diff --git a/conformance/results/mypy/overloads_evaluation.toml b/conformance/results/mypy/overloads_evaluation.toml
index 61c5af6a..2c9c6048 100644
--- a/conformance/results/mypy/overloads_evaluation.toml
+++ b/conformance/results/mypy/overloads_evaluation.toml
@@ -3,7 +3,6 @@ notes = """
 Does not expand boolean arguments to `Literal[True]` and `Literal[False]`.
 Does not expand enum arguments to literal variants.
 Does not expand tuple arguments to possible combinations.
-Does not evaluate `Any` in some cases where overload is ambiguous.
 Evaluates `Any` in some cases where overload is not ambiguous.
 """
 conformance_automated = "Fail"
@@ -14,10 +13,7 @@ Line 161: Unexpected errors ['overloads_evaluation.py:161: error: No overload va
 Line 162: Unexpected errors ['overloads_evaluation.py:162: error: Expression is of type "Any", not "Literal[0, 1]"  [assert-type]']
 Line 205: Unexpected errors ['overloads_evaluation.py:205: error: Argument 1 to "expand_tuple" has incompatible type "tuple[int, int | str]"; expected "tuple[int, int]"  [arg-type]']
 Line 206: Unexpected errors ['overloads_evaluation.py:206: error: Expression is of type "int", not "int | str"  [assert-type]']
-Line 265: Unexpected errors ['overloads_evaluation.py:265: error: Expression is of type "list[Any]", not "Any"  [assert-type]']
-Line 281: Unexpected errors ['overloads_evaluation.py:281: error: Expression is of type "list[Any]", not "Any"  [assert-type]']
-Line 303: Unexpected errors ['overloads_evaluation.py:303: error: Expression is of type "Any", not "float"  [assert-type]']
-Line 347: Unexpected errors ['overloads_evaluation.py:347: error: Expression is of type "list[Any]", not "Any"  [assert-type]']
+Line 312: Unexpected errors ['overloads_evaluation.py:312: error: Expression is of type "Any", not "float"  [assert-type]']
 """
 output = """
 overloads_evaluation.py:38: error: All overload variants of "example1_1" require at least one argument  [call-overload]
@@ -46,8 +42,5 @@ overloads_evaluation.py:161: note:     def expand_enum(x: Literal[Color.BLUE]) -
 overloads_evaluation.py:162: error: Expression is of type "Any", not "Literal[0, 1]"  [assert-type]
 overloads_evaluation.py:205: error: Argument 1 to "expand_tuple" has incompatible type "tuple[int, int | str]"; expected "tuple[int, int]"  [arg-type]
 overloads_evaluation.py:206: error: Expression is of type "int", not "int | str"  [assert-type]
-overloads_evaluation.py:265: error: Expression is of type "list[Any]", not "Any"  [assert-type]
-overloads_evaluation.py:281: error: Expression is of type "list[Any]", not "Any"  [assert-type]
-overloads_evaluation.py:303: error: Expression is of type "Any", not "float"  [assert-type]
-overloads_evaluation.py:347: error: Expression is of type "list[Any]", not "Any"  [assert-type]
+overloads_evaluation.py:312: error: Expression is of type "Any", not "float"  [assert-type]
 """
diff --git a/conformance/results/pyright/overloads_evaluation.toml b/conformance/results/pyright/overloads_evaluation.toml
index cb63679b..58c20bfe 100644
--- a/conformance/results/pyright/overloads_evaluation.toml
+++ b/conformance/results/pyright/overloads_evaluation.toml
@@ -1,10 +1,10 @@
 conformant = "Partial"
 notes = """
-Does not evaluate `Any` in some cases where overload is ambiguous.
+Infers `list[int]` for ambiguous overloads with `list[Any]` arguments, rejecting use as `list[str]`.
 """
 conformance_automated = "Fail"
 errors_diff = """
-Line 281: Unexpected errors ['overloads_evaluation.py:281:17 - error: "assert_type" mismatch: expected "Any" but received "list[int]" (reportAssertTypeFailure)']
+Line 290: Unexpected errors ['overloads_evaluation.py:290:27 - error: Type "list[int]" is not assignable to declared type "list[str]"']
 """
 output = """
 overloads_evaluation.py:38:1 - error: No overloads for "example1_1" match the provided arguments
@@ -20,5 +20,8 @@ overloads_evaluation.py:116:14 - error: Argument of type "int | str" cannot be a
 overloads_evaluation.py:116:17 - error: Argument of type "int | str" cannot be assigned to parameter "y" of type "int" in function "example2"
   Type "int | str" is not assignable to type "int"
     "str" is not assignable to "int" (reportArgumentType)
-overloads_evaluation.py:281:17 - error: "assert_type" mismatch: expected "Any" but received "list[int]" (reportAssertTypeFailure)
+overloads_evaluation.py:290:27 - error: Type "list[int]" is not assignable to declared type "list[str]"
+  "list[int]" is not assignable to "list[str]"
+    Type parameter "_T@list" is invariant, but "int" is not the same as "str"
+    Consider switching from "list" to "Sequence" which is covariant (reportAssignmentType)
 """
diff --git a/conformance/results/results.html b/conformance/results/results.html
index f0438d58..827a16c4 100644
--- a/conformance/results/results.html
+++ b/conformance/results/results.html
@@ -1814,7 +1814,6 @@ <h1>Python Type System Conformance Test Results</h1>
                                 <li>Does not expand boolean arguments to <code>Literal[True]</code> and <code>Literal[False]</code>.</li>
                                 <li>Does not expand enum arguments to literal variants.</li>
                                 <li>Does not expand tuple arguments to possible combinations.</li>
-                                <li>Does not evaluate <code>Any</code> in some cases where overload is ambiguous.</li>
                                 <li>Evaluates <code>Any</code> in some cases where overload is not ambiguous.</li>
                             </ul>
                         </td>
@@ -1823,7 +1822,7 @@ <h1>Python Type System Conformance Test Results</h1>
                         <td class="partially-conformant tooltip">
                             Partial
                             <ul class="notes">
-                                <li>Does not evaluate <code>Any</code> in some cases where overload is ambiguous.</li>
+                                <li>Infers <code>list[int]</code> for ambiguous overloads with <code>list[Any]</code> arguments, rejecting use as <code>list[str]</code>.</li>
                             </ul>
                         </td>
                         <td class="conformant">Pass</td>
diff --git a/conformance/tests/overloads_evaluation.py b/conformance/tests/overloads_evaluation.py
index c89f9d0b..d9ba88d5 100644
--- a/conformance/tests/overloads_evaluation.py
+++ b/conformance/tests/overloads_evaluation.py
@@ -239,6 +239,12 @@ def check_variadic(v: list[int]) -> None:
 # > :term:`materializations <materialize>` of the argument's type are assignable to
 # > the corresponding parameter type for each of the remaining overloads. If so,
 # > eliminate all of the subsequent remaining overloads.
+# >
+# > If the return types are not equivalent, overload matching is ambiguous. In
+# > this case, infer a return type that is :term:`assignable` to each of the
+# > remaining return types and permits operations supported by any of them without
+# > errors, then stop. A type checker may infer ``Any`` or a more precise gradual
+# > type that satisfies these requirements.
 
 
 @overload
@@ -262,7 +268,8 @@ def check_example4(v1: list[Any], v2: Any) -> None:
     assert_type(ret1, list[int])
 
     ret2 = example4(v2, 1)
-    assert_type(ret2, Any)
+    int_list: list[int] = ret2
+    str_list: list[str] = ret2
 
 
 @overload
@@ -278,7 +285,9 @@ def example5(obj: Any) -> list[Any]:
 
 
 def check_example5(b: list[Any]) -> None:
-    assert_type(example5(b), Any)
+    ret = example5(b)
+    int_list: list[int] = ret
+    str_list: list[str] = ret
 
 
 @overload
@@ -344,4 +353,17 @@ def check_example7(v1: list[Any], v2: Any) -> None:
     assert_type(ret2, list[str])
 
     ret3 = example7(v1, v2)
-    assert_type(ret3, Any)
+    int_list: list[int] = ret3
+    str_list: list[str] = ret3
+
+
+# The earlier ambiguity cases check assignability of list return types. This
+# checks distinct scalar return types and operations specific to each type.
+
+
+def check_ambiguous_scalar_return(v: Any) -> None:
+    ret = example2(1, v, 1)
+    int_result: int = ret
+    str_result: str = ret
+    _ = ret + 1
+    ret.upper()
diff --git a/docs/spec/overload.rst b/docs/spec/overload.rst
index 7d9ef1bc..85e8acb6 100644
--- a/docs/spec/overload.rst
+++ b/docs/spec/overload.rst
@@ -300,7 +300,15 @@ they should be replaced with their solved types. If the resulting return types
 for all remaining overloads are :term:`equivalent`, proceed to step 6.
 
 If the return types are not equivalent, overload matching is ambiguous. In
-this case, assume a return type of ``Any`` and stop.
+this case, infer a return type that is :term:`assignable` to each of the
+remaining return types and permits operations supported by any of them without
+errors, then stop. A type checker may infer ``Any`` or a more precise gradual
+type that satisfies these requirements.
+
+For example, if the remaining return types are ``int`` and ``str``, the result
+should be assignable to both ``int`` and ``str``, and both ``result + 1`` and
+``result.upper()`` should be accepted. Inferring the ordinary union ``int | str``
+would not satisfy these requirements.
 
 Step 6
 ~~~~~~
@@ -395,7 +403,8 @@ Example 4::
       # both apply and are ambiguous due to Any, and
       # the return types are inconsistent.
       r2 = example4(v2, 1)
-      reveal_type(r2)  # Should reveal Any
+      int_result: int = r2  # OK
+      list_result: list[int] = r2  # OK
 
 
 .. _argument-type-expansion: