Eaton Vance Dividend Builder Fund Eaton Vance Growth Fund ...

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STATEMENT OF ADDITIONAL INFORMATION May 1, 2018 as revised June 18, 2018

Eaton Vance Dividend Builder Fund

Class A Shares - EVTMX Class C Shares - ECTMX Class I Shares - EIUTX

Eaton Vance Growth Fund

Class A Shares - EALCX Class C Shares - ECLCX Class I Shares - ELCIX Class R Shares - ELCRX

Eaton Vance Large-Cap Value Fund

Class A Shares - EHSTX Class C Shares - ECSTX Class I Shares - EILVX Class R Shares - ERSTX Class R6 Shares - ERLVX

Eaton Vance Real Estate Fund

Class A Shares - EAREX Class I Shares - EIREX

Eaton Vance Small-Cap Fund

Class A Shares - ETEGX Class C Shares - ECSMX Class I Shares - EISGX Class R Shares - ERSGX

Eaton Vance Special Equities Fund

Class A Shares - EVSEX Class C Shares - ECSEX Class I Shares - EISEX

Two International Place Boston, Massachusetts 02110

1-800-262-1122

This Statement of Additional Information ("SAI") provides general information about the Funds. The Funds (except Eaton Vance Real Estate Fund) are diversified, open-end management investment companies. Eaton Vance Real Estate Fund is a non-diversified, open-end management investment company. Each Fund is a series of Eaton Vance Special Investment Trust. Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Prospectus.

This SAI contains additional information about:

Page

Page

Strategies and Risks

2

Sales Charges

24

Investment Restrictions

5

Disclosure of Portfolio Holdings and Related Information

26

Management and Organization

7

Taxes

27

Investment Advisory and Administrative Services

15

Portfolio Securities Transactions

35

Other Service Providers

20

Financial Statements

38

Calculation of Net Asset Value

21

Additional Information About Investment Strategies

39

Purchasing and Redeeming Shares

22

Appendix A: Class A Fees and Ownership Appendix B: Class C Fees and Ownership Appendix C: Class I Ownership Appendix D: Class R Fees and Ownership

70

Appendix E: Class R6 Ownership

76

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Appendix F: Eaton Vance Funds Proxy Voting Policy and Procedures

77

74

Appendix G: Adviser Proxy Voting Policies and Procedures

79

75

Although each Fund offers only its shares of beneficial interest, it is possible that a Fund (or Class) might become liable for a misstatement or omission in this SAI regarding another Fund (or Class) because the Funds use this combined SAI.

This SAI is NOT a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Fund Prospectus dated May 1, 2018, as supplemented from time to time, which is incorporated herein by reference. This SAI should be read in conjunction with the Prospectus, which may be obtained by calling 1-800-262-1122.

? 2018 Eaton Vance Management

Definitions The following terms that may be used in this SAI have the meaning set forth below:

"1940 Act" means the Investment Company Act of 1940, as amended;

"1933 Act" means the Securities Act of 1933, as amended;

"Board" means Board of Trustees or Board of Directors, as applicable;

"CEA" means Commodity Exchange Act;

"CFTC" means the Commodity Futures Trading Commission;

"Code" means the Internal Revenue Code of 1986, as amended;

"Eaton Vance family of funds" means all registered investment companies advised or administered by Eaton Vance Management ("Eaton Vance") or Boston Management and Research ("BMR");

"Eaton Vance funds" means the mutual funds advised by Eaton Vance or BMR;

"Exchange" means the New York Stock Exchange;

"FINRA" means the Financial Industry Regulatory Authority;

"Fund" means the Fund or Funds listed on the cover of this SAI unless stated otherwise;

"investment adviser" means the investment adviser identified in the prospectus and, with respect to the implementation of the Fund's investment strategies (including as described under "Taxes") and portfolio securities transactions, any sub-adviser identified in the prospectus;

"IRS" means the Internal Revenue Service;

"Portfolio" means a registered investment company (other than the Fund) sponsored by the Eaton Vance organization in which one or more Funds and other investors may invest substantially all or any portion of their assets as described in the prospectus, if applicable;

"Subsidiary" means a wholly-owned subsidiary that certain funds may have established to pursue their investment objective. No Fund described in this SAI has established a subsidiary;

"SEC" means the U.S. Securities and Exchange Commission; and

"Trust" means Eaton Vance Special Investment Trust, of which the Fund is a series.

STRATEGIES AND RISKS

The Fund prospectus identifies the types of investments in which the Fund will principally invest in seeking its investment objective(s) and the principal risks associated therewith. The categories checked in the table below are all of the investments the Fund is permitted to make, including its principal investments and the investment practices the Fund (either directly or through one or more Portfolios as may be described in the prospectus) is permitted to engage in. To the extent that an investment type or practice listed below is not identified in the Fund prospectus as a principal investment strategy, the Fund generally expects to invest less than 5% of its total assets in such investment type. If a particular investment type or practice that is checked and listed below but not referred to in the prospectus becomes a more significant part of the Fund's strategy, the prospectus may be amended to disclose that investment type or practice. Information about the various investment types and practices and the associated risks checked below is included in alphabetical order in this SAI under "Additional Information about Investment Strategies."

As used in the table below and throughout this SAI:

"DBF" refers to Eaton Vance Dividend Builder Fund;

"GF" refers to Eaton Vance Growth Fund;

"LCVF" refers to Eaton Vance Large-Cap Value Fund;

"REF" refers to Eaton Vance Real Estate Fund;

"SCF" refers to Eaton Vance Small-Cap Fund; and

"SEF" refers to Eaton Vance Special Equities Fund.

Eaton Vance Domestic Equity Funds

2

SAI dated May 1, 2018 as revised June 18, 2018

Investment Type

Asset-Backed Securities ("ABS") Auction Rate Securities Build America Bonds Call and Put Features on Securities Collateralized Mortgage Obligations ("CMOs") Commercial Mortgage-Backed Securities ("CMBS") Commodity-Related Investments Common Stocks Contingent Convertible Securities Convertible Securities Credit Linked Securities Derivative Instruments and Related Risks Derivative-Linked and Commodity-Linked Hybrid Securities Direct Investments Emerging Market Investments Equity Investments Equity-Linked Securities Event-Linked Securities Exchange-Traded Funds ("ETFs") Exchange-Traded Notes ("ETNs") Fixed-Income Securities Foreign Currency Transactions Foreign Investments Forward Foreign Currency Exchange Contracts Forward Rate Agreements Futures Contracts Hybrid Securities Illiquid Securities Indexed Securities Inflation-Indexed (or Inflation-Linked) Bonds Junior Loans Liquidity or Protective Put Agreements Loans Lower Rated Investments Master Limited Partnerships ("MLPs") Money Market Instruments Mortgage-Backed Securities ("MBS") Mortgage Dollar Rolls Municipal Lease Obligations ("MLOs") Municipal Obligations Option Contracts Pooled Investment Vehicles Preferred Stock Real Estate Investments

Eaton Vance Domestic Equity Funds

Permitted for or Relevant to:

DBF

GF

LCVF

REF

SCF

SEF

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SAI dated May 1, 2018 as revised June 18, 2018

Investment Type

Repurchase Agreements Residual Interest Bonds Restricted Securities Reverse Repurchase Agreements Rights and Warrants Royalty Bonds Senior Loans Short Sales Stripped Securities Structured Notes Swap Agreements Swaptions Trust Certificates U.S. Government Securities Unlisted Securities Variable Rate Instruments When-Issued Securities, Delayed Delivery and Forward Commitments Zero Coupon Bonds, Deep Discount Bonds and Payment In-Kind ("PIK") Securities

Permitted for or Relevant to:

DBF

GF

LCVF

REF

SCF

SEF

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Other Disclosures Regarding Investment Practices

Permitted for or Relevant to:

Asset Coverage Average Effective Maturity Borrowing for Investment Purposes

DBF

GF

LCVF

REF

SCF

SEF

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Borrowing for Temporary Purposes Cybersecurity Risk Diversified Status Dividend Capture Trading Duration

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Investing in a Portfolio Investments in the Subsidiary

Loan Facility Operational Risk Option Strategy Participation in the ReFlow Liquidity Program Portfolio Turnover Securities Lending Short-Term Trading

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Significant Exposure to Health Sciences Companies Significant Exposure to Smaller Companies Significant Exposure to Utilities and Financial Services Sectors Tax-Managed Investing

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(1) GF, SCF and SEF each cannot invest more than 5% of net assets in securities rated below investment grade.

Eaton Vance Domestic Equity Funds

4

SAI dated May 1, 2018 as revised June 18, 2018

INVESTMENT RESTRICTIONS The following investment restrictions of each Fund are designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of a Fund's outstanding voting securities, which as used in this SAI means the lesser of: (a) 67% of the shares of a Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding shares are present or represented at the meeting; or (b) more than 50% of the outstanding shares of a Fund. Accordingly, each Fund may not:

(1) Borrow money or issue senior securities, except as permitted by the 1940 Act.

In addition, all Funds, except Real Estate Fund, may not:

(2) With respect to 75% of its total assets, invest more than 5% of its total assets taken at market value in the securities of any one issuer, or in more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies.

In addition, all Funds, except Real Estate Fund, may not:

(3) Make loans to any person except by (a) the acquisition of debt securities and making portfolio investments, (b) entering into repurchase agreements or (c) lending portfolio securities.

In addition, Dividend Builder Fund, Large-Cap Value Fund, Small-Cap Fund and Special Equities Fund may not:

(4) Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities);

(5) Invest in real estate (although it may purchase and sell securities which are secured by real estate and securities of companies which invest or deal in real estate); or

(6) Invest in commodities (in the case of Small-Cap Fund) or physical commodities (in the case of Dividend Builder Fund, Large-Cap Value Fund and Special Equities Fund) or commodity contracts for the purchase and sale of physical commodities.

In addition, Large-Cap Value Fund, Small-Cap Fund and Special Equities Fund may not:

(7) Underwrite securities of other issuers.

In addition, Dividend Builder Fund, Large-Cap Value Fund and Special Equities Fund may not:

(8) Concentrate 25% or more of its assets in any one industry (provided that there is no limitation with respect to obligations issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities).

In addition, Dividend Builder Fund may not:

(9) Underwrite or participate in the marketing of securities of others, except insofar as it may technically be deemed to be an underwriter in selling a portfolio security under circumstances which may require the registration of the same under the 1933 Act.

In addition, Small-Cap Fund may not:

(10) Invest 25% or more of its assets in any particular industry, but, if deemed appropriate for the Fund's objective, up to (but less than) 25% of the value of its assets may be invested in securities of companies in any one industry (although more than 25% may be invested in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities).

In addition, Growth Fund may not:

(11) Purchase any securities or evidences of interest therein on "margin," that is to say in a transaction in which it has borrowed all or a portion of the purchase price and pledged the purchased securities or evidences of interest therein as collateral for the amount so borrowed; or

(12) Concentrate its investments in any particular industry, but, if deemed appropriate for the Fund's objective, up to (but less than) 25% of the value of its assets may be invested in any one industry.

In addition, Growth Fund and Real Estate Fund may not:

(13) Engage in the underwriting of securities; or

Eaton Vance Domestic Equity Funds

5

SAI dated May 1, 2018 as revised June 18, 2018

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