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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-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

January 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Opportunities Fund

Semiannual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

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 call1-800-262-1122.

Semiannual ReportJanuary 31, 2019

Eaton Vance

Emerging Markets Debt Opportunities Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Special Meeting of Shareholders	34
Officers and Directors	35
Important Notices	36

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		09/03/2015		02/04/2013		0.70	%		–2.74	%		3.79	%		2.55	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.09			–7.34			2.79			1.72
Class I at NAV		09/03/2015		02/04/2013		0.95			–2.46			4.03			2.75
Class R6 at NAV		02/04/2013		02/04/2013		0.97			–2.45			3.99			2.72
JPMorgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index		—		—		3.27	%		–2.38	%		3.26	%		1.24	%
JPMorgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified		—		—		3.75			–5.33			1.05			–1.65
% Total Annual Operating Expense Ratios3								Class A			Class I			Class R6
Gross									1.44	%		1.19	%		1.14	%
Net									1.15			0.90			0.85

Fund Profile

Asset Allocation (% of net assets)⁴

Foreign Currency Exposure (% of net assets)⁵

Egypt	11.9	%
Thailand	8.3
Serbia	7.4
Brazil	7.0
Turkey	6.7
Indonesia	5.6
Sri Lanka	3.5
Colombo	3.5
Uganda	2.8
Georgia	1.9
Dominican Republic	1.9
Morocco	1.5
Other	2.3	*
Euro	–8.7
Total Long	64.3
Total Short	–8.7
Total Net	55.6

* Includes amounts each less than 1.0%.

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 recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Endnotes and Additional Disclosures

¹  JPMorgan EMB (JEMB) Hard Currency/Local Currency50-50 Index is a blended index comprised of 25% JPMorgan Emerging Market Bond Index (EMBI) Global Diversified, 25% JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified, and 50% JPMorgan Government Bond Index: Emerging Markets (JPMGBI-EM) Global Diversified. JPMorgan Emerging Market Bond Index (EMBI) Global Diversified is amarket-cap weighted index that measuresUSD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified is an unmanaged index ofUSD-denominated emerging market corporate bonds. JPMorgan Government Bond Index: Emerging Markets (JPMGBI- EM) Global Diversified is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at 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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 11/30/19. 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.

⁴  Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁵  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.

Important Notice to Shareholders

Effective February 15, 2019, the Fund changed its primary benchmark to JPMorgan EMB (JEMB) Hard Currency/Local Currency50-50 Index because the investment adviser believes it is a more appropriate benchmark for the Fund.

3

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

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 (August 1, 2018 – January 31, 2019).

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 (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,007.00	$	5.82	**		1.15	%
Class I	$	1,000.00	$	1,009.50	$	4.56	**		0.90	%
Class R6	$	1,000.00	$	1,009.70	$	4.31	**		0.85	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.40	$	5.85	**		1.15	%
Class I	$	1,000.00	$	1,020.70	$	4.58	**		0.90	%
Class R6	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-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 July 31, 2018.

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

4

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited)

Foreign Government Bonds — 53.7%
Security		Principal Amount (000’s omitted)		Value
Albania — 1.8%
Republic of Albania, 3.50%, 10/9/25(1)	EUR		2,000	$	2,315,044
Total Albania				$	2,315,044
Argentina — 4.6%
City of Buenos Aires, 48.97%, (BADLAR + 3.25%), 3/29/24(2)	ARS		1,933	$	48,750
Provincia de Buenos Aires, 49.16%, (BADLAR + 3.75%), 4/12/25(1)(2)(3)	ARS		15,405		389,597
Provincia de Buenos Aires, 51.03%, (BADLAR + 3.83%), 5/31/22(2)	ARS		3,317		83,890
Republic of Argentina, 4.50%, 6/21/19	USD		49		48,480
Republic of Argentina, 6.25%, 11/9/47	EUR		563		493,295
Republic of Argentina, 6.875%, 1/11/48	USD		4,311		3,325,980
Republic of Argentina, 7.625%, 4/22/46	USD		2,009		1,640,097
Total Argentina				$	6,030,089
Armenia — 1.6%
Republic of Armenia, 6.00%, 9/30/20(1)	USD		2,100	$	2,150,043
Total Armenia				$	2,150,043
Bahrain — 9.5%
CBB International Sukuk Co., 6.875%, 10/5/25(1)	USD		405	$	428,950
Kingdom of Bahrain, 6.125%, 8/1/23(1)	USD		965		1,012,075
Kingdom of Bahrain, 6.75%, 9/20/29(1)	USD		2,717		2,760,119
Kingdom of Bahrain, 7.00%, 1/26/26(1)	USD		936		993,208
Kingdom of Bahrain, 7.00%, 10/12/28(1)	USD		3,077		3,191,587
Kingdom of Bahrain, 7.50%, 9/20/47(1)	USD		4,029		4,031,474
Total Bahrain				$	12,417,413
Barbados — 0.8%
Government of Barbados, 6.625%, 12/5/35(1)(4)	USD		1,110	$	604,617
Government of Barbados, 7.00%, 8/4/22(1)(4)	USD		116		63,127
Government of Barbados, 7.25%, 12/15/21(1)(4)	USD		684		368,471
Total Barbados				$	1,036,215
Bosnia and Herzegovina — 0.3%
Republic of Srpska, 1.50%, 10/30/23	BAM		243	$	137,204
Republic of Srpska, 1.50%, 6/9/25	BAM		68		37,927
Republic of Srpska, 1.50%, 9/25/26	BAM		337		186,246
Total Bosnia and Herzegovina				$	361,377

Security		Principal Amount (000’s omitted)		Value
Dominican Republic — 1.8%
Dominican Republic, 10.50%, 4/7/23(1)	DOP		116,500	$	2,328,733
Total Dominican Republic				$	2,328,733
El Salvador — 1.0%
Republic of El Salvador, 6.375%, 1/18/27(1)	USD		869	$	832,067
Republic of El Salvador, 8.25%, 4/10/32(1)	USD		296		311,874
Republic of El Salvador, 8.625%, 2/28/29(1)	USD		181		195,933
Total El Salvador				$	1,339,874
Ethiopia — 0.2%
Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24(1)	USD		270	$	272,803
Total Ethiopia				$	272,803
Fiji — 2.0%
Republic of Fiji, 6.625%, 10/2/20(1)	USD		2,649	$	2,643,265
Total Fiji				$	2,643,265
Indonesia — 6.2%
Indonesia Government Bond, 7.50%, 5/15/38	IDR		27,710,000	$	1,809,455
Indonesia Government Bond, 8.25%, 5/15/36	IDR		49,070,000		3,439,904
Indonesia Government Bond, 8.75%, 5/15/31	IDR		40,094,000		2,942,534
Total Indonesia				$	8,191,893
Kenya — 1.0%
Republic of Kenya, 7.25%, 2/28/28(1)	USD		1,400	$	1,369,736
Total Kenya				$	1,369,736
Mongolia — 0.9%
Development Bank of Mongolia, LLC, 7.25%, 10/23/23(1)	USD		200	$	200,400
Mongolia International Bond, 5.125%, 12/5/22(1)	USD		576		562,991
Mongolia International Bond, 5.625%, 5/1/23(1)	USD		420		413,666
Total Mongolia				$	1,177,057
Peru — 4.7%
Peru Government Bond, 5.20%, 9/12/23	PEN		2,919	$	898,864
Peru Government Bond, 5.70%, 8/12/24	PEN		12,981		4,059,018
Peru Government Bond, 6.35%, 8/12/28	PEN		668		211,969
Peru Government Bond, 8.20%, 8/12/26	PEN		2,849		1,008,510
Total Peru				$	6,178,361

5 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Serbia — 6.9%
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		227,010	$	2,363,239
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		169,510		1,764,711
Serbia Treasury Bond, 10.00%, 3/20/21	RSD		184,850		2,030,672
Serbia Treasury Bond, 10.00%, 2/5/22	RSD		254,500		2,908,559
Total Serbia				$	9,067,181
Seychelles — 0.2%
Republic of Seychelles, 8.00%, 1/1/26(1)	USD		248	$	253,135
Total Seychelles				$	253,135
Sri Lanka — 3.4%
Sri Lanka Government Bond, 8.50%, 5/1/19	LKR		57,000	$	318,550
Sri Lanka Government Bond, 9.00%, 5/1/21	LKR		102,000		552,438
Sri Lanka Government Bond, 10.00%, 10/1/22	LKR		78,020		423,193
Sri Lanka Government Bond, 10.20%, 7/15/23	LKR		16,000		86,687
Sri Lanka Government Bond, 10.25%, 3/15/25	LKR		15,000		79,906
Sri Lanka Government Bond, 10.60%, 9/15/19	LKR		59,000		332,009
Sri Lanka Government Bond, 10.75%, 3/1/21	LKR		22,000		123,411
Sri Lanka Government Bond, 11.00%, 8/1/21	LKR		93,000		523,527
Sri Lanka Government Bond, 11.00%, 8/1/24	LKR		84,000		466,381
Sri Lanka Government Bond, 11.00%, 5/15/30	LKR		53,000		282,745
Sri Lanka Government Bond, 11.20%, 9/1/23	LKR		21,000		117,395
Sri Lanka Government Bond, 11.40%, 1/1/24	LKR		82,000		461,770
Sri Lanka Government Bond, 11.50%, 12/15/21	LKR		69,000		392,978
Sri Lanka Government Bond, 11.50%, 5/15/23	LKR		50,000		282,713
Total Sri Lanka				$	4,443,703
Thailand — 1.2%
Thailand Government Bond, 1.25%, 3/12/28(1)(5)	THB		52,167	$	1,556,667
Total Thailand				$	1,556,667
Turkey — 4.5%
Republic of Turkey, 5.20%, 2/16/26	EUR		1,052	$	1,238,075
Republic of Turkey, 6.125%, 10/24/28	USD		1,900		1,825,611
Republic of Turkey, 7.375%, 2/5/25	USD		600		628,477
Turkey Government Bond, 7.10%, 3/8/23	TRY		14,500		2,144,136
Total Turkey				$	5,836,299
Ukraine — 1.1%
Ukraine Government International Bond, 9.75%, 11/1/28(1)	USD		1,400	$	1,393,000
Total Ukraine				$	1,393,000
Total Foreign Government Bonds (identified cost $70,577,087)				$	70,361,888

Foreign Corporate Bonds — 10.9%
Security		Principal Amount (000’s omitted)		Value
Belarus — 0.4%
Eurotorg, LLC Via Bonitron DAC, 8.75%, 10/30/22(1)	USD		500	$	505,470
Total Belarus				$	505,470
Brazil — 0.9%
Unigel Luxembourg SA, 10.50%, 1/22/24(1)	USD		1,100	$	1,155,000
Total Brazil				$	1,155,000
Bulgaria — 0.4%
Eurohold Bulgaria AD, 6.50%, 12/7/22(1)	EUR		500	$	542,904
Total Bulgaria				$	542,904
China — 0.5%
21Vianet Group, Inc., 7.00%, 8/17/20(1)	USD		300	$	299,189
CAR, Inc., 6.00%, 2/11/21(1)	USD		300		285,522
Total China				$	584,711
Colombia — 0.9%
Frontera Energy Corp., 9.70%, 6/25/23(1)	USD		1,100	$	1,111,000
Total Colombia				$	1,111,000
El Salvador — 0.7%
AES El Salvador Trust II, 6.75%, 3/28/23(1)	USD		1,000	$	931,250
Total El Salvador				$	931,250
Georgia — 0.5%
JSC Georgia Capital, 6.125%, 3/9/24(1)	USD		650	$	591,500
Total Georgia				$	591,500
Honduras — 0.2%
Inversiones Atlantida SA, 8.25%, 7/28/22(1)	USD		308	$	311,080
Total Honduras				$	311,080
Indonesia — 0.1%
Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(1)	IDR		2,720,000	$	183,646
Total Indonesia				$	183,646
Mexico — 2.7%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26(1)(6)	USD		1,270	$	1,270,000
Cydsa SAB de CV, 6.25%, 10/4/27(1)	USD		500		462,095

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Mexico (continued)
Grupo Kaltex SA de CV, 8.875%, 4/11/22(1)	USD		1,195	$	794,687
Grupo Televisa SAB, 7.25%, 5/14/43	MXN		28,420		986,691
Petroleos Mexicanos, 7.19%, 9/12/24(3)	MXN		1,420		58,665
Petroleos Mexicanos, 7.65%, 11/24/21	MXN		420		20,498
Total Mexico				$	3,592,636
Nigeria — 0.6%
SEPLAT Petroleum Development Co. PLC, 9.25%, 4/1/23(1)	USD		750	$	769,687
Total Nigeria				$	769,687
Panama — 0.5%
Promerica Financial Corp., 9.70%, 5/14/24(1)	USD		700	$	714,875
Total Panama				$	714,875
Russia — 0.3%
O1 Properties Finance PLC, 8.25%, 9/27/21(1)	USD		600	$	453,000
Total Russia				$	453,000
Singapore — 1.0%
ABJA Investment Co. Pte, Ltd., 5.45%, 1/24/28(1)	USD		700	$	633,236
Puma International Financing SA, 5.125%, 10/6/24(1)	USD		750		660,450
Total Singapore				$	1,293,686
South Africa — 0.7%
Petra Diamonds US Treasury PLC, 7.25%, 5/1/22(1)	USD		980	$	923,650
Total South Africa				$	923,650
Spain — 0.5%
Atento Luxco 1 SA, 6.125%, 8/10/22(1)	USD		600	$	589,500
Total Spain				$	589,500
Total Foreign Corporate Bonds (identified cost $14,296,968)				$	14,253,595
Sovereign Loans — 5.4%
Borrower		Principal Amount (000’s omitted)		Value
Barbados — 0.2%
Government of Barbados, Term Loan, 0.00%, Maturing December 20, 2019(2)(4)(7)	USD		880	$	304,524
Total Barbados				$	304,524

Borrower		Principal Amount (000’s omitted)		Value
Ethiopia — 0.1%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 6.28%, (6 mo. USD LIBOR + 3.75%), Maturing August 2, 2021(2)(7)	USD		134	$	129,285
Total Ethiopia				$	129,285
Kenya — 0.1%
Government of Kenya, Term Loan, 7.57%, (3 mo. USD LIBOR + 5.00%), Maturing April 18, 2019(2)	USD		90	$	90,000
Total Kenya				$	90,000
Macedonia — 0.9%
Republic of Macedonia, Term Loan, 4.5%, (6 mo. EURIBOR + 4.50%), Maturing December 16, 2022(7)	EUR		1,000	$	1,162,227
Total Macedonia				$	1,162,227
Nigeria — 0.8%
Bank of Industry Limited, Term Loan, 8.74%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021(2)(7)	USD		990	$	997,594
Total Nigeria				$	997,594
Tanzania — 1.6%
Government of the United Republic of Tanzania, Term Loan, 8.09%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023(2)	USD		1,400	$	1,385,066
Government of the United Republic of Tanzania, Term Loan, 8.11%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(2)	USD		725		726,346
Total Tanzania				$	2,111,412
Turkey — 1.7%
Akbank T.A.S., Term Loan, 1.90%, (3 mo. EURIBOR + 1.90%), Maturing October 6, 2019(2)(8)	EUR		1,000	$	1,130,521
Yapi ve Kredi Bankasi AS, Term Loan, 1.90%, (6 mo. EURIBOR + 1.90%), Maturing November 1, 2019(2)(8)	EUR		1,000		1,116,211
Total Turkey				$	2,246,732
Total Sovereign Loans (identified cost $7,450,079)				$	7,041,774

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Credit Linked Notes — 0.6%
Security	Principal Amount (000’s omitted)		Value
Ukraine — 0.6%
Ukraine Treasury Bill (Citibank, N.A.), 0.00%, 4/9/19(3)(9)	UAH	23,830	$	839,965
Total Ukraine			$	839,965
Total Credit Linked Notes (identified cost $824,868)			$	839,965
Short-Term Investments — 25.6%
Foreign Government Securities — 13.7%
Security	Principal Amount (000’s omitted)		Value
Egypt — 11.8%
Egypt Treasury Bill, 0.00%, 3/19/19	EGP	32,875	$	1,818,321
Egypt Treasury Bill, 0.00%, 4/2/19	EGP	24,475		1,351,092
Egypt Treasury Bill, 0.00%, 4/9/19	EGP	34,825		1,915,816
Egypt Treasury Bill, 0.00%, 4/16/19	EGP	45,950		2,519,071
Egypt Treasury Bill, 0.00%, 4/23/19	EGP	45,375		2,466,380
Egypt Treasury Bill, 0.00%, 6/18/19	EGP	3,300		175,954
Egypt Treasury Bill, 0.00%, 7/23/19	EGP	50,825		2,647,155
Egypt Treasury Bill, 0.00%, 7/30/19	EGP	6,775		351,733
Egypt Treasury Bill, 0.00%, 8/6/19	EGP	39,725		2,055,735
Egypt Treasury Bill, 0.00%, 8/20/19	EGP	2,225		115,513
Total Egypt			$	15,416,770
Georgia — 1.9%
Bank of Georgia Promissory Note, 7.40%, 5/17/19	GEL	385	$	144,957
Bank of Georgia Promissory Note, 7.40%, 5/21/19	GEL	220		82,829
Bank of Georgia Promissory Note, 7.40%, 5/23/19	GEL	230		86,592
Bank of Georgia Promissory Note, 7.40%, 5/27/19	GEL	370		139,296
Bank of Georgia Promissory Note, 7.40%, 5/28/19	GEL	150		56,659
Bank of Georgia Promissory Note, 7.40%, 5/30/19	GEL	310		116,703
Bank of Georgia Promissory Note, 7.40%, 6/3/19	GEL	300		112,934
Bank of Georgia Promissory Note, 7.40%, 6/18/19	GEL	150		56,457
Bank of Georgia Promissory Note, 7.40%, 6/24/19	GEL	210		79,034
Bank of Georgia Promissory Note, 7.40%, 6/26/19	GEL	450		169,354
Bank of Georgia Promissory Note, 7.40%, 7/1/19	GEL	590		222,028
Bank of Georgia Promissory Note, 7.40%, 7/2/19	GEL	420		158,052
Bank of Georgia Promissory Note, 7.59%, 6/14/19	GEL	243		91,562
Bank of Georgia Promissory Note, 7.59%, 6/19/19	GEL	161		60,637
Bank of Georgia Promissory Note, 7.59%, 6/21/19	GEL	210		79,091
Bank of Georgia Promissory Note, 7.59%, 6/25/19	GEL	210		79,089
Georgia Treasury Bill, 0.00%, 5/16/19	GEL	400		147,774
Georgia Treasury Bill, 0.00%, 6/13/19	GEL	570		209,183

Security	Principal Amount (000’s omitted)			Value
Georgia (continued)
Georgia Treasury Bill, 0.00%, 7/18/19	GEL		990	$	362,385
Total Georgia				$	2,454,616
Total Foreign Government Securities (identified cost $17,664,048)				$	17,871,386
U.S. Treasury Obligations — 9.5%
Security	Principal Amount (000’s omitted)			Value
U.S. Treasury Bill, 0.00%, 2/7/19	USD		2,725	$	2,723,946
U.S. Treasury Bill, 0.00%, 2/14/19	USD		400		399,662
U.S. Treasury Bill, 0.00%, 2/21/19(10)	USD		2,725		2,721,469
U.S. Treasury Bill, 0.00%, 3/5/19	USD		2,725		2,719,356
U.S. Treasury Bill, 0.00%, 3/14/19	USD		2,725		2,717,862
U.S. Treasury Bill, 0.00%, 3/21/19	USD		1,200		1,196,245
Total U.S. Treasury Obligations (identified cost $12,478,540)				$	12,478,540
Other — 2.4%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.61%(11)			3,164,722	$	3,164,723
Total Other (identified cost $3,164,592)				$	3,164,723
Total Short-Term Investments (identified cost $33,307,180)				$	33,514,649
Total Investments — 96.2% (identified cost $126,456,182)				$	126,011,871
Other Assets, Less Liabilities — 3.8%				$	4,913,515
Net Assets — 100.0%				$	130,925,386

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 January 31, 2019, the aggregate value of these securities is $43,830,323 or 33.5% of the Fund’s net assets.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at January 31, 2019.

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

⁽³⁾  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 January 31, 2019, the aggregate value of these securities is $1,288,227 or 1.0% of the Fund’s net assets.

⁽⁴⁾  Issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflectnon-accrual status.

⁽⁵⁾  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.

⁽⁶⁾  When-issued security.

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

⁽⁸⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽⁹⁾  Security whose performance, including redemption at maturity, is linked to the price of the underlying security. The investment is subject to credit risk of the issuing financial institution (Citibank, N.A.) in addition to the market risk of the underlying security.

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

⁽¹¹⁾  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 annualizedseven-day yield as of January 31, 2019.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
BRL	9,931,000	USD	2,638,928	Standard Chartered Bank		2/4/19	$	83,982	$	—
BRL	14,036,600	USD	3,771,005	Standard Chartered Bank		2/4/19		77,591		—
BRL	9,429,731	USD	2,539,933	Standard Chartered Bank		2/4/19		45,538		—
BRL	22,819,000	USD	6,248,528	Standard Chartered Bank		2/4/19		8,052		—
BRL	10,578,331	USD	2,896,665	UBS AG		2/4/19		3,733		—
COP	7,719,429,000	USD	2,443,399	Bank of America, N.A.		2/4/19		42,730		—
COP	5,567,924,000	USD	1,787,054	Bank of America, N.A.		2/4/19		6,158		—
COP	2,138,229,000	USD	686,276	Standard Chartered Bank		2/4/19		2,365		—
COP	13,276,000	USD	4,261	Standard Chartered Bank		2/4/19		15		—
USD	2,582,144	BRL	9,429,731	Standard Chartered Bank		2/4/19		—		(3,328	)
USD	2,719,406	BRL	9,931,000	Standard Chartered Bank		2/4/19		—		(3,504	)
USD	3,843,643	BRL	14,036,600	Standard Chartered Bank		2/4/19		—		(4,953	)
USD	6,144,877	BRL	22,819,000	Standard Chartered Bank		2/4/19		—		(111,704	)
USD	2,843,637	BRL	10,578,331	UBS AG		2/4/19		—		(56,760	)
USD	2,477,591	COP	7,719,429,000	Bank of America, N.A.		2/4/19		—		(8,538	)
USD	1,760,330	COP	5,567,924,000	Bank of America, N.A.		2/4/19		—		(32,882	)
USD	4,151	COP	13,276,000	Standard Chartered Bank		2/4/19		—		(124	)
USD	658,543	COP	2,138,229,000	Standard Chartered Bank		2/4/19		—		(30,098	)
COP	4,291,220,000	USD	1,347,800	UBS AG		2/6/19		34,116		—
ARS	23,781,000	USD	609,769	Goldman Sachs International		2/7/19		25,613		—
USD	829,536	EUR	725,000	UBS AG		2/7/19		—		(506	)
COP	3,235,000,000	USD	1,019,620	UBS AG		2/8/19		22,068		—
TRY	13,540,000	USD	2,551,924	Standard Chartered Bank		2/8/19		58,226		—
USD	5,382	COP	17,217,000	Standard Chartered Bank		2/8/19		—		(162	)
USD	856,106	COP	2,783,147,000	Standard Chartered Bank		2/8/19		—		(40,083	)
COP	5,567,924,000	USD	1,759,774	Bank of America, N.A.		2/11/19		32,896		—
TRY	18,488,000	USD	3,478,566	Goldman Sachs International		2/11/19		79,426		—
TRY	13,181,000	USD	2,382,101	Standard Chartered Bank		2/11/19		154,566		—
USD	761,951	COP	2,442,352,000	Standard Chartered Bank		2/11/19		—		(24,397	)
USD	1,510,651	TRY	8,028,859	Goldman Sachs International		2/11/19		—		(34,493	)
USD	1,908,771	TRY	10,561,896	Standard Chartered Bank		2/11/19		—		(123,853	)
COP	86,124,000	USD	26,386	UBS AG		2/14/19		1,340		—
UGX	1,009,224,000	USD	259,908	Standard Chartered Bank		2/14/19		14,638		—

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	2,324,090	EUR	1,993,900	Deutsche Bank AG		2/14/19	$	39,960	$	—
UGX	1,019,669,000	USD	260,452	Standard Chartered Bank		2/15/19		16,865		—
ARS	11,900,000	USD	307,732	BNP Paribas		2/19/19		6,258		—
MAD	6,735,356	USD	697,603	BNP Paribas		2/19/19		8,018		—
TRY	1,083,000	USD	195,065	Standard Chartered Bank		2/19/19		12,426		—
USD	926,553	ARS	35,496,241	BNP Paribas		2/19/19		—		(10,041	)
USD	422,974	EUR	370,651	Credit Agricole Corporate and Investment Bank		2/19/19		—		(1,808	)
USD	519,535	EUR	454,900	Standard Chartered Bank		2/19/19		—		(1,800	)
USD	557,993	EUR	475,953	Goldman Sachs International		2/21/19		12,439		—
USD	1,078,705	EUR	942,500	Goldman Sachs International		2/21/19		—		(1,621	)
COP	89,700,000	USD	27,594	UBS AG		2/28/19		1,266		—
MAD	1,808,000	USD	188,137	Credit Agricole Corporate and Investment Bank		2/28/19		1,212		—
MAD	1,806,000	USD	188,125	Credit Agricole Corporate and Investment Bank		2/28/19		1,015		—
MXN	8,149,768	USD	392,419	Credit Agricole Corporate and Investment Bank		2/28/19		32,285		—
MXN	5,500,000	USD	264,830	Credit Agricole Corporate and Investment Bank		2/28/19		21,788		—
UGX	1,021,492,000	USD	260,452	Standard Chartered Bank		2/28/19		16,436		—
USD	1,082,706	IDR	15,884,380,283	Goldman Sachs International		2/28/19		—		(54,649	)
USD	720,316	MXN	13,728,964	Goldman Sachs International		2/28/19		4,865		—
USD	729,566	MXN	15,000,000	Goldman Sachs International		2/28/19		—		(52,121	)
USD	6,000,000	PEN	20,124,000	Bank of America, N.A.		2/28/19		—		(43,027	)
USD	124,446	IDR	1,797,000,000	JPMorgan Chase Bank, N.A.		3/4/19		—		(4,233	)
BRL	22,819,000	USD	6,132,738	Standard Chartered Bank		3/6/19		113,823		—
BRL	10,578,331	USD	2,838,068	UBS AG		3/6/19		57,685		—
COP	4,291,220,000	USD	1,345,421	Credit Agricole Corporate and Investment Bank		3/6/19		34,897		—
THB	70,000,000	USD	2,139,626	Bank of America, N.A.		3/11/19		102,805		—
THB	53,000,000	USD	1,620,052	Deutsche Bank AG		3/11/19		77,788		—
THB	167,000,000	USD	5,113,288	Goldman Sachs International		3/11/19		236,510		—
THB	46,500,000	USD	1,421,149	Goldman Sachs International		3/11/19		68,465		—
USD	1,479,802	THB	48,411,719	Deutsche Bank AG		3/11/19		—		(71,054	)
COP	1,500,000,000	USD	470,441	Goldman Sachs International		3/13/19		11,924		—
PEN	10,757,250	USD	3,194,242	Standard Chartered Bank		3/14/19		34,583		—
USD	3,230,692	PEN	10,880,000	Standard Chartered Bank		3/14/19		—		(34,978	)
MAD	748,000	USD	77,293	Standard Chartered Bank		3/18/19		935		—
TRY	6,937,000	USD	1,251,315	Standard Chartered Bank		3/18/19		58,111		—
COP	159,513,000	USD	49,720	UBS AG		3/20/19		1,562		—
USD	34,753	COP	109,730,000	Goldman Sachs International		3/20/19		—		(525	)
USD	8,196,449	EUR	7,151,257	Standard Chartered Bank		3/28/19		—		(25,835	)
USD	483,763	EUR	421,000	Goldman Sachs International		4/4/19		—		(593	)
USD	1,115,154	EUR	969,050	Standard Chartered Bank		4/4/19		272		—
TRY	1,700,000	USD	373,427	Standard Chartered Bank		4/9/19		—		(56,344	)
USD	369,000	TRY	1,714,632	Standard Chartered Bank		4/9/19		49,188		—
UGX	381,024,000	USD	97,027	Standard Chartered Bank		4/11/19		5,484		—
MAD	2,284,000	USD	239,916	Credit Agricole Corporate and Investment Bank		4/15/19		—		(1,554	)
USD	1,212,894	EUR	1,049,160	Goldman Sachs International		4/16/19		4,625		—
USD	127,544	EUR	111,111	Goldman Sachs International		4/16/19		—		(418	)

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)
USD	317,616	EUR	276,694	Goldman Sachs International		4/16/19	$	—		$	(1,040	)
COP	161,204,000	USD	51,292	Credit Agricole Corporate and Investment Bank		4/22/19		466			—
ARS	26,695,000	USD	645,899	Goldman Sachs International		4/25/19		13,120			—
USD	268,200	PEN	900,964	Standard Chartered Bank		4/29/19		—			(1,814	)
UGX	7,506,300,000	USD	1,912,433	Standard Chartered Bank		4/30/19		99,452			—
USD	324,426	EUR	279,846	UBS AG		5/2/19		1,705			—
USD	579,260	EUR	500,000	Standard Chartered Bank		5/9/19		2,314			—
USD	422,165	EUR	364,400	Standard Chartered Bank		5/9/19		1,686			—
USD	244,982	EUR	211,461	Standard Chartered Bank		5/9/19		979			—
UGX	993,103,000	USD	256,285	Standard Chartered Bank		5/20/19		8,778	��		—
MAD	2,030,000	USD	210,636	Credit Agricole Corporate and Investment Bank		6/13/19		510			—
UGX	993,624,000	USD	257,416	Standard Chartered Bank		6/14/19		6,372			—
UGX	982,030,000	USD	254,808	Standard Chartered Bank		7/8/19		4,574			—
MAD	1,774,000	USD	184,676	BNP Paribas		7/22/19		—			(567	)
USD	588,876	EUR	508,665	Standard Chartered Bank		8/1/19		—			(2,265	)
MAD	304,000	USD	30,894	BNP Paribas		9/5/19		486			—
MAD	1,481,000	USD	152,838	BNP Paribas		9/5/19		37			—
XOF	31,980,000	EUR	46,881	ICBC Standard Bank plc		10/4/19		—			(251	)
XOF	53,292,000	EUR	78,141	ICBC Standard Bank plc		11/5/19		—			(998	)
TRY	5,109,000	USD	1,112,151	Goldman Sachs International		2/3/20		—			(275,788	)
USD	1,014,484	TRY	5,148,000	Goldman Sachs International		2/3/20		171,737			—
TRY	560,801	USD	121,702	Deutsche Bank AG		2/10/20		—			(30,107	)
TRY	561,000	USD	121,877	Standard Chartered Bank		2/10/20		—			(30,250	)
USD	111,144	TRY	564,000	Deutsche Bank AG		2/10/20		19,026			—
USD	111,199	TRY	564,000	Standard Chartered Bank		2/10/20		19,081			—
TRY	716,199	USD	155,577	Standard Chartered Bank		2/14/20		—			(38,754	)
TRY	9,000,000	USD	1,952,701	Standard Chartered Bank		2/14/20		—			(484,663	)
USD	1,923,513	TRY	9,802,300	Standard Chartered Bank		2/14/20		324,607			—
TRY	5,000,000	USD	1,018,953	Bank of America, N.A.		3/20/20		—			(212,599	)
USD	980,000	TRY	5,033,770	Bank of America, N.A.		3/20/20		168,201			—
							$	2,569,674		$	(1,915,082	)

Non-deliverable Bond Forward Contracts*
Settlement Date	Notional Amount (000’s omitted)		Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation
3/22/19	COP	9,400,000	Republic of Colombia, 10.00%, 7/24/24	Bank of America, N.A.	$	3,027,375	$	24,016
							$	24,016

* Reresents a short-term forward contract to purchase the reference entity denominated in anon-deliverable foreign currency.

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/ Unrealized Depreciation
Interest Rate Futures
5-Year USD Deliverable Interest Rate Swap		6		Short		3/18/19	$	(606,140	)	$	(7,794	)
10-Year USD Deliverable Interest Rate Swap		2		Short		3/18/19		(205,719	)		(4,287	)
Euro-Bobl		11		Short		3/7/19		(1,673,668	)		(5,792	)
U.S.10-Year Treasury Note		12		Short		3/20/19		(1,469,625	)		(37,352	)
										$	(55,225	)

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
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
BRL	16,500	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.33% (pays upon termination)		1/2/23	$	63,710		$	—		$	63,710
EUR	400	Receives	6-month EURIBOR (pays semi-annually)	1.00% (pays annually)		3/21/23		(22,980	)		13,121			(9,859	)
EUR	2,750	Receives	6-month EURIBOR (pays semi-annually)	0.40% (pays annually)		10/4/23		(52,749	)		2,914			(49,835	)
EUR	32	Receives	6-month EURIBOR (pays semi-annually)	1.47% (pays annually)		4/5/48		(2,750	)		—			(2,750	)
EUR	100	Receives	6-month EURIBOR (pays semi-annually)	1.49% (pays annually)		4/18/48		(9,059	)		—			(9,059	)
EUR	15	Receives	6-month EURIBOR (pays semi-annually)	1.60% (pays annually)		5/18/48		(1,789	)		388			(1,401	)
EUR	11	Receives	6-month EURIBOR (pays semi-annually)	1.54% (pays annually)		5/29/48		(1,183	)		—			(1,183	)
EUR	38	Receives	6-month EURIBOR (pays semi-annually)	1.50% (pays annually)		6/4/48		(3,404	)		—			(3,404	)
MXN	64,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.45% (pays monthly)		1/3/24		38,625			—			38,625
MXN	63,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.38% (pays monthly)		1/18/24		28,717			(5	)		28,712
MXN	10,140	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	9.36% (pays monthly)		12/3/38		(24,770	)		—			(24,770	)
USD	600	Receives	3-monthUSD-LIBOR (pays quarterly)	2.64% (pays semi-annually)		3/8/21		(4,189	)		—			(4,189	)
USD	345	Receives	3-monthUSD-LIBOR (pays quarterly)	2.87% (pays semi-annually)		5/16/21		(2,296	)		(9	)		(2,305	)
USD	1,916	Receives	3-monthUSD-LIBOR (pays quarterly)	1.87% (pays semi-annually)		9/18/22		37,450			—			37,450
USD	440	Receives	3-monthUSD-LIBOR (pays quarterly)	2.07% (pays semi-annually)		10/20/22		4,842			(91	)		4,751

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	420	Receives	3-month USD-LIBOR (pays quarterly)	2.69% (pays semi-annually)		2/6/23	$	(5,390	)	$	—		$	(5,390	)
USD	645	Receives	3-monthUSD-LIBOR (pays quarterly)	2.64% (pays semi-annually)		2/12/23		(6,882	)		—			(6,882	)
USD	1,100	Receives	3-monthUSD-LIBOR (pays quarterly)	2.66% (pays semi-annually)		2/12/23		(12,790	)		(4,595	)		(17,385	)
USD	600	Receives	3-monthUSD-LIBOR (pays quarterly)	2.79% (pays semi-annually)		3/14/23		(10,263	)		—			(10,263	)
USD	1,000	Receives	3-monthUSD-LIBOR (pays quarterly)	3.02% (pays semi-annually)		5/17/23		(20,440	)		172			(20,268	)
USD	235	Receives	3-monthUSD-LIBOR (pays quarterly)	2.88% (pays semi-annually)		7/10/23		(3,432	)		—			(3,432	)
USD	200	Receives	3-monthUSD-LIBOR (pays quarterly)	2.88% (pays semi-annually)		7/11/23		(2,946	)		(122	)		(3,068	)
USD	200	Receives	3-monthUSD-LIBOR (pays quarterly)	2.90% (pays semi-annually)		7/19/23		(3,126	)		—			(3,126	)
USD	345	Receives	3-monthUSD-LIBOR (pays quarterly)	3.11% (pays semi-annually)		9/27/23		(11,477	)		9			(11,468	)
USD	271	Receives	3-monthUSD-LIBOR (pays quarterly)	3.09% (pays semi-annually)		9/28/23		(8,767	)		—			(8,767	)
USD	265	Receives	3-monthUSD-LIBOR (pays quarterly)	3.08% (pays semi-annually)		10/2/23		(8,464	)		—			(8,464	)
USD	350	Receives	3-monthUSD-LIBOR (pays quarterly)	3.06% (pays semi-annually)		10/2/23		(10,925	)		(40	)		(10,965	)
USD	244	Receives	3-monthUSD-LIBOR (pays quarterly)	3.08% (pays semi-annually)		10/3/23		(7,787	)		—			(7,787	)
USD	191	Receives	3-monthUSD-LIBOR (pays quarterly)	3.15% (pays semi-annually)		10/19/23		(6,795	)		—			(6,795	)
USD	164	Receives	3-monthUSD-LIBOR (pays quarterly)	3.19% (pays semi-annually)		10/23/23		(6,124	)		908			(5,216	)
USD	430	Receives	3-monthUSD-LIBOR (pays quarterly)	3.12% (pays semi-annually)		10/27/23		(15,045	)		—			(15,045	)
USD	354	Receives	3-monthUSD-LIBOR (pays quarterly)	3.09% (pays semi-annually)		10/31/23		(11,612	)		—			(11,612	)
USD	600	Receives	3-monthUSD-LIBOR (pays quarterly)	3.22% (pays semi-annually)		11/13/23		(19,211	)		—			(19,211	)
USD	615	Receives	3-monthUSD-LIBOR (pays quarterly)	3.01% (pays semi-annually)		11/23/23		(13,644	)		—			(13,644	)
USD	411	Receives	3-monthUSD-LIBOR (pays quarterly)	3.00% (pays semi-annually)		11/23/23		(8,925	)		—			(8,925	)
USD	622	Receives	3-monthUSD-LIBOR (pays quarterly)	2.78% (pays semi-annually)		12/20/23		(6,897	)		—			(6,897	)
USD	390	Receives	3-monthUSD-LIBOR (pays quarterly)	2.71% (pays semi-annually)		12/24/23		(3,161	)		—			(3,161	)
USD	450	Receives	3-monthUSD-LIBOR (pays quarterly)	2.57% (pays semi-annually)		1/4/24		(695	)		—			(695	)

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	250		Receives	3-month USD-LIBOR (pays quarterly)	2.66% (pays semi-annually)		1/11/24	$	(1,463	)	$	—		$	(1,463	)
USD	1,242		Receives	3-monthUSD-LIBOR (pays quarterly)	2.18% (pays semi-annually)		9/19/27		36,843			—			36,843
USD	410		Receives	3-monthUSD-LIBOR (pays quarterly)	2.32% (pays semi-annually)		10/4/27		7,327			(133	)		7,194
USD	1,614		Receives	3-monthUSD-LIBOR (pays quarterly)	2.88% (pays semi-annually)		6/1/28		(32,726	)		—			(32,726	)
USD	693		Receives	3-monthUSD-LIBOR (pays quarterly)	3.13% (pays semi-annually)		9/28/28		(34,208	)		—			(34,208	)
USD	283		Receives	3-monthUSD-LIBOR (pays quarterly)	3.12% (pays semi-annually)		10/2/28		(13,516	)		—			(13,516	)
USD	386		Receives	3-monthUSD-LIBOR (pays quarterly)	3.11% (pays semi-annually)		10/2/28		(18,281	)		196			(18,085	)
USD	1,076		Receives	3-monthUSD-LIBOR (pays quarterly)	3.29% (pays semi-annually)		11/13/28		(60,705	)		—			(60,705	)
USD	2,244		Receives	3-monthUSD-LIBOR (pays quarterly)	3.25% (pays semi-annually)		11/13/28		(118,098	)		—			(118,098	)
USD	500		Receives	3-monthUSD-LIBOR (pays quarterly)	2.87% (pays semi-annually)		12/20/28		(9,058	)		99			(8,959	)
USD	267		Receives	3-monthUSD-LIBOR (pays quarterly)	2.72% (pays semi-annually)		1/15/29		(1,422	)		58			(1,364	)
USD	247		Receives	3-monthUSD-LIBOR (pays quarterly)	2.75% (pays semi-annually)		1/18/29		(2,011	)		—			(2,011	)
USD	233		Receives	3-monthUSD-LIBOR (pays quarterly)	2.76% (pays semi-annually)		1/18/29		(2,081	)		—			(2,081	)
USD	278		Receives	3-month USD-LIBOR (pays quarterly)	2.76% (payssemi-annually)		1/22/29		(2,493	)		—			(2,493	)
USD	101		Receives	3-monthUSD-LIBOR (pays quarterly)	2.92% (pays semi-annually)		4/16/48		(3,096	)		—			(3,096	)
USD	105		Receives	3-monthUSD-LIBOR (pays quarterly)	2.91% (pays semi-annually)		4/17/48		(2,954	)		—			(2,954	)
USD	27		Receives	3-monthUSD-LIBOR (pays quarterly)	3.12% (pays semi-annually)		5/18/48		(1,706	)		187			(1,519	)
USD	32		Receives	3-monthUSD-LIBOR (pays quarterly)	3.02% (pays semi-annually)		5/29/48		(1,395	)		—			(1,395	)
USD	322		Receives	3-monthUSD-LIBOR (pays quarterly)	3.14% (pays semi-annually)		9/25/48		(24,453	)		(477	)		(24,930	)
USD	523		Receives	3-monthUSD-LIBOR (pays quarterly)	3.12% (pays semi-annually)		10/1/48		(38,225	)		—			(38,225	)
USD	229		Receives	3-monthUSD-LIBOR (pays quarterly)	3.22% (pays semi-annually)		10/9/48		(21,332	)		(1,720	)		(23,052	)
USD	2,011		Receives	3-monthUSD-LIBOR (pays quarterly)	3.33% (pays semi-annually)		11/13/48		(219,415	)		—			(219,415	)
USD	1,136		Receives	3-monthUSD-LIBOR (pays quarterly)	2.95% (pays semi-annually)		12/20/48		(33,929	)		—			(33,929	)
Total								$	(755,020	)	$	10,860		$	(744,160	)

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
Bank of America, N.A.	MXN	2,844	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.63% (pays monthly)	$	3/19/24	$	(9,718	)
Bank of America, N.A.	THB	70,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.81% (pays semi-annually)		1/15/23		(7,423	)
Deutsche Bank AG	THB	23,680	Pays	6-month THB Fixing Rate (pays semi-annually)	2.13% (pays semi-annually)		11/19/23		9,245
Total								$	(7,896	)

Centrally Cleared Credit Default Swaps — Sell Protection
Reference Entity	Notional Amount* (000’s omitted)	Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation
Argentina	$1,071	5.00% (pays quarterly)(1)		12/20/23		6.21	%	$	(43,817	)	$	95,417	$	51,600
Total	$1,071							$	(43,817	)	$	95,417	$	51,600

Credit Default Swaps — Sell Protection
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
Bahamas	Deutsche Bank AG	$	600	1.00% (pays quarterly)(1)		6/20/22		1.83	%	$	(15,084	)	$	36,491	$	21,407
Turkey	Goldman Sachs International		1,750	1.00% (pays quarterly)(1)		12/20/27		3.61			(304,816	)		224,656		(80,160	)
Total		$	2,350							$	(319,900	)	$	261,147	$	(58,753	)

* 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 January 31, 2019, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $3,421,000.

** 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.

15 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Portfolio of Investments (Unaudited) — continued

Abbreviations:

BADLAR	–	Buenos Aires Deposits of Large Amount Rate
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:

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
LKR	–	Sri Lankan Rupee

MAD	–	Moroccan Dirham
MXN	–	Mexican Peso
PEN	–	Peruvian Sol
RSD	–	Serbian Dinar
THB	–	Thai Baht
TRY	–	New Turkish Lira
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
XOF	–	West African CFA Franc

16 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2019
Unaffiliated investments, at value (identified cost, $123,291,590)	$	122,847,149
Affiliated investment, at value (identified cost, $3,164,592)		3,164,722
Cash		612,181
Deposits for derivatives collateral —
Financial futures contracts		52,240
Centrally cleared swap contracts		2,127,511
Foreign currency, at value (identified cost, $1,488,394)		1,487,828
Interest receivable		2,275,792
Dividends receivable from affiliated investment		9,730
Receivable for Fund shares sold		1,399,882
Receivable for open forward foreign currency exchange contracts		2,569,674
Receivable for open swap contracts		30,652
Receivable for opennon-deliverable bond forward contracts		24,016
Tax reclaims receivable		17,620
Receivable from affiliate		16,462
Total assets	$	136,635,459
Liabilities
Payable for investments purchased	$	1,338,266
Payable for when-issued securities		1,270,000
Payable for Fund shares redeemed		461,862
Payable for variation margin on open financial futures contracts		10,210
Payable for variation margin on open centrally cleared swap contracts		130,939
Payable for open forward foreign currency exchange contracts		1,915,082
Payable for open swap contracts		97,301
Upfront receipts on opennon-centrally cleared swap contracts		261,147
Payable to affiliate:
Investment adviser and administration fee		70,048
Distribution and service fees		1,393
Accrued foreign capital gains taxes		10,704
Accrued expenses		143,121
Total liabilities	$	5,710,073
Net Assets	$	130,925,386
Sources of Net Assets
Common shares, $0.001 par value, 1,000,000,000 shares authorized (see Note 7), 14,957,731 shares issued and outstanding	$	14,958
Additionalpaid-in capital		139,324,227
Accumulated loss		(8,413,799	)
Total	$	130,925,386

17 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Statement of Assets and Liabilities (Unaudited) — continued

Class A Shares	January 31, 2019
Net Assets	$	6,594,747
Shares Outstanding		754,213
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.74
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.18
Class I Shares
Net Assets	$	48,479,840
Shares Outstanding		5,526,635
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.77
Class R6 Shares
Net Assets	$	75,850,799
Shares Outstanding		8,676,883
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.74

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

18 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2019
Interest (net of foreign taxes, $126,106)	$	4,549,180
Dividends from affiliated investment		162,314
Total investment income	$	4,711,494
Expenses
Investment adviser and administration fee	$	395,587
Distribution and service fees
Class A		7,491
Directors’ fees and expenses		3,821
Custodian fee		151,631
Transfer and dividend disbursing agent fees		19,618
Legal and accounting services		54,026
Printing and postage		20,571
Registration fees		35,234
Miscellaneous		16,448
Total expenses	$	704,427
Deduct —
Allocation of expenses to affiliate	$	163,207
Total expense reductions	$	163,207
Net expenses	$	541,220
Net investment income	$	4,170,274
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,609)	$	(3,350,572	)
Investment transactions — affiliated investment		(2,025	)
Financial futures contracts		(29,932	)
Swap contracts		(611,800	)
Foreign currency transactions		(104,605	)
Forward foreign currency exchange contracts		(1,273,762	)
Non-deliverable bond forward contracts		(13,626	)
Net realized loss	$	(5,386,322	)
Change in unrealized appreciation (depreciation) —
Investments (including net of decrease of $2,806 in accrued foreign capital gains taxes)	$	2,184,210
Investments — affiliated investment		131
Financial futures contracts		(55,014	)
Swap contracts		(457,947	)
Foreign currency		64,588
Forward foreign currency exchange contracts		908,658
Non-deliverable bond forward contracts		24,016
Net change in unrealized appreciation (depreciation)	$	2,668,642
Net realized and unrealized loss	$	(2,717,680	)
Net increase in net assets from operations	$	1,452,594

19 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31, 2018
From operations —
Net investment income	$	4,170,274		$	7,140,064
Net realized loss		(5,386,322	)		(1,727,494	)
Net change in unrealized appreciation (depreciation)		2,668,642			(3,788,374	)
Net increase in net assets from operations	$	1,452,594		$	1,624,196
Distributions to shareholders(1)
Class A	$	(225,044	)	$	(145,243	)
Class I		(1,659,218	)		(1,216,052	)
Class R6		(2,822,465	)		(5,231,531	)
Total distributions to shareholders	$	(4,706,727	)	$	(6,592,826	)
Tax return of capital to shareholders
Class A	$	—		$	(28,155	)
Class I		—			(237,022	)
Class R6		—			(669,095	)
Total tax return of capital to shareholders	$	—		$	(934,272	)
Transactions in common shares —
Proceeds from sale of shares
Class A	$	2,876,021		$	9,114,427
Class I		30,896,304			47,866,531
Class R6		2,462,859			3,303,838
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		207,749			161,522
Class I		1,659,196			1,453,048
Class R6		2,822,465			5,537,410
Cost of shares redeemed
Class A		(1,195,795	)		(4,504,089	)
Class I		(21,795,864	)		(9,722,348	)
Class R6		(1,626,151	)		(1,809,618	)
Net increase in net assets from Fund share transactions	$	16,306,784		$	51,400,721
Net increase in net assets	$	13,052,651		$	45,497,819
Net Assets
At beginning of period	$	117,872,735		$	72,374,916
At end of period	$	130,925,386		$	117,872,735	(2)

⁽¹⁾   For the year ended July 31, 2018, the source of distributions was from net investment income.

⁽²⁾  Includes accumulated distributions in excess of net investment income of $(1,870,665) at July 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.

20 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Financial Highlights

	Class A
	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31,						Period Ended July 31, 2016(1)
				2018			2017
Net asset value — Beginning of period	$	9.010		$	9.460		$	9.400		$	8.730
Income (Loss) From Operations
Net investment income(2)	$	0.286		$	0.675		$	0.608		$	0.544
Net realized and unrealized gain (loss)		(0.234	)		(0.399	)		0.214			0.244
Total income from operations	$	0.052		$	0.276		$	0.822		$	0.788
Less Distributions
From net investment income	$	(0.322	)	$	(0.646	)	$	(0.762	)	$	(0.118	)
Tax return of capital		—			(0.080	)		—			—
Total distributions	$	(0.322	)	$	(0.726	)	$	(0.762	)	$	(0.118	)
Net asset value — End of period	$	8.740		$	9.010		$	9.460		$	9.400
Total Return(3)(4)		0.70	%(5)		2.82	%		9.18	%		9.16	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,595		$	4,840		$	330		$	45
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.15	%(6)		1.15	%		1.16	%(7)		1.15	%(6)
Net investment income		6.57	%(6)		7.19	%		6.46	%		6.74	%(6)
Portfolio Turnover		24	%(5)		80	%		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 0.27%, 0.29%, 0.34% and 1.15% of average daily net assets for the six months ended January 31, 2019, the years ended July 31, 2018 and 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⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.01% for the year ended July 31, 2017.

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

21 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Financial Highlights — continued

	Class I
	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31,						Period Ended July 31, 2016(1)
				2018			2017
Net asset value — Beginning of period	$	9.030		$	9.490		$	9.420		$	8.730
Income (Loss) From Operations
Net investment income(2)	$	0.298		$	0.705		$	0.649		$	0.560
Net realized and unrealized gain (loss)		(0.224	)		(0.413	)		0.204			0.270
Total income from operations	$	0.074		$	0.292		$	0.853		$	0.830
Less Distributions
From net investment income	$	(0.334	)	$	(0.669	)	$	(0.783	)	$	(0.140	)
Tax return of capital		—			(0.083	)		—			—
Total distributions	$	(0.334	)	$	(0.752	)	$	(0.783	)	$	(0.140	)
Net asset value — End of period	$	8.770		$	9.030		$	9.490		$	9.420
Total Return(3)(4)		0.95	%(5)		2.98	%		9.51	%		9.67	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	48,480		$	38,756		$	1,060		$	34
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.90	%(6)		0.90	%		0.91	%(7)		0.90	%(6)
Net investment income		6.83	%(6)		7.48	%		6.90	%		6.84	%(6)
Portfolio Turnover		24	%(5)		80	%		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 0.27%, 0.29%, 0.34% and 1.15% of average daily net assets for the six months ended January 31, 2019, the years ended July 31, 2018 and 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⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.01% for the year ended July 31, 2017.

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

22 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Financial Highlights — continued

	Class R6
	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.000		$	9.460		$	9.390		$	9.060		$	9.880		$	9.610
Income (Loss) From Operations
Net investment income(1)	$	0.299		$	0.725		$	0.625		$	0.591		$	0.546		$	0.452
Net realized and unrealized gain (loss)		(0.223	)		(0.431	)		0.230			(0.119	)(2)		(1.005	)		0.169
Total income (loss) from operations	$	0.076		$	0.294		$	0.855		$	0.472		$	(0.459	)	$	0.621
Less Distributions
From net investment income	$	(0.336	)	$	(0.670	)	$	(0.785	)	$	(0.142	)	$	(0.361	)	$	(0.329	)
From net realized gain		—			—			—			—			—			(0.022	)
Tax return of capital		—			(0.084	)		—			—			—			—
Total distributions	$	(0.336	)	$	(0.754	)	$	(0.785	)	$	(0.142	)	$	(0.361	)	$	(0.351	)
Net asset value — End of period	$	8.740		$	9.000		$	9.460		$	9.390		$	9.060		$	9.880
Total Return(3)(4)		0.97	%(5)		3.02	%		9.57	%		5.37	%		(4.55	)%		6.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	75,851		$	74,277		$	70,985		$	64,407		$	48,141		$	50,478
Ratios (as a percentage of average daily net assets):
Expenses(4)(6)		0.85	%(7)		0.85	%		0.86	%(8)		0.85	%		0.85	%		0.85	%
Net investment income		6.88	%(7)		7.64	%		6.65	%		6.68	%		5.82	%		4.66	%
Portfolio Turnover		24	%(5)		80	%		70	%		85	%		74	%		90	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  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.

⁽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 0.27%, 0.29%, 0.34%, 0.49%, 0.43% and 1.01% of average daily net assets for the six months ended January 31, 2019 and the years ended July 31, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  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.

⁽⁷⁾  Annualized.

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

23 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Emerging Markets Debt Opportunities Fund (the Fund) is anon-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 anopen-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 apro-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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

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 ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the 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 Rule2a-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.

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 Trustees 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. Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. 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.

24

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — 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 January 31, 2019, 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 fiscalyear-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, if any, are disclosed in the accompanying Portfolio of Investments.

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 andNon-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 intonon-deliverable bond forward contracts for the purchase or sale of a bond denominated in anon-deliverable foreign currency at a fixed price on a future date. Fornon-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, including amortization of upfront payments/receipts, 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.

25

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

The Fund is exposed to credit loss in the event ofnon-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.

L  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 (or CCP in the case of a centrally cleared swap) 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. 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts fornon-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, 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 11. 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. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

M  Interim Financial Statements — The interim financial statements relating to January 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on theex-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 theex-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 topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At July 31, 2018, the Fund had a late year ordinary loss of $4,336,821 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	124,335,835
Gross unrealized appreciation	$	5,561,230
Gross unrealized depreciation		(4,021,020	)
Net unrealized appreciation	$	1,540,210

26

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended January 31, 2019, the investment adviser and administration fee amounted to $395,587 or 0.65% (annualized) 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) 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, 2019. Pursuant to this agreement, EVM was allocated $163,207 of the Fund’s operating expenses for the six months ended January 31, 2019.

EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2019, EVM earned $628 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 $484 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2019. 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 six months ended January 31, 2019, no significant amounts have been deferred. Certain officers and Directors of the Fund are officers of EVM.

4  Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-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 six months ended January 31, 2019 amounted to $7,491 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 six months ended January 31, 2019, 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 $49,394,831 and $18,081,700, respectively, for the six months ended January 31, 2019.

27

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

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	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31, 2018
Sales		330,503			968,809
Issued to shareholders electing to receive payments of distributions in Fund shares		24,184			17,293
Redemptions		(137,868	)		(483,551	)
Net increase		216,819			502,551
Class I	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31, 2018
Sales		3,564,665			5,059,206
Issued to shareholders electing to receive payments of distributions in Fund shares		192,615			155,112
Redemptions		(2,520,459	)		(1,036,263	)
Net increase		1,236,821			4,178,055
Class R6	Six Months Ended January 31, 2019 (Unaudited)			Year Ended July 31, 2018
Sales		287,506			349,799
Issued to shareholders electing to receive payments of distributions in Fund shares		328,713			587,052
Redemptions		(189,540	)		(190,805	)
Net increase		426,679			746,046

At January 31, 2019, 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 57.9% of the value of the outstanding shares of the Fund.

8  Financial Instruments

The Fund may trade in financial instruments withoff-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 January 31, 2019 is included in the Portfolio of Investments. At January 31, 2019, 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 enhance total return and/or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts 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.

28

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

Interest Rate Risk: The Fund utilizes various interest rate derivatives includingnon-deliverable bond forward contracts, interest rate futures contracts and interest rate swaps 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 intoover-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 January 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $2,252,123. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $1,126,538 at January 31, 2019.

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 deposits for derivatives collateral 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.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2019 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit		Foreign Exchange		Interest Rate			Total
Not applicable	$	—	$	—	$	217,514	*	$	217,514
Receivable for open forward foreign currency exchange contracts		—		2,569,674		—			2,569,674
Receivable/Payable for open swap contracts; Upfront receipts on opennon-centrally cleared swap contracts		—		—		9,245			9,245
Receivable for opennon-deliverable bond forward contracts						24,016			24,016
Total Asset Derivatives	$	—	$	2,569,674	$	250,775		$	2,820,449
Derivatives not subject to master netting or similar agreements	$	—	$	—	$	217,514		$	217,514
Total Asset Derivatives subject to master netting or similar agreements	$	—	$	2,569,674	$	33,261		$	2,602,935

29

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

	Credit			Foreign Exchange			Interest Rate			Total
Not applicable	$	(43,817	)*	$	—		$	(1,027,759	)*	$	(1,071,576	)
Payable for open forward foreign currency exchange contracts		—			(1,915,082	)		—			(1,915,082	)
Payable/Receivable for open swap contracts; Upfront receipts on opennon-centrally cleared swap contracts		(319,900	)		—			(17,141	)		(337,041	)
Total Liability Derivatives	$	(363,717	)	$	(1,915,082	)	$	(1,044,900	)	$	(3,323,699	)
Derivatives not subject to master netting or similar agreements	$	(43,817	)	$	—		$	(1,027,759	)	$	(1,071,576	)
Total Liability Derivatives subject to master netting or similar agreements	$	(319,900	)	$	(1,915,082	)	$	(17,141	)	$	(2,252,123	)

* For futures contracts and centrally cleared swap contracts, amount represents value as shown in the Portfolio of Investments. 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 on open financial futures contracts and centrally cleared swap contracts, 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 January 31, 2019.

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.	$	376,806	$	(314,187	)	$	—	$	—	$	62,619
BNP Paribas		14,799		(10,608	)		—		—		4,191
Credit Agricole Corporate and Investment Bank		92,173		(3,362	)		—		—		88,811
Deutsche Bank AG		146,019		(116,245	)		—		—		29,774
Goldman Sachs International		628,724		(628,724	)		—		—		—
Standard Chartered Bank		1,220,939		(1,018,909	)		—		—		202,030
UBS AG		123,475		(57,266	)		—		—		66,209
	$	2,602,935	$	(2,149,301	)	$	—	$	—	$	453,634

30

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — 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.	$	(314,187	)	$	314,187	$	—	$	—	$	—
BNP Paribas		(10,608	)		10,608		—		—		—
Credit Agricole Corporate and Investment Bank		(3,362	)		3,362		—		—		—
Deutsche Bank AG		(116,245	)		116,245		—		—		—
Goldman Sachs International		(726,064	)		628,724		97,340		—		—
ICBC Standard Bank plc		(1,249	)		—		—		—		(1,249	)
JPMorgan Chase Bank, N.A.		(4,233	)		—		—		—		(4,233	)
Standard Chartered Bank		(1,018,909	)		1,018,909		—		—		—
UBS AG		(57,266	)		57,266		—		—		—
	$	(2,252,123	)	$	2,149,301	$	97,340	$	—	$	(5,482	)

^(a)  In some instances, the total 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 six months ended January 31, 2019 was as follows:

Statement of Operations Caption	Credit			Foreign Exchange			Interest Rate
Net realized gain (loss) —
Financial futures contracts	$	—		$	—		$	(29,932	)
Swap contracts		(114,556	)		—			(497,244	)
Forward foreign currency exchange contracts		—			(1,273,762	)		—
Non-deliverable bond forward contracts		—			—			(13,626	)
Total	$	(114,556	)	$	(1,273,762	)	$	(540,802	)
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—		$	—		$	(55,014	)
Swap contracts		120,216			—			(578,163	)
Forward foreign currency exchange contracts		—			908,658			—
Non-deliverable bond forward contracts		—			—			24,016
Total	$	120,216		$	908,658		$	(609,161	)

31

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended January 31, 2019, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts		Swap Contracts
	$2,111,000	$	100,694,000	$	432,000	$	38,454,000

* 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 October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term 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 six months ended January 31, 2019.

10  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.

11  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

32

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Notes to Financial Statements (Unaudited) — continued

At January 31, 2019, 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	$	—		$	70,361,888		$	—	$	70,361,888
Foreign Corporate Bonds		—			14,253,595			—		14,253,595
Sovereign Loans		—			4,795,042			2,246,732		7,041,774
Credit Linked Notes		—			839,965			—		839,965
Short-Term Investments —
Foreign Government Securities		—			17,871,386			—		17,871,386
U.S. Treasury Obligations		—			12,478,540			—		12,478,540
Other		—			3,164,723			—		3,164,723
Total Investments	$	—		$	123,765,139		$	2,246,732	$	126,011,871
Forward Foreign Currency Exchange Contracts	$	—		$	2,569,674		$	—	$	2,569,674
Non-deliverable Bond Forward Contracts		—			24,016			—		24,016
Swap Contracts		—			226,759			—		226,759
Total	$	—		$	126,585,588		$	2,246,732	$	128,832,320
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(1,915,082	)	$	—	$	(1,915,082	)
Futures Contracts		(55,225	)		—			—		(55,225	)
Swap Contracts		—			(1,353,392	)		—		(1,353,392	)
Total	$	(55,225	)	$	(3,268,474	)	$	—	$	(3,323,699	)

33

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Directors listed below. The other Directors named herein continue to serve as Directors. The results of the vote with respect to the Fund were as follows:

	Number of Shares
Nominee for Director	For		Withheld
Mark R. Fetting		11,662,661		265,488
Keith Quinton		11,662,661		265,488
Marcus L. Smith		11,662,661		265,488
Susan J. Sutherland		11,662,661		265,488
Scott E. Wennerholm		11,662,661		265,488

Results are rounded to the nearest whole number.

34

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2019

Officers and Directors

Officers of Eaton Vance Emerging Markets Debt Opportunities Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Directors of Eaton Vance Emerging Markets Debt Opportunities Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Director

⁽¹⁾  Messrs. Quinton and Smith began serving as Directors effective October 1, 2018.

35

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 Advisers International Ltd., 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 call1-800-262-1122.

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 at1-800-262-1122, 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.

Portfolio Holdings.Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

36

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

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 calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

14265    1.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. 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:	March 22, 2019

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:	March 22, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 22, 2019