Eaton Vance Series Fund N-CSR Certified annual shareholder report (management investment company)

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: 811-22714

Eaton Vance Series Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

July 31

Date of Fiscal Year End

July 31, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Opportunities Fund

Annual Report

July 31, 2017

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report July 31, 2017

Eaton Vance

Emerging Markets Debt Opportunities Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	30
Federal Tax Information	31
Board of Trustees’ Contract Approval	32
Management and Organization	35
Important Notices	38

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Debt markets in emerging countries generated widespread gains for the 12-month period ended July 31, 2017. Factors contributing to the positive returns included continued low bond yields in developed markets, a broadly weaker U.S. dollar and a backdrop of improving global growth accompanied by subdued inflation.

After rising in the first two months of the period, emerging debt markets retreated in October and November. The sell-off was triggered by anticipation of the U.S. presidential election and, subsequently, worries that the new administration’s policies would lead to higher inflation, tighter U.S. dollar liquidity and slower global trade. Falling oil prices further dampened investor sentiment.

Emerging debt markets regained their footing in December and continued to advance throughout the remainder of the period. While the Federal Reserve raised interest rates three times, other major central banks remained highly accommodative, containing yields in developed markets and fueling demand for emerging market debt. Political gridlock in Washington D.C. stalled progress on the new administration’s policy agenda, which pushed the U.S. dollar and inflation expectations lower. Additionally, measures of actual inflation softened across developed and emerging countries, in part due to the decline in oil prices that occurred from March through June. Nonetheless, oil prices rose for the full 12-month period and, overall, commodity prices were relatively stable. On the economic front, Chinese growth strengthened during the first six months of 2017, the eurozone economy reported its fastest growth since the region’s debt crisis, and Russia and Brazil emerged from recession.

Fund Performance

For the 12-month period ended July 31, 2017, Eaton Vance Emerging Markets Debt Opportunities Fund (the Fund) had a total return of 9.18% for Class A shares at net asset value (NAV), outperforming its primary benchmark, the JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified² (the Primary Benchmark), which returned 7.97% for the same period. This positive relative result was largely due to strongly performing off-benchmark positions in Central and Eastern Europe.

The Fund also outperformed the 6.78% return of its blended secondary benchmark consisting of 50% JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified, 25% JPMorgan Emerging Market Bond Index (EMBI) Global Diversified and 25% JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified (the Blended Benchmark). The Blended Benchmark

is more representative of the Fund’s investment strategy and holdings than its Primary Benchmark.

Investments in the Central and Eastern Europe region drove the Fund’s outperformance versus the Blended Benchmark, led by positioning in Turkey. Early in the period, an underweight in local Turkish sovereign debt was helpful, as a major ratings agency downgraded the country’s credit rating, driving the currency lower and interest rates higher. Later in the period, overweights in local and external Turkish sovereign debt were advantageous as expectations that President Erdogan’s victory in a constitutional referendum would stabilize the political environment prompted a broad rally in asset prices. An off-benchmark allocation to local Serbian sovereign debt also boosted relative results amid sustained improvement in the country’s fiscal position and the election of a new president who campaigned as a pro-European Union reformer.

Sub-Saharan Africa and Asia made meaningful contributions to Fund performance relative to the Blended Benchmark. Copper prices rose substantially during the 12 months, benefiting overweight positions in the local and U.S. dollar-denominated sovereign debt of Zambia, Africa’s second-largest copper producer. In Asia, an off-benchmark holding in local Sri Lankan sovereign debt was a source of relative strength as inflation and credit growth eased in the country.

The Middle East North Africa region did not have a significant impact on the Fund’s performance versus the Blended Benchmark, while Latin America dampened relative results. Exposure to local Mexican sovereign debt was a key detractor due to the negative effects of an overweight early in the period, when investors grew concerned about anti-trade rhetoric from newly elected U.S. President Trump, and an underweight later in the period, when the administration softened its protectionist tone. An underweight in local Brazilian sovereign debt was also unfavorable, as the combination of a sluggish economic recovery and low inflation prompted Brazil’s central bank to cut interest rates.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Performance^2,3

Portfolio Managers John R. Baur, Michael A. Cirami, CFA, and Eric A. Stein, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		09/03/2015		02/04/2013		9.18	%		—			2.62	%
Class A with 4.75% Maximum Sales Charge		—		—		3.98			—			1.51
Class I at NAV		09/03/2015		02/04/2013		9.51			—			2.80
Class R6 at NAV		02/04/2013		02/04/2013		9.57			—			2.75
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified		—		—		7.97	%		–0.70	%		–2.44	%
Blended Index		—		—		6.78			2.27			1.17
% Total Annual Operating Expense Ratios4					Class A			Class I			Class R6
Gross						1.64	%		1.39	%		1.34	%
Net						1.15			0.90			0.85

Growth of $10,000³

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class I	$	250,000		02/04/2013	$	282,980		N.A.
Class R6	$	1,000,000		02/04/2013	$	1,129,278		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Fund Profile

Asset Allocation (% of net assets)⁵

Foreign Currency Exposure (% of net assets)⁶

Dominican Republic	9.1	%
Sri Lanka	9.0
Serbia	7.1
Indonesia	6.2
Egypt	5.1
Turkey	5.0
Georgia	5.0
India	4.2
Kazakhstan	3.7
Peru	3.4
Argentina	3.0
Colombia	2.8
Uganda	2.8
Other	1.9	*
Euro	–7.0
Total Long	68.3
Total Short	–7.0
Total Net	61.3

* Includes amounts each less than 1.0% or –1.0%, as applicable.

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. JPMorgan Emerging Market Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified is an unmanaged index of USD-denominated emerging market corporate bonds. The Blended Index consists of 50% JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified, 25% JPMorgan Emerging Market Bond Index (EMBI) Global Diversified and 25% JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at net asset value (NAV) do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class A and Class I is linked to Class R6. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 11/30/17. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁶  Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

5

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2017 – July 31, 2017).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (2/1/17)		Ending Account Value (7/31/17)		Expenses Paid During Period* (2/1/17 – 7/31/17)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,068.00	$	5.95	**		1.16	%
Class I	$	1,000.00	$	1,070.40	$	4.67	**		0.91	%
Class R6	$	1,000.00	$	1,070.80	$	4.42	**		0.86	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.00	$	5.81	**		1.16	%
Class I	$	1,000.00	$	1,020.30	$	4.56	**		0.91	%
Class R6	$	1,000.00	$	1,020.50	$	4.31	**		0.86	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2017.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

6

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments

Foreign Government Bonds — 73.4%
Security		Principal Amount (000’s omitted)		Value
Albania — 0.8%
Albania Government Bond, 8.90%, 7/24/25	ALL		52,000	$	532,632
Albania Government Bond, 8.93%, 4/23/25	ALL		4,735		48,557
Total Albania				$	581,189
Barbados — 2.3%
Barbados Government International Bond, 6.625%, 12/5/35(1)	USD		617	$	499,770
Barbados Government International Bond, 6.625%, 12/5/35(2)	USD		493		399,330
Barbados Government International Bond, 7.00%, 8/4/22(1)	USD		116		103,650
Barbados Government International Bond, 7.25%, 12/15/21(1)	USD		684		637,830
Total Barbados				$	1,640,580
Belarus — 2.1%
Republic of Belarus, 6.875%, 2/28/23(1)	USD		660	$	702,999
Republic of Belarus, 7.625%, 6/29/27(1)	USD		760		816,571
Total Belarus				$	1,519,570
Bosnia and Herzegovina — 0.6%
Republic of Srpska, 1.50%, 10/30/23	BAM		340	$	191,461
Republic of Srpska, 1.50%, 6/9/25	BAM		78		41,306
Republic of Srpska, 1.50%, 9/25/26	BAM		421		223,703
Total Bosnia and Herzegovina				$	456,470
Dominican Republic — 9.1%
Dominican Republic, 10.40%, 5/10/19(1)	DOP		151,200	$	3,219,975
Dominican Republic, 15.00%, 4/5/19(1)	DOP		70,000		1,603,534
Dominican Republic, 16.00%, 7/10/20(1)	DOP		71,100		1,730,903
Total Dominican Republic				$	6,554,412
Ecuador — 2.0%
Republic of Ecuador, 10.50%, 3/24/20(2)	USD		1,335	$	1,421,775
Total Ecuador				$	1,421,775

Security		Principal Amount (000’s omitted)		Value
El Salvador — 6.5%
Republic of El Salvador, 5.875%, 1/30/25(1)	USD		32	$	29,080
Republic of El Salvador, 6.375%, 1/18/27(1)	USD		2,094		1,905,540
Republic of El Salvador, 7.375%, 12/1/19(1)	USD		1,900		1,926,125
Republic of El Salvador, 7.65%, 6/15/35(1)	USD		109		101,915
Republic of El Salvador, 7.75%, 1/24/23(1)	USD		61		62,144
Republic of El Salvador, 8.25%, 4/10/32(1)	USD		461		459,847
Republic of El Salvador, 8.625%, 2/28/29(1)	USD		245		254,188
Total El Salvador				$	4,738,839
Ethiopia — 0.4%
Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24(1)	USD		270	$	272,689
Total Ethiopia				$	272,689
Fiji — 3.7%
Republic of Fiji, 6.625%, 10/2/20(1)	USD		2,649	$	2,656,409
Total Fiji				$	2,656,409
Georgia — 3.9%
Georgia Treasury Bond, 6.75%, 10/6/18	GEL		75	$	31,059
Georgia Treasury Bond, 8.00%, 6/9/18	GEL		321		134,632
Georgia Treasury Bond, 10.50%, 2/5/25	GEL		966		441,214
Georgia Treasury Bond, 11.75%, 4/28/21	GEL		1,746		819,964
Georgia Treasury Bond, 13.375%, 3/10/18	GEL		1,270		548,857
Georgia Treasury Bond, 14.375%, 7/16/20	GEL		1,689		826,834
Total Georgia				$	2,802,560
India — 4.0%
India Government Bond, 7.88%, 3/19/30	INR		88,000	$	1,472,239
India Government Bond, 7.95%, 8/28/32	INR		86,000		1,453,003
Total India				$	2,925,242
Indonesia — 4.8%
Indonesia Government Bond, 8.25%, 5/15/36	IDR		1,482,000	$	118,152
Indonesia Government Bond, 8.75%, 5/15/31	IDR		40,094,000		3,358,218
Total Indonesia				$	3,476,370

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Macedonia — 4.0%
Republic of Macedonia, 4.875%, 12/1/20(2)	EUR		730	$	931,475
Republic of Macedonia, 4.875%, 12/1/20(1)	EUR		100		127,599
Republic of Macedonia, 5.625%, 7/26/23(1)	EUR		1,430		1,849,444
Total Macedonia				$	2,908,518
Peru — 3.4%
Peru Government Bond, 6.35%, 8/12/28	PEN		1,058	$	346,960
Peru Government Bond, 8.20%, 8/12/26	PEN		5,778		2,142,747
Total Peru				$	2,489,707
Serbia — 8.9%
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		218,830	$	2,205,143
Serbia Treasury Bond, 10.00%, 3/20/21	RSD		184,850		2,114,618
Serbia Treasury Bond, 10.00%, 2/5/22	RSD		178,340		2,098,277
Total Serbia				$	6,418,038
Seychelles — 0.4%
Republic of Seychelles, 7.00% to 1/1/18, 1/1/26(1)(11)	USD		302	$	313,530
Total Seychelles				$	313,530
Sri Lanka — 9.0%
Sri Lanka Government Bond, 8.50%, 5/1/19	LKR		57,000	$	360,215
Sri Lanka Government Bond, 10.00%, 10/1/22	LKR		61,020		384,269
Sri Lanka Government Bond, 10.25%, 3/15/25	LKR		116,760		727,750
Sri Lanka Government Bond, 10.60%, 9/15/19	LKR		59,000		385,984
Sri Lanka Government Bond, 10.75%, 3/1/21	LKR		22,000		143,351
Sri Lanka Government Bond, 11.00%, 8/1/21	LKR		11,000		72,055
Sri Lanka Government Bond, 11.00%, 8/1/24	LKR		79,000		518,773
Sri Lanka Government Bond, 11.00%, 6/1/26	LKR		137,970		892,072
Sri Lanka Government Bond, 11.00%, 5/15/30	LKR		53,000		337,601
Sri Lanka Government Bond, 11.40%, 1/1/24	LKR		66,000		439,788
Sri Lanka Government Bond, 11.50%, 12/15/21	LKR		69,000		462,263
Sri Lanka Government Bond, 11.50%, 8/1/26	LKR		57,000		384,354
Sri Lanka Government Bond, 11.50%, 9/1/28	LKR		210,420		1,403,063
Total Sri Lanka				$	6,511,538
Suriname — 5.5%
Republic of Suriname, 9.25%, 10/26/26(1)	USD		3,888	$	3,994,920
Total Suriname				$	3,994,920

Security		Principal Amount (000’s omitted)		Value
Thailand — 2.0%
Thailand Government Bond, 1.25%, 3/12/28(1)(3)	THB		51,268	$	1,449,953
Total Thailand				$	1,449,953
Total Foreign Government Bonds (identified cost $51,801,254)				$	53,132,309
Foreign Corporate Bonds — 5.0%
Security		Principal Amount (000’s omitted)		Value
Argentina — 2.6%
Banco Hipotecario SA, 22.417%, 1/12/20(1)(4)	ARS		15,180	$	856,376
YPF SA, 24.104%, 7/7/20(1)(4)	USD		990		1,006,997
Total Argentina				$	1,863,373
Azerbaijan — 0.1%
International Bank of Azerbaijan OJSC Via Rubrika Finance Co., Ltd., 6.17%, 5/10/17(1)(5)	USD		200	$	87,262
Total Azerbaijan				$	87,262
Brazil — 0.6%
Petrobras Global Finance BV, 6.25%, 3/17/24	USD		396	$	413,820
Total Brazil				$	413,820
Georgia — 0.9%
Bank of Georgia JSC, 11.00%, 6/1/18	GEL		640	$	269,468
Bank of Georgia JSC, 11.00%, 6/1/20(1)	GEL		500		211,221
Georgian Oil and Gas Corp. JSC, 6.75%, 4/26/21(1)	USD		200		211,000
Total Georgia				$	691,689
Honduras — 0.5%
Inversiones Atlantida SA, 8.25%, 7/28/22(1)	USD		340	$	351,900
Total Honduras				$	351,900
India — 0.2%
Power Finance Corp, Ltd., 7.47%, 9/16/21	INR		4,000	$	62,564
Power Finance Corp, Ltd., 7.75%, 3/22/27	INR		4,000		64,612
Total India				$	127,176

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Mexico — 0.1%
Petroleos Mexicanos, 7.19%, 9/12/24(2)	MXN		1,420	$	71,884
Petroleos Mexicanos, 7.65%, 11/24/21	MXN		420		23,034
Total Mexico				$	94,918
Total Foreign Corporate Bonds (identified cost $3,939,516)				$	3,630,138
Sovereign Loans — 5.0%
Borrower		Principal Amount (000’s omitted)		Value
Barbados — 1.5%
Government of Barbados, Term Loan, 11.44%, Maturing December 20, 2019	USD		1,100	$	1,101,788
Total Barbados				$	1,101,788
Ethiopia — 0.3%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 5.10%, Maturing August 1, 2021(6)(7)	USD		200	$	197,834
Total Ethiopia				$	197,834
Kenya — 0.5%
Government of Kenya, Term Loan, 6.42%, Maturing April 18, 2019(6)	USD		90	$	90,000
Government of Kenya, Term Loan, 6.63%, Maturing October 28, 2017(6)	USD		260		260,000
Total Kenya				$	350,000
Macedonia — 1.7%
Republic of Macedonia, Term Loan, 3.60%, Maturing December 16, 2022(8)(9)	EUR		1,000	$	1,214,598
Total Macedonia				$	1,214,598
Tanzania — 1.0%
Government of the United Republic of Tanzania, Term Loan, 7.15%, Maturing June 23, 2022	USD		725	$	724,010
Total Tanzania				$	724,010
Total Sovereign Loans (identified cost $3,428,366)				$	3,588,230

Short-Term Investments — 15.0%
Foreign Government Securities — 5.7%
Security		Principal Amount (000’s omitted)		Value
Egypt — 3.4%
Egypt Treasury Bill, 0.00%, 8/8/17	EGP		6,775	$	377,178
Egypt Treasury Bill, 0.00%, 10/17/17	EGP		2,375		126,974
Egypt Treasury Bill, 0.00%, 11/14/17	EGP		19,650		1,041,437
Egypt Treasury Bill, 0.00%, 1/9/18	EGP		1,900		97,401
Egypt Treasury Bill, 0.00%, 1/16/18	EGP		15,800		806,885
Total Egypt				$	2,449,875
Georgia — 0.4%
Georgia Treasury Bill, 0.00%, 2/1/18	GEL		250	$	100,684
Georgia Treasury Bill, 0.00%, 7/19/18	GEL		569		221,684
Total Georgia				$	322,368
Kazakhstan — 1.9%
National Bank of Kazakhstan Note, 0.00%, 9/29/17	KZT		313,150	$	936,062
National Bank of Kazakhstan Note, 0.00%, 10/6/17	KZT		66,080		197,190
National Bank of Kazakhstan Note, 0.00%, 10/20/17	KZT		73,590		218,870
Total Kazakhstan				$	1,352,122
Total Foreign Government Securities (identified cost $4,152,709)				$	4,124,365
U.S. Treasury Obligations — 2.2%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 8/10/17(10)	$		600	$	599,858
U.S. Treasury Bill, 0.00%, 9/28/17(10)			1,000		998,437
Total U.S. Treasury Obligations (identified cost $1,598,373)				$	1,598,295

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Other — 7.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.28%(12)		5,127,284	$	5,128,310
Total Other (identified cost $5,128,310)			$	5,128,310
Total Short-Term Investments (identified cost $10,879,392)			$	10,850,970
Total Investments — 98.4% (identified cost $70,048,528)			$	71,201,647
Less Unfunded Loan Commitments — (0.7)%			$	(524,000	)
Net Investments — 97.7% (identified cost $69,524,528)			$	70,677,647
Other Assets, Less Liabilities — 2.3%			$	1,697,269
Net Assets — 100.0%			$	72,374,916

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾ Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

At July 31, 2017, the aggregate value of these securities is $27,443,371 or 37.9% of the Fund’s net assets.

⁽²⁾ Security exempt from registration pursuant to Rule 144A under 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 July 31, 2017, the aggregate value of these securities is $2,824,464 or 3.9% of the Fund’s net assets.

⁽³⁾ Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁴⁾ Variable rate security. The stated interest rate represents the rate in effect at July 31, 2017.

⁽⁵⁾ Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

⁽⁶⁾ Variable interest rate that updates semiannually based on changes to the London Interbank Offered Rate (LIBOR). The stated interest rate represents the rate in effect at July 31, 2017.

⁽⁷⁾ Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽⁸⁾ Variable interest rate that updates semiannually based on changes to the Euro Interbank Offered Rate (Euribor). The stated interest rate represents a weighted average rate at July 31, 2017.

⁽⁹⁾ Unfunded or partially unfunded loan commitments. See Note 1F for description.

⁽¹⁰⁾ Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽¹¹⁾  Multi-step coupon bond. Interest rate represents the rate in effect at July 31, 2017.

⁽¹²⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2017.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
BRL	1,790,000	USD	542,589	BNP Paribas		8/2/17	$	31,433	$	—
BRL	1,790,000	USD	571,757	Standard Chartered Bank		8/2/17		2,264		—
USD	571,757	BRL	1,790,000	BNP Paribas		8/2/17		—		(2,264	)
USD	538,370	BRL	1,790,000	Standard Chartered Bank		8/2/17		—		(35,651	)
KZT	460,000,000	USD	1,367,013	Deutsche Bank AG		8/3/17		28,847		—
USD	1,406,255	KZT	460,000,000	Deutsche Bank AG		8/3/17		10,395		—
RUB	10,014,255	USD	166,918	Deutsche Bank AG		8/7/17		414		—
RUB	40,640,000	USD	674,411	Goldman Sachs International		8/7/17		4,660		—
RUB	38,000,000	USD	646,566	Goldman Sachs International		8/7/17		—		(11,608	)
RUB	81,290,000	USD	1,383,142	Goldman Sachs International		8/7/17		—		(24,833	)
USD	677,390	RUB	40,640,000	Deutsche Bank AG		8/7/17		—		(1,681	)
USD	2,145,773	RUB	129,304,255	Goldman Sachs International		8/7/17		—		(14,827	)
TRY	7,709,000	USD	2,110,089	BNP Paribas		8/8/17		75,844		—
IDR	13,060,600,900	USD	976,713	Bank of America, N.A.		8/14/17		2,663		—
EUR	1,028,774	RSD	128,000,000	Deutsche Bank AG		8/17/17		—		(41,460	)
EGP	21,785,000	USD	1,237,784	BNP Paribas		8/21/17		—		(28,550	)
RUB	19,759,201	USD	329,705	Deutsche Bank AG		8/22/17		—		(472	)
RUB	129,304,255	USD	2,139,134	Goldman Sachs International		8/22/17		15,366		—

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
RUB	4,024,840	USD	67,286	Goldman Sachs International		8/22/17	$	—	$	(224	)
RUB	1,456,000	USD	24,303	Standard Chartered Bank		8/22/17		—		(43	)
RUB	4,573,116	USD	76,516	Standard Chartered Bank		8/22/17		—		(318	)
RUB	17,263,800	USD	289,676	Standard Chartered Bank		8/22/17		—		(2,022	)
USD	610,935	RUB	36,544,000	Goldman Sachs International		8/22/17		2,030		—
USD	1,648,328	RUB	99,197,212	Goldman Sachs International		8/22/17		—		(4,521	)
USD	672,325	RUB	40,640,000	Goldman Sachs International		8/22/17		—		(4,830	)
MXN	9,429,768	USD	513,686	Goldman Sachs International		8/23/17		14,215		—
UGX	2,983,617,000	USD	814,084	ICBC Standard Bank plc		9/13/17		1,073		—
COP	5,924,900,000	USD	1,949,076	Standard Chartered Bank		9/21/17		23,712		—
USD	5,939,318	EUR	5,169,119	Standard Chartered Bank		9/28/17		—		(198,651	)
TRY	5,200,000	USD	1,438,684	Goldman Sachs International		9/29/17		13,376		—
USD	361,503	EUR	313,617	Standard Chartered Bank		10/5/17		—		(11,038	)
USD	459,137	EUR	398,318	Standard Chartered Bank		10/5/17		—		(14,019	)
USD	650,836	EUR	555,558	Goldman Sachs International		10/20/17		—		(9,619	)
USD	2,901,906	EUR	2,477,086	Goldman Sachs International		10/20/17		—		(42,889	)
ARS	24,000,000	USD	1,420,118	UBS AG		10/24/17		—		(124,489	)
UGX	4,512,382,000	USD	1,206,519	Standard Chartered Bank		1/11/18		—		(23,151	)
KZT	460,000,000	USD	1,364,540	Deutsche Bank AG		1/29/18		—		(16,422	)
USD	623,199	THB	21,475,447	Deutsche Bank AG		3/26/18		—		(22,901	)
USD	780,965	THB	26,936,272	Deutsche Bank AG		3/26/18		—		(29,427	)
							$	226,292	$	(665,910	)

Futures Contracts
Description	Contracts		Position		Expiration Month/Year		Aggregate Cost			Value			Net Unrealized Appreciation
Interest Rate Futures
Euro-Bobl		3		Short		Sep-17	$	(473,047	)	$	(468,998	)	$	4,049
U.S. 5-Year Deliverable Interest Rate Swap		45		Short		Sep-17		(4,516,689	)		(4,511,953	)		4,736
U.S. 10-Year Deliverable Interest Rate Swap		65		Short		Sep-17		(6,653,359	)		(6,625,937	)		27,422
													$	36,207

Euro-Bobl:  Medium-term debt securities issued by the Federal Republic of Germany with a term to maturity of 4.5 to 5 years.

Centrally Cleared Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
CME Group, Inc.	MXN	34,000	Pays	Mexico Interbank TIIE 28 Day		6.08	%		4/30/26	$	(128,358	)
CME Group, Inc.	MXN	24,805	Pays	Mexico Interbank TIIE 28 Day		6.09			6/30/26		(94,778	)
CME Group, Inc.	MXN	7,639	Pays	Mexico Interbank TIIE 28 Day		6.19			7/20/26		(26,320	)
CME Group, Inc.	MXN	13,615	Pays	Mexico Interbank TIIE 28 Day		6.19			7/20/26		(46,652	)
CME Group, Inc.	MXN	8,550	Pays	Mexico Interbank TIIE 28 Day		6.46			9/24/26		(21,535	)
LCH.Clearnet(1)	EUR	2,243	Receives	6-month Euro Interbank Offered Rate		0.25	(2)		9/20/22		(423	)
LCH.Clearnet(1)	USD	2,650	Receives	3-month USD-LIBOR		1.75	(2)		9/20/19		(2,015	)

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Counterparty

Notional Amount (000’s omitted)

Fund Pays/Receives Floating Rate

Floating Rate

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

LCH.Clearnet

USD

1,004

Receives

3-month USD-LIBOR

1.37

%

7/14/26

$

67,013

LCH.Clearnet

USD

350

Receives

3-month USD-LIBOR

1.54

10/7/26

17,796

$

(235,272

)

⁽¹⁾  Effective date, which represents the date on which the Fund and the counterparty to the interest rate swap begin interest payment accrual, is after July 31, 2017.

⁽²⁾  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Interest Rate Swaps

Counterparty

Notional Amount (000’s omitted)

Fund Pays/Receives Floating Rate

Floating Rate

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

Bank of America, N.A.

MXN

2,844

Pays

Mexico Interbank TIIE 28 Day

6.63

%

3/19/24

$

(2,816

)

Deutsche Bank AG

COP

5,356,400

Pays

Colombia Overnight Interbank Reference Rate

5.49

3/21/19

10,877

Deutsche Bank AG

COP

1,057,900

Pays

Colombia Overnight Interbank Reference Rate

5.41

3/22/19

1,682

Deutsche Bank AG

COP

1,431,400

Pays

Colombia Overnight Interbank Reference Rate

5.36

3/26/19

1,950

Goldman Sachs International

COP

5,356,300

Pays

Colombia Overnight Interbank Reference Rate

5.49

3/21/19

10,725

Goldman Sachs International

COP

9,300,000

Pays

Colombia Overnight Interbank Reference Rate

5.13

4/24/19

2,910

$

25,328

Credit Default Swaps — Sell Protection
Reference Entity	Counterparty		Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date	Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation
Bahamas		Deutsche Bank AG	$	600		1.00	%(1)	6/20/22		2.89	%	$	(46,754	)	$	52,713	$	5,959
Turkey		Deutsche Bank AG		1,750		1.00	(1)	6/20/27		2.71			(234,443	)		238,342		3,899
Total			$	2,350								$	(281,197	)	$	291,055	$	9,858

* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2017, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $2,350,000.

** The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swap contract.

*** Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

⁽¹⁾  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Portfolio of Investments — continued

Currency Abbreviations:

ALL	–	Albanian Lek
ARS	–	Argentine Peso
BAM	–	Bosnia-Herzegovina Convertible Mark
BRL	–	Brazilian Real
COP	–	Colombian Peso
DOP	–	Dominican Peso
EGP	–	Egyptian Pound
EUR	–	Euro
GEL	–	Georgian Lari
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee

KZT	–	Kazakhstani Tenge
LKR	–	Sri Lankan Rupee
MXN	–	Mexican Peso
PEN	–	Peruvian Sol
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
THB	–	Thai Baht
TRY	–	New Turkish Lira
UGX	–	Ugandan Shilling
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Statement of Assets and Liabilities

Assets	July 31, 2017
Unaffiliated investments, at value (identified cost, $64,396,218)	$	65,549,337
Affiliated investment, at value (identified cost, $5,128,310)		5,128,310
Cash		622,447
Restricted cash*		411,791
Foreign currency, at value (identified cost, $262,938)		265,967
Interest receivable		1,265,138
Dividends receivable from affiliated investment		3,743
Receivable for Fund shares sold		13,808
Receivable for variation margin on open centrally cleared swap contracts		6,893
Receivable for open forward foreign currency exchange contracts		226,292
Receivable for open swap contracts		38,002
Tax reclaims receivable		19,119
Receivable from affiliate		14,089
Total assets	$	73,564,936
Liabilities
Payable for Fund shares redeemed	$	1,899
Payable for variation margin on open financial futures contracts		1,035
Payable for open forward foreign currency exchange contracts		665,910
Payable for open swap contracts		2,816
Premium received on open non-centrally cleared swap contracts		291,055
Payable to affiliate:
Investment adviser and administration fee		39,725
Distribution and service fees		65
Accrued foreign capital gains taxes		33,930
Accrued expenses		153,585
Total liabilities	$	1,190,020
Net Assets	$	72,374,916
Sources of Net Assets
Common shares, $0.001 par value, 1,000,000,000 shares authorized (see Note 7), 7,650,760 shares issued and outstanding	$	7,651
Additional paid-in capital		72,558,301
Accumulated net realized loss		(799,198	)
Accumulated undistributed net investment income		95,910
Net unrealized appreciation		512,252
Total	$	72,374,916
Class A Shares
Net Assets	$	329,645
Shares Outstanding		34,843
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	9.46
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.93
Class I Shares
Net Assets	$	1,060,354
Shares Outstanding		111,759
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	9.49
Class R6 Shares
Net Assets	$	70,984,917
Shares Outstanding		7,504,158
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	9.46

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Represents restricted cash on deposit at the broker for open derivative contracts.

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Statement of Operations

Investment Income	Year Ended July 31, 2017
Interest (net of foreign taxes, $71,267)	$	5,069,697
Interest allocated from/dividends from affiliated investment		32,919
Expenses allocated from affiliated investment		(110	)
Total investment income	$	5,102,506
Expenses
Investment adviser and administration fee	$	441,334
Distribution and service fees
Class A		357
Directors’ fees and expenses		4,400
Custodian fee		145,593
Transfer and dividend disbursing agent fees		2,054
Legal and accounting services		127,351
Printing and postage		8,915
Registration fees		52,994
Interest expense		7,336
Miscellaneous		27,997
Total expenses	$	818,331
Deduct —
Allocation of expenses to affiliate	$	233,360
Total expense reductions	$	233,360
Net expenses	$	584,971
Net investment income	$	4,517,535
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $12,101)	$	1,204,909
Investment transactions in/allocated from affiliated investment		1,197
Financial futures contracts		518,977
Swap contracts		1,151,774
Foreign currency transactions		(134,635	)
Forward foreign currency exchange contract transactions		563,028
Net realized gain	$	3,305,250
Change in unrealized appreciation (depreciation) —
Investments (including net decrease of $22,714 in accrued foreign capital gains taxes)	$	(329,155	)
Financial futures contracts		173,520
Swap contracts		(859,270	)
Foreign currency		17,541
Forward foreign currency exchange contracts		(531,907	)
Net change in unrealized appreciation (depreciation)	$	(1,529,271	)
Net realized and unrealized gain	$	1,775,979
Net increase in net assets from operations	$	6,293,514

15 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended July 31, 2017			Year Ended July 31, 2016
From operations —
Net investment income	$	4,517,535		$	3,535,387
Net realized gain (loss) from investment transactions, financial futures contracts, swap contracts, foreign currency and forward foreign currency exchange contract transactions and non-deliverable bond forward contracts		3,305,250			(4,772,250	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, swap contracts, foreign currency, forward foreign currency exchange contracts and non-deliverable bond forward contracts		(1,529,271	)		5,171,353
Net increase in net assets from operations	$	6,293,514		$	3,934,490
Distributions to shareholders —
From net investment income
Class A	$	(12,453	)	$	(14	)
Class I		(36,032	)		(184	)
Class R6		(5,617,516	)		(755,377	)
Total distributions to shareholders	$	(5,666,001	)	$	(755,575	)
Transactions in common shares —
Proceeds from sale of shares
Class A	$	295,438		$	95,118
Class I		1,012,850			61,627
Class R6		4,289,587			13,263,826
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		12,407			14
Class I		36,032			184
Class R6		4,405,618			755,377
Cost of shares redeemed
Class A		(23,852	)		(54,259	)
Class I		(42,881	)		(28,764	)
Class R6		(2,723,022	)		(927,332	)
Net increase in net assets from Fund share transactions	$	7,262,177		$	13,165,791
Net increase in net assets	$	7,889,690		$	16,344,706
Net Assets
At beginning of year	$	64,485,226		$	48,140,520
At end of year	$	72,374,916		$	64,485,226
Accumulated undistributed net investment income (loss) included in net assets
At end of year	$	95,910		$	(133,565	)

16 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Financial Highlights

	Class A
	Year Ended July 31, 2017			Period Ended July 31, 2016(1)
Net asset value — Beginning of period	$	9.400		$	8.730
Income (Loss) From Operations
Net investment income(2)	$	0.608		$	0.544
Net realized and unrealized gain		0.214			0.244
Total income from operations	$	0.822		$	0.788
Less Distributions
From net investment income	$	(0.762	)	$	(0.118	)
Total distributions	$	(0.762	)	$	(0.118	)
Net asset value — End of period	$	9.460		$	9.400
Total Return(3)(4)		9.18	%		9.16	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	330		$	45
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.16	%(6)		1.15	%(7)
Net investment income		6.46	%		6.74	%(7)
Portfolio Turnover		70	%		85	%(8)

⁽¹⁾ For the period from commencement of operations on September 3, 2015 to July 31, 2016.

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to 0.34% and 1.15% of average daily net assets for the year ended July 31, 2017 and the period from commencement of operations on September 3, 2015 to July 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Includes interest expense of 0.01% for the year ended July 31, 2017.

⁽⁷⁾ Annualized.

⁽⁸⁾ For the year ended July 31, 2016.

17 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Financial Highlights — continued

	Class I
	Year Ended July 31, 2017			Period Ended July 31, 2016(1)
Net asset value — Beginning of period	$	9.420		$	8.730
Income (Loss) From Operations
Net investment income(2)	$	0.649		$	0.560
Net realized and unrealized gain		0.204			0.270
Total income from operations	$	0.853		$	0.830
Less Distributions
From net investment income	$	(0.783	)	$	(0.140	)
Total distributions	$	(0.783	)	$	(0.140	)
Net asset value — End of period	$	9.490		$	9.420
Total Return(3)(4)		9.51	%		9.67	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,060		$	34
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.91	%(6)		0.90	%(7)
Net investment income		6.90	%		6.84	%(7)
Portfolio Turnover		70	%		85	%(8)

⁽¹⁾  For the period from commencement of operations on September 3, 2015 to July 31, 2016.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.34% and 1.15% of average daily net assets for the year ended July 31, 2017 and the period from commencement of operations on September 3, 2015 to July 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes interest expense of 0.01% for the year ended July 31, 2017.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the year ended July 31, 2016.

18 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Financial Highlights — continued

	Class R6
	Year Ended July 31, 2017			Year Ended July 31, 2016			Year Ended July 31, 2015			Year Ended July 31, 2014			Period Ended July 31, 2013(1)
Net asset value — Beginning of period	$	9.390		$	9.060		$	9.880		$	9.610		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.625		$	0.591		$	0.546		$	0.452		$	0.173
Net realized and unrealized gain (loss)		0.230			(0.119	)(3)		(1.005	)		0.169			(0.563	)
Total income (loss) from operations	$	0.855		$	0.472		$	(0.459	)	$	0.621		$	(0.390	)
Less Distributions
From net investment income	$	(0.785	)	$	(0.142	)	$	(0.361	)	$	(0.329	)	$	—
From net realized gain		—			—			—			(0.022	)		—
Total distributions	$	(0.785	)	$	(0.142	)	$	(0.361	)	$	(0.351	)	$	—
Net asset value — End of period	$	9.460		$	9.390		$	9.060		$	9.880		$	9.610
Total Return(4)(5)		9.57	%		5.37	%		(4.55	)%		6.64	%		(3.90	)%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	70,985		$	64,407		$	48,141		$	50,478		$	14,518
Ratios (as a percentage of average daily net assets):
Expenses(5)(7)		0.86	%(8)		0.85	%		0.85	%		0.85	%		0.85	%(9)
Net investment income		6.65	%		6.68	%		5.82	%		4.66	%		3.58	%(9)
Portfolio Turnover		70	%		85	%		74	%		90	%		0	%(6)

⁽¹⁾ For the period from commencement of operations on February 4, 2013 to July 31, 2013.

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to 0.34%, 0.49%, 0.43%, 1.01% and 2.16% of average daily net assets for the years ended July 31, 2017, 2016, 2015 and 2014 and the period from commencement of operations on February 4, 2013 to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾ Includes interest expense of 0.01% for the year ended July 31, 2017.

⁽⁹⁾ Annualized.

19 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Emerging Markets Debt Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Series Fund, Inc. (the Corporation). The Corporation is a Maryland corporation 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 total return. Effective September 3, 2015, the Fund designated its existing shares as Class R6 and established two new classes of shares named Class A and Class I. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I 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.

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 asked 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 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.

Derivatives. Financial 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 asked 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 Fund’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. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.

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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Fund’s investment in Cash Reserves Fund reflected the Fund’s proportionate interest in its net assets and the Fund recorded its pro-rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Directors of the Fund in a manner that fairly reflects the security’s value, or 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 condition, 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. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Withholding taxes on foreign interest and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

20

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

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.

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of July 31, 2017, 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.

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  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At July 31, 2017, the Fund had sufficient cash and/or securities to cover these commitments.

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 — The Corporation’s Articles of Incorporation provide that no Director or officer of the Corporation shall be liable, to the fullest extent permitted by Maryland law and the 1940 Act, to the Corporation or to its shareholders for money damages. 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  Financial Futures Contracts — Upon entering into a financial futures contract, the Fund 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 Fund 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 Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial 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.

J  Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts — The Fund 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. The Fund may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, from movements in the value of a foreign currency relative to the U.S. dollar.

K  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment.

Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

21

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

L  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

M  Credit Default Swaps — When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Upfront payments or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 8 and 12. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

N  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions (annual distributions prior to October 28, 2016) 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 July 31, 2017 and July 31, 2016 was as follows:

	Year Ended July 31,
	2017		2016
Distributions declared from:
Ordinary income	$	5,666,001	$	755,575

22

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

During the year ended July 31, 2017, accumulated net realized gain was decreased by $1,377,941 and accumulated distributions in excess of net investment income was decreased by $1,377,941 due to differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes, paydown gain (loss), swap contracts, premium amortization, accretion of market discount and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of July 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	300,860
Deferred capital losses	$	(421,929	)
Net unrealized depreciation	$	(69,967	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, foreign currency transactions, futures contracts, swap contracts, investments in partnerships, premium amortization, accretion of market discount and tax straddle transactions.

At July 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $421,929 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 July 31, 2017, $421,929 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2017, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	70,261,131
Gross unrealized appreciation	$	1,827,590
Gross unrealized depreciation		(1,411,074	)
Net unrealized appreciation	$	416,516

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended July 31, 2017, the investment adviser and administration fee amounted to $441,334 or 0.65% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

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 interest, taxes or litigation expenses) exceed 1.15%, 0.90% and 0.85% of the Fund’s average daily net assets for Class A, Class I and Class R6, respectively. This agreement may be changed or terminated after November 30, 2017. Pursuant to this agreement, EVM was allocated $233,360 of the Fund’s operating expenses for the year ended July 31, 2017.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended July 31, 2017, EVM earned $222 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 $885 as its portion of the sales charge on sales of Class A shares for the year ended July 31, 2017. EVD also received distribution and service fees from Class A shares (see Note 4).

Directors and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Directors of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Directors Deferred Compensation Plan. For the year ended July 31, 2017, no significant amounts have been deferred. Certain officers and Directors of the Fund are officers of EVM.

23

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

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 July 31, 2017 amounted to $357 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 1% contingent deferred sales charge (CDSC) if redeemed within 18 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 July 31, 2017, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $43,113,053 and $40,579,310, respectively, for the year ended July 31, 2017.

7  Common Shares

The Corporation’s Articles of Incorporation permit the Directors to issue one billion full and fractional common shares of the Fund ($0.001 par value per share). The Corporation’s authorized shares are subdivided into 300 million shares for each of Class A, Class I and Class R6 and 100 million shares for Class C, which has not commenced operations. Transactions in Fund shares were as follows:

Class A	Year Ended July 31, 2017			Period Ended July 31, 2016(1)
Sales		31,196			10,605
Issued to shareholders electing to receive payments of distributions in Fund shares		1,330			1
Redemptions		(2,480	)		(5,809	)
Net increase		30,046			4,797
Class I	Year Ended July 31, 2017			Period Ended July 31, 2016(1)
Sales		108,945			6,856
Issued to shareholders electing to receive payments of distributions in Fund shares		3,846			22
Redemptions		(4,593	)		(3,317	)
Net increase		108,198			3,561
Class R6	Year Ended July 31, 2017			Year Ended July 31, 2016
Sales		461,541			1,557,480
Issued to shareholders electing to receive payments of distributions in Fund shares		473,661			88,452
Redemptions		(289,366	)		(103,423	)
Net increase		645,836			1,542,509

⁽¹⁾  Class A and Class I commenced operations on September 3, 2015.

24

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

At July 31, 2017, Eaton Vance Short Duration Strategic Income Fund, an Eaton Vance collective investment trust and donor advised funds (established and maintained by a public charity) managed by EVM owned in the aggregate 98.0% of the value of the outstanding shares of the Fund.

8  Financial Instruments

The Fund 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, non-deliverable bond forward contracts, financial futures contracts and swap 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 Fund 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 July 31, 2017 is included in the Portfolio of Investments. At July 31, 2017, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Credit Risk:  The Fund enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.

Foreign Exchange Risk:  The Fund engages in forward foreign currency exchange contracts and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk:  The Fund utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps, cross-currency swaps and non-deliverable bond forward contracts to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.

The Fund 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 Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At July 31, 2017, the fair value of derivatives with credit-related contingent features in a net liability position was $949,923. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $837,469 at July 31, 2017.

The OTC derivatives in which the Fund 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 Fund 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 Fund 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 Fund 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 Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund 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 Fund and/or counterparty is held in segregated accounts by the Fund’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 restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

25

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2017 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Net unrealized appreciation*	$	—		$	—		$	121,016		$	121,016
Receivable for open forward foreign currency exchange contracts		—			226,292			—			226,292
Receivable for open swap contracts		—			—			28,144			28,144
Total Asset Derivatives	$	—		$	226,292		$	149,160		$	375,452
Derivatives not subject to master netting or similar agreements	$	—		$	—		$	121,016		$	121,016
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	226,292		$	28,144		$	254,436
Net unrealized appreciation*	$	—		$	—		$	(320,081	)	$	(320,081	)
Payable for open forward foreign currency exchange contracts		—			(665,910	)		—			(665,910	)
Payable/Receivable for open swap contracts; Premium received on open non-centrally cleared swap contracts		(281,197	)		—			(2,816	)		(284,013	)
Total Liability Derivatives	$	(281,197	)	$	(665,910	)	$	(322,897	)	$	(1,270,004	)
Derivatives not subject to master netting or similar agreements	$	—		$	—		$	(320,081	)	$	(320,081	)
Total Liability Derivatives subject to master netting or similar agreements	$	(281,197	)	$	(665,910	)	$	(2,816	)	$	(949,923	)

* Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts and centrally cleared swap contracts. Only the current day’s variation margin on open futures contracts and centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The Fund’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 tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of July 31, 2017.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	2,663	$	(2,663	)	$	—		$	—	$	—
BNP Paribas		107,277		(30,814	)		(35,887	)		—		40,576
Deutsche Bank AG		54,165		(54,165	)		—			—		—
Goldman Sachs International		63,282		(63,282	)		—			—		—
ICBC Standard Bank plc		1,073		—			—			—		1,073
Standard Chartered Bank		25,976		(25,976	)		—			—		—
	$	254,436	$	(176,900	)	$	(35,887	)	$	—	$	41,649

26

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Bank of America, N.A.	$	(2,816	)	$	2,663	$	—	$	—	$	(153	)
BNP Paribas		(30,814	)		30,814		—		—		—
Deutsche Bank AG		(393,560	)		54,165		254,940		—		(84,455	)
Goldman Sachs International		(113,351	)		63,282		50,069		—		—
Standard Chartered Bank		(284,893	)		25,976		258,917		—		—
UBS AG		(124,489	)		—		109,828		—		(14,661	)
	$	(949,923	)	$	176,900	$	673,754	$	—	$	(99,269	)

^(a)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

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 July 31, 2017 was as follows:

Statement of Operations Caption	Credit		Foreign Exchange			Interest Rate
Net realized gain (loss) —
Financial futures contracts	$	—	$	—		$	518,977
Swap contracts		55,854		—			1,095,920
Forward foreign currency exchange contract transactions		—		563,028			—
Total	$	55,854	$	563,028		$	1,614,897
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—	$	—		$	173,520
Swap contracts		4,008		—			(863,278	)
Forward foreign currency exchange contracts		—		(531,907	)		—
Total	$	4,008	$	(531,907	)	$	(689,758	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended July 31, 2017, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$12,007,000	$	44,356.000	$	32,874,000

* 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.

9  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 1, 2017. Pursuant to an amendment dated August 16, 2017 to the line of credit agreement, the expiration date was extended to October 31, 2017. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term

27

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate 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. 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 July 31, 2017.

10  Reverse Repurchase Agreements

There were no open reverse repurchase agreements outstanding as of July 31, 2017.

For the year ended July 31, 2017, the average borrowings under settled reverse repurchase agreements and the average annual interest rate received were approximately $69,000 and 0.20%, respectively.

11  Risks Associated with Foreign Investments

The Fund’s investments in foreign instruments can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad. In emerging or less developed countries, these risks can be more significant. Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries. Emerging market countries may have relatively unstable governments and economies. Emerging market investments often are subject to speculative trading, which typically contributes to volatility.

The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Economic data as reported by foreign governments and other issuers may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a foreign government to renegotiate defaulted debt may be limited.

12  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 July 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Foreign Government Bonds	$	—	$	53,132,309	$	—	$	53,132,309
Foreign Corporate Bonds		—		3,630,138		—		3,630,138
Sovereign Loans (Less Unfunded Loan Commitments)		—		3,064,230		—		3,064,230
Short-Term Investments —
Foreign Government Securities		—		4,124,365		—		4,124,365
U.S. Treasury Obligations		—		1,598,295		—		1,598,295
Other		—		5,128,310		—		5,128,310
Total Investments	$	—	$	70,677,647	$	—	$	70,677,647
Forward Foreign Currency Exchange Contracts	$	—	$	226,292	$	—	$	226,292
Futures Contracts		36,207		—		—		36,207
Swap Contracts		—		112,953		—		112,953
Total	$	36,207	$	71,016,892	$	—	$	71,053,099

28

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Notes to Financial Statements — continued

Liability Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Exchange Contracts	$	—	$	(665,910	)	$	—	$	(665,910	)
Swap Contracts		—		(604,094	)		—		(604,094	)
Total	$	—	$	(1,270,004	)	$	—	$	(1,270,004	)

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended July 31, 2017 is not presented. At July 31, 2017, there were no investments transferred between Level 1 and Level 2 during the year then ended.

29

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Report of Independent Registered Public Accounting Firm

To the Directors of Eaton Vance Series Fund, Inc. and Shareholders of Eaton Vance Emerging Markets Debt Opportunities Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Series Fund, Inc.), including the portfolio of investments, as of July 31, 2017, and 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, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and sovereign loans owned as of July 31, 2017, by correspondence with the custodian, brokers and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Emerging Markets Debt Opportunities Fund as of July 31, 2017, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

September 21, 2017

30

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.

31

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

32

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Eaton Vance Emerging Markets Debt Opportunities Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in investing in securities, derivatives and other instruments to establish long and short investment exposures to emerging markets, and investing in derivatives to establish short investment exposure to the euro. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

33

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Board of Trustees’ Contract Approval — continued

The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one- and three-year period ended September 30, 2016 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

34

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Management and Organization

Fund Management.  The Directors of Eaton Vance Series Fund, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Directors and officers of the Corporation hold indefinite terms of office. The “Noninterested Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Director oversees 176 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Director and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Corporation	Director Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
Thomas E. Faust Jr. 1958	Director	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 176 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Directors
Scott E. Eston 1956	Director	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Directors that he intends to retire as a Director of all Eaton Vance funds effective September 30, 2017. Directorships in the Last Five Years.(2) None.
Mark R. Fetting 1954	Director	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Director	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Director	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Director	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

35

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Corporation	Director Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Directors (continued)
William H. Park 1947	Chairperson of the Board and Director	2016 (Chairperson); 2003 (Director)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Director	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Director	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Director	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Scott E. Wennerholm 1959	Director	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Principal Officers who are not Directors
Name and Year of Birth	Position(s) with the Corporation	Officer Since(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

36

Eaton Vance

Emerging Markets Debt Opportunities Fund

July 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Corporation	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾  Year first appointed to serve as Director for a fund in the Eaton Vance family of funds. Each Director has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Directors (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

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Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7012    7.31.17

Item 2. Code of Ethics

The registrant 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 amended the code of ethics as described in Form N-CSR during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. 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 has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Opportunities Fund (the “Fund”) is the only series of Eaton Vance Series Fund, Inc. (the “Corporation”), a Maryland corporation. The Corporation is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual report.

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

(a)-(d)

The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended July 31, 2016 and July 31, 2017 by D&T for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such period.

Eaton Vance Emerging Markets Debt Opportunities Fund

Fiscal Years Ended	7/31/16		7/31/17
Audit Fees	$	82,920	$	90,320
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,503	$	16,560
All Other Fees(3)	$	0	$	0
Total	$	101,423	$	106,880

⁽¹⁾  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.

⁽²⁾  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.

⁽³⁾  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 by D&T for the Fund’s fiscal years ended July 31, 2016 and July 31, 2017; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the Series.

Fiscal Years Ended	7/31/16		7/31/17
Registrant	$	18,503	$	16,560
Eaton Vance(1)	$	56,434	$	148,018

⁽¹⁾ The investment adviser to the Fund, as well as any of its affiliates that provide ongoing services to the Fund, are subsidiaries of Eaton Vance Corp.

(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.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. 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 controls over financial reporting during the second fiscal quarter of 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 12. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Series Fund, Inc.

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 25, 2017

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
	Treasurer
Date:	September 25, 2017
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 25, 2017