nbsp;**(30.15)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.70%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5608 | &nbsp;&nbsp;$6706 | &nbsp;&nbsp;$7643 | &nbsp;&nbsp;$7354 | &nbsp;&nbsp;$14409 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(1.28)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.22)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.00)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$44.27 | &nbsp;&nbsp;$35.49 | &nbsp;&nbsp;$27.87 | &nbsp;&nbsp;$41.58 | &nbsp;&nbsp;$37.50 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;(12.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$6.62** | &nbsp;&nbsp;**$11.69** | &nbsp;&nbsp;**$10.67** | &nbsp;&nbsp;**$(12.19)** | &nbsp;&nbsp;**$7.44** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(6.11) | &nbsp;&nbsp;$(2.91) | &nbsp;&nbsp;$(3.05) | &nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;$(3.36) |
| **Total distributions** | &nbsp;&nbsp;**$(6.11)** | &nbsp;&nbsp;**$(2.91)** | &nbsp;&nbsp;**$(3.05)** | &nbsp;&nbsp;**$(1.52)** | &nbsp;&nbsp;**$(3.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$44.78** | &nbsp;&nbsp;**$44.27** | &nbsp;&nbsp;**$35.49** | &nbsp;&nbsp;**$27.87** | &nbsp;&nbsp;**$41.58** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.76%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.69%** | &nbsp;&nbsp;&nbsp;&nbsp;**(29.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.92%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$92084 | &nbsp;&nbsp;$85894 | &nbsp;&nbsp;$77753 | &nbsp;&nbsp;$57481 | &nbsp;&nbsp;$100423 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

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

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$38.82 | &nbsp;&nbsp;$31.54 | &nbsp;&nbsp;$25.14 | &nbsp;&nbsp;$37.90 | &nbsp;&nbsp;$34.61 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.21) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;(11.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$5.59** | &nbsp;&nbsp;**$10.19** | &nbsp;&nbsp;**$9.45** | &nbsp;&nbsp;**$(11.24)** | &nbsp;&nbsp;**$6.65** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(6.11) | &nbsp;&nbsp;$(2.91) | &nbsp;&nbsp;$(3.05) | &nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;$(3.36) |
| **Total distributions** | &nbsp;&nbsp;**$(6.11)** | &nbsp;&nbsp;**$(2.91)** | &nbsp;&nbsp;**$(3.05)** | &nbsp;&nbsp;**$(1.52)** | &nbsp;&nbsp;**$(3.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$38.30** | &nbsp;&nbsp;**$38.82** | &nbsp;&nbsp;**$31.54** | &nbsp;&nbsp;**$25.14** | &nbsp;&nbsp;**$37.90** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**14.32%** | &nbsp;&nbsp;&nbsp;&nbsp;**32.10%** | &nbsp;&nbsp;&nbsp;&nbsp;**38.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**(29.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;**19.29%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$7490 | &nbsp;&nbsp;$5944 | &nbsp;&nbsp;$2057 | &nbsp;&nbsp;$2123 | &nbsp;&nbsp;$3020 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.70)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.56)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Growth Fund (the Fund) is a non-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's investment objective is to seek total return. The Fund offers four 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 and Class R 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. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

**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 Fund'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 Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial 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 Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates.

D Federal and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

F 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.

G 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.

H 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.

I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the 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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$58803492 | &nbsp;&nbsp;&nbsp;&nbsp;$28687856 |

---

During the year ended December 31, 2025, distributable earnings was decreased by $7,915,042 and paid-in capital was increased by $7,915,042 due to the Fund's use of equalization accounting and differences between book and tax accounting for net operating losses and redemptions in-kind. 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$283531273 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$283531273** |

---

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$162242518** |
| Gross unrealized appreciation | &nbsp;&nbsp;$286815095 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3283808) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$283531287** |

---

3 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 Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |

---

For the year ended December 31, 2025, the Fund's investment adviser fee amounted to $2,803,236 or 0.65% of the Fund's average daily net assets. The Fund 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 Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment adviser fee paid was reduced by $3,150 relating to the Fund's investment in the Liquidity Fund.

Eaton Vance Management (EVM), an affiliate of BMR, serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.05%, 1.80%, 0.80% and 1.30% of the Fund's average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after May 1, 2026. Pursuant to this agreement, no operating expenses were waived and/or reimbursed by EVM for the year ended December 31, 2025.

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, 2025, EVM earned $80,998 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 and the Fund's principal underwriter, received $5,158 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. 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 who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund 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 Fund are officers of the above organizations.

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

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, 2025 amounted to $826,804 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, 2025, the Fund paid or accrued to EVD $44,022 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, 2025, the Fund paid or accrued to EVD $16,338 for Class R shares.

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, 2025 amounted to $14,674 and $16,338 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, 2025, the Fund was informed that EVD received $141 and $486 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $87,471,903 and $121,643,785, respectively, for the year ended December 31, 2025. In-kind sales for the year ended December 31, 2025 aggregated $11,832,598.

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. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. The Fund began participating in the ReFlow liquidity program on November 28, 2025. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 223535 | &nbsp;&nbsp;&nbsp;&nbsp;$9442117 | &nbsp;&nbsp;&nbsp;&nbsp;271799 | &nbsp;&nbsp;&nbsp;&nbsp;$10648253 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1010535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41937220 | &nbsp;&nbsp;&nbsp;&nbsp;486098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20552223 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1067957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45117260) | &nbsp;&nbsp;&nbsp;&nbsp;(901712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35700608) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **166113** | &nbsp;&nbsp;&nbsp;&nbsp;**$6262077** | &nbsp;&nbsp;&nbsp;&nbsp;**(143815)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4500132)** |

---

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 34911 | &nbsp;&nbsp;&nbsp;&nbsp;$1008130 | &nbsp;&nbsp;&nbsp;&nbsp; 45651 | &nbsp;&nbsp;&nbsp;&nbsp;$1282478 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 42077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117149 | &nbsp;&nbsp;&nbsp;&nbsp; 24543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717129 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2800867) | &nbsp;&nbsp;&nbsp;&nbsp;(155345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4294318) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(22419)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(675588)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(85151)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2294711)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 443716 | &nbsp;&nbsp;&nbsp;&nbsp;$20324669 | &nbsp;&nbsp;&nbsp;&nbsp;334824 | &nbsp;&nbsp;&nbsp;&nbsp;$14096510 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 248444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11182443 | &nbsp;&nbsp;&nbsp;&nbsp;115420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226229 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (575815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26172650) | &nbsp;&nbsp;&nbsp;&nbsp;(701111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30574972) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **116345** | &nbsp;&nbsp;&nbsp;&nbsp;**$5334462** | &nbsp;&nbsp;&nbsp;&nbsp;**(250867)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11252233)** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 45294 | &nbsp;&nbsp;&nbsp;&nbsp;$1823740 | &nbsp;&nbsp;&nbsp;&nbsp; 86110 | &nbsp;&nbsp;&nbsp;&nbsp;$3510088 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 26404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016832 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401975 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (303654) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **42464** | &nbsp;&nbsp;&nbsp;&nbsp;**$1709049** | &nbsp;&nbsp;&nbsp;&nbsp; **87896** | &nbsp;&nbsp;&nbsp;&nbsp;**$3608409** |

---

8 Line of Credit

The Fund 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 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally 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 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2025.

9 Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $4,521,701 and $4,755,493, respectively. Collateral received was comprised of U.S. government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

10 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,318,548, which represents 0.3% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $3288104 | $41056072 | $(43025628) | $— | $— | $1318548 | $91184 | 1318548 |

---

11 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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$444,455,257\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$444455257 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1318548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318548 |
| **Total Investments** | &nbsp;&nbsp;**$445773805** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$445773805** |

---

\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Growth Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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. Our procedures included confirmation of securities owned as of December 31, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

Eaton Vance

Growth Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 capital gains dividends.

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $51,725,761 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_2f49e14d-89fe-41c7-ac22-6d437923f1d4_TOC)

EALCX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Large-Cap Value Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380img8745ee831.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Large-Cap Value Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4e801da9-400d-4f8e-906f-4ab34c3edd8d_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_6c7dd0ae-3a82-4025-87de-78266c357ee0_1) | [Items 6 and 7 of Form N-CSR:](#xx_6c7dd0ae-3a82-4025-87de-78266c357ee0_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_6c7dd0ae-3a82-4025-87de-78266c357ee0_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_22c35f56-47f4-4acc-93f6-e6d39abfbacc_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_22c35f56-47f4-4acc-93f6-e6d39abfbacc_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_22c35f56-47f4-4acc-93f6-e6d39abfbacc_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_ae2837ba-3c8c-45ff-967d-e5eb20cb4935_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_0a90aa1e-526b-4886-9553-35d254382fbc_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_e765d179-4dac-4639-8ff7-26a8817d6850_1) | 20 |
| [Federal Tax Information](#xx_62ba762e-2d15-4410-9224-c71dcdda9915_1) | 21 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Portfolio of Investments

------

Common Stocks — 99.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43713 | &nbsp;&nbsp;$14865480 |
|  |  | &nbsp;&nbsp;**$14865480** |
| Air Freight & Logistics — 1.9% | Air Freight & Logistics — 1.9% | Air Freight & Logistics — 1.9% |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;271915 | &nbsp;&nbsp;$26971249 |
|  |  | &nbsp;&nbsp;**$26971249** |
| Banks — 7.8% | Banks — 7.8% | Banks — 7.8% |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;915392 | &nbsp;&nbsp;$50346560 |
| Huntington Bancshares, Inc. | 1257584 | &nbsp;&nbsp;&nbsp;&nbsp; 21819082 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;382535 | &nbsp;&nbsp;&nbsp;&nbsp; 35652262 |
|  |  | &nbsp;&nbsp;**$107817904** |
| Biotechnology — 2.5% | Biotechnology — 2.5% | Biotechnology — 2.5% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91389 | &nbsp;&nbsp;$20881472 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107901 | &nbsp;&nbsp;&nbsp;&nbsp; 13243769 |
|  |  | &nbsp;&nbsp;**$34125241** |
| Broadline Retail — 4.4% | Broadline Retail — 4.4% | Broadline Retail — 4.4% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225839 | &nbsp;&nbsp;$52128158 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104737 | &nbsp;&nbsp;&nbsp;&nbsp; 9122593 |
|  |  | &nbsp;&nbsp;**$61250751** |
| Building Products — 1.9% | Building Products — 1.9% | Building Products — 1.9% |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;217903 | &nbsp;&nbsp;$26093884 |
|  |  | &nbsp;&nbsp;**$26093884** |
| Capital Markets — 5.8% | Capital Markets — 5.8% | Capital Markets — 5.8% |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91760 | &nbsp;&nbsp;$23031760 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;383723 | &nbsp;&nbsp;&nbsp;&nbsp; 38337765 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21581 | &nbsp;&nbsp;&nbsp;&nbsp; 18969699 |
|  |  | &nbsp;&nbsp;**$80339224** |
| Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56340 | &nbsp;&nbsp;$24022813 |
|  |  | &nbsp;&nbsp;**$24022813** |
| Communications Equipment — 2.5% | Communications Equipment — 2.5% | Communications Equipment — 2.5% |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446056 | &nbsp;&nbsp;$34359694 |
|  |  | &nbsp;&nbsp;**$34359694** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Consumer Staples Distribution & Retail — 2.8% | Consumer Staples Distribution & Retail — 2.8% | Consumer Staples Distribution & Retail — 2.8% |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;203044 | &nbsp;&nbsp;$18280052 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275079 | &nbsp;&nbsp;&nbsp;&nbsp; 20718950 |
|  |  | &nbsp;&nbsp;**$38999002** |
| Containers & Packaging — 2.4% | Containers & Packaging — 2.4% | Containers & Packaging — 2.4% |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61701 | &nbsp;&nbsp;$11222178 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;405540 | &nbsp;&nbsp;&nbsp;&nbsp; 21481454 |
|  |  | &nbsp;&nbsp;**$32703632** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101128 | &nbsp;&nbsp;$11853213 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173235 | &nbsp;&nbsp;&nbsp;&nbsp; 16012111 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207876 | &nbsp;&nbsp;&nbsp;&nbsp; 16688285 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69091 | &nbsp;&nbsp;&nbsp;&nbsp; 11002051 |
|  |  | &nbsp;&nbsp;**$55555660** |
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;183087 | &nbsp;&nbsp;$24299307 |
|  |  | &nbsp;&nbsp;**$24299307** |
| Entertainment — 2.4% | Entertainment — 2.4% | Entertainment — 2.4% |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;293990 | &nbsp;&nbsp;$33447242 |
|  |  | &nbsp;&nbsp;**$33447242** |
| Food Products — 2.2% | Food Products — 2.2% | Food Products — 2.2% |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;110002 | &nbsp;&nbsp;$20018164 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;104217 | &nbsp;&nbsp;&nbsp;&nbsp; 10193465 |
|  |  | &nbsp;&nbsp;**$30211629** |
| Ground Transportation — 2.4% | Ground Transportation — 2.4% | Ground Transportation — 2.4% |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;912426 | &nbsp;&nbsp;$33075442 |
|  |  | &nbsp;&nbsp;**$33075442** |
| Health Care Equipment & Supplies — 4.2% | Health Care Equipment & Supplies — 4.2% | Health Care Equipment & Supplies — 4.2% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;286353 | &nbsp;&nbsp;$35877167 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;237580 | &nbsp;&nbsp;&nbsp;&nbsp; 22653253 |
| Medline, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7266 | &nbsp;&nbsp;&nbsp;&nbsp; 305172 |
|  |  | &nbsp;&nbsp;**$58835592** |
| Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46066 | &nbsp;&nbsp;$15206847 |
|  |  | &nbsp;&nbsp;**$15206847** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure — 1.7% | Hotels, Restaurants & Leisure — 1.7% | Hotels, Restaurants & Leisure — 1.7% |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78460 | &nbsp;&nbsp;$23979730 |
|  |  | &nbsp;&nbsp;**$23979730** |
| Household Durables — 1.1% | Household Durables — 1.1% | Household Durables — 1.1% |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;236763 | &nbsp;&nbsp;$15579005 |
|  |  | &nbsp;&nbsp;**$15579005** |
| Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;155221 | &nbsp;&nbsp;$24850882 |
|  |  | &nbsp;&nbsp;**$24850882** |
| Industrial REITs — 1.4% | Industrial REITs — 1.4% | Industrial REITs — 1.4% |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330328 | &nbsp;&nbsp;$18917884 |
|  |  | &nbsp;&nbsp;**$18917884** |
| Insurance — 9.5% | Insurance — 9.5% | Insurance — 9.5% |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414944 | &nbsp;&nbsp;$35498459 |
| Prudential PLC | 1474475 | &nbsp;&nbsp;&nbsp;&nbsp; 22681964 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164178 | &nbsp;&nbsp;&nbsp;&nbsp; 33403656 |
| Ryan Specialty Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;422408 | &nbsp;&nbsp;&nbsp;&nbsp; 21808925 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62392 | &nbsp;&nbsp;&nbsp;&nbsp; 18097424 |
|  |  | &nbsp;&nbsp;**$131490428** |
| Interactive Media & Services — 4.6% | Interactive Media & Services — 4.6% | Interactive Media & Services — 4.6% |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;108372 | &nbsp;&nbsp;$33920436 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45519 | &nbsp;&nbsp;&nbsp;&nbsp; 30046637 |
|  |  | &nbsp;&nbsp;**$63967073** |
| Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15548 | &nbsp;&nbsp;$21676866 |
|  |  | &nbsp;&nbsp;**$21676866** |
| Machinery — 1.4% | Machinery — 1.4% | Machinery — 1.4% |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119388 | &nbsp;&nbsp;$9457917 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49117 | &nbsp;&nbsp;&nbsp;&nbsp; 10484024 |
|  |  | &nbsp;&nbsp;**$19941941** |
| Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237485 | &nbsp;&nbsp;$12619953 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95246 | &nbsp;&nbsp;&nbsp;&nbsp; 16139435 |
|  |  | &nbsp;&nbsp;**$28759388** |
| Multi-Utilities — 1.2% | Multi-Utilities — 1.2% | Multi-Utilities — 1.2% |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97717 | &nbsp;&nbsp;$6833350 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Multi-Utilities (continued) | Multi-Utilities (continued) | Multi-Utilities (continued) |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;114319 | &nbsp;&nbsp;$10093224 |
|  |  | &nbsp;&nbsp;**$16926574** |
| Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300541 | &nbsp;&nbsp;$16108997 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;370399 | &nbsp;&nbsp;&nbsp;&nbsp; 44573816 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364539 | &nbsp;&nbsp;&nbsp;&nbsp; 21912439 |
|  |  | &nbsp;&nbsp;**$82595252** |
| Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;466142 | &nbsp;&nbsp;$25143699 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51907 | &nbsp;&nbsp;&nbsp;&nbsp; 6530939 |
|  |  | &nbsp;&nbsp;**$31674638** |
| Semiconductors & Semiconductor Equipment — 7.6% | Semiconductors & Semiconductor Equipment — 7.6% | Semiconductors & Semiconductor Equipment — 7.6% |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68054 | &nbsp;&nbsp;$14574445 |
| Intel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;777480 | &nbsp;&nbsp;&nbsp;&nbsp; 28689012 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245119 | &nbsp;&nbsp;&nbsp;&nbsp; 15618983 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131683 | &nbsp;&nbsp;&nbsp;&nbsp; 37583645 |
| ON Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153089 | &nbsp;&nbsp;&nbsp;&nbsp; 8289769 |
|  |  | &nbsp;&nbsp;**$104755854** |
| Software — 1.7% | Software — 1.7% | Software — 1.7% |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90770 | &nbsp;&nbsp;$24045881 |
|  |  | &nbsp;&nbsp;**$24045881** |
| Specialty Retail — 2.3% | Specialty Retail — 2.3% | Specialty Retail — 2.3% |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90745 | &nbsp;&nbsp;$21884064 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57942 | &nbsp;&nbsp;&nbsp;&nbsp; 10437672 |
|  |  | &nbsp;&nbsp;**$32321736** |
| Total Common Stocks<br> (identified cost $1,069,392,502) |  | &nbsp;&nbsp;**$1373663725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Portfolio of Investments — continued

------

Short-Term Investments — 1.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | 14737235 | &nbsp;&nbsp;$14737235 |
| Total Short-Term Investments<br> (identified cost $14,737,235) |  | &nbsp;&nbsp;**$14737235** |
| Total Investments — 100.3%<br> (identified cost $1,084,129,737) |  | &nbsp;&nbsp;**$1388400960** |
| Other Assets, Less Liabilities — (0.3)% |  | &nbsp;&nbsp;**$(4435637)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1383965323** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $6,800,549. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,069,392,502) — including $6,800,549 of securities on loan | &nbsp;&nbsp;$1373663725 |
| Affiliated investments, at value (identified cost $14,737,235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14737235 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816259 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62747 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170544 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72032 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286859 |
| **Total assets** | &nbsp;&nbsp;**$1389810350** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$4216375 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736891 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146138 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24607 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286859 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410902 |
| **Total liabilities** | &nbsp;&nbsp;**$5845027** |
| **Net Assets** | &nbsp;&nbsp;**$1383965323** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1081350738 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302614585 |
| **Net Assets** | &nbsp;&nbsp;**$1383965323** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$579708490 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21663362 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.76 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$28.24 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$10312283 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382616 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.95 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$687057407 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25529880 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.91 |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$31677317 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187774 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.67 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$75209826 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792387 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.93 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $23,797) | &nbsp;&nbsp;$26515439 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851753 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 |
| **Total investment income** | &nbsp;&nbsp;**$27381677** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$8777448 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455190 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102548 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159700 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93254 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316709 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942727 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137125 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61218 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77961 |
| ReFlow liquidity program fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215289 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92665 |
| **Total expenses** | &nbsp;&nbsp;**$12431834** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$29848 |
| **Total expense reductions** | &nbsp;&nbsp;**$29848** |
| **Net expenses** | &nbsp;&nbsp;**$12401986** |
| **Net investment income** | &nbsp;&nbsp;**$14979691** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$117580204<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165 |
| **Net realized gain** | &nbsp;&nbsp;**$117587369** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$28237518 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$28239470** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$145826839** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$160806530** |

---

<sup>(1)</sup> Includes $67,511,782 of net realized gains from redemptions in-kind.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$14979691 | &nbsp;&nbsp;$17144441 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117587369<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142838528<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28239470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220088 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$160806530** | &nbsp;&nbsp;**$163203057** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(34532247) | &nbsp;&nbsp;$(24752520) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370397) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42429643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31229859) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1807802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371378) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4787137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4246109) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(84087295)** | &nbsp;&nbsp;**$(61970263)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(48479475) | &nbsp;&nbsp;$(42636588) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3083361) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64113309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39567410) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4032420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7294699) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24236139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17397737) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(142112977)** | &nbsp;&nbsp;**$(109979795)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(65393742)** | &nbsp;&nbsp;**$(8747001)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1449359065 | &nbsp;&nbsp;$1458106066 |
| **At end of year** | &nbsp;&nbsp;**$1383965323** | &nbsp;&nbsp;**$1449359065** |

---

<sup>(1)</sup> Includes $67,511,782 of net realized gains from redemptions in-kind.

<sup>(2)</sup> Includes $50,135,110 of net realized gains from redemptions in-kind.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.37 | &nbsp;&nbsp;$23.69 | &nbsp;&nbsp;$22.63 | &nbsp;&nbsp;$24.26 | &nbsp;&nbsp;$21.00 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.03** | &nbsp;&nbsp;**$2.75** | &nbsp;&nbsp;**$1.76** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$5.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| **Total distributions** | &nbsp;&nbsp;**$(1.64)** | &nbsp;&nbsp;**$(1.07)** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.96)** | &nbsp;&nbsp;**$(1.78)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.76** | &nbsp;&nbsp;**$25.37** | &nbsp;&nbsp;**$23.69** | &nbsp;&nbsp;**$22.63** | &nbsp;&nbsp;**$24.26** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.29%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$579708 | &nbsp;&nbsp;$596175 | &nbsp;&nbsp;$597094 | &nbsp;&nbsp;$626604 | &nbsp;&nbsp;$699076 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.55 | &nbsp;&nbsp;$23.84 | &nbsp;&nbsp;$22.76 | &nbsp;&nbsp;$24.39 | &nbsp;&nbsp;$21.10 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$2.84** | &nbsp;&nbsp;**$2.58** | &nbsp;&nbsp;**$1.60** | &nbsp;&nbsp;**$(0.86)** | &nbsp;&nbsp;**$4.89** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| **Total distributions** | &nbsp;&nbsp;**$(1.44)** | &nbsp;&nbsp;**$(0.87)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(1.60)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.95** | &nbsp;&nbsp;**$25.55** | &nbsp;&nbsp;**$23.84** | &nbsp;&nbsp;**$22.76** | &nbsp;&nbsp;**$24.39** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.39%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$10312 | &nbsp;&nbsp;$11019 | &nbsp;&nbsp;$13182 | &nbsp;&nbsp;$15822 | &nbsp;&nbsp;$20594 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.51 | &nbsp;&nbsp;$23.81 | &nbsp;&nbsp;$22.74 | &nbsp;&nbsp;$24.38 | &nbsp;&nbsp;$21.09 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.11** | &nbsp;&nbsp;**$2.83** | &nbsp;&nbsp;**$1.83** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$5.13** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.30) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| **Total distributions** | &nbsp;&nbsp;**$(1.71)** | &nbsp;&nbsp;**$(1.13)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(1.02)** | &nbsp;&nbsp;**$(1.84)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.91** | &nbsp;&nbsp;**$25.51** | &nbsp;&nbsp;**$23.81** | &nbsp;&nbsp;**$22.74** | &nbsp;&nbsp;**$24.38** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.64%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$687057 | &nbsp;&nbsp;$713529 | &nbsp;&nbsp;$704292 | &nbsp;&nbsp;$786104 | &nbsp;&nbsp;$841350 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.29 | &nbsp;&nbsp;$23.62 | &nbsp;&nbsp;$22.56 | &nbsp;&nbsp;$24.19 | &nbsp;&nbsp;$20.94 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$2.95** | &nbsp;&nbsp;**$2.67** | &nbsp;&nbsp;**$1.70** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$4.97** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| **Total distributions** | &nbsp;&nbsp;**$(1.57)** | &nbsp;&nbsp;**$(1.00)** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$(0.90)** | &nbsp;&nbsp;**$(1.72)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.67** | &nbsp;&nbsp;**$25.29** | &nbsp;&nbsp;**$23.62** | &nbsp;&nbsp;**$22.56** | &nbsp;&nbsp;**$24.19** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.01%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$31677 | &nbsp;&nbsp;$33995 | &nbsp;&nbsp;$38492 | &nbsp;&nbsp;$41954 | &nbsp;&nbsp;$49462 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.53 | &nbsp;&nbsp;$23.83 | &nbsp;&nbsp;$22.76 | &nbsp;&nbsp;$24.40 | &nbsp;&nbsp;$21.11 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.12** | &nbsp;&nbsp;**$2.85** | &nbsp;&nbsp;**$1.84** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$5.15** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.32) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| **Total distributions** | &nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;**$(1.15)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(1.03)** | &nbsp;&nbsp;**$(1.86)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.93** | &nbsp;&nbsp;**$25.53** | &nbsp;&nbsp;**$23.83** | &nbsp;&nbsp;**$22.76** | &nbsp;&nbsp;**$24.40** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.50)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.69%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$75210 | &nbsp;&nbsp;$94641 | &nbsp;&nbsp;$105046 | &nbsp;&nbsp;$115269 | &nbsp;&nbsp;$96311 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Large-Cap Value 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's investment objective is to seek total return. 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 following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

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

**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 Fund'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 Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial 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 Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

------

Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

D Federal and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

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

G 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.

H 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.

I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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.

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$14586394 | &nbsp;&nbsp;&nbsp;&nbsp;$16623326 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$69500901 | &nbsp;&nbsp;&nbsp;&nbsp;$45346937 |

---

During the year ended December 31, 2025, distributable earnings was decreased by $78,134,130 and paid-in capital was increased by $78,134,130 due to the Fund's use of equalization accounting and differences between book and tax accounting for redemptions in-kind. 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$95259 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302519326 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$302614585** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1085882523** |
| Gross unrealized appreciation | &nbsp;&nbsp;$313955792 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11437355) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$302518437** |

---

3 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 Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.625% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $5 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.555% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.540% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $25 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |

---

For the year ended December 31, 2025, the investment adviser fee amounted to $8,777,448 or 0.625% of the Fund's average daily net assets. The Fund 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 Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

------

due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment adviser fee paid was reduced by $29,848 relating to the Fund's investment in the Liquidity Fund. Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation.

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, 2025, EVM earned $92,887 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 and the Fund's principal underwriter, received $8,680 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended December 31, 2025 in the amount of $718. 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 who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund 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 Fund 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, 2025 amounted to $1,455,190 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, 2025, the Fund paid or accrued to EVD $76,911 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, 2025, the Fund paid or accrued to EVD $79,850 for Class R shares.

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, 2025 amounted to $25,637 and $79,850 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, 2025, the Fund was informed that EVD received less than $100 and $586 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $1,110,686,994 and $1,181,484,458, respectively, for the year ended December 31, 2025. In-kind sales for the year ended December 31, 2025 aggregated $140,333,450.

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

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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. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 936205 | &nbsp;&nbsp;&nbsp;&nbsp;$24248560 | &nbsp;&nbsp;&nbsp;&nbsp; 882327 | &nbsp;&nbsp;&nbsp;&nbsp;$22473256 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1173804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30737722 | &nbsp;&nbsp;&nbsp;&nbsp; 844119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22139420 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3941612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103465757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3432321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87249264) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1831603)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(48479475)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1705875)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(42636588)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 41974 | &nbsp;&nbsp;&nbsp;&nbsp;$1133754 | &nbsp;&nbsp;&nbsp;&nbsp; 54839 | &nbsp;&nbsp;&nbsp;&nbsp;$1373474 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 18335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484294 | &nbsp;&nbsp;&nbsp;&nbsp; 12630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335843 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2869682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4792678) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(48732)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1251634)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(121544)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3083361)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 7764910 | &nbsp;&nbsp;&nbsp;&nbsp;$205313899 | &nbsp;&nbsp;&nbsp;&nbsp; 8094249 | &nbsp;&nbsp;&nbsp;&nbsp;$206654149 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1369275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36035001 | &nbsp;&nbsp;&nbsp;&nbsp; 1013736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26678691 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(11573898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305462209) | &nbsp;&nbsp;&nbsp;&nbsp;(10711991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272900250) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2439713)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(64113309)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1604006)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(39567410)** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 145816 | &nbsp;&nbsp;&nbsp;&nbsp;$3818564 | &nbsp;&nbsp;&nbsp;&nbsp; 126558 | &nbsp;&nbsp;&nbsp;&nbsp;$3192757 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 69254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1807802 | &nbsp;&nbsp;&nbsp;&nbsp; 52378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1371379 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9658786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (464555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11858835) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(156261)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4032420)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(285619)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7294699)** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 291336 | &nbsp;&nbsp;&nbsp;&nbsp;$7624020 | &nbsp;&nbsp;&nbsp;&nbsp; 348872 | &nbsp;&nbsp;&nbsp;&nbsp;$9015591 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 154687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4072046 | &nbsp;&nbsp;&nbsp;&nbsp; 141177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714746 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1360793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35932205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30128074) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(914770)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(24236139)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(700374)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17397737)** |

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

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8 Line of Credit

The Fund 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 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally 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 2025, 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2025.

9 Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At December 31, 2025, the value of the securities loaned and the value of the collateral received amounted to $6,800,549 and $7,048,075, respectively. Collateral received was comprised of U.S. Government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

10 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $14,737,235, which represents 1.1% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $10834635 | $479087810 | $(475185210) | $— | $— | $14737235 | $851753 | 14737235 |

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11 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.

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[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$97414315 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$97414315 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 133131222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133131222 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 69210631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69210631 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 82595252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82595252 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 296965592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22681964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319647556 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 161519184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161519184 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 170098185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170098185 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 163161429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163161429 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 85485833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85485833 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 18917884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18917884 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 72482234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72482234 |
| **Total Common Stocks** | &nbsp;&nbsp;**$1350981761** | &nbsp;&nbsp;&nbsp;&nbsp;**$22,681,964\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1373663725** |
| Short-Term Investments | &nbsp;&nbsp;$14737235 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$14737235 |
| **Total Investments** | &nbsp;&nbsp;**$1365718996** | &nbsp;&nbsp;&nbsp;&nbsp;**$22681964** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1388400960** |

---

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

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Special Investment Trust and Shareholders of Eaton Vance Large-Cap Value Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Large-Cap Value Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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. Our procedures included confirmation of securities owned as of December 31, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

Eaton Vance

Large-Cap Value Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $24,354,210, 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 2025 ordinary income dividends, 100% 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, 2025, $47,210,603 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_e1e39c56-b97d-4265-8419-65288237675d_TOC)

EHSTX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

## Eaton Vance

## Small-Cap Fund

## Annual Financial Statements and Additional Information
December 31, 2025

------

![](g84380img44a7c62e1.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information December 31, 2025
Eaton Vance

Small-Cap Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_b68a246d-a0ab-4b59-9046-c4f872b2b76c_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_6ae0a2a6-f79a-4a5d-80f4-c4c516fbaef1_1) | [Items 6 and 7 of Form N-CSR:](#xx_6ae0a2a6-f79a-4a5d-80f4-c4c516fbaef1_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_6ae0a2a6-f79a-4a5d-80f4-c4c516fbaef1_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_9adf61e6-2194-422e-9e8c-9ce04ce2a64f_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_9adf61e6-2194-422e-9e8c-9ce04ce2a64f_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_9adf61e6-2194-422e-9e8c-9ce04ce2a64f_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_04960269-c447-4996-bf69-743ca02a7161_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_2f72b202-f62d-4d8a-b38c-9f2a3b2a9f60_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_3de7a3eb-120a-490c-9fec-fcc4755f26de_1) | 18 |
| [Federal Tax Information](#xx_d01f560b-b82e-43ea-9681-7e7e4f17f422_1) | 19 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Portfolio of Investments

------

Common Stocks — 99.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Hexcel Corp. | 21464 | &nbsp;&nbsp;$1586190 |
|  |  | &nbsp;&nbsp;**$1586190** |
| Automobile Components — 2.5% | Automobile Components — 2.5% | Automobile Components — 2.5% |
| Dorman Products, Inc.<sup>(1)</sup> | 28614 | &nbsp;&nbsp;$3524959 |
|  |  | &nbsp;&nbsp;**$3524959** |
| Banks — 11.5% | Banks — 11.5% | Banks — 11.5% |
| Commerce Bancshares, Inc. | 55473 | &nbsp;&nbsp;$2903457 |
| Community Financial System, Inc. | 66322 | &nbsp;&nbsp;&nbsp;&nbsp; 3809536 |
| First Financial Bankshares, Inc. | 44621 | &nbsp;&nbsp;&nbsp;&nbsp; 1332829 |
| Old National Bancorp | 103347 | &nbsp;&nbsp;&nbsp;&nbsp; 2305671 |
| Southstate Bank Corp. | 40245 | &nbsp;&nbsp;&nbsp;&nbsp; 3787457 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7843 | &nbsp;&nbsp;&nbsp;&nbsp; 509403 |
| Webster Financial Corp. | 22472 | &nbsp;&nbsp;&nbsp;&nbsp; 1414388 |
|  |  | &nbsp;&nbsp;**$16062741** |
| Biotechnology — 0.7% | Biotechnology — 0.7% | Biotechnology — 0.7% |
| Caris Life Sciences, Inc.<sup>(1)</sup> | 38092 | &nbsp;&nbsp;$1027722 |
|  |  | &nbsp;&nbsp;**$1027722** |
| Building Products — 11.7% | Building Products — 11.7% | Building Products — 11.7% |
| A.O. Smith Corp. | 42293 | &nbsp;&nbsp;$2828556 |
| AAON, Inc. | 17011 | &nbsp;&nbsp;&nbsp;&nbsp; 1297089 |
| Advanced Drainage Systems, Inc. | 15596 | &nbsp;&nbsp;&nbsp;&nbsp; 2258769 |
| AZZ, Inc. | 23277 | &nbsp;&nbsp;&nbsp;&nbsp; 2494829 |
| CSW Industrials, Inc. | 17174 | &nbsp;&nbsp;&nbsp;&nbsp; 5041084 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 163958 | &nbsp;&nbsp;&nbsp;&nbsp; 2533151 |
|  |  | &nbsp;&nbsp;**$16453478** |
| Capital Markets — 2.6% | Capital Markets — 2.6% | Capital Markets — 2.6% |
| Stifel Financial Corp. | 28688 | &nbsp;&nbsp;$3592311 |
|  |  | &nbsp;&nbsp;**$3592311** |
| Chemicals — 3.7% | Chemicals — 3.7% | Chemicals — 3.7% |
| Balchem Corp. | 15007 | &nbsp;&nbsp;$2301473 |
| Quaker Chemical Corp. | 20948 | &nbsp;&nbsp;&nbsp;&nbsp; 2876370 |
|  |  | &nbsp;&nbsp;**$5177843** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| Knife River Corp.<sup>(1)</sup> | 14049 | &nbsp;&nbsp;$988347 |
|  |  | &nbsp;&nbsp;**$988347** |
| Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 12828 | &nbsp;&nbsp;$799569 |
|  |  | &nbsp;&nbsp;**$799569** |
| Containers & Packaging — 1.8% | Containers & Packaging — 1.8% | Containers & Packaging — 1.8% |
| AptarGroup, Inc. | 20549 | &nbsp;&nbsp;$2506156 |
|  |  | &nbsp;&nbsp;**$2506156** |
| Diversified Consumer Services — 2.1% | Diversified Consumer Services — 2.1% | Diversified Consumer Services — 2.1% |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 29645 | &nbsp;&nbsp;$3006003 |
|  |  | &nbsp;&nbsp;**$3006003** |
| Diversified REITs — 2.4% | Diversified REITs — 2.4% | Diversified REITs — 2.4% |
| Essential Properties Realty Trust, Inc. | 114293 | &nbsp;&nbsp;$3389930 |
|  |  | &nbsp;&nbsp;**$3389930** |
| Electric Utilities — 2.2% | Electric Utilities — 2.2% | Electric Utilities — 2.2% |
| IDACORP, Inc. | 24383 | &nbsp;&nbsp;$3085913 |
|  |  | &nbsp;&nbsp;**$3085913** |
| Electrical Equipment — 1.1% | Electrical Equipment — 1.1% | Electrical Equipment — 1.1% |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 42040 | &nbsp;&nbsp;$1562206 |
|  |  | &nbsp;&nbsp;**$1562206** |
| Electronic Equipment, Instruments & Components — 2.0% | Electronic Equipment, Instruments & Components — 2.0% | Electronic Equipment, Instruments & Components — 2.0% |
| Badger Meter, Inc. | 16333 | &nbsp;&nbsp;$2848639 |
|  |  | &nbsp;&nbsp;**$2848639** |
| Financial Services — 1.5% | Financial Services — 1.5% | Financial Services — 1.5% |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 28246 | &nbsp;&nbsp;$2149803 |
|  |  | &nbsp;&nbsp;**$2149803** |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Post Holdings, Inc.<sup>(1)</sup> | 14831 | &nbsp;&nbsp;$1469011 |
|  |  | &nbsp;&nbsp;**$1469011** |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Lyft, Inc., Class A<sup>(1)</sup> | 67857 | &nbsp;&nbsp;$1314390 |
|  |  | &nbsp;&nbsp;**$1314390** |
| Health Care Providers & Services — 7.3% | Health Care Providers & Services — 7.3% | Health Care Providers & Services — 7.3% |
| Addus HomeCare Corp.<sup>(1)</sup> | 22127 | &nbsp;&nbsp;$2376218 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3523 | &nbsp;&nbsp;$1507351 |
| Option Care Health, Inc.<sup>(1)</sup> | 96220 | &nbsp;&nbsp;&nbsp;&nbsp; 3065569 |
| U.S. Physical Therapy, Inc. | 41041 | &nbsp;&nbsp;&nbsp;&nbsp; 3204892 |
|  |  | &nbsp;&nbsp;**$10154030** |
| Health Care Technology — 1.1% | Health Care Technology — 1.1% | Health Care Technology — 1.1% |
| Certara, Inc.<sup>(1)</sup> | 99138 | &nbsp;&nbsp;$873406 |
| HeartFlow, Inc.<sup>(1)</sup> | 20801 | &nbsp;&nbsp;&nbsp;&nbsp; 606349 |
|  |  | &nbsp;&nbsp;**$1479755** |
| Hotels, Restaurants & Leisure — 5.0% | Hotels, Restaurants & Leisure — 5.0% | Hotels, Restaurants & Leisure — 5.0% |
| Aramark | 89128 | &nbsp;&nbsp;$3285258 |
| Wyndham Hotels & Resorts, Inc. | 49282 | &nbsp;&nbsp;&nbsp;&nbsp; 3723748 |
|  |  | &nbsp;&nbsp;**$7009006** |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| Meritage Homes Corp. | 11116 | &nbsp;&nbsp;$731433 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 17219 | &nbsp;&nbsp;&nbsp;&nbsp; 1013682 |
|  |  | &nbsp;&nbsp;**$1745115** |
| Industrial REITs — 3.8% | Industrial REITs — 3.8% | Industrial REITs — 3.8% |
| EastGroup Properties, Inc. | 12649 | &nbsp;&nbsp;$2253293 |
| Rexford Industrial Realty, Inc. | 27257 | &nbsp;&nbsp;&nbsp;&nbsp; 1055391 |
| Terreno Realty Corp. | 33582 | &nbsp;&nbsp;&nbsp;&nbsp; 1971599 |
|  |  | &nbsp;&nbsp;**$5280283** |
| Insurance — 5.1% | Insurance — 5.1% | Insurance — 5.1% |
| First American Financial Corp. | 26049 | &nbsp;&nbsp;$1600450 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 91222 | &nbsp;&nbsp;&nbsp;&nbsp; 2545094 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 2971583 |
|  |  | &nbsp;&nbsp;**$7117127** |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Wix.com Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;$473323 |
|  |  | &nbsp;&nbsp;**$473323** |
| Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% |
| Bio-Techne Corp. | 25370 | &nbsp;&nbsp;$1492010 |
|  |  | &nbsp;&nbsp;**$1492010** |
| Machinery — 9.0% | Machinery — 9.0% | Machinery — 9.0% |
| Atmus Filtration Technologies, Inc. | 48940 | &nbsp;&nbsp;$2540476 |
| Donaldson Co., Inc. | 48043 | &nbsp;&nbsp;&nbsp;&nbsp; 4259492 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
| ESCO Technologies, Inc. | 10909 | &nbsp;&nbsp;$2131510 |
| Franklin Electric Co., Inc. | 38123 | &nbsp;&nbsp;&nbsp;&nbsp; 3641890 |
|  |  | &nbsp;&nbsp;**$12573368** |
| Professional Services — 2.1% | Professional Services — 2.1% | Professional Services — 2.1% |
| CBIZ, Inc.<sup>(1)</sup> | 58332 | &nbsp;&nbsp;$2942849 |
|  |  | &nbsp;&nbsp;**$2942849** |
| Semiconductors & Semiconductor Equipment — 2.7% | Semiconductors & Semiconductor Equipment — 2.7% | Semiconductors & Semiconductor Equipment — 2.7% |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 46569 | &nbsp;&nbsp;$1228490 |
| Diodes, Inc.<sup>(1)</sup> | 52510 | &nbsp;&nbsp;&nbsp;&nbsp; 2590844 |
|  |  | &nbsp;&nbsp;**$3819334** |
| Software — 4.7% | Software — 4.7% | Software — 4.7% |
| Alkami Technology, Inc.<sup>(1)</sup> | 41054 | &nbsp;&nbsp;$947116 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 299050 | &nbsp;&nbsp;&nbsp;&nbsp; 2377448 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 23402 | &nbsp;&nbsp;&nbsp;&nbsp; 2051419 |
| nCino, Inc.<sup>(1)</sup> | 23145 | &nbsp;&nbsp;&nbsp;&nbsp; 593438 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7264 | &nbsp;&nbsp;&nbsp;&nbsp; 647440 |
|  |  | &nbsp;&nbsp;**$6616861** |
| Specialty Retail — 2.1% | Specialty Retail — 2.1% | Specialty Retail — 2.1% |
| Valvoline, Inc.<sup>(1)</sup> | 100200 | &nbsp;&nbsp;$2911812 |
|  |  | &nbsp;&nbsp;**$2911812** |
| Textiles, Apparel & Luxury Goods — 2.1% | Textiles, Apparel & Luxury Goods — 2.1% | Textiles, Apparel & Luxury Goods — 2.1% |
| Steven Madden Ltd. | 70127 | &nbsp;&nbsp;$2920088 |
|  |  | &nbsp;&nbsp;**$2920088** |
| Trading Companies & Distributors — 2.0% | Trading Companies & Distributors — 2.0% | Trading Companies & Distributors — 2.0% |
| Core & Main, Inc., Class A<sup>(1)</sup> | 52627 | &nbsp;&nbsp;$2735025 |
|  |  | &nbsp;&nbsp;**$2735025** |
| Total Common Stocks<br> (identified cost $119,768,126) |  | &nbsp;&nbsp;**$139815197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Portfolio of Investments — continued

------

Short-Term Investments — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;$1813 |
| Total Short-Term Investments<br> (identified cost $1,813) |  | &nbsp;&nbsp;**$1813** |
| Total Investments — 99.8%<br> (identified cost $119,769,939) |  | &nbsp;&nbsp;**$139817010** |
| Other Assets, Less Liabilities — 0.2% |  | &nbsp;&nbsp;**$276893** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$140093903** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $119,768,126) | &nbsp;&nbsp;$139815197 |
| Affiliated investments, at value (identified cost $1,813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147454 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016781 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745974 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36744 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19552 |
| **Total assets** | &nbsp;&nbsp;**$143787262** |
| Liabilities |  |
| Payable for line of credit | &nbsp;&nbsp;$2570000 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864663 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93495 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18727 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19552 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109740 |
| **Total liabilities** | &nbsp;&nbsp;**$3693359** |
| **Net Assets** | &nbsp;&nbsp;**$140093903** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$121808730 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285173 |
| **Net Assets** | &nbsp;&nbsp;**$140093903** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$22852737 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711051 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$13.36 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$14.10 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$4203932 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444019 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.47 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$110203589 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051264 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.63 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2833645 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228566 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.40 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$2058380 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125742 |
| **Total investment income** | &nbsp;&nbsp;**$2184122** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1277379 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255476 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62632 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48205 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12682 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50042 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173007 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59630 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13854 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65018 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27147 |
| **Total expenses** | &nbsp;&nbsp;**$2057162** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$297638 |
| **Total expense reductions** | &nbsp;&nbsp;**$297638** |
| **Net expenses** | &nbsp;&nbsp;**$1759524** |
| **Net investment income** | &nbsp;&nbsp;**$424598** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$7672106 |
| **Net realized gain** | &nbsp;&nbsp;**$7672106** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(18386060) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(18386060)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(10713954)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(10289356)** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$424598 | &nbsp;&nbsp;$496138 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283735 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18386060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10851249 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(10289356)** | &nbsp;&nbsp;**$18631122** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1781086) | &nbsp;&nbsp;$(680887) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170710) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7803824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3331054) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60736) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(10302223)** | &nbsp;&nbsp;**$(4243387)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(437699) | &nbsp;&nbsp;$516394 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340200 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10656382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946896 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(9951126)** | &nbsp;&nbsp;**$1813810** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(30542705)** | &nbsp;&nbsp;**$16201545** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$170636608 | &nbsp;&nbsp;$154435063 |
| **At end of year** | &nbsp;&nbsp;**$140093903** | &nbsp;&nbsp;**$170636608** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.41 | &nbsp;&nbsp;$14.11 | &nbsp;&nbsp;$12.77 | &nbsp;&nbsp;$15.59 | &nbsp;&nbsp;$14.69 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> | &nbsp;&nbsp;$(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.95)** | &nbsp;&nbsp;**$1.71** | &nbsp;&nbsp;**$1.44** | &nbsp;&nbsp;**$(2.41)** | &nbsp;&nbsp;**$3.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) |
| **Total distributions** | &nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(2.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$13.36** | &nbsp;&nbsp;**$15.41** | &nbsp;&nbsp;**$14.11** | &nbsp;&nbsp;**$12.77** | &nbsp;&nbsp;**$15.59** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.93%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(15.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.18%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$22853 | &nbsp;&nbsp;$26664 | &nbsp;&nbsp;$24053 | &nbsp;&nbsp;$21475 | &nbsp;&nbsp;$28882 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> 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.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$10.53 | &nbsp;&nbsp;$9.61 | &nbsp;&nbsp;$11.88 | &nbsp;&nbsp;$11.63 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.13) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$1.19** | &nbsp;&nbsp;**$1.00** | &nbsp;&nbsp;**$(1.91)** | &nbsp;&nbsp;**$2.31** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(2.06) |
| **Total distributions** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(2.06)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.47** | &nbsp;&nbsp;**$11.33** | &nbsp;&nbsp;**$10.53** | &nbsp;&nbsp;**$9.61** | &nbsp;&nbsp;**$11.88** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.06%** | &nbsp;&nbsp;&nbsp;&nbsp;**10.46%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;**20.25%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$4204 | &nbsp;&nbsp;$5146 | &nbsp;&nbsp;$4469 | &nbsp;&nbsp;$3299 | &nbsp;&nbsp;$3254 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.01)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$17.83 | &nbsp;&nbsp;$16.26 | &nbsp;&nbsp;$14.70 | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$16.57 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;**$2.02** | &nbsp;&nbsp;**$1.69** | &nbsp;&nbsp;**$(2.72)** | &nbsp;&nbsp;**$3.51** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.02) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) |
| **Total distributions** | &nbsp;&nbsp;**$(1.14)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(2.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.63** | &nbsp;&nbsp;**$17.83** | &nbsp;&nbsp;**$16.26** | &nbsp;&nbsp;**$14.70** | &nbsp;&nbsp;**$17.87** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.97)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.46%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$110204 | &nbsp;&nbsp;$136856 | &nbsp;&nbsp;$124995 | &nbsp;&nbsp;$101802 | &nbsp;&nbsp;$111052 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

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

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.41 | &nbsp;&nbsp;$13.25 | &nbsp;&nbsp;$12.01 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$13.93 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.08) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$1.56** | &nbsp;&nbsp;**$1.32** | &nbsp;&nbsp;**$(2.30)** | &nbsp;&nbsp;**$2.85** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.09) |
| **Total distributions** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(2.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.40** | &nbsp;&nbsp;**$14.41** | &nbsp;&nbsp;**$13.25** | &nbsp;&nbsp;**$12.01** | &nbsp;&nbsp;**$14.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.61%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**(15.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;**20.82%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2834 | &nbsp;&nbsp;$1971 | &nbsp;&nbsp;$917 | &nbsp;&nbsp;$414 | &nbsp;&nbsp;$455 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.53)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Small-Cap 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's investment objective is to seek long-term capital appreciation. The Fund offers four 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 and Class R 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. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

**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.**

**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 Fund'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 Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial 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.

D Federal and Other 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, 2025, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

F 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.

G 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

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

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.

H Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the 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, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$370155 | &nbsp;&nbsp;&nbsp;&nbsp;$460256 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$9932068 | &nbsp;&nbsp;&nbsp;&nbsp;$3783131 |

---

During the year ended December 31, 2025, distributable earnings was decreased by $1,525,636 and paid-in capital was increased by $1,525,636 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$18285173 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$18285173** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$121531837** |
| Gross unrealized appreciation | &nbsp;&nbsp;$23395411 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5110238) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$18285173** |

---

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

3 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 Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly.

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.7500% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6875% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% |

---

For the year ended December 31, 2025, the Fund's investment adviser fee amounted to $1,277,379 or 0.75% of the Fund's average daily net assets. The Fund 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 Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment adviser fee paid was reduced by $4,385 relating to the Fund's investment in the Liquidity Fund.

The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund's average daily net assets. For the year ended December 31, 2025, the administration fee amounted to $255,476.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.21%, 1.96%, 0.96% and 1.46% of the Fund's average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after May 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $293,253 of the Fund's operating expenses for the year ended December 31, 2025.

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, 2025, EVM earned $15,873 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 and the Fund's principal underwriter, received $2,773 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended December 31, 2025 in the amount of $786. 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 who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund 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 Fund 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, 2025 amounted to $62,632 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, 2025, the Fund paid or accrued to EVD $36,154 for Class C shares.

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

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, 2025, the Fund paid or accrued to EVD $6,341 for Class R shares.

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, 2025 amounted to $12,051 and $6,341 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, 2025, the Fund was informed that EVD received $241 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $96,425,418 and $113,030,052, respectively, for the year ended December 31, 2025.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 139521 | &nbsp;&nbsp;&nbsp;&nbsp;$2089011 | &nbsp;&nbsp;&nbsp;&nbsp; 307778 | &nbsp;&nbsp;&nbsp;&nbsp;$4610508 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 128390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719141 | &nbsp;&nbsp;&nbsp;&nbsp; 40551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659764 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4245851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (322449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4753878) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(19334)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(437699)** | &nbsp;&nbsp;&nbsp;&nbsp; **25880** | &nbsp;&nbsp;&nbsp;&nbsp;**$516394** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 42917 | &nbsp;&nbsp;&nbsp;&nbsp;$466305 | &nbsp;&nbsp;&nbsp;&nbsp; 100984 | &nbsp;&nbsp;&nbsp;&nbsp;$1111134 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 48204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457938 | &nbsp;&nbsp;&nbsp;&nbsp; 14249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170710 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1064946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (941644) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(10024)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(140703)** | &nbsp;&nbsp;&nbsp;&nbsp; **29702** | &nbsp;&nbsp;&nbsp;&nbsp;**$340200** |

---

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3232292 | &nbsp;&nbsp;&nbsp;&nbsp;$55978869 | &nbsp;&nbsp;&nbsp;&nbsp;2210087 | &nbsp;&nbsp;&nbsp;&nbsp;$37560688 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 493827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7738266 | &nbsp;&nbsp;&nbsp;&nbsp; 175360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302026 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(4351087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74373517) | &nbsp;&nbsp;&nbsp;&nbsp;(2394453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40852394) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(624968)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10656382)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(9006)** | &nbsp;&nbsp;&nbsp;&nbsp;**$10320** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 136852 | &nbsp;&nbsp;&nbsp;&nbsp;$1901918 | &nbsp;&nbsp;&nbsp;&nbsp; 103036 | &nbsp;&nbsp;&nbsp;&nbsp;$1445652 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 20867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259375 | &nbsp;&nbsp;&nbsp;&nbsp; 3991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60736 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (877635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559492) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **91807** | &nbsp;&nbsp;&nbsp;&nbsp;**$1283658** | &nbsp;&nbsp;&nbsp;&nbsp; **67534** | &nbsp;&nbsp;&nbsp;&nbsp;**$946896** |

---

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally 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 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At December 31, 2025, the Fund had a balance outstanding pursuant to this line of credit of $2,570,000 at an annual interest rate of 4.64%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2025. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at December 31, 2025. The Fund's average borrowings or allocated fees during the year ended December 31, 2025 were not significant.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,813, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $3597661 | $74733630 | $(78329478) | $— | $— | $1813 | $125742 | 1813 |

---

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

10 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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$139,815,197\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$139815197 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| **Total Investments** | &nbsp;&nbsp;**$139817010** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$139817010** |

---

\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Special Investment Trust and Shareholders of Eaton Vance Small-Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Small-Cap Fund (the "Fund"), one of the funds constituting Eaton Vance Special Investment Trust, including the portfolio of investments, as of December 31, 2025, 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 (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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. Our procedures included confirmation of securities owned as of December 31, 2025, 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, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

Eaton Vance

Small-Cap Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. 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 dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $1,626,636, 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 2025 ordinary income dividends, 100% 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, 2025, $8,070,790 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

This Page Intentionally Left Blank

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[**Table of Contents**](#JOB_EV_AR_03e65f0f-fe7f-4214-bd54-c5c05dbdda5c_TOC)

ETEGX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;12.31.25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

------

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d84380dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d84380dex99cert.htm) |
| (b) | [Combined Section 906 certification.](d84380dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Eaton Vance Special Investment Trust</u> | <u>Eaton Vance Special Investment Trust</u> |
|  By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping<br> Principal Executive Officer |
|  Date: | February 24, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | /s/ James F. Kirchner |
|  | James F. Kirchner<br> Principal Financial Officer |
|  Date: | February 24, 2026 |
|  By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping<br> Principal Executive Officer |
|  Date: | February 24, 2026 |

---

## Ex-99.Cert

**Eaton Vance Special Investment Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Special
Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner<br> Principal Financial Officer |

---

------

**Eaton Vance Special Investment Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Special
Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping<br> Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Special Investment Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Eaton Vance Special Investment Trust |
| Date: February 24, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: February 24, 2026 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---