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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22714

Eaton Vance Series Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

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, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Opportunities Fund

Semiannual Report

January 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 adviser is registered with the CFTC as a commodity pool operator with respect to its management of the Fund. As the commodity pool operator of the Fund, the adviser has claimed relief under the Commodity Exchange Act from certain reporting and recordkeeping requirements. The adviser is also registered as a commodity trading advisor.

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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report January 31, 2022

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
Officers and Directors	43
Privacy Notice	44
Important Notices	46

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) John R. Baur, Akbar Causer and Brian Shaw, 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		–0.99	%		–0.49	%		6.10	%		3.93	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.68			–5.27			5.07			3.37
Class I at NAV		09/03/2015		02/04/2013		–0.74			–0.10			6.40			4.16
Class R6 at NAV		02/04/2013		02/04/2013		–0.84			–0.08			6.45			4.15
J. P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index		—		—		–4.21	%		–4.95	%		3.36	%		1.62	%
% Total Annual Operating Expense Ratios3								Class A			Class I			Class R6
									1.11	%		0.86	%		0.81	%

Fund Profile

Asset Allocation (% of net assets)⁴

Foreign Currency Exposure (% of net assets)⁵

Egypt	9.1	%
Ukraine	6.5
Hungary	4.9
Indonesia	4.0
Poland	3.9
Malaysia	2.5
Serbia	2.3
Uzbekistan	2.2
Russia	2.0
Czech Republic	2.0
Uganda	2.0
China	1.6
India	1.5
Zambia	1.4
Peru	1.2
Other	1.7	*
China	–1.6
Euro	–13.4
Total Long	49.0
Total Short	–15.2
Total Net	33.8

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

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Endnotes and Additional Disclosures

¹  J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index is a blended index comprised of 25% J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, 25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified, and 50% J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged). J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified is an unmanaged index of USD-denominated emerging market corporate bonds. J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved. 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.

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.

3

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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, 2021 – January 31, 2022).

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 (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	990.10	$	5.47		1.09	%
Class I	$	1,000.00	$	992.60	$	4.27		0.85	%
Class R6	$	1,000.00	$	991.60	$	3.92		0.78	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class I	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class R6	$	1,000.00	$	1,021.27	$	3.97		0.78	%

* 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 the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

4

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Convertible Bonds — 1.6%
Security	Principal Amount (000’s omitted)			Value
Bermuda — 1.2%
Liberty Latin America, Ltd., 2.00%, 7/15/24	USD		15,056	$	14,510,220
Total Bermuda				$	14,510,220
India — 0.4%
Indiabulls Housing Finance, Ltd., 4.50%, 9/28/26(1)	USD		4,965	$	4,728,766
Total India				$	4,728,766
Total Convertible Bonds (identified cost $14,877,153)				$	19,238,986
Foreign Corporate Bonds — 24.5%
Security		Principal Amount (000’s omitted)		Value
Argentina — 1.9%
Generacion Mediterranea S.A./Central Termica Roca S.A., 15.00%, 5/5/23(2)(3)	USD		938	$	930,468
IRSA Propiedades Comerciales S.A., 8.75%, 3/23/23(1)	USD		5,591		5,430,510
Telecom Argentina S.A., 8.50%, 8/6/25(1)	USD		3,876		3,736,987
Transportadora de Gas del Sur S.A., 6.75%, 5/2/25(1)	USD		3,977		3,602,824
YPF S.A.:
4.00% to 1/1/23, 2/12/26(2)(4)	USD		6,908		5,766,674
9.00% to 1/1/23, 2/12/26(1)(4)	USD		4,838		4,038,959
Total Argentina				$	23,506,422
Armenia — 0.9%
Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25(1)	USD		10,926	$	10,680,165
Total Armenia				$	10,680,165
Belarus — 0.6%
Eurotorg, LLC Via Bonitron DAC, 9.00%, 10/22/25(1)	USD		6,686	$	6,786,290
Total Belarus				$	6,786,290
Brazil — 4.6%
Braskem America Finance Co., 7.125%, 7/22/41(1)	USD		3,461	$	4,172,339
Braskem Netherlands Finance BV, 5.875%, 1/31/50(1)	USD		9,192		10,030,862
Guara Norte S.a.r.l., 5.198%, 6/15/34(1)	USD		2,329		2,177,816

Security		Principal Amount (000’s omitted)		Value
Brazil (continued)
MC Brazil Downstream Trading S.a.r.l., 7.25%, 6/30/31(2)	USD		5,326	$	5,115,490
MV24 Capital BV, 6.748%, 6/1/34(1)	USD		722		721,741
Natura Cosmeticos S.A., 4.125%, 5/3/28(1)	USD		9,757		9,513,075
Odebrecht Offshore Drilling Finance, Ltd.:
6.72%, 12/1/22(2)	USD		219		216,411
6.72%, 12/1/22(1)	USD		3,103		3,072,352
Oi Movel S.A., 8.75%, 7/30/26(1)	USD		9,352		9,480,590
Petrobras Global Finance BV, 6.90%, 3/19/49	USD		7,520		7,674,799
Vale S.A., 2.762%(5)(6)	BRL		55,335		5,250,279
Total Brazil				$	57,425,754
Bulgaria — 0.4%
Eurohold Bulgaria AD, 6.50%, 12/7/22(1)	EUR		4,634	$	5,154,391
Total Bulgaria				$	5,154,391
China — 1.0%
KWG Group Holdings, Ltd., 7.875%, 9/1/23(1)	USD		2,017	$	1,280,795
Shimao Group Holdings, Ltd., 5.60%, 7/15/26(1)	USD		3,700		1,720,500
Sunac China Holdings, Ltd.:
6.50%, 7/9/23(1)	USD		2,000		1,235,000
8.35%, 4/19/23(1)	USD		2,800		1,792,000
Times China Holdings, Ltd.:
5.55%, 6/4/24(1)	USD		8,252		4,068,236
6.75%, 7/16/23(1)	USD		3,803		1,968,053
Total China				$	12,064,584
Colombia — 0.1%
Gran Tierra Energy International Holdings, Ltd.:
6.25%, 2/15/25(2)	USD		632	$	584,761
6.25%, 2/15/25(1)	USD		1,243		1,150,092
Total Colombia				$	1,734,853
El Salvador — 0.3%
AES El Salvador Trust II, 6.75%, 3/28/23(1)	USD		4,674	$	4,149,250
Total El Salvador				$	4,149,250
Georgia — 1.2%
Georgia Capital JSC:
6.125%, 3/9/24(2)	USD		324	$	327,969
6.125%, 3/9/24(1)	USD		3,782		3,828,329

5 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Georgia (continued)
Silknet JSC:
8.375%, 1/31/27(1)	USD		4,670	$	4,722,537
11.00%, 4/2/24(1)	USD		508		539,184
TBC Bank JSC, 8.894% to 11/6/26(1)(5)(7)	USD		4,741		4,782,484
Total Georgia				$	14,200,503
Honduras — 0.5%
Inversiones Atlantida S.A., 7.50%, 5/19/26(1)	USD		6,190	$	6,302,627
Total Honduras				$	6,302,627
India — 0.7%
JSW Infrastructure, Ltd., 4.95%, 1/21/29(1)	USD		8,087	$	8,040,184
Total India				$	8,040,184
Indonesia — 0.6%
Alam Sutera Realty Tbk PT:
6.00%, (6.00% cash or 6.25% PIK), 5/2/24(8)	USD		962	$	819,090
6.25%, (6.25% cash or 6.50% PIK), 11/2/25(1)(8)	USD		9,159		7,095,752
Total Indonesia				$	7,914,842
Mexico — 2.6%
Alpha Capital, S.A.S. (Debtor-In-Possession Note), 10.00%, 2/5/22(2)(8)	USD		471	$	446,354
Alpha Holding S.A. de CV:
9.00%, 2/10/25(1)(9)	USD		9,319		1,106,631
10.00%, 12/19/22(1)(9)	USD		5,835		751,315
Braskem Idesa SAPI, 7.45%, 11/15/29(1)	USD		11,342		11,654,189
Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(1)	USD		7,809		7,564,539
Petroleos Mexicanos:
6.75%, 9/21/47	USD		12,775		10,980,623
7.19%, 9/12/24(2)	MXN		1,420		65,552
Total Mexico				$	32,569,203
Moldova — 0.5%
Aragvi Finance International DAC, 8.45%, 4/29/26(1)	USD		5,608	$	5,684,560
Total Moldova				$	5,684,560
Nigeria — 1.1%
IHS Holding, Ltd., 5.625%, 11/29/26(1)	USD		4,685	$	4,738,292
SEPLAT Petroleum Development Co. PLC, 7.75%, 4/1/26(1)	USD		8,706		8,716,882
Total Nigeria				$	13,455,174

Security		Principal Amount (000’s omitted)		Value
Paraguay — 0.6%
Frigorifico Concepcion S.A., 7.70%, 7/21/28(2)	USD		7,960	$	7,844,779
Total Paraguay				$	7,844,779
Peru — 1.0%
PetroTal Corp., 12.00%, 2/16/24(1)(2)	USD		5,650	$	5,932,500
Telefonica del Peru SAA, 7.375%, 4/10/27(1)	PEN		29,500		6,982,861
Total Peru				$	12,915,361
Russia — 0.9%
Hacienda Investments, Ltd. Via DME Airport DAC, 5.35%, 2/8/28(1)	USD		3,242	$	3,135,273
Tinkoff Bank JSC Via TCS Finance, Ltd., 6.00% to 12/20/26(1)(5)(7)	USD		9,139		8,348,477
Total Russia				$	11,483,750
Saint Lucia — 0.4%
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24(1)	USD		4,548	$	4,666,748
Total Saint Lucia				$	4,666,748
Singapore — 0.4%
TBLA International Pte Ltd., 7.00%, 1/24/23(1)	USD		5,094	$	5,025,766
Total Singapore				$	5,025,766
South Africa — 1.2%
Petra Diamonds US Treasury PLC, 10.50% PIK, 3/8/26(1)(8)	USD		14,610	$	15,085,002
Total South Africa				$	15,085,002
Turkey — 1.2%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, 9.50%, 7/10/36(1)	USD		8,605	$	8,480,572
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(1)	USD		6,725		6,417,358
Total Turkey				$	14,897,930
Ukraine — 0.4%
Metinvest BV:
5.625%, 6/17/25(1)	EUR		3,038	$	3,031,805
8.50%, 4/23/26(1)	USD		2,094		1,868,686
Total Ukraine				$	4,900,491

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
United Arab Emirates — 0.7%
Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24(1)	USD		9,013	$	9,225,842
Total United Arab Emirates				$	9,225,842
Uzbekistan — 0.7%
Ipoteka-Bank ATIB, 16.00%, 4/16/24(1)	UZS		77,890,000	$	7,257,741
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22(1)	UZS		10,000,000		926,759
Total Uzbekistan				$	8,184,500
Total Foreign Corporate Bonds (identified cost $315,973,974)				$	303,898,971
Loan Participation Notes — 1.4%
Security		Principal Amount (000’s omitted)		Value
Uzbekistan — 1.4%
Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23(1)(3)(10)	UZS		93,585,000	$	8,466,118
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23(1)(3)(10)	UZS		99,513,000		9,058,923
Total Uzbekistan				$	17,525,041
Total Loan Participation Notes (identified cost $19,288,241)				$	17,525,041
Senior Floating-Rate Loans — 1.1%(11)
Borrower/Description		Principal Amount (000’s omitted)		Value
Dominican Republic — 0.2%
Ingenieria Estrella, S.A. and Dominicana Cooperatief U.A., Term Loan, 5.251%, (6 mo. USD LIBOR + 5.00%), 11/29/24	USD		2,372	$	2,330,255
Total Dominican Republic				$	2,330,255
Mexico — 0.9%
Petroleos Mexicanos, Term Loan, 6/28/24(12)	USD		12,330	$	11,898,450
Total Mexico				$	11,898,450
Total Senior Floating-Rate Loans (identified cost $14,193,960)				$	14,228,705

Sovereign Government Bonds — 39.2%
Security		Principal Amount (000’s omitted)		Value
Albania — 0.6%
Republic of Albania, 3.50%, 11/23/31(1)	EUR		6,871	$	7,587,869
Total Albania				$	7,587,869
Argentina — 0.7%
Argentina Bonar Bonds, 0.50% to 7/9/23, 7/9/30(4)	USD		2,400	$	755,233
Republic of Argentina, 2.50% to 7/9/22, 7/9/41(4)	USD		21,488		7,711,920
Total Argentina				$	8,467,153
Bahrain — 1.4%
Kingdom of Bahrain:
5.45%, 9/16/32(1)	USD		598	$	565,851
6.00%, 9/19/44(1)	USD		3,084		2,696,440
6.25%, 1/25/51(1)	USD		10,412		9,208,425
7.50%, 9/20/47(1)	USD		4,424		4,316,342
Total Bahrain				$	16,787,058
Barbados — 0.5%
Government of Barbados:
6.50%, 10/1/29(2)	USD		2,173	$	2,178,132
6.50%, 10/1/29(1)	USD		3,973		4,002,294
Total Barbados				$	6,180,426
Belarus — 0.2%
Republic of Belarus:
5.875%, 2/24/26(1)	USD		1,410	$	1,184,160
6.875%, 2/28/23(1)	USD		1,000		950,770
Total Belarus				$	2,134,930
Benin — 1.2%
Benin Government International Bond, 6.875%, 1/19/52(1)	EUR		13,780	$	15,108,886
Total Benin				$	15,108,886
Bosnia and Herzegovina — 0.0%(13)
Republic of Srpska:
1.50%, 10/30/23	BAM		97	$	55,859
1.50%, 6/9/25	BAM		39		22,268
1.50%, 9/25/26	BAM		211		120,363
Total Bosnia and Herzegovina				$	198,490

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
China — 1.6%
China Government Bond, 3.53%, 10/18/51	CNY		121,580	$	19,969,207
Total China				$	19,969,207
Costa Rica — 0.5%
Costa Rica Government International Bond, 9.66%, 9/30/26(1)	CRC		3,282,500	$	5,993,671
Total Costa Rica				$	5,993,671
Croatia — 0.9%
Croatia Government International Bond:
1.50%, 6/17/31(1)	EUR		805	$	910,301
1.75%, 3/4/41(1)	EUR		9,184		10,170,792
Total Croatia				$	11,081,093
Dominican Republic — 0.9%
Dominican Republic:
6.40%, 6/5/49(1)	USD		5,395	$	5,402,553
6.85%, 1/27/45(1)	USD		5,100		5,369,790
8.00%, 1/15/27(1)	DOP		13,200		215,538
Total Dominican Republic				$	10,987,881
Ecuador — 0.4%
Republic of Ecuador:
0.50% to 7/31/22, 7/31/40(1)(4)	USD		800	$	413,663
0.50% to 7/31/22, 7/31/40(1)(4)	USD		182		92,043
0.50% to 7/31/22, 7/31/40(1)(4)	USD		2,265		1,170,788
0.50% to 7/31/22, 7/31/40(1)(4)	USD		1,538		776,844
0.50% to 7/31/22, 7/31/40(1)(4)	USD		410		207,097
0.50% to 7/31/22, 7/31/40(1)(4)	USD		3,451		1,742,836
0.50% to 7/31/22, 7/31/40(1)(4)	USD		1,640		848,056
Total Ecuador				$	5,251,327
Egypt — 6.9%
Arab Republic of Egypt:
5.875%, 2/16/31(1)	USD		10,121	$	8,580,382
7.50%, 2/16/61(1)	USD		13,881		10,816,006
Egypt Government Bond:
14.06%, 1/12/26	EGP		293,132		18,521,204
14.483%, 4/6/26	EGP		172,731		11,040,069
14.556%, 10/13/27	EGP		411,495		26,341,335
14.563%, 7/6/26	EGP		37,431		2,395,643
14.575%, 10/12/28	EGP		124,964		8,001,218
Total Egypt				$	85,695,857

Security		Principal Amount (000’s omitted)			Value
Honduras — 1.0%
Republic of Honduras:
5.625%, 6/24/30(1)	USD		10,386		$	10,178,280
6.25%, 1/19/27(1)	USD		1,759			1,763,415
Total Honduras					$	11,941,695
Indonesia — 5.2%
Indonesia Government Bond:
6.50%, 2/15/31	IDR		655,017,000		$	45,635,311
7.50%, 4/15/40	IDR		263,555,000			19,296,580
Total Indonesia					$	64,931,891
Ivory Coast — 1.7%
Ivory Coast Government International Bond:
4.875%, 1/30/32(1)	EUR		6,372		$	6,738,557
5.25%, 3/22/30(1)	EUR		2,220	��		2,502,315
6.625%, 3/22/48(1)	EUR		7,948			8,540,050
6.875%, 10/17/40(1)	EUR		2,759			3,133,075
Total Ivory Coast					$	20,913,997
Kenya — 0.1%
Republic of Kenya, 7.25%, 2/28/28(1)	USD		1,738		$	1,801,023
Total Kenya					$	1,801,023
Lebanon — 0.2%
Lebanese Republic:
6.25%, 11/4/24(1)(9)	USD		894		$	97,053
6.25%, 6/12/25(1)(9)	USD		143			15,697
6.40%, 5/26/23(9)	USD		880			96,219
6.65%, 4/22/24(1)(9)	USD		4,796			523,963
6.65%, 11/3/28(1)(9)	USD		8,115			885,184
6.75%, 11/29/27(1)(9)	USD		29			3,202
6.85%, 5/25/29(9)	USD		3,159			343,225
7.00%, 12/3/24(9)	USD		369			40,136
7.00%, 3/20/28(1)(9)	USD		1,314			134,442
7.05%, 11/2/35(1)(9)	USD		564			61,579
7.15%, 11/20/31(1)(9)	USD		226			23,086
8.20%, 5/17/33(9)	USD		77			7,822
8.25%, 5/17/34(9)	USD		65			6,629
Total Lebanon					$	2,238,237
Mexico — 0.2%
Mexican Bonos, 8.50%, 5/31/29	MXN		47,000		$	2,394,328
Total Mexico					$	2,394,328

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Pakistan — 0.1%
Islamic Republic of Pakistan, 8.875%, 4/8/51(1)	USD		1,039	$	970,613
Total Pakistan				$	970,613
Romania — 1.8%
Romania Government International Bond:
2.625%, 12/2/40(1)	EUR		390	$	365,308
3.375%, 1/28/50(1)	EUR		1,969		1,932,335
3.624%, 5/26/30(1)	EUR		1,190		1,392,962
4.625%, 4/3/49(1)	EUR		15,846		18,746,156
Total Romania				$	22,436,761
Serbia — 2.2%
Serbia Treasury Bond, 4.50%, 8/20/32	RSD		2,743,130	$	27,840,238
Total Serbia				$	27,840,238
Seychelles — 0.0%(13)
Republic of Seychelles, 8.00%, 1/1/26(1)	USD		142	$	152,373
Total Seychelles				$	152,373
Suriname — 2.7%
Republic of Suriname:
9.25%, 10/26/26(1)(9)	USD		42,747	$	32,669,395
12.875%, 12/30/23(1)(9)	USD		1,575		1,204,875
Total Suriname				$	33,874,270
Turkey — 0.1%
Republic of Turkey, 5.125%, 3/25/22	USD		810	$	814,142
Total Turkey				$	814,142
Ukraine — 6.8%
Ukraine Government International Bond:
1.258%, GDP-Linked, 5/31/40(1)(14)	USD		12,047	$	9,144,275
9.79%, 5/26/27	UAH		763,973		20,711,018
9.99%, 5/22/24	UAH		477,785		15,135,023
10.00%, 8/23/23	UAH		16,171		532,681
12.52%, 5/13/26	UAH		128,057		3,982,719
15.84%, 2/26/25	UAH		1,001,824		35,139,152
Total Ukraine				$	84,644,868
Uzbekistan — 0.0%(13)
Republic of Uzbekistan, 14.50%, 11/25/23(1)	UZS		2,500,000	$	237,925
Total Uzbekistan				$	237,925

Security		Principal Amount (000’s omitted)		Value
Zambia — 1.3%
Zambia Government Bond:
11.00%, 1/25/26	ZMW		112,260	$	4,666,874
11.00%, 9/20/26	ZMW		22,630		888,738
11.00%, 12/27/26	ZMW		35,500		1,361,280
12.00%, 3/22/28	ZMW		36,180		1,317,561
12.00%, 5/31/28	ZMW		11,640		417,964
13.00%, 1/25/31	ZMW		28,840		962,017
13.00%, 6/28/31	ZMW		27,870		915,057
13.00%, 9/20/31	ZMW		55,740		1,817,237
13.00%, 12/27/31	ZMW		94,590		3,056,082
14.00%, 12/5/31	ZMW		5,300		181,882
15.00%, 2/16/27	ZMW		20,870		924,009
Total Zambia				$	16,508,701
Total Sovereign Government Bonds (identified cost $522,882,875)				$	487,144,910
Sovereign Loans — 3.6%
Borrower		Principal Amount (000’s omitted)		Value
Ivory Coast — 0.1%
Republic of Ivory Coast, Term Loan, 5.75%, (3 mo. EURIBOR + 5.75%), 1/6/28(15)	EUR		1,050	$	1,165,982
Total Ivory Coast				$	1,165,982
Kenya — 0.2%
Government of Kenya, Term Loan, 6.616%, (6 mo. USD LIBOR + 6.45%), 6/29/25(15)	USD		1,978	$	2,018,341
Total Kenya				$	2,018,341
Macedonia — 0.0%(13)
Republic of Macedonia, Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), 12/16/22(15)(16)	EUR		200	$	224,466
Total Macedonia				$	224,466
Nigeria — 0.7%
Bank of Industry Limited, Term Loan, 6.119%, (3 mo. USD LIBOR + 6.00%), 12/14/23(15)(16)	USD		8,880	$	9,013,295
Total Nigeria				$	9,013,295

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Borrower		Principal Amount (000’s omitted)		Value
Tanzania — 2.6%
Government of the United Republic of Tanzania:
Term Loan, 5.429%, (6 mo. USD LIBOR + 5.20%), 6/23/22(15)	USD		600	$	608,439
Term Loan, 5.528%, (6 mo. USD LIBOR + 5.20%), 6/23/22(15)	USD		104		105,280
Term Loan, 6.454%, (3 mo. USD LIBOR + 6.30%), 4/28/31(15)	USD		31,265		31,128,403
Total Tanzania				$	31,842,122
Total Sovereign Loans (identified cost $44,293,478)				$	44,264,206
Short-Term Investments — 23.5%
Affiliated Fund — 14.6%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(17)			181,873,099	$	181,854,912
Total Affiliated Fund (identified cost $181,855,424)				$	181,854,912
Sovereign Government Securities — 4.8%
Security		Principal Amount (000’s omitted)		Value
Egypt — 2.8%
Egypt Treasury Bill:
0.00%, 2/15/22	EGP		78,550	$	4,980,690
0.00%, 3/8/22	EGP		38,650		2,442,062
0.00%, 3/22/22	EGP		80,500		5,062,138
0.00%, 3/29/22	EGP		40,275		2,527,047
0.00%, 4/12/22	EGP		61,650		3,851,054
0.00%, 5/31/22	EGP		265,500		16,338,856
Total Egypt				$	35,201,847
Uganda — 2.0%
Uganda Treasury Bill:
0.00%, 2/24/22	UGX		5,288,700	$	1,502,517
0.00%, 3/10/22	UGX		8,000,500		2,274,104
0.00%, 3/24/22	UGX		13,215,100		3,747,204
0.00%, 4/7/22	UGX		10,999,300		3,111,974
0.00%, 4/21/22	UGX		2,830,000		798,752
0.00%, 5/5/22	UGX		5,173,400		1,455,428

Security		Principal Amount (000’s omitted)		Value
Uganda (continued)
Uganda Treasury Bill: (continued)
0.00%, 5/19/22	UGX		2,214,300	$	619,310
0.00%, 6/3/22	UGX		9,498,200		2,652,102
0.00%, 6/16/22	UGX		9,466,600		2,633,174
0.00%, 6/23/22	UGX		2,225,300		617,675
0.00%, 7/7/22	UGX		13,454,200		3,720,760
0.00%, 7/21/22	UGX		4,664,600		1,282,158
Total Uganda				$	24,415,158
Total Sovereign Government Securities (identified cost $58,723,608)				$	59,617,005
U.S. Treasury Obligations — 4.1%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill:
0.033%, 3/03/22		$	215	$	214,995
0.043%, 2/10/22(18)			50,235		50,234,651
Total U.S. Treasury Obligations (identified cost $50,449,461)				$	50,449,646
Total Short-Term Investments (identified cost $291,028,493)				$	291,921,563
Total Purchased Swaptions — 0.0%(13) (identified cost $196,003)				$	3,352
Total Investments — 94.9% (identified cost $1,222,734,177)				$	1,178,225,734
Other Assets, Less Liabilities — 5.1%				$	63,710,394
Net Assets — 100.0%				$	1,241,936,128

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, as amended, 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, as amended. At January 31, 2022, the aggregate value of these securities is $481,678,064 or 38.8% of the Fund’s net assets.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $29,409,090 or 2.4% of the Fund’s net assets.

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

⁽⁴⁾  Step coupon security. Interest rate represents the rate in effect at January 31, 2022.

⁽⁵⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁶⁾  Variable rate security whose coupon rate is linked to the issuer’s mining activity revenue. The coupon rate shown represents the rate in effect at January 31, 2022.

⁽⁷⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁸⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁹⁾  Issuer is in default with respect to interest payments.

⁽¹⁰⁾  Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽¹¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of

interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹²⁾  This Senior Loan will settle after January 31, 2022, at which time the interest rate will be determined.

⁽¹³⁾  Amount is less than 0.05%.

⁽¹⁴⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽¹⁵⁾  Variable rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽¹⁶⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹⁷⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2022.

⁽¹⁸⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

Purchased Interest Rate Swaptions — 0.0%(13)
Description	Counterparty		Notional Amount			Expiration Date		Value
Option to enter into interest rate swap expiring 2/10/27 to pay 3-month ZAR-JIBAR and receive 5.88%		Goldman Sachs International		ZAR	61,060,000		2/10/22	$	0
Option to enter into interest rate swap expiring 2/16/27 to pay 3-month ZAR-JIBAR and receive 6.18%		Bank of America, N.A.		ZAR	16,160,000		2/16/22		26
Option to enter into interest rate swap expiring 2/21/27 to pay 3-month ZAR-JIBAR and receive 6.47%		Bank of America, N.A.		ZAR	16,160,000		2/21/22		923
Option to enter into interest rate swap expiring 2/23/27 to pay 3-month ZAR-JIBAR and receive 6.54%		Bank of America, N.A.		ZAR	16,160,000		2/23/22		1,630
Option to enter into interest rate swap expiring 2/23/27 to pay 3-month ZAR-JIBAR and receive 6.47%		Goldman Sachs International		ZAR	12,390,000		2/23/22		773
Total								$	3,352

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
INR	475,000,000	USD	6,330,970		2/3/22	$	33,848
USD	6,335,369	INR	475,000,000		2/3/22		(29,449	)
RUB	800,000	USD	10,907		2/8/22		(576	)
RUB	2,188,026	USD	29,962		2/8/22		(1,708	)

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
RUB	155,000,000	USD	2,077,049		2/8/22	$	(75,482	)
RUB	167,100,000	USD	2,278,162		2/8/22		(120,343	)
RUB	435,404,571	USD	5,962,363		2/8/22		(339,836	)
USD	926,314	RUB	70,000,000		2/8/22		22,380
RUB	300,000	USD	4,087		2/9/22		(214	)
RUB	468,798	USD	6,400		2/9/22		(348	)
RUB	500,000	USD	6,831		2/9/22		(376	)
RUB	600,000	USD	8,195		2/9/22		(449	)
RUB	2,688,079	USD	36,644		2/9/22		(1,943	)
RUB	56,600,000	USD	771,070		2/9/22		(40,404	)
RUB	84,878,113	USD	1,158,684		2/9/22		(62,967	)
RUB	101,900,000	USD	1,391,790		2/9/22		(76,333	)
RUB	101,900,000	USD	1,392,139		2/9/22		(76,682	)
RUB	116,000,000	USD	1,602,992		2/9/22		(105,513	)
RUB	495,869,047	USD	6,759,747		2/9/22		(358,428	)
INR	421,776,400	USD	5,625,936		2/10/22		22,263
INR	184,039,000	USD	2,454,672		2/10/22		9,878
INR	11,929,500	USD	159,113		2/10/22		640
RUB	1,302,000,000	USD	17,450,416		2/10/22		(647,776	)
USD	554,832	RUB	41,308,343		2/17/22		22,903
IDR	32,759,700,000	USD	2,278,302		2/23/22		1,821
IDR	37,240,300,000	USD	2,596,590		2/23/22		(4,612	)
IDR	9,226,649,115	USD	642,345		2/25/22		(93	)
PEN	19,100,000	USD	4,968,783		2/28/22		(17,307	)
USD	258,598	RUB	20,483,777		2/28/22		(4,269	)
USD	561,603	RUB	44,467,160		2/28/22		(9,041	)
USD	2,536,690	RUB	202,542,000		2/28/22		(62,519	)
USD	11,233,800	RUB	896,990,840		2/28/22		(277,227	)
MXN	48,750,465	USD	2,287,423		3/1/22		65,505
USD	1,374,349	MXN	29,290,667		3/1/22		(39,357	)
USD	362,253	IDR	5,203,045,305		3/4/22		(50	)
INR	301,200,000	USD	3,966,571		3/8/22		55,892
PEN	11,490,000	USD	2,979,254		3/9/22		(2,380	)
USD	231,349	PEN	948,381		3/9/22		(14,361	)
USD	7,019,097	PEN	28,773,735		3/9/22		(435,716	)
COP	713,900,000	USD	180,791		3/14/22		(828	)
COP	428,360,743	USD	108,817		3/14/22		(834	)
RUB	400,000	USD	5,333		3/15/22		(219	)
RUB	41,300,000	USD	551,037		3/15/22		(23,071	)
RUB	43,000,000	USD	573,497		3/15/22		(23,799	)
RUB	85,900,000	USD	1,145,226		3/15/22		(47,109	)
RUB	105,080,000	USD	1,399,820		3/15/22		(56,512	)
COP	7,757,739,257	USD	1,968,020		3/16/22		(12,877	)
EUR	2,359,103	USD	2,668,091		3/16/22		(15,300	)

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
EUR	3,369,623	USD	3,810,965		3/16/22	$	(21,854	)
EUR	7,292,981	USD	8,248,193		3/16/22		(47,299	)
EUR	23,445,688	USD	26,516,530		3/16/22		(152,057	)
EUR	62,952,101	USD	71,197,369		3/16/22		(408,275	)
RUB	300,000	USD	4,002		3/16/22		(168	)
RUB	400,000	USD	5,337		3/16/22		(225	)
RUB	472,743	USD	6,301		3/16/22		(259	)
RUB	500,000	USD	6,658		3/16/22		(267	)
RUB	43,100,000	USD	574,927		3/16/22		(24,088	)
RUB	51,300,000	USD	684,486		3/16/22		(28,847	)
RUB	59,533,515	USD	793,519		3/16/22		(32,651	)
RUB	100,200,000	USD	1,334,173		3/16/22		(53,567	)
USD	5,774,373	COP	22,762,000,000		3/16/22		37,783
USD	1,079,020	COP	4,271,300,000		3/16/22		2,546
USD	886,500	COP	3,508,800,000		3/16/22		2,196
USD	826,586	COP	3,274,900,000		3/16/22		1,230
USD	97,420,739	EUR	86,138,580		3/16/22		558,651
USD	57,093,778	EUR	50,481,828		3/16/22		327,400
USD	36,281,680	EUR	32,079,950		3/16/22		208,054
USD	20,342,157	EUR	17,986,361		3/16/22		116,650
USD	10,652,240	EUR	9,418,619		3/16/22		61,084
USD	7,611,604	EUR	6,730,115		3/16/22		43,648
USD	6,365,121	EUR	5,627,985		3/16/22		36,500
USD	5,129,061	EUR	4,535,072		3/16/22		29,412
USD	1,534,597	EUR	1,356,877		3/16/22		8,800
USD	1,140,098	EUR	1,008,064		3/16/22		6,538
USD	752,916	EUR	665,722		3/16/22		4,318
USD	412,128	EUR	364,400		3/16/22		2,363
RUB	400,000	USD	5,326		3/17/22		(215	)
RUB	400,000	USD	5,329		3/17/22		(218	)
RUB	504,188	USD	6,722		3/17/22		(280	)
RUB	85,900,000	USD	1,143,807		3/17/22		(46,233	)
RUB	85,900,000	USD	1,144,465		3/17/22		(46,891	)
RUB	90,508,042	USD	1,206,683		3/17/22		(50,231	)
USD	14,106,993	RUB	1,123,516,223		3/28/22		(209,581	)
PEN	9,490,000	USD	2,461,100		3/31/22		(5,998	)
PEN	278,381	USD	69,709		4/11/22		2,246
PEN	180,000	USD	45,045		4/11/22		1,481
PEN	160,000	USD	40,020		4/11/22		1,336
PEN	150,000	USD	37,505		4/11/22		1,267
RUB	1,633,951	USD	21,344		4/14/22		(621	)
RUB	134,300,000	USD	1,717,004		4/14/22		(13,631	)
RUB	86,400,000	USD	1,128,845		4/14/22		(33,004	)
RUB	301,374,455	USD	3,936,885		4/14/22		(114,449	)

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
IDR	473,974,275,844	USD	32,896,604		4/18/22	$	(24,131	)
USD	43,770,783	IDR	630,649,439,610		4/18/22		32,108
USD	7,819,689	IDR	112,666,080,344		4/18/22		5,736
MXN	13,863,625	USD	665,970		4/21/22		(3,132	)
USD	87,732	MXN	1,826,326		4/21/22		413
CLP	3,822,000,000	USD	4,704,811		4/27/22		11,109
CLP	595,900,000	USD	736,486		4/27/22		(1,212	)
CLP	606,000,000	USD	749,785		4/27/22		(2,049	)
PEN	2,800,000	USD	724,544		4/27/22		(1,824	)
PEN	12,900,000	USD	3,336,955		4/28/22		(7,573	)
INR	475,000,000	USD	6,258,152		5/2/22		34,072
BRL	8,100,000	USD	1,451,837		5/3/22		37,682
BRL	8,100,000	USD	1,452,652		5/3/22		36,867
BRL	8,940,000	USD	1,609,941		5/3/22		34,047
BRL	5,000,000	USD	898,014		5/3/22		21,442
						$	(2,415,029	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	1,640,055	PLN	7,600,000	Standard Chartered Bank		2/4/22	$	—	$	(19,618	)
EUR	526,621	USD	595,993	Bank of America, N.A.		2/4/22		—		(4,338	)
EUR	709,281	USD	802,716	Bank of America, N.A.		2/4/22		—		(5,842	)
EUR	738,257	USD	835,509	Bank of America, N.A.		2/4/22		—		(6,081	)
PLN	7,600,000	EUR	1,623,255	Citibank, N.A.		2/4/22		38,494		—
PLN	6,500,000	EUR	1,409,224	Standard Chartered Bank		2/4/22		9,426		—
EGP	89,980,000	USD	5,580,155	Goldman Sachs International		2/8/22		138,265		—
KES	30,679,000	USD	259,771	Standard Chartered Bank		2/8/22		10,000		—
USD	270,062	KES	30,679,000	Standard Chartered Bank		2/8/22		291		—
MYR	5,700,000	USD	1,357,143	Goldman Sachs International		2/9/22		4,975		—
MYR	21,084,580	USD	5,060,502	Goldman Sachs International		2/9/22		—		(21,962	)
EUR	2,362,820	HUF	840,000,000	Standard Chartered Bank		2/14/22		3,798		—
HUF	331,000,000	EUR	907,589	Bank of America, N.A.		2/14/22		24,882		—
HUF	252,000,000	EUR	691,125	Bank of America, N.A.		2/14/22		18,774		—
HUF	2,365,000,000	EUR	6,496,432	Citibank, N.A.		2/14/22		164,644		—
HUF	1,089,100,000	EUR	2,991,655	Citibank, N.A.		2/14/22		75,820		—
HUF	316,600,000	EUR	870,704	Citibank, N.A.		2/14/22		20,879		—
HUF	253,300,000	EUR	696,680	Citibank, N.A.		2/14/22		16,635		—
HUF	2,239,000,000	EUR	6,136,600	Standard Chartered Bank		2/14/22		171,291		—
HUF	700,000,000	EUR	1,881,963	Standard Chartered Bank		2/14/22		94,660		—
HUF	331,000,000	EUR	908,476	Standard Chartered Bank		2/14/22		23,886		—
USD	982,304	ZAR	15,600,000	Standard Chartered Bank		2/15/22		—		(30,855	)

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
ZAR	36,700,000	USD	2,390,242	UBS AG		2/15/22	$	—	$	(6,721	)
CZK	138,600,000	EUR	5,449,988	Standard Chartered Bank		2/18/22		263,302		—
CZK	132,600,000	EUR	5,216,356	Standard Chartered Bank		2/18/22		249,321		—
CZK	46,500,000	EUR	1,830,024	Standard Chartered Bank		2/18/22		86,578		—
CZK	38,900,000	EUR	1,529,511	Standard Chartered Bank		2/18/22		74,016		—
CZK	23,700,000	EUR	932,203	Standard Chartered Bank		2/18/22		44,710		—
EUR	440,277	CZK	11,000,000	UBS AG		2/18/22		—		(12,201	)
CZK	65,000,000	EUR	2,559,451	Standard Chartered Bank		2/22/22		117,931		—
CZK	46,200,000	EUR	1,818,329	Standard Chartered Bank		2/22/22		84,777		—
CZK	38,500,000	EUR	1,515,083	Standard Chartered Bank		2/22/22		70,863		—
CZK	22,000,000	EUR	866,276	Standard Chartered Bank		2/22/22		39,915		—
MXN	9,500,000	USD	450,965	Bank of America, N.A.		2/22/22		8,081		—
MXN	3,400,000	USD	161,398	Bank of America, N.A.		2/22/22		2,892		—
MXN	14,700,000	USD	695,551	Standard Chartered Bank		2/22/22		14,763		—
MXN	5,434,912	USD	257,160	Standard Chartered Bank		2/22/22		5,458		—
MXN	7,200,000	USD	341,705	UBS AG		2/22/22		6,204		—
MXN	2,600,000	USD	123,393	UBS AG		2/22/22		2,240		—
USD	1,789,888	MXN	38,000,000	UBS AG		2/22/22		—		(46,298	)
HUF	13,002,993	EUR	34,885	BNP Paribas		2/23/22		1,796		—
HUF	10,700,000	EUR	28,692	BNP Paribas		2/23/22		1,494		—
HUF	8,900,000	EUR	23,897	HSBC Bank USA, N.A.		2/23/22		1,207		—
HUF	8,900,000	EUR	23,906	HSBC Bank USA, N.A.		2/23/22		1,197		—
HUF	5,900,000	EUR	15,840	HSBC Bank USA, N.A.		2/23/22		802		—
HUF	29,500,000	EUR	79,143	Standard Chartered Bank		2/23/22		4,075		—
HUF	5,800,000	EUR	15,591	UBS AG		2/23/22		767		—
KES	33,620,000	USD	288,089	ICBC Standard Bank plc		2/23/22		6,638		—
KES	16,826,000	USD	144,058	ICBC Standard Bank plc		2/23/22		3,445		—
IDR	114,528,840,885	USD	7,974,513	Standard Chartered Bank		2/25/22		—		(2,336	)
MYR	58,950,000	USD	13,920,374	Barclays Bank PLC		2/28/22		177,534		—
MYR	2,313,126	USD	546,218	Barclays Bank PLC		2/28/22		6,966		—
HUF	799,896,273	EUR	2,151,292	Bank of America, N.A.		3/1/22		102,671		—
HUF	442,027,837	EUR	1,186,037	Bank of America, N.A.		3/1/22		59,862		—
HUF	789,300,000	EUR	2,119,070	HSBC Bank USA, N.A.		3/1/22		105,496		—
HUF	1,197,938,404	EUR	3,214,648	Standard Chartered Bank		3/1/22		161,814		—
EGP	14,350,000	USD	886,623	Goldman Sachs International		3/2/22		20,044		—
EGP	14,320,000	USD	886,413	Goldman Sachs International		3/2/22		18,359		—
HUF	1,249,000,000	EUR	3,357,502	Bank of America, N.A.		3/2/22		161,674		—
HUF	719,320,000	EUR	1,935,949	Bank of America, N.A.		3/2/22		90,516		—
HUF	618,500,000	EUR	1,664,099	Bank of America, N.A.		3/2/22		78,400		—
HUF	309,300,000	EUR	832,097	Citibank, N.A.		3/2/22		39,304		—
KES	30,470,000	USD	259,761	Standard Chartered Bank		3/2/22		6,967		—
USD	267,633	KES	30,470,000	Standard Chartered Bank		3/2/22		905		—
KES	30,400,000	USD	259,718	Standard Chartered Bank		3/4/22		6,277		—
USD	11,132,859	IDR	160,397,954,695	Standard Chartered Bank		3/4/22		—		(36,137	)
USD	266,550	KES	30,400,000	Standard Chartered Bank		3/4/22		555		—

15 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
MYR	9,300,000	USD	2,188,235	Goldman Sachs International		3/7/22	$	36,132	$	—
MYR	8,779,000	USD	2,086,016	Goldman Sachs International		3/7/22		13,738		—
MYR	9,000,000	USD	2,143,878	Goldman Sachs International		3/7/22		8,735		—
USD	705,882	MYR	3,000,000	Goldman Sachs International		3/7/22		—		(11,655	)
KES	30,780,000	USD	263,685	Standard Chartered Bank		3/8/22		5,392		—
USD	270,024	KES	30,780,000	Standard Chartered Bank		3/8/22		947		—
PLN	7,200,000	EUR	1,554,275	HSBC Bank USA, N.A.		3/10/22		12,421		—
PLN	1,289,000	EUR	276,015	Citibank, N.A.		3/17/22		4,520		—
PLN	1,600,000	EUR	343,146	HSBC Bank USA, N.A.		3/17/22		5,006		—
PLN	1,000,000	EUR	214,268	HSBC Bank USA, N.A.		3/17/22		3,352		—
PLN	1,000,000	EUR	214,477	HSBC Bank USA, N.A.		3/17/22		3,118		—
PLN	6,800,000	EUR	1,458,445	Standard Chartered Bank		3/17/22		21,194		—
CNH	196,185	USD	30,801	Goldman Sachs International		3/21/22		—		(96	)
USD	13,636	CNH	86,851	Goldman Sachs International		3/21/22		43		—
KES	21,400,000	USD	183,062	Standard Chartered Bank		4/1/22		3,009		—
USD	185,249	KES	21,400,000	Standard Chartered Bank		4/1/22		—		(822	)
MYR	10,351,000	USD	2,473,653	Barclays Bank PLC		4/5/22		1,087		—
PLN	5,100,000	EUR	1,106,053	HSBC Bank USA, N.A.		4/11/22		—		(1,165	)
PLN	3,400,000	EUR	737,499	Standard Chartered Bank		4/11/22		—		(923	)
PLN	4,340,000	EUR	944,977	Standard Chartered Bank		4/11/22		—		(5,208	)
PLN	31,700,000	EUR	6,873,970	Standard Chartered Bank		4/11/22		—		(6,217	)
PLN	10,005,000	EUR	2,179,673	Standard Chartered Bank		4/11/22		—		(13,377	)
PLN	62,800,000	EUR	13,627,585	Standard Chartered Bank		4/11/22		—		(23,290	)
PLN	4,700,000	EUR	1,027,642	BNP Paribas		4/20/22		—		(11,654	)
PLN	3,700,000	EUR	809,098	Goldman Sachs International		4/20/22		—		(9,291	)
PLN	12,700,000	EUR	2,776,685	Standard Chartered Bank		4/20/22		—		(31,339	)
PLN	35,500,000	EUR	7,762,340	Standard Chartered Bank		4/20/22		—		(88,435	)
HUF	920,107,486	EUR	2,545,362	Standard Chartered Bank		4/25/22		18,663		—
HUF	118,620,000	EUR	328,001	Standard Chartered Bank		4/25/22		2,570		—
HUF	191,910,000	EUR	532,616	Standard Chartered Bank		4/25/22		1,956		—
HUF	830,310,000	EUR	2,313,827	Standard Chartered Bank		4/25/22		—		(2,158	)
USD	20,250,015	CNH	128,878,302	UBS AG		4/25/22		120,506		—
HUF	2,020,054,641	EUR	5,561,184	Citibank, N.A.		4/27/22		69,819		—
HUF	2,105,745,359	EUR	5,794,675	Standard Chartered Bank		4/27/22		75,500		—
MYR	18,064,420	USD	4,298,085	Barclays Bank PLC		4/27/22		17,136		—
ZAR	80,570,000	USD	5,252,894	Standard Chartered Bank		4/28/22		—		(73,196	)
UZS	6,110,141,000	USD	534,804	ICBC Standard Bank plc		5/6/22		15,356		—
KES	15,900,000	USD	140,484	Standard Chartered Bank		5/11/22		—		(3,522	)
USD	136,130	KES	15,900,000	Standard Chartered Bank		5/11/22		—		(832	)
KES	25,292,000	USD	222,347	ICBC Standard Bank plc		5/18/22		—		(4,805	)
KES	45,200,000	USD	396,144	Standard Chartered Bank		5/20/22		—		(7,533	)
USD	386,028	KES	45,200,000	Standard Chartered Bank		5/20/22		—		(2,583	)
KES	45,925,000	USD	401,267	Standard Chartered Bank		6/6/22		—		(7,838	)
USD	389,360	KES	45,925,000	Standard Chartered Bank		6/6/22		—		(4,069	)
KES	22,740,000	USD	198,950	Goldman Sachs International		6/8/22		—		(4,224	)

16 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
KES	45,890,000	USD	401,312	Standard Chartered Bank		6/8/22	$	—	$	(8,348	)
USD	192,745	KES	22,740,000	Goldman Sachs International		6/8/22		—		(1,982	)
USD	389,559	KES	45,890,000	Standard Chartered Bank		6/8/22		—		(3,405	)
KES	38,000,000	USD	330,435	Bank of America, N.A.		6/10/22		—		(5,172	)
KES	70,000,000	USD	599,315	Standard Chartered Bank		8/10/22		—		(7,572	)
USD	586,216	KES	70,000,000	Standard Chartered Bank		8/10/22		—		(5,528	)
							$	3,386,736	$	(538,628	)

Non-deliverable Bond Forward Contracts*
Settlement Date	Notional Amount (000’s omitted)		Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation (Depreciation)
2/15/22	COP	15,290,600	Republic of Colombia, 6.25%, 11/26/25	Goldman Sachs International	$	3,873,210	$	(132,406	)
3/15/22	COP	31,658,050	Republic of Colombia, 5.75%, 11/3/27	Bank of America, N.A.		8,019,193		13,721
3/17/22	COP	62,796,130	Republic of Colombia, 6.00%, 4/28/28	Bank of America, N.A.		15,906,674		922
3/17/22	COP	23,377,700	Republic of Colombia, 6.25%, 11/26/25	Goldman Sachs International		5,921,726		15,461
3/25/22	COP	13,830,700	Republic of Colombia, 6.25%, 11/26/25	Goldman Sachs International		3,503,407		(7,932	)
3/29/22	COP	22,400,000	Republic of Colombia, 6.25%, 11/26/25	Bank of America, N.A.		5,674,068		16,251
3/30/22	COP	31,658,050	Republic of Colombia, 5.75%, 11/3/27	Bank of America, N.A.		8,019,193		21,588
3/30/22	COP	14,933,400	Republic of Colombia, 6.25%, 11/26/25	Bank of America, N.A.		3,782,729		1,891
							$	(70,504	)

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

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation
Interest Rate Futures
Euro-Bobl		(19	)		Short		3/8/22	$	(2,822,737	)	$	38,184
Euro-Bund		(210	)		Short		3/8/22		(39,897,204	)		1,103,787
Euro-Buxl		(152	)		Short		3/8/22		(34,716,413	)		2,134,361
U.S. 5-Year Treasury Note		(1,392	)		Short		3/31/22		(165,930,750	)		1,680,181
U.S. 10-Year Treasury Note		(763	)		Short		3/22/22		(97,640,156	)		678,956
U.S. Long Treasury Bond		(5	)		Short		3/22/22		(778,125	)		2,022
U.S. Ultra-Long Treasury Bond		(245	)		Short		3/22/22		(46,289,688	)		1,065,570
											$	6,703,061

17 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

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	10,400	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.07% (pays upon termination)		1/2/23	$	(135,746	)	$	—	$	(135,746	)
BRL	28,677	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.70% (pays upon termination)		1/2/23		(266,070	)		—		(266,070	)
BRL	39,152	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.15% (pays upon termination)		1/2/23		400,940			—		400,940
BRL	122,312	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.91% (pays upon termination)		1/2/23		(548,933	)		—		(548,933	)
COP	2,551,300	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.21% (pays quarterly)		11/26/25		56,536			—		56,536
COP	2,616,700	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.02% (pays quarterly)		11/26/25		62,506			—		62,506
COP	3,238,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.73% (pays quarterly)		11/26/25		56,298			—		56,298
COP	3,266,600	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.76% (pays quarterly)		11/26/25		85,604			—		85,604
COP	3,266,600	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.89% (pays quarterly)		11/26/25		81,743			—		81,743
COP	3,514,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.34% (pays quarterly)		11/26/25		73,437			—		73,437
COP	3,964,700	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.20% (pays quarterly)		11/26/25		88,037			—		88,037
COP	5,766,800	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.25% (pays quarterly)		11/26/25		125,432			—		125,432
COP	6,149,300	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.05% (pays quarterly)		11/26/25		144,788			—		144,788
COP	6,533,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.00% (pays quarterly)		11/26/25		156,949			—		156,949
COP	6,533,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.07% (pays quarterly)		11/26/25		152,791			—		152,791
COP	6,533,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.20% (pays quarterly)		11/26/25		145,069			—		145,069
COP	6,533,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.28% (pays quarterly)		11/26/25		140,317			—		140,317

18 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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)
COP	6,541,800	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.55% (pays quarterly)		11/26/25	$	124,741		$	—	$	124,741
COP	7,036,300	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.16% (pays quarterly)		11/26/25		158,802			—		158,802
COP	8,375,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.11% (pays quarterly)		11/26/25		193,205			—		193,205
COP	11,139,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.53% (pays quarterly)		11/26/25		214,026			—		214,026
COP	11,139,200	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	5.68% (pays quarterly)		11/26/25		(97,450	)		—		(97,450	)
COP	13,613,700	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.78% (pays quarterly)		11/26/25		230,502			—		230,502
COP	32,427,100	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.38% (pays quarterly)		3/30/26		742,876			—		742,876
COP	65,491,400	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.38% (pays quarterly)		3/30/26		1,501,597			—		1,501,597
COP	19,292,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.48% (pays quarterly)		3/31/26		423,322			—		423,322
COP	20,652,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.56% (pays quarterly)		4/6/26		440,259			—		440,259
COP	9,785,000	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.15% (pays quarterly)		4/19/26		250,005			—		250,005
COP	4,129,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.83% (pays quarterly)		3/26/28		115,855			—		115,855
COP	5,780,900	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.82% (pays quarterly)		3/26/28		162,958			—		162,958
COP	6,462,800	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	4.82% (pays quarterly)		3/26/28		181,755			—		181,755
KRW	192,866,600	Pays	3-month KRW Certificate of Deposit Rate (pays quarterly)	1.91% (pays quarterly)		10/11/23		(645,379	)		—		(645,379	)
KRW	257,133,400	Pays	3-month KRW Certificate of Deposit Rate (pays quarterly)	1.91% (pays quarterly)		10/11/23		(856,870	)		—		(856,870	)

19 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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)
MXN	19,740	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.38% (pays monthly)		4/13/22	$	(1,548	)	$	—		$	(1,548	)
MXN	40,800	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.35% (pays monthly)		4/13/22		(3,339	)		—			(3,339	)
MXN	19,740	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.25% (pays monthly)		4/14/22		(1,852	)		—			(1,852	)
MXN	61,687	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		4/14/22		(5,485	)		—			(5,485	)
MXN	12,863	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.16% (pays monthly)		4/15/22		(1,354	)		—			(1,354	)
MXN	19,740	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.20% (pays monthly)		4/15/22		(1,987	)		—			(1,987	)
MXN	19,740	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.14% (pays monthly)		4/18/22		(2,184	)		—			(2,184	)
MXN	132,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.23% (pays monthly)		1/6/23		(171,193	)		—			(171,193	)
MXN	22,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.69% (pays monthly)		8/30/23		(43,777	)		—			(43,777	)
MXN	67,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.64% (pays monthly)		9/22/23		(142,194	)		—			(142,194	)
MXN	100,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.63% (pays monthly)		10/13/23		(222,429	)		—			(222,429	)
MXN	90,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.59% (pays monthly)		11/29/23		(216,745	)		—			(216,745	)
MXN	113,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.41% (pays monthly)		12/21/23		(300,389	)		—			(300,389	)
MXN	64,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.45% (pays monthly)		1/3/24		61,442			—			61,442
MXN	63,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.38% (pays monthly)		1/18/24		53,611			(4	)		53,607
MXN	68,044	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)		3/7/24		43,230			—			43,230
MXN	244,837	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)		3/7/24		162,718			—			162,718
MXN	66,900	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.35% (pays monthly)		3/14/24		7,144			—			7,144
MXN	30,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.75% (pays monthly)		4/1/24		9,279			373			9,652
MXN	46,163	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.63% (pays monthly)		5/23/24		9,776			—			9,776
MXN	48,837	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.64% (pays monthly)		5/23/24		10,735			—			10,735
MXN	21,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.80% (pays monthly)		9/10/24		(16,109	)		—			(16,109	)
MXN	40,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.65% (pays monthly)		11/15/24		(40,533	)		1,010			(39,523	)
MXN	40,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.58% (pays monthly)		1/1/25		(45,364	)		—			(45,364	)

20 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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)
MXN	85,900	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.63% (pays monthly)		1/9/25	$	(320,301	)	$	—	$	(320,301	)
MXN	85,800	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.61% (pays monthly)		1/10/25		(321,324	)		—		(321,324	)
MXN	68,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.56% (pays monthly)		1/20/25		(260,545	)		—		(260,545	)
MXN	161,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.55% (pays monthly)		1/23/25		(619,177	)		—		(619,177	)
MXN	45,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.67% (pays monthly)		2/5/25		(168,867	)		—		(168,867	)
MXN	150,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.60% (pays monthly)		2/5/25		(577,650	)		—		(577,650	)
MXN	95,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.72% (pays monthly)		2/13/25		(352,000	)		—		(352,000	)
MXN	112,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.00% (pays monthly)		2/25/25		(377,154	)		—		(377,154	)
MXN	77,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.22% (pays monthly)		3/4/25		(236,980	)		—		(236,980	)
MXN	56,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.44% (pays monthly)		3/14/25		(156,425	)		—		(156,425	)
MXN	31,400	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.88% (pays monthly)		7/16/25		(123,422	)		—		(123,422	)
MXN	26,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.69% (pays monthly)		12/23/25		(120,912	)		—		(120,912	)
MXN	127,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.07% (pays monthly)		4/28/26		(319,970	)		—		(319,970	)
MXN	166,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.69% (pays monthly)		6/19/26		(233,438	)		—		(233,438	)
MXN	57,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.56% (pays monthly)		7/10/26		(96,077	)		—		(96,077	)
MXN	52,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.43% (pays monthly)		8/10/26		(101,735	)		—		(101,735	)
MXN	384,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.57% (pays monthly)		9/11/26		(647,995	)		—		(647,995	)
MXN	285,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.42% (pays monthly)		11/18/26		(15,906	)		—		(15,906	)
MXN	31,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.06% (pays monthly)		7/30/29		(38,270	)		—		(38,270	)
MXN	29,700	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.75% (pays monthly)		3/7/30		(22,366	)		—		(22,366	)
MYR	17,000	Pays	3-month MYR KLIBOR (pays quarterly)	2.96% (pays quarterly)		11/22/26		(24,298	)		108		(24,190	)
ZAR	36,590	Pays	3-month ZAR JIBAR (pays quarterly)	5.47% (pays quarterly)		2/24/26		(74,665	)		103		(74,562	)
ZAR	51,710	Pays	3-month ZAR JIBAR (pays quarterly)	5.41% (pays quarterly)		2/24/26		(113,144	)		141		(113,003	)
ZAR	51,870	Pays	3-month ZAR JIBAR (pays quarterly)	5.45% (pays quarterly)		2/24/26		(108,395	)		145		(108,250	)

21 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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)
ZAR	51,900		Pays	3-month ZAR JIBAR (pays quarterly)	5.51% (pays quarterly)		2/24/26	$	(100,804	)	$	150	$	(100,654	)
ZAR	51,900		Pays	3-month ZAR JIBAR (pays quarterly)	5.41% (pays quarterly)		2/24/26		(113,559	)		142		(113,417	)
ZAR	68,900		Pays	3-month ZAR JIBAR (pays quarterly)	5.52% (pays quarterly)		2/24/26		(132,129	)		200		(131,929	)
ZAR	91,545		Pays	3-month ZAR JIBAR (pays quarterly)	5.82% (pays quarterly)		3/11/26		(116,593	)		302		(116,291	)
ZAR	103,650		Pays	3-month ZAR JIBAR (pays quarterly)	5.88% (pays quarterly)		3/11/26		(116,789	)		351		(116,438	)
ZAR	103,650		Pays	3-month ZAR JIBAR (pays quarterly)	5.82% (pays quarterly)		3/11/26		(132,010	)��		342		(131,668	)
ZAR	41,843		Pays	3-month ZAR JIBAR (pays quarterly)	5.85% (pays quarterly)		5/28/26		(57,921	)		158		(57,763	)
ZAR	95,000		Pays	3-month ZAR JIBAR (pays quarterly)	5.85% (pays quarterly)		6/24/26		(148,241	)		352		(147,889	)
ZAR	79,900		Pays	3-month ZAR JIBAR (pays quarterly)	6.02% (pays quarterly)		7/15/26		(99,748	)		312		(99,436	)
ZAR	221,146		Pays	3-month ZAR JIBAR (pays quarterly)	5.77% (pays quarterly)		9/3/26		(424,765	)		822		(423,943	)
ZAR	223,320		Pays	3-month ZAR JIBAR (pays quarterly)	5.86% (pays quarterly)		9/15/26		(392,094	)		861		(391,233	)
ZAR	253,308		Pays	3-month ZAR JIBAR (pays quarterly)	5.87% (pays quarterly)		9/15/26		(436,559	)		982		(435,577	)
ZAR	177,000		Pays	3-month ZAR JIBAR (pays quarterly)	6.46% (pays quarterly)		10/6/26		(49,618	)		846		(48,772	)
ZAR	93,000		Pays	3-month ZAR JIBAR (pays quarterly)	6.53% (pays quarterly)		12/15/26		(14,797	)		—		(14,797	)
Total								$	(4,665,288	)	$	7,696	$	(4,657,592	)

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Depreciation
Bank of America, N.A.	MXN	2,844	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.63% (pays monthly)	3/19/24	$	(2,330	)
Bank of America, N.A.	MYR	67,300	Pays	3-month MYR KLIBOR (pays quarterly)	2.50% (pays quarterly)	7/19/26		(399,971	)
BNP Paribas	MYR	61,100	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)	7/16/26		(354,595)
BNP Paribas	MYR	61,200	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)	7/16/26		(355,175)
BNP Paribas	MYR	66,600	Pays	3-month MYR KLIBOR (pays quarterly)	2.70% (pays quarterly)	9/17/26		(277,618)

22 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps (continued)
Counterparty	Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Depreciation
Goldman Sachs International	MYR	48,400	Pays	3-month MYR KLIBOR (pays quarterly)	2.52% (pays quarterly)	7/16/26	$	(278,419	)
Goldman Sachs International	MYR	14,800	Pays	3-month MYR KLIBOR (pays quarterly)	2.50% (pays quarterly)	7/19/26		(89,316)
Goldman Sachs International	MYR	11,000	Pays	3-month MYR KLIBOR (pays quarterly)	2.59% (pays quarterly)	8/24/26		(55,596)
Standard Chartered Bank	MYR	109,000	Pays	3-month MYR KLIBOR (pays quarterly)	2.53% (pays quarterly)	7/16/26		(615,886)
Standard Chartered Bank	MYR	48,200	Pays	3-month MYR KLIBOR (pays quarterly)	2.49% (pays quarterly)	7/19/26		(293,351)
Standard Chartered Bank	MYR	31,000	Pays	3-month MYR KLIBOR (pays quarterly)	2.91% (pays quarterly)	10/28/26		(71,433	)
							$	(2,793,690	)

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 (Depreciation)
Brazil	$25,097	1.00% (pays quarterly)(1)		12/20/26		2.26	%	$	(1,399,961	)	$	1,614,785		$	214,824
Turkey	8,821	1.00% (pays quarterly)(1)		12/20/26		5.30			1,537,078			(1,555,319	)		(18,241	)
Total	$33,918							$	137,117		$	59,466		$	196,583

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 Depreciation
Bahamas	Deutsche Bank AG	$	600	1.00% (pays quarterly)(1)		6/20/22		7.12	%	$	(13,291	)	$	4,107	$	(9,184	)
Total		$	600							$	(13,291	)	$	4,107	$	(9,184	)

* 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, 2022, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $34,518,000.

** 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

23 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

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.

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
JIBAR	–	Johannesburg Interbank Average Rate
KLIBOR	–	Kuala Lumpur Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

BAM	–	Bosnia-Herzegovina Convertible Mark
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CRC	–	Costa Rican Colon
CZK	–	Czech Koruna
DOP	–	Dominican Peso
EGP	–	Egyptian Pound
EUR	–	Euro
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee

KES	–	Kenyan Shilling
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
PEN	–	Peruvian Sol
PLN	–	Polish Zloty
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
UZS	–	Uzbekistani Som
ZAR	–	South African Rand
ZMW	–	Zambian Kwacha

24 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2022
Unaffiliated investments, at value (identified cost, $1,040,878,753)	$	996,370,822
Affiliated investment, at value (identified cost, $181,855,424)		181,854,912
Cash		232,592
Deposits for derivatives collateral —
Financial futures contracts		5,733,957
Centrally cleared derivatives		36,980,602
OTC derivatives		19,969
Foreign currency, at value (identified cost, $8,008,429)		7,906,616
Interest receivable		19,399,271
Dividends receivable from affiliated investment		20,653
Receivable for investments sold		8,000,893
Receivable for Fund shares sold		6,714,660
Receivable for variation margin on open financial futures contracts		646,955
Receivable for open forward foreign currency exchange contracts		3,386,736
Receivable for open non-deliverable bond forward contracts		69,834
Total assets	$	1,267,338,472
Liabilities
Payable for investments purchased	$	16,786,316
Payable for Fund shares redeemed		3,289,327
Payable for variation margin on open centrally cleared derivatives		528,411
Payable for open forward foreign currency exchange contracts		538,628
Payable for open swap contracts		2,802,874
Upfront receipts on open non-centrally cleared swap contracts		4,107
Payable for open non-deliverable bond forward contracts		140,338
Payable to affiliate:
Investment adviser and administration fee		655,084
Distribution and service fees		12,680
Accrued foreign capital gains taxes		46,390
Accrued expenses		598,189
Total liabilities	$	25,402,344
Net Assets	$	1,241,936,128
Sources of Net Assets
Common shares, $0.001 par value, 1,000,000,000 shares authorized (see Note 7), 146,829,575 shares issued and outstanding	$	146,830
Additional paid-in capital		1,311,001,922
Accumulated loss		(69,212,624	)
Total	$	1,241,936,128
Class A Shares
Net Assets	$	60,791,145
Shares Outstanding		7,202,525
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.44
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	8.86
Class I Shares
Net Assets	$	916,933,958
Shares Outstanding		108,314,598
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.47
Class R6 Shares
Net Assets	$	264,211,025
Shares Outstanding		31,312,452
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding)	$	8.44

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

25 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2022
Interest (net of foreign taxes, $1,392,916)	$	38,750,948
Dividends from affiliated investment		78,601
Total investment income	$	38,829,549
Expenses
Investment adviser and administration fee	$	3,850,507
Distribution and service fees
Class A		75,312
Directors’ fees and expenses		30,397
Custodian fee		475,580
Transfer and dividend disbursing agent fees		316,288
Legal and accounting services		95,110
Printing and postage		111,798
Registration fees		126,124
Miscellaneous		60,517
Total expenses	$	5,141,633
Net investment income	$	33,687,916
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $191,205)	$	(11,616,449	)
Investment transactions — affiliated investment		(19,043	)
Financial futures contracts		(4,054,500	)
Swap contracts		461,722
Foreign currency transactions		(634,680	)
Forward foreign currency exchange contracts		14,848,449
Non-deliverable bond forward contracts		(4,175,306	)
Net realized loss	$	(5,189,807	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $88,070)	$	(47,720,408	)
Investments — affiliated investment		(959	)
Financial futures contracts		17,391,114
Swap contracts		(5,586,727	)
Foreign currency		(203,475	)
Forward foreign currency exchange contracts		(3,399,884	)
Non-deliverable bond forward contracts		(14,776	)
Net change in unrealized appreciation (depreciation)	$	(39,535,115	)
Net realized and unrealized loss	$	(44,724,922	)
Net decrease in net assets from operations	$	(11,037,006	)

26 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
From operations —
Net investment income	$	33,687,916		$	45,695,149
Net realized gain (loss)		(5,189,807	)		5,238,004
Net change in unrealized appreciation (depreciation)		(39,535,115	)		(4,728,496	)
Net increase (decrease) in net assets from operations	$	(11,037,006	)	$	46,204,657
Distributions to shareholders —
Class A	$	(2,255,450	)	$	(2,223,535	)
Class I		(33,628,213	)		(32,320,260	)
Class R6		(11,267,799	)		(11,842,783	)
Total distributions to shareholders	$	(47,151,462	)	$	(46,386,578	)
Tax return of capital to shareholders —
Class A	$	—		$	(471,892	)
Class I		—			(7,343,618	)
Class R6		—			(2,453,385	)
Total tax return of capital to shareholders	$	—		$	(10,268,895	)
Transactions in common shares —
Proceeds from sale of shares
Class A	$	22,237,793		$	44,754,058
Class I		377,767,411			772,306,283
Class R6		42,592,838			157,213,888
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,251,011			2,686,260
Class I		32,575,722			38,893,103
Class R6		11,250,193			14,296,168
Cost of shares redeemed
Class A		(16,600,023	)		(9,987,883	)
Class I		(280,161,397	)		(191,468,970	)
Class R6		(57,492,942	)		(7,763,266	)
Net increase in net assets from Fund share transactions	$	134,420,606		$	820,929,641
Net increase in net assets	$	76,232,138		$	810,478,825
Net Assets
At beginning of period	$	1,165,703,990		$	355,225,165
At end of period	$	1,241,936,128		$	1,165,703,990

27 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Financial Highlights

	Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.850		$	8.660		$	9.030		$	9.010		$	9.460		$	9.400
Income (Loss) From Operations
Net investment income(1)	$	0.231		$	0.542		$	0.563		$	0.611		$	0.675		$	0.608
Net realized and unrealized gain (loss)		(0.315	)		0.299			(0.198	)		0.053			(0.399	)		0.214
Total income (loss) from operations	$	(0.084	)	$	0.841		$	0.365		$	0.664		$	0.276		$	0.822
Less Distributions
From net investment income	$	(0.326	)	$	(0.545	)	$	(0.635	)	$	(0.356	)	$	(0.646	)	$	(0.762	)
From net realized gain		—			(0.011	)		—			—			—			—
Tax return of capital		—			(0.095	)		(0.100	)		(0.288	)		(0.080	)		—
Total distributions	$	(0.326	)	$	(0.651	)	$	(0.735	)	$	(0.644	)	$	(0.726	)	$	(0.762	)
Net asset value — End of period	$	8.440		$	8.850		$	8.660		$	9.030		$	9.010		$	9.460
Total Return(2)		(0.99	)%(3)		9.90	%		4.19	%(4)		8.03	%(4)		2.82	%(4)		9.18	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,791		$	55,838		$	18,761		$	9,724		$	4,840		$	330
Ratios (as a percentage of average daily net assets):
Expenses		1.09	%(5)		1.11	%		1.15	%(4)		1.15	%(4)		1.15	%(4)		1.16	%(4)(6)
Net investment income		5.25	%(5)		6.03	%		6.42	%		7.01	%		7.19	%		6.46	%
Portfolio Turnover		34	%(3)		87	%		110	%		85	%		80	%		70	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  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.

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.13%, 0.18%, 0.29% and 0.34% of average daily net assets for the years ended July 31, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

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

28 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Financial Highlights — continued

	Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.870		$	8.690		$	9.060		$	9.030		$	9.490		$	9.420
Income (Loss) From Operations
Net investment income(1)	$	0.244		$	0.565		$	0.578		$	0.648		$	0.705		$	0.649
Net realized and unrealized gain (loss)		(0.306	)		0.291			(0.188	)		0.051			(0.413	)		0.204
Total income (loss) from operations	$	(0.062	)	$	0.856		$	0.390		$	0.699		$	0.292		$	0.853
Less Distributions
From net investment income	$	(0.338	)	$	(0.567	)	$	(0.656	)	$	(0.370	)	$	(0.669	)	$	(0.783	)
From net realized gain		—			(0.011	)		—			—			—			—
Tax return of capital		—			(0.098	)		(0.104	)		(0.299	)		(0.083	)		—
Total distributions	$	(0.338	)	$	(0.676	)	$	(0.760	)	$	(0.669	)	$	(0.752	)	$	(0.783	)
Net asset value — End of period	$	8.470		$	8.870		$	8.690		$	9.060		$	9.030		$	9.490
Total Return(2)		(0.74	)%(3)		10.05	%		4.47	%(4)		8.42	%(4)		2.98	%(4)		9.51	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	916,934		$	828,507		$	217,227		$	96,765		$	38,756		$	1,060
Ratios (as a percentage of average daily net assets):
Expenses		0.85	%(5)		0.86	%		0.90	%(4)		0.90	%(4)		0.90	%(4)		0.91	%(4)(6)
Net investment income		5.52	%(5)		6.27	%		6.60	%		7.38	%		7.48	%		6.90	%
Portfolio Turnover		34	%(3)		87	%		110	%		85	%		80	%		70	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.13%, 0.18%, 0.29% and 0.34% of average daily net assets for the years ended July 31, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

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

29 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Financial Highlights — continued

	Class R6
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.840		$	8.660		$	9.030		$	9.000		$	9.460		$	9.390
Income (Loss) From Operations
Net investment income(1)	$	0.245		$	0.569		$	0.593		$	0.634		$	0.725		$	0.625
Net realized and unrealized gain (loss)		(0.306	)		0.289			(0.201	)		0.067			(0.431	)		0.230
Total income (loss) from operations	$	(0.061	)	$	0.858		$	0.392		$	0.701		$	0.294		$	0.855
Less Distributions
From net investment income	$	(0.339	)	$	(0.568	)	$	(0.658	)	$	(0.371	)	$	(0.670	)	$	(0.785	)
From net realized gain		—			(0.011	)		—			—			—			—
Tax return of capital		—			(0.099	)		(0.104	)		(0.300	)		(0.084	)		—
Total distributions	$	(0.339	)	$	(0.678	)	$	(0.762	)	$	(0.671	)	$	(0.754	)	$	(0.785	)
Net asset value — End of period	$	8.440		$	8.840		$	8.660		$	9.030		$	9.000		$	9.460
Total Return(2)		(0.84	)%(3)		10.23	%		4.63	%(4)		8.36	%(4)		3.02	%(4)		9.57	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	264,211		$	281,359		$	119,237		$	80,225		$	74,277		$	70,985
Ratios (as a percentage of average daily net assets):
Expenses		0.78	%(5)		0.81	%		0.85	%(4)		0.85	%(4)		0.85	%(4)		0.86	%(4)(6)
Net investment income		5.57	%(5)		6.34	%		6.76	%		7.27	%		7.64	%		6.65	%
Portfolio Turnover		34	%(3)		87	%		110	%		85	%		80	%		70	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.13%, 0.18%, 0.29% and 0.34% of average daily net assets for the years ended July 31, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

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

30 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Emerging Markets Debt Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Series Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and 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. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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 and options on interest rate swaps (“swaptions”) 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. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

31

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-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.

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, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, 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 and Non-Deliverable Bond Forward Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Fund and a counterparty, certain contracts may be “centrally cleared”, 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 contracts, 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. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The Fund may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance

32

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

with the Fund’s policies on investment valuations discussed above. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Fund had purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option on a security, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L  Interest Rate Swaps — 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, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M  Credit Default Swaps — When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (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 for non-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.

N  Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

O  Swaptions — A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of

33

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

P  Interim Financial Statements — The interim financial statements relating to January 31, 2022 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 the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. For the six months ended January 31, 2022, management estimates that a portion of distributions for the period will be a tax return of capital. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year and will be reported to the shareholders.

At July 31, 2021, the Fund had a late year ordinary loss of $12,676,363 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, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,225,762,836
Gross unrealized appreciation	$	17,881,594
Gross unrealized depreciation		(65,616,943	)
Net unrealized depreciation	$	(47,735,349	)

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million	0.650%
$500 million but less than $1.0 billion	0.625%
$1.0 billion but less than $2.5 billion	0.600%
$2.5 billion but less than $5.0 billion	0.580%
$5.0 billion and over	0.565%

For the six months ended January 31, 2022, the investment adviser and administration fee amounted to $3,850,507 or 0.63% (annualized) of the Fund’s average daily net assets. The Fund may invest 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, 2022. Pursuant to this agreement, no operating expenses were allocated to EVM for the six months ended January 31, 2022.

34

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2022, EVM earned $2,690 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 $12,468 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2022. 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, 2022, 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 Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2022 amounted to $75,312 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, 2022, 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 principal repayments on loans, aggregated $368,428,877 and $292,025,208, respectively, for the six months ended January 31, 2022.

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, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		2,543,650			4,956,311
Issued to shareholders electing to receive payments of distributions in Fund shares		259,904			300,460
Redemptions		(1,912,372	)		(1,111,690	)
Net increase		891,182			4,145,081
Class I	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		43,267,836			85,193,381
Issued to shareholders electing to receive payments of distributions in Fund shares		3,751,637			4,332,993
Redemptions		(32,064,516	)		(21,171,881	)
Net increase		14,954,957			68,354,493

35

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

Class R6	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		4,851,847			17,306,609
Issued to shareholders electing to receive payments of distributions in Fund shares		1,298,495			1,600,046
Redemptions		(6,648,938	)		(868,171	)
Net increase (decrease)		(498,596	)		18,038,484

At January 31, 2022, Eaton Vance Short Duration Strategic Income Fund and donor advised funds (established and maintained by a public charity) managed by EVM owned in the aggregate 10.2% of the value of the outstanding shares of the Fund.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, non-deliverable bond forward contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2022 is included in the Portfolio of Investments. At January 31, 2022, 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 and currency options to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Fund utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions and total return 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 into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At January 31, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was $3,485,947. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $5,665,030 at January 31, 2022.

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.

36

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2022 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—		$	—		$	3,352		$	3,352
Accumulated loss*		1,537,078			1,902,109			13,571,346			17,010,533
Receivable for open forward foreign currency exchange contracts		—			3,386,736			—			3,386,736
Receivable for open non-deliverable bond forward contracts		—			—			69,834			69,834
Total Asset Derivatives	$	1,537,078		$	5,288,845		$	13,644,532		$	20,470,455
Derivatives not subject to master netting or similar agreements	$	1,537,078		$	1,902,109		$	13,571,346		$	17,010,533
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	3,386,736		$	73,186		$	3,459,922
	Credit			Foreign Exchange			Interest Rate			Total
Accumulated loss*	$	(1,399,961	)	$	(4,317,138	)	$	(11,533,573	)	$	(17,250,672	)
Payable for open forward foreign currency exchange contracts		—			(538,628	)		—			(538,628	)
Payable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts		(13,291	)		—			(2,793,690	)		(2,806,981	)
Payable for open non-deliverable bond forward contracts		—			—			(140,338	)		(140,338	)
Total Liability Derivatives	$	(1,413,252	)	$	(4,855,766	)	$	(14,467,601	)	$	(20,736,619	)
Derivatives not subject to master netting or similar agreements	$	(1,399,961	)	$	(4,317,138	)	$	(11,533,573	)	$	(17,250,672	)
Total Liability Derivatives subject to master netting or similar agreements	$	(13,291	)	$	(538,628	)	$	(2,934,028	)	$	(3,485,947	)

* Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts and centrally cleared derivatives, 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, 2022.

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)		Total Cash Collateral Received
Bank of America, N.A.	$	604,704	$	(423,734	)	$	—		$	—	$	180,970	$	—
Barclays Bank PLC		202,723		—			—			—		202,723		—
BNP Paribas		3,290		(3,290	)		—			—		—		—
Citibank, N.A.		430,115		—			—			—		430,115		—
Goldman Sachs International		256,525		(256,525	)		—			—		—		—
HSBC Bank USA, N.A.		132,600		(1,165	)		(131,435	)		—		—		—
ICBC Standard Bank plc		25,439		(4,805	)		—			—		20,634		—
Standard Chartered Bank		1,674,809		(1,365,811	)		—			—		308,998		—
UBS AG		129,717		(65,220	)		—			—		64,497		—
	$	3,459,922	$	(2,120,550	)	$	(131,435	)	$	—	$	1,207,937	$	—

37

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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)			Total Cash Collateral Pledged
Bank of America, N.A.	$	(423,734	)	$	423,734	$	—	$	—	$	—		$	—
BNP Paribas		(999,042	)		3,290		995,752		—					—
Citibank, N.A.		—			—		—		—		—			19,969
Deutsche Bank AG		(13,291	)		—		—		—		(13,291	)		—
Goldman Sachs International		(612,879	)		256,525		281,998		—		(74,356	)		—
HSBC Bank USA, N.A.		(1,165	)		1,165		—		—		—			—
ICBC Standard Bank plc		(4,805	)		4,805		—		—		—			—
Standard Chartered Bank		(1,365,811	)		1,365,811		—		—		—			—
UBS AG.		(65,220	)		65,220		—		—		—			—
	$	(3,485,947	)	$	2,120,550	$	1,277,750	$	—	$	(87,647	)	$	19,969
Total — Deposits for derivatives collateral — OTC derivatives													$	19,969

^(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, 2022 was as follows:

Statement of Operations Caption	Credit			Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—		$	—		$	(261,764	)	$	(261,764	)
Financial futures contracts		—			—			(4,054,500	)		(4,054,500	)
Swap contracts		(191,894	)		—			653,616			461,722
Forward foreign currency exchange contracts		—			14,848,449			—			14,848,449
Non-deliverable bond forward contracts		—			—			(4,175,306	)		(4,175,306	)
Total	$	(191,894	)	$	14,848,449		$	(7,837,954	)	$	6,818,601
Change in unrealized appreciation (depreciation) —
Investments	$	—		$	—		$	79,514		$	79,514
Financial futures contracts		—			—			17,391,114			17,391,114
Swap contracts		186,509			—			(5,773,236	)		(5,586,727	)
Forward foreign currency exchange contracts		—			(3,399,884	)		—			(3,399,884	)
Non-deliverable bond forward contracts		—			—			(14,776	)		(14,776	)
Total	$	186,509		$	(3,399,884	)	$	11,682,616		$	8,469,241

38

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

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, 2022, 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		Purchased Swaptions		Swap Contracts
	$337,354,000	$	855,603,000	$	69,527,000	$	17,629,000	$	917,117,000

* 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 an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2022.

10  Investments in Affiliated Funds

At January 31, 2022, the value of the Fund’s investment in affiliated funds was $181,854,912, which represents 14.6% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended January 31, 2022 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	138,923,923	$	494,819,635	$	(451,868,644	)	$	(19,043	)	$	(959	)	$	181,854,912	$	78,601		181,873,099

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.

39

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

At January 31, 2022, 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
Convertible Bonds	$	—	$	19,238,986		$	—	$	19,238,986
Foreign Corporate Bonds		—		302,968,503			930,468		303,898,971
Loan Participation Notes		—		—			17,525,041		17,525,041
Senior Floating-Rate Loans		—		14,228,705			—		14,228,705
Sovereign Government Bonds		—		487,144,910			—		487,144,910
Sovereign Loans		—		44,264,206			—		44,264,206
Short-Term Investments —
Affiliated Fund		—		181,854,912			—		181,854,912
Sovereign Government Securities		—		59,617,005			—		59,617,005
U.S. Treasury Obligations		—		50,449,646			—		50,449,646
Purchased Interest Rate Swaptions		—		3,352			—		3,352
Total Investments	$	—	$	1,159,770,225		$	18,455,509	$	1,178,225,734
Forward Foreign Currency Exchange Contracts	$	—	$	5,288,845		$	—	$	5,288,845
Non-deliverable Bond Forward Contracts		—		69,834			—		69,834
Futures Contracts		6,703,061		—			—		6,703,061
Swap Contracts		—		8,405,363			—		8,405,363
Total	$	6,703,061	$	1,173,534,267		$	18,455,509	$	1,198,692,837
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(4,855,766	)	$	—	$	(4,855,766	)
Non-deliverable Bond Forward Contracts		—		(140,338	)		—		(140,338	)
Swap Contracts		—		(15,740,515	)		—		(15,740,515	)
Total	$	—	$	(20,736,619	)	$	—	$	(20,736,619	)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in Foreign Corporate Bonds			Investments in Loan Participation Notes			Total
Balance as of July 31, 2021	$	885,983		$	18,605,918		$	19,491,901
Realized gains (losses)		—			—			—
Change in net unrealized appreciation (depreciation)		269,485			(991,527	)		(722,042	)
Cost of purchases		—			—			—
Proceeds from sales, including return of capital		(225,000	)		—			(225,000	)
Accrued discount (premium)		—			(89,350	)		(89,350	)
Transfers to Level 3		—			—			—
Transfers from Level 3		—			—			—
Balance as of January 31, 2022	$	930,468		$	17,525,041		$	18,455,509
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2022	$	269,485		$	(991,527	)	$	(722,042	)

40

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of January 31, 2022:

Type of Investment	Fair Value as of January 31, 2022		Valuation Technique		Unobservable Inputs	Input			Impact to Valuation from an Increase to Input*
Foreign Corporate Bonds	$	930,468		Matrix Pricing	Credit spread to U.S. Treasury		24.09	%		Decrease
Loan Participation Notes		17,525,041		Matrix Pricing	Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate		6.65	%		Decrease

* Represents the directional change in the fair value of the Level 3 investments that would result in an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

Economic data as reported by sovereign entities 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 sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

LIBOR Transition Risk

Certain instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR is expected to be defined, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in

41

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

13  Subsequent Event

On February 24, 2022, Russia launched an invasion of Ukraine, following rising tensions over the buildup of Russian troops along the Ukrainian border and joint military exercises by Russia with Belarus. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals. The conflict and sanctions have had a negative impact on the Russian economy, on the Russian currency, and on investments having exposure to Russia, Belarus and Ukraine. The conflict could also have a significant effect on investments outside the region. The duration and extent of the military conflict with Russia and the related sanctions cannot be predicted at this time.

42

Eaton Vance

Emerging Markets Debt Opportunities Fund

January 31, 2022

Officers and Directors

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

Directors

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

43

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

44

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

45

Eaton Vance Funds

IMPORTANT NOTICES

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

46

This Page Intentionally Left Blank

This Page Intentionally Left Blank

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 calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

14265    1.31.22

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 Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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 for Closed-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/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022

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 28, 2022
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022