Eaton Vance Series Fund Inc

09/26/2025 | Press release | Distributed by Public on 09/26/2025 09:01

Annual Report by Investment Company (Form N-CSR)

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)

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant's Telephone Number)

July 31

Date of Fiscal Year End

July 31, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Eaton Vance Emerging Markets Debt Opportunities Fund

Class A EADOX

Annual Shareholder Report July 31, 2025

This annual shareholder report contains important information about the Eaton Vance Emerging Markets Debt Opportunities Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class A
$113
1.06%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index (the Index):

↑ An out-of-index allocation to the Egyptian pound helped - as reform progress remained solid; also noted by the International Monetary Fund

↑ An out-of-index allocation to the Uzbekistani local bond aided performance - from tight monetary policy, ongoing reforms, and attractive carry

↑ A zero weight to United States local rates boosted returns - as U.S. interest rates rose for most of the period

↑ An out-of-index allocation to the Nigerian naira helped - owing to support from central bank and distortions in local foreign exchange market ending

↓ An underweight exposure to the Brazilian real detracted - as the currency rallied along with broader emerging markets currencies vs. a weaker US dollar

↓ A near zero weight to the Thai baht also detracted from performance as the currency rallied vs. a weaker US dollar

↓ An overweight to Polish local rates hurt - owing to the central bank being neutral for most of the period and not cutting rates until May 2025

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Class A with Maximum Sales Charge
J.P. Morgan Emerging Market Bond Index Global Diversified
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index
7/15
$9,675
$10,000
$10,000
8/15
$9,408
$9,462
$9,670
9/15
$9,141
$9,181
$9,466
10/15
$9,376
$9,597
$9,798
11/15
$9,440
$9,389
$9,678
12/15
$9,332
$9,180
$9,507
1/16
$9,105
$9,212
$9,511
2/16
$9,213
$9,345
$9,649
3/16
$9,635
$10,191
$10,242
4/16
$9,884
$10,453
$10,463
5/16
$9,873
$9,885
$10,180
6/16
$10,101
$10,467
$10,611
7/16
$10,176
$10,530
$10,732
8/16
$10,382
$10,534
$10,818
9/16
$10,469
$10,747
$10,942
10/16
$10,497
$10,657
$10,862
11/16
$10,187
$9,907
$10,312
12/16
$10,317
$10,093
$10,463
1/17
$10,403
$10,320
$10,651
2/17
$10,545
$10,506
$10,838
3/17
$10,655
$10,749
$10,982
4/17
$10,788
$10,874
$11,118
5/17
$10,875
$11,088
$11,269
6/17
$10,998
$11,138
$11,296
7/17
$11,110
$11,369
$11,460
8/17
$11,305
$11,573
$11,641
9/17
$11,442
$11,534
$11,631
10/17
$11,413
$11,209
$11,488
11/17
$11,516
$11,398
$11,587
12/17
$11,614
$11,628
$11,735
1/18
$11,828
$12,149
$11,998
2/18
$11,786
$12,022
$11,846
3/18
$11,855
$12,145
$11,909
4/18
$11,825
$11,786
$11,670
5/18
$11,546
$11,199
$11,332
6/18
$11,316
$10,879
$11,124
7/18
$11,424
$11,085
$11,341
8/18
$11,077
$10,411
$10,916
9/18
$11,110
$10,681
$11,125
10/18
$11,027
$10,471
$10,940
11/18
$11,100
$10,765
$11,077
12/18
$11,098
$10,906
$11,207
1/19
$11,504
$11,501
$11,712
2/19
$11,583
$11,375
$11,709
3/19
$11,583
$11,224
$11,710
4/19
$11,623
$11,205
$11,730
5/19
$11,689
$11,238
$11,774
6/19
$12,041
$11,857
$12,263
7/19
$12,341
$11,967
$12,384
8/19
$12,220
$11,651
$12,248
9/19
$12,414
$11,763
$12,312
10/19
$12,568
$12,104
$12,525
11/19
$12,737
$11,884
$12,408
12/19
$13,077
$12,375
$12,757
1/20
$13,150
$12,216
$12,773
2/20
$12,980
$11,799
$12,524
3/20
$11,218
$10,493
$11,036
4/20
$11,539
$10,904
$11,427
5/20
$12,332
$11,469
$12,009
6/20
$12,778
$11,523
$12,225
7/20
$12,858
$11,870
$12,594
8/20
$13,117
$11,832
$12,618
9/20
$13,034
$11,593
$12,417
10/20
$13,131
$11,642
$12,450
11/20
$13,621
$12,281
$12,995
12/20
$14,008
$12,708
$13,330
1/21
$14,060
$12,572
$13,220
2/21
$14,051
$12,235
$12,956
3/21
$13,825
$11,860
$12,705
4/21
$14,066
$12,128
$12,938
5/21
$14,261
$12,430
$13,155
6/21
$14,236
$12,279
$13,126
7/21
$14,131
$12,227
$13,119
8/21
$14,362
$12,321
$13,225
9/21
$14,256
$11,898
$12,907
10/21
$14,150
$11,740
$12,808
11/21
$13,961
$11,419
$12,556
12/21
$14,181
$11,597
$12,710
1/22
$13,991
$11,596
$12,566
2/22
$13,284
$11,016
$11,894
3/22
$13,208
$10,848
$11,701
4/22
$13,098
$10,194
$11,124
5/22
$12,987
$10,374
$11,207
6/22
$12,347
$9,912
$10,697
7/22
$12,218
$9,941
$10,818
8/22
$12,589
$9,927
$10,790
9/22
$12,179
$9,443
$10,253
10/22
$12,258
$9,360
$10,159
11/22
$12,939
$10,025
$10,847
12/22
$13,269
$10,242
$11,014
1/23
$13,654
$10,681
$11,422
2/23
$13,536
$10,343
$11,132
3/23
$13,544
$10,770
$11,412
4/23
$13,571
$10,863
$11,501
5/23
$13,690
$10,691
$11,377
6/23
$14,091
$11,040
$11,657
7/23
$14,325
$11,358
$11,909
8/23
$14,182
$11,052
$11,691
9/23
$14,115
$10,680
$11,395
10/23
$14,066
$10,624
$11,292
11/23
$14,423
$11,184
$11,852
12/23
$14,744
$11,543
$12,273
1/24
$14,930
$11,367
$12,167
2/24
$15,294
$11,302
$12,183
3/24
$15,662
$11,298
$12,276
4/24
$15,671
$11,057
$12,054
5/24
$15,942
$11,235
$12,249
6/24
$15,931
$11,114
$12,230
7/24
$16,104
$11,367
$12,472
8/24
$16,279
$11,716
$12,789
9/24
$16,537
$12,113
$13,104
10/24
$16,547
$11,554
$12,717
11/24
$16,704
$11,489
$12,738
12/24
$16,883
$11,268
$12,554
1/25
$17,341
$11,499
$12,752
2/25
$17,522
$11,574
$12,894
3/25
$17,445
$11,753
$12,971
4/25
$17,302
$12,135
$13,160
5/25
$17,728
$12,306
$13,310
6/25
$18,025
$12,649
$13,622
7/25
$18,288
$12,554
$13,645

Average Annual Total Returns (%)Footnote Reference1

Fund
1 Year
5 Years
10 Years
Class A
13.51%
7.29%
6.56%
Class A with 3.25% Maximum Sales Charge
9.85%
6.58%
6.22%
J.P. Morgan Emerging Market Bond Index Global DiversifiedFootnote Referencea
10.45%
1.13%
2.30%
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 IndexFootnote Referencea
9.40%
1.62%
3.15%
Footnote Description
Footnote1
Class A performance prior to 9/3/15 is linked to Class R6. 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. Performance presented in the Financial Highlights included in the financial statements is not linked.
Footnotea
Index is used with permission. Copyright 2021, J.P. Morgan Chase & Co. All rights reserved. See Fund prospectus for full description.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets
$3,626,247,692
# of Portfolio Holdings (including derivatives)
793
Portfolio Turnover Rate
106%
Total Advisory Fees Paid
$17,354,614

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Value
Value
OtherFootnote Reference†
0.6%
Sovereign Loans
2.3%
Senior Floating-Rate Loans
4.7%
Short-Term Investments
9.6%
Foreign Corporate Bonds
29.5%
Sovereign Government Bonds
53.3%
Footnote Description
Footnote†
Investment types less than 1% each

Foreign Currency Exposure (% of net assets)Footnote Reference*

Egypt
9.3%
India
4.7%
Uzbekistan
4.4%
South Korea
4.2%
Taiwan
2.9%
Kazakhstan
2.1%
Uruguay
1.9%
Armenia
1.8%
Paraguay
1.7%
Other
12.8%
Total Long Exposure
45.8%
Euro
(2.4)%
Other
(0.1)%
Total Short Exposure
(2.5)%
Footnote Description
Footnote*
Currency exposures include all foreign exchange denominated assets and currency derivatives.

Additional Information

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report July 31, 2025

EADOX-TSR-AR

Eaton Vance Emerging Markets Debt Opportunities Fund

Class I EIDOX

Annual Shareholder Report July 31, 2025

This annual shareholder report contains important information about the Eaton Vance Emerging Markets Debt Opportunities Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$87
0.81%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index (the Index):

↑ An out-of-index allocation to the Egyptian pound helped - as reform progress remained solid; also noted by the International Monetary Fund

↑ An out-of-index allocation to the Uzbekistani local bond aided performance - from tight monetary policy, ongoing reforms, and attractive carry

↑ A zero weight to United States local rates boosted returns - as U.S. interest rates rose for most of the period

↑ An out-of-index allocation to the Nigerian naira helped - owing to support from central bank and distortions in local foreign exchange market ending

↓ An underweight exposure to the Brazilian real detracted - as the currency rallied along with broader emerging markets currencies vs. a weaker US dollar

↓ A near zero weight to the Thai baht also detracted from performance as the currency rallied vs. a weaker US dollar

↓ An overweight to Polish local rates hurt - owing to the central bank being neutral for most of the period and not cutting rates until May 2025

Fund Performance

Comparison of the change in value of a $1,000,000 investment for the period indicated.

Class I
J.P. Morgan Emerging Market Bond Index Global Diversified
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index
7/15
$1,000,000
$1,000,000
$1,000,000
8/15
$972,406
$946,212
$966,956
9/15
$944,812
$918,120
$946,631
10/15
$967,991
$959,682
$979,821
11/15
$974,614
$938,930
$967,815
12/15
$963,611
$918,008
$950,684
1/16
$942,297
$921,197
$951,052
2/16
$953,515
$934,497
$964,895
3/16
$998,386
$1,019,129
$1,024,180
4/16
$1,024,187
$1,045,346
$1,046,312
5/16
$1,024,187
$988,511
$1,017,956
6/16
$1,046,623
$1,046,710
$1,061,055
7/16
$1,056,719
$1,053,009
$1,073,230
8/16
$1,078,033
$1,053,432
$1,081,777
9/16
$1,088,129
$1,074,746
$1,094,210
10/16
$1,091,270
$1,065,659
$1,086,165
11/16
$1,058,339
$990,726
$1,031,239
12/16
$1,072,008
$1,009,269
$1,046,338
1/17
$1,081,109
$1,031,996
$1,065,123
2/17
$1,097,333
$1,050,592
$1,083,766
3/17
$1,108,928
$1,074,889
$1,098,184
4/17
$1,121,793
$1,087,443
$1,111,768
5/17
$1,131,139
$1,108,762
$1,126,899
6/17
$1,145,361
$1,113,837
$1,129,649
7/17
$1,157,246
$1,136,937
$1,145,962
8/17
$1,176,513
$1,157,324
$1,164,066
9/17
$1,192,239
$1,153,394
$1,163,129
10/17
$1,189,523
$1,120,882
$1,148,800
11/17
$1,200,458
$1,139,766
$1,158,699
12/17
$1,210,965
$1,162,809
$1,173,452
1/18
$1,233,481
$1,214,890
$1,199,814
2/18
$1,229,412
$1,202,205
$1,184,560
3/18
$1,236,839
$1,214,482
$1,190,917
4/18
$1,234,016
$1,178,569
$1,167,014
5/18
$1,205,261
$1,119,912
$1,133,194
6/18
$1,180,244
$1,087,912
$1,112,439
7/18
$1,191,767
$1,108,528
$1,134,109
8/18
$1,155,860
$1,041,061
$1,091,642
9/18
$1,159,571
$1,068,056
$1,112,500
10/18
$1,151,270
$1,047,130
$1,093,950
11/18
$1,160,436
$1,076,529
$1,107,716
12/18
$1,159,169
$1,090,586
$1,120,667
1/19
$1,203,089
$1,150,103
$1,171,214
2/19
$1,211,614
$1,137,532
$1,170,898
3/19
$1,211,878
$1,122,438
$1,171,030
4/19
$1,216,293
$1,120,469
$1,172,995
5/19
$1,223,526
$1,123,781
$1,177,368
6/19
$1,260,533
$1,185,696
$1,226,287
7/19
$1,292,134
$1,196,692
$1,238,436
8/19
$1,279,793
$1,165,099
$1,224,789
9/19
$1,298,908
$1,176,300
$1,231,214
10/19
$1,316,743
$1,210,383
$1,252,527
11/19
$1,334,693
$1,188,385
$1,240,838
12/19
$1,370,542
$1,237,513
$1,275,747
1/20
$1,378,422
$1,221,589
$1,277,307
2/20
$1,360,958
$1,179,936
$1,252,402
3/20
$1,175,656
$1,049,261
$1,103,620
4/20
$1,209,448
$1,090,396
$1,142,748
5/20
$1,292,683
$1,146,857
$1,200,851
6/20
$1,339,662
$1,152,254
$1,222,489
7/20
$1,349,905
$1,187,046
$1,259,387
8/20
$1,377,301
$1,183,151
$1,261,766
9/20
$1,367,363
$1,159,297
$1,241,692
10/20
$1,379,369
$1,164,234
$1,245,039
11/20
$1,431,044
$1,228,128
$1,299,503
12/20
$1,471,897
$1,270,849
$1,333,033
1/21
$1,476,114
$1,257,224
$1,322,048
2/21
$1,475,448
$1,223,538
$1,295,575
3/21
$1,452,133
$1,185,978
$1,270,505
4/21
$1,477,664
$1,212,775
$1,293,800
5/21
$1,498,444
$1,243,034
$1,315,459
6/21
$1,497,832
$1,227,933
$1,312,634
7/21
$1,485,556
$1,222,686
$1,311,909
8/21
$1,510,079
$1,232,109
$1,322,498
9/21
$1,499,344
$1,189,831
$1,290,743
10/21
$1,490,214
$1,174,029
$1,280,757
11/21
$1,470,817
$1,141,916
$1,255,587
12/21
$1,494,236
$1,159,683
$1,271,016
1/22
$1,474,607
$1,159,623
$1,256,623
2/22
$1,398,968
$1,101,636
$1,189,429
3/22
$1,391,307
$1,084,763
$1,170,072
4/22
$1,380,060
$1,019,392
$1,112,434
5/22
$1,368,718
$1,037,365
$1,120,673
6/22
$1,301,700
$991,173
$1,069,738
7/22
$1,288,481
$994,075
$1,081,843
8/22
$1,327,831
$992,680
$1,079,015
9/22
$1,284,970
$944,334
$1,025,255
10/22
$1,293,545
$936,002
$1,015,862
11/22
$1,365,591
$1,002,521
$1,084,667
12/22
$1,400,600
$1,024,173
$1,101,445
1/23
$1,441,511
$1,068,138
$1,142,188
2/23
$1,429,350
$1,034,338
$1,113,246
3/23
$1,430,575
$1,077,004
$1,141,200
4/23
$1,433,730
$1,086,289
$1,150,148
5/23
$1,446,663
$1,069,137
$1,137,742
6/23
$1,491,159
$1,103,990
$1,165,704
7/23
$1,514,219
$1,135,756
$1,190,894
8/23
$1,499,501
$1,105,239
$1,169,093
9/23
$1,494,752
$1,068,029
$1,139,529
10/23
$1,487,942
$1,062,407
$1,129,208
11/23
$1,525,968
$1,118,385
$1,185,218
12/23
$1,560,168
$1,154,254
$1,227,338
1/24
$1,580,106
$1,136,675
$1,216,660
2/24
$1,618,992
$1,130,155
$1,218,313
3/24
$1,658,164
$1,129,835
$1,227,552
4/24
$1,659,498
$1,105,693
$1,205,357
5/24
$1,688,571
$1,123,531
$1,224,899
6/24
$1,687,792
$1,111,395
$1,223,014
7/24
$1,706,466
$1,136,675
$1,247,225
8/24
$1,725,289
$1,171,575
$1,278,861
9/24
$1,753,028
$1,211,347
$1,310,397
10/24
$1,754,405
$1,155,448
$1,271,718
11/24
$1,773,635
$1,148,892
$1,273,807
12/24
$1,790,743
$1,126,763
$1,255,357
1/25
$1,839,588
$1,149,878
$1,275,244
2/25
$1,859,196
$1,157,444
$1,289,380
3/25
$1,851,464
$1,175,334
$1,297,098
4/25
$1,839,066
$1,213,485
$1,316,023
5/25
$1,882,310
$1,230,640
$1,331,015
6/25
$1,914,213
$1,264,920
$1,362,215
7/25
$1,941,596
$1,255,431
$1,364,519

Average Annual Total Returns (%)Footnote Reference1

Fund
1 Year
5 Years
10 Years
Class I
13.78%
7.54%
6.85%
J.P. Morgan Emerging Market Bond Index Global DiversifiedFootnote Referencea
10.45%
1.13%
2.30%
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 IndexFootnote Referencea
9.40%
1.62%
3.15%
Footnote Description
Footnote1
Class I performance prior to 9/3/15 is linked to Class R6. 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. Performance presented in the Financial Highlights included in the financial statements is not linked.
Footnotea
Index is used with permission. Copyright 2021, J.P. Morgan Chase & Co. All rights reserved. See Fund prospectus for full description.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets
$3,626,247,692
# of Portfolio Holdings (including derivatives)
793
Portfolio Turnover Rate
106%
Total Advisory Fees Paid
$17,354,614

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Value
Value
OtherFootnote Reference†
0.6%
Sovereign Loans
2.3%
Senior Floating-Rate Loans
4.7%
Short-Term Investments
9.6%
Foreign Corporate Bonds
29.5%
Sovereign Government Bonds
53.3%
Footnote Description
Footnote†
Investment types less than 1% each

Foreign Currency Exposure (% of net assets)Footnote Reference*

Egypt
9.3%
India
4.7%
Uzbekistan
4.4%
South Korea
4.2%
Taiwan
2.9%
Kazakhstan
2.1%
Uruguay
1.9%
Armenia
1.8%
Paraguay
1.7%
Other
12.8%
Total Long Exposure
45.8%
Euro
(2.4)%
Other
(0.1)%
Total Short Exposure
(2.5)%
Footnote Description
Footnote*
Currency exposures include all foreign exchange denominated assets and currency derivatives.

Additional Information

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report July 31, 2025

EIDOX-TSR-AR

Eaton Vance Emerging Markets Debt Opportunities Fund

Class R6 EELDX

Annual Shareholder Report July 31, 2025

This annual shareholder report contains important information about the Eaton Vance Emerging Markets Debt Opportunities Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R6
$78
0.73%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index (the Index):

↑ An out-of-index allocation to the Egyptian pound helped - as reform progress remained solid; also noted by the International Monetary Fund

↑ An out-of-index allocation to the Uzbekistani local bond aided performance - from tight monetary policy, ongoing reforms, and attractive carry

↑ A zero weight to United States local rates boosted returns - as U.S. interest rates rose for most of the period

↑ An out-of-index allocation to the Nigerian naira helped - owing to support from central bank and distortions in local foreign exchange market ending

↓ An underweight exposure to the Brazilian real detracted - as the currency rallied along with broader emerging markets currencies vs. a weaker US dollar

↓ A near zero weight to the Thai baht also detracted from performance as the currency rallied vs. a weaker US dollar

↓ An overweight to Polish local rates hurt - owing to the central bank being neutral for most of the period and not cutting rates until May 2025

Fund Performance

Comparison of the change in value of a $5,000,000 investment for the period indicated.

Class R6
J.P. Morgan Emerging Market Bond Index Global Diversified
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 Index
7/15
$5,000,000
$5,000,000
$5,000,000
8/15
$4,862,031
$4,731,059
$4,834,779
9/15
$4,724,062
$4,590,600
$4,733,155
10/15
$4,839,956
$4,798,411
$4,899,106
11/15
$4,873,068
$4,694,652
$4,839,073
12/15
$4,819,499
$4,590,039
$4,753,420
1/16
$4,701,676
$4,605,987
$4,755,259
2/16
$4,757,782
$4,672,484
$4,824,476
3/16
$4,982,206
$5,095,645
$5,120,898
4/16
$5,111,250
$5,226,729
$5,231,558
5/16
$5,105,639
$4,942,553
$5,089,781
6/16
$5,223,462
$5,233,549
$5,305,275
7/16
$5,268,346
$5,265,047
$5,366,148
8/16
$5,374,948
$5,267,161
$5,408,884
9/16
$5,425,443
$5,373,730
$5,471,050
10/16
$5,441,265
$5,328,294
$5,430,826
11/16
$5,282,346
$4,953,629
$5,156,193
12/16
$5,345,152
$5,046,346
$5,231,689
1/17
$5,390,855
$5,159,981
$5,325,617
2/17
$5,472,196
$5,252,960
$5,418,830
3/17
$5,530,327
$5,374,444
$5,490,919
4/17
$5,600,766
$5,437,217
$5,558,839
5/17
$5,647,706
$5,543,810
$5,634,494
6/17
$5,713,020
$5,569,184
$5,648,246
7/17
$5,772,614
$5,684,684
$5,729,810
8/17
$5,875,289
$5,786,620
$5,820,330
9/17
$5,947,967
$5,766,970
$5,815,644
10/17
$5,934,502
$5,604,408
$5,744,000
11/17
$5,989,348
$5,698,832
$5,793,495
12/17
$6,042,065
$5,814,045
$5,867,262
1/18
$6,154,884
$6,074,450
$5,999,071
2/18
$6,134,644
$6,011,026
$5,922,801
3/18
$6,171,952
$6,072,411
$5,954,582
4/18
$6,157,946
$5,892,847
$5,835,070
5/18
$6,014,134
$5,599,559
$5,665,971
6/18
$5,895,589
$5,439,558
$5,562,193
7/18
$5,946,845
$5,542,641
$5,670,547
8/18
$5,767,206
$5,205,307
$5,458,210
9/18
$5,785,919
$5,340,279
$5,562,500
10/18
$5,744,488
$5,235,648
$5,469,749
11/18
$5,790,517
$5,382,643
$5,538,579
12/18
$5,784,313
$5,452,929
$5,603,334
1/19
$6,004,389
$5,750,513
$5,856,070
2/19
$6,047,217
$5,687,658
$5,854,488
3/19
$6,048,682
$5,612,188
$5,855,152
4/19
$6,070,930
$5,602,347
$5,864,977
5/19
$6,107,299
$5,618,907
$5,886,842
6/19
$6,292,800
$5,928,478
$6,131,437
7/19
$6,444,026
$5,983,459
$6,192,181
8/19
$6,389,485
$5,825,495
$6,123,944
9/19
$6,485,384
$5,881,501
$6,156,068
10/19
$6,567,639
$6,051,917
$6,262,633
11/19
$6,664,980
$5,941,924
$6,204,188
12/19
$6,844,738
$6,187,566
$6,378,734
1/20
$6,884,369
$6,107,945
$6,386,537
2/20
$6,796,935
$5,899,681
$6,262,012
3/20
$5,876,077
$5,246,304
$5,518,099
4/20
$6,045,547
$5,451,982
$5,713,738
5/20
$6,462,783
$5,734,284
$6,004,253
6/20
$6,690,682
$5,761,271
$6,112,443
7/20
$6,742,093
$5,935,231
$6,296,933
8/20
$6,879,476
$5,915,753
$6,308,830
9/20
$6,829,745
$5,796,484
$6,208,462
10/20
$6,889,998
$5,821,171
$6,225,193
11/20
$7,149,167
$6,140,638
$6,497,513
12/20
$7,354,106
$6,354,244
$6,665,166
1/21
$7,375,324
$6,286,122
$6,610,238
2/21
$7,372,143
$6,117,692
$6,477,875
3/21
$7,255,429
$5,929,891
$6,352,524
4/21
$7,383,586
$6,063,874
$6,468,999
5/21
$7,487,934
$6,215,169
$6,577,297
6/21
$7,485,031
$6,139,667
$6,563,171
7/21
$7,431,960
$6,113,431
$6,559,544
8/21
$7,546,695
$6,160,545
$6,612,490
9/21
$7,492,947
$5,949,153
$6,453,716
10/21
$7,447,250
$5,870,144
$6,403,787
11/21
$7,350,064
$5,709,579
$6,277,937
12/21
$7,467,683
$5,798,416
$6,355,078
1/22
$7,369,271
$5,798,113
$6,283,116
2/22
$6,990,093
$5,508,179
$5,947,146
3/22
$6,960,638
$5,423,814
$5,850,362
4/22
$6,904,380
$5,096,962
$5,562,170
5/22
$6,847,646
$5,186,824
$5,603,365
6/22
$6,511,544
$4,955,864
$5,348,692
7/22
$6,445,327
$4,970,375
$5,409,213
8/22
$6,642,815
$4,963,398
$5,395,076
9/22
$6,427,889
$4,721,669
$5,126,276
10/22
$6,471,003
$4,680,012
$5,079,311
11/22
$6,832,551
$5,012,604
$5,423,333
12/22
$7,008,385
$5,120,865
$5,507,223
1/23
$7,213,746
$5,340,691
$5,710,940
2/23
$7,152,921
$5,171,690
$5,566,228
3/23
$7,159,261
$5,385,020
$5,706,001
4/23
$7,175,289
$5,431,445
$5,750,741
5/23
$7,240,288
$5,345,685
$5,688,709
6/23
$7,463,860
$5,519,951
$5,828,518
7/23
$7,579,868
$5,678,778
$5,954,472
8/23
$7,506,096
$5,526,196
$5,845,465
9/23
$7,472,376
$5,340,144
$5,697,644
10/23
$7,448,564
$5,312,033
$5,646,039
11/23
$7,639,644
$5,591,926
$5,926,089
12/23
$7,811,536
$5,771,269
$6,136,688
1/24
$7,911,833
$5,683,377
$6,083,300
2/24
$8,107,271
$5,650,774
$6,091,567
3/24
$8,304,147
$5,649,177
$6,137,762
4/24
$8,311,058
$5,528,463
$6,026,782
5/24
$8,457,145
$5,617,653
$6,124,495
6/24
$8,453,447
$5,556,973
$6,115,071
7/24
$8,547,435
$5,683,375
$6,236,127
8/24
$8,642,181
$5,857,874
$6,394,306
9/24
$8,781,704
$6,056,737
$6,551,983
10/24
$8,788,840
$5,777,238
$6,358,588
11/24
$8,885,754
$5,744,460
$6,369,036
12/24
$8,971,909
$5,633,813
$6,276,787
1/25
$9,228,896
$5,749,389
$6,376,220
2/25
$9,316,194
$5,787,218
$6,446,902
3/25
$9,277,502
$5,876,672
$6,485,492
4/25
$9,215,453
$6,067,423
$6,580,116
5/25
$9,444,673
$6,153,200
$6,655,077
6/25
$9,605,185
$6,324,600
$6,811,073
7/25
$9,731,164
$6,277,153
$6,822,596

Average Annual Total Returns (%)

Fund
1 Year
5 Years
10 Years
Class R6
13.85%
7.61%
6.88%
J.P. Morgan Emerging Market Bond Index Global DiversifiedFootnote Referencea
10.45%
1.13%
2.30%
J.P. Morgan EMB (JEMB) Hard Currency/Local Currency 50-50 IndexFootnote Referencea
9.40%
1.62%
3.15%
Footnote Description
Footnotea
Index is used with permission. Copyright 2021, J.P. Morgan Chase & Co. All rights reserved. See Fund prospectus for full description.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets
$3,626,247,692
# of Portfolio Holdings (including derivatives)
793
Portfolio Turnover Rate
106%
Total Advisory Fees Paid
$17,354,614

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Value
Value
OtherFootnote Reference†
0.6%
Sovereign Loans
2.3%
Senior Floating-Rate Loans
4.7%
Short-Term Investments
9.6%
Foreign Corporate Bonds
29.5%
Sovereign Government Bonds
53.3%
Footnote Description
Footnote†
Investment types less than 1% each

Foreign Currency Exposure (% of net assets)Footnote Reference*

Egypt
9.3%
India
4.7%
Uzbekistan
4.4%
South Korea
4.2%
Taiwan
2.9%
Kazakhstan
2.1%
Uruguay
1.9%
Armenia
1.8%
Paraguay
1.7%
Other
12.8%
Total Long Exposure
45.8%
Euro
(2.4)%
Other
(0.1)%
Total Short Exposure
(2.5)%
Footnote Description
Footnote*
Currency exposures include all foreign exchange denominated assets and currency derivatives.

Additional Information

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report July 31, 2025

EELDX-TSR-AR

(b) Not applicable.

Item 2. Code of Ethics

The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.The registrant has not amended the code of ethics as described in Form N-CSRduring the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSRduring the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees (the "Board") has designated the former and current Chairpersons of the Audit Committee, George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Opportunities Fund (the "Fund") is the only series of Eaton Vance Series Fund, Inc. (the "Corporation"), a Maryland corporation. The Corporation is registered under the Investment Company Act of 1940 as an open-endmanagement investment company. This Form N-CSRrelates to the Fund's annual report.

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended July 31, 2024 and July 31, 2025 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton Vance Emerging Markets Debt Opportunities Fund

Fiscal Years Ended

07/31/24 07/31/25

Audit Fees

$ 108,900 $ 117,369

Audit-Related Fees(1)

$ 0 $ 0

Tax Fees(2)

$ 0 $ 0

All Other Fees(3)

$ 0 $ 0

Total

$ 108,900 $ 117,369
(1)

Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

(2)

Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

(3)

All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approvalof services provided by the registrant's principal accountant (the "Pre-ApprovalPolicies"). The Pre-ApprovalPolicies establish a framework intended to assist the audit committee in the proper discharge of its pre-approvalresponsibilities. As a general matter, the Pre-ApprovalPolicies (i) specify certain types of audit, audit-related,

tax, and other services determined to be pre-approvedby the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approvalprocess, including the approval and monitoring of audit and non-auditservice fees. Unless a service is specifically pre-approvedunder the Pre-ApprovalPolicies, it must be separately pre-approvedby the audit committee.

The Pre-ApprovalPolicies and the types of audit and non-auditservices pre-approvedtherein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C)of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-auditfees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant's fiscal years ended July 31, 2024 and July 31, 2025; and (ii) the aggregate non-auditfees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended

7/31/24 7/31/25
Registrant $ 0 $ 0
Eaton Vance(1) $ 18,490 $ 18,490
(1)

The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Morgan Stanley.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-auditservices to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approvedpursuant to Rule 2-01(c)(7)(ii)of Regulation S-Xis compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable. 

Item 6. Schedule of Investments

(a)

Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies

Eaton Vance
Emerging Markets Debt Opportunities Fund
Annual Financial Statements and
Additional Information
July 31, 2025
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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.
Annual Financial Statements and Additional Information July 31, 2025
Eaton Vance
Emerging Markets Debt Opportunities Fund
Table of Contents
Items 6 and 7 of Form N-CSR:
Portfolio of Investments 1
Statement of Assets and Liabilities 28
Statement of Operations 30
Statements of Changes in Net Assets 31
Financial Highlights 32
Notes to Financial Statements 35
Report of Independent Registered Public Accounting Firm 49
Federal Tax Information 50
Item 11 of Form N-CSR:
Board of Directors' Contract Approval 51
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments
Convertible Bonds - 0.4%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
China - 0.3%
Alibaba Group Holding Ltd., 0.50%, 6/1/31 USD       3,714 $    4,943,334
H World Group Ltd., 3.00%, 5/1/26 USD       2,310     2,349,270
PDD Holdings, Inc., 0.00%, 12/1/25 USD       2,541     2,502,885
Shimao Group Holdings Ltd., 0.00%, 7/21/26(1) USD       1,474       475,763
Sunac China Holdings Ltd., 1.00% PIK, 9/30/32(2) USD       1,237       142,308
$   10,413,560
Tanzania - 0.1%
HTA Group Ltd., 2.875%, 3/18/27(2) USD       3,400 $    3,220,167
$    3,220,167
Total Convertible Bonds
(identified cost $13,967,449) 		$   13,633,727
Foreign Corporate Bonds - 29.5%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Angola - 0.7%
Azule Energy Finance PLC: 
8.125%, 1/23/30(2) USD       5,639 $    5,685,121
8.125%, 1/23/30(1) USD      18,045    18,192,590
$   23,877,711
Argentina - 1.1%
Banco Macro SA, 8.00%, 6/23/29(1) USD      10,654 $   10,698,747
Empresa Distribuidora de Electricidad de Mendoza SA, 9.75% to 7/28/29, 7/28/31(1)(3) USD      14,150    13,301,000
Generacion Mediterranea SA/Central Termica Roca SA, 11.00%, 11/1/31(1) USD       5,958     3,515,202
YPF SA, 8.25%, 1/17/34(1) USD      13,140    13,290,978
$   40,805,927
Brazil - 4.6%
Adecoagro SA, 7.50%, 7/29/32(1) USD       6,683 $    6,703,049
Braskem Netherlands Finance BV: 
4.50%, 1/10/28(2) USD       2,826     2,158,886
4.50%, 1/31/30(2) USD      18,285    12,999,212
8.50% to 10/24/25, 1/23/81(2)(4) USD       5,415     4,470,001
Constellation Oil Services Holding SA: 
9.375%, 11/7/29(2) USD       6,444      6,607,484
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Brazil (continued)
Constellation Oil Services Holding SA: (continued)
9.375%, 11/7/29(1) USD      10,473 $   10,738,700
Gol Finance, Inc., 14.375%, 6/6/30(1) USD      17,288    16,877,410
MV24 Capital BV, 6.748%, 6/1/34(2) USD      13,016    12,963,979
Oceanica Lux, 13.00%, 10/2/29(2) USD       5,880     5,541,900
OHI Group SA, 13.00%, 7/22/29(1) USD      32,030    33,839,695
OI SA, 10.00%, (10.00% cash or 7.50% cash and 6.00% PIK), 6/30/27(1)(5) USD       7,641     5,437,442
Raizen Fuels Finance SA, 6.25%, 7/8/32(1) USD       4,439     4,371,305
Samarco Mineracao SA, 9.00% PIK to 12/30/25, 6/30/31(2) USD      34,095    33,787,151
Unigel Luxembourg SA: 
13.50%, (13.50% cash or 15.00% PIK), 12/31/27(1)(5) USD          50        39,432
13.50%, (13.50% cash or 15.00% PIK), 12/31/27(2)(5) USD         698       553,537
Vale SA, Series A6, 0.00%(6)(7) BRL      92,625     5,880,481
Yinson Boronia Production BV, 8.947%, 7/31/42(1) USD       3,230     3,488,272
$  166,457,936
Cameroon - 0.3%
Golar LNG Ltd., 7.75%, 9/19/29(1)(2) USD      10,200 $   10,306,189
$   10,306,189
Canada - 0.2%
Polaris Renewable Energy, Inc., 9.50%, 12/3/29 USD       7,125 $    7,374,375
$    7,374,375
China - 0.8%
China Oil & Gas Group Ltd., 4.70%, 6/30/26(2) USD      22,060 $   21,904,417
KWG Group Holdings Ltd., 7.875%, 8/30/24(8) USD       5,749       352,837
Longfor Group Holdings Ltd.: 
3.375%, 4/13/27(2) USD       2,076     1,933,552
3.95%, 9/16/29(2) USD         640       528,614
Shimao Group Holdings Ltd.: 
2.00%, (2.00% cash or 3.00% PIK), 7/21/32(1)(5) USD       1,702        85,111
2.00%, (2.00% cash or 3.00% PIK), 7/21/33(1)(5) USD       2,553       102,133
2.00%, (2.00% cash or 3.00% PIK), 1/21/34(1)(5) USD       2,553        76,600
5.00%, (5.00% cash or 6.00% PIK), 7/21/31(1)(5) USD       9,300       650,984
Sunac China Holdings Ltd.: 
6.00%, (5.00% cash or 6.00% PIK), 9/30/26(2)(5) USD       1,051        144,087
1
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
China (continued)
Sunac China Holdings Ltd.: (continued)
6.25%, (5.25% cash or 6.25% PIK), 9/30/27(2)(5) USD       1,054 $      144,932
6.50%, (5.50% cash or 6.50% PIK), 9/30/27(2)(5) USD       2,113       290,567
6.75%, (5.75% cash or 6.75% PIK), 9/30/28(2)(5) USD       3,178       428,963
7.00%, (6.00% cash or 7.00% PIK), 9/30/29(2)(5) USD       3,185       430,001
7.25%, (6.25% cash or 7.25% PIK), 9/30/30(2)(5) USD       1,500       208,761
Times China Holdings Ltd.: 
5.55%, 6/4/24(2)(8) USD      17,720       664,500
6.75%, 7/16/23(2)(8) USD       3,803       136,908
Yanlord Land HK Co. Ltd., 5.125%, 5/20/26(2) USD       1,200     1,195,713
$   29,278,680
Colombia - 1.7%
ABRA Global Finance, 14.00%, (6.00% cash and 8.00% PIK), 10/22/29(1) USD      15,878 $   12,126,663
Banco Davivienda SA: 
6.65% to 4/22/31(2)(4)(6) USD       4,541     4,051,095
8.125% to 7/2/30, 7/2/35(1)(4) USD      10,997    11,216,830
Banco de Occidente SA, 10.875% to 5/13/29, 8/13/34(2)(4) USD      13,226    14,746,990
Bancolombia SA, 8.625% to 6/24/29, 12/24/34(4) USD       9,620    10,241,762
Canacol Energy Ltd., 5.75%, 11/24/28(2) USD      11,345     3,428,382
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.375%, 12/30/30(2) USD       8,076     7,359,051
$   63,170,773
Costa Rica - 0.0%†
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/31(1) USD         749 $      798,295
$      798,295
Georgia - 1.3%
Bank of Georgia JSC: 
9.50% to 7/16/29(1)(4)(6) USD         205 $      205,419
9.50% to 7/16/29(2)(4)(6) USD      15,456    15,487,568
TBC Bank Group PLC, 22.00%, 6/5/28(1) UZS 123,490,000     9,753,753
TBC Bank JSC: 
8.894% to 11/6/26(2)(4)(6) USD       7,668     7,565,277
10.25% to 7/30/29(2)(4)(6) USD      12,916    13,014,776
$   46,026,793
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Ghana - 0.7%
Kosmos Energy Ltd.: 
7.125%, 4/4/26(2) USD       1,207 $    1,187,643
7.50%, 3/1/28(2) USD       9,063     7,789,559
8.75%, 10/1/31(2) USD      16,665    12,861,115
Tullow Oil PLC, 10.25%, 5/15/26(2) USD       5,754     5,192,985
$   27,031,302
Greece - 0.5%
Alpha Bank SA, 7.50% to 6/10/30(2)(4)(6) EUR      13,188 $   16,399,690
$   16,399,690
Guyana - 0.1%
Secure International Finance Co., Inc., 10.00%, 6/3/29(1) USD       3,313 $    3,329,506
$    3,329,506
Hong Kong - 0.9%
CAS Capital No. 1 Ltd., 4.00% to 7/12/26(2)(4)(6) USD      15,269 $   14,971,088
Li & Fung Ltd., 8.375%, 2/5/29(2)(9) USD       2,590     2,602,950
Yuexiu REIT MTN Co. Ltd., 2.65%, 2/2/26(2) USD      16,132    15,970,172
$   33,544,210
Hungary - 0.6%
MBH Bank Nyrt: 
5.25% to 1/29/29, 1/29/30(2)(4) EUR       5,666 $    6,563,136
6.875% to 5/8/30, 11/8/35(2)(4) EUR       4,440     5,230,278
OTP Bank Nyrt: 
7.30% to 1/30/30, 7/30/35(2)(4) USD       4,945     5,146,176
8.75% to 2/15/28, 5/15/33(2)(4) USD       3,111     3,342,254
$   20,281,844
India - 1.4%
Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28(1) USD       1,000 $    1,018,706
Piramal Finance Ltd., 7.80%, 1/29/28(2) USD       8,155     8,283,531
Porteast Investment Pvt Ltd., 0.00%, 5/29/28 INR   1,970,000    21,820,985
Vedanta Resources Finance II PLC: 
9.475%, 7/24/30(1) USD       5,175     5,103,296
9.85%, 4/24/33(1) USD       1,996     2,004,349
10.25%, 6/3/28(1) USD       6,750     6,966,400
11.25%, 12/3/31(1) USD       6,750     7,058,174
$   52,255,441
2
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Indonesia - 0.1%
Pakuwon Jati Tbk. PT, 4.875%, 4/29/28(2) USD       3,004 $    2,939,027
$    2,939,027
Jamaica - 0.7%
Digicel International Finance Ltd./Difl U.S. LLC, 8.625%, 8/1/32(1)(9) USD       9,060 $    9,158,509
NCB Financial Group Ltd., 11.00%, 7/31/30(1) USD      14,450    14,421,389
$   23,579,898
Kazakhstan - 1.2%
Development Bank of Kazakhstan JSC, 13.00%, 4/15/27(1) KZT   7,365,500 $   12,976,753
ForteBank JSC, 7.75%, 2/4/30(1) USD      20,948    21,334,950
Kaspi.KZ JSC, 6.25%, 3/26/30(2) USD      10,335    10,555,255
$   44,866,958
Luxembourg - 0.5%
FORESEA Holding SA, 7.50%, 6/15/30(2) USD      18,952 $   18,262,706
$   18,262,706
Mexico - 2.4%
Alpha Holding SA de CV: 
9.00%, 2/10/25(2)(8) USD       8,785 $       65,890
10.00%, 12/19/22(2)(8) USD       5,495        41,209
Banco Mercantil del Norte SA/Grand Cayman, 8.375% to 5/20/31(1)(4)(6) USD      19,894    20,347,786
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: 
5.125% to 1/17/28, 1/18/33(2)(4) USD       7,509     7,250,175
8.45% to 6/29/33, 6/29/38(1)(4) USD       1,046     1,115,855
8.45% to 6/29/33, 6/29/38(2)(4) USD       9,687    10,333,922
Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB: 
13.00% to 9/12/27, (11.00% cash and 2.00% PIK), 9/12/30(2)(5) USD      15,545    11,950,180
13.00% to 9/12/27, (11.00% cash and 2.00% PIK), 9/12/31(1)(5) USD         584       448,950
Grupo Aeromexico SAB de CV: 
8.625%, 11/15/31(2) USD         764       746,810
8.625%, 11/15/31(1) USD      16,572    16,199,130
Petroleos Mexicanos: 
4.50%, 1/23/26 USD       5,656     5,614,491
6.875%, 8/4/26 USD       3,388     3,403,724
Total Play Telecomunicaciones SA de CV, 11.125%, 12/31/32(1) USD      10,204     9,845,758
$   87,363,880
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Mongolia - 0.1%
Golomt Bank, 11.00%, 5/20/27(2) USD       3,845 $    3,986,526
Mongolian Mining Corp., 8.44%, 4/3/30(2) USD       1,000       965,476
$    4,952,002
Netherlands - 0.1%
Veon Midco BV, 3.375%, 11/25/27(2) USD       5,611 $    5,195,810
$    5,195,810
Nigeria - 0.4%
Access Bank PLC, 6.125%, 9/21/26(2) USD      14,444 $   14,421,675
$   14,421,675
Paraguay - 0.3%
Frigorifico Concepcion SA: 
7.70%, 7/21/28(2) USD       1,899 $    1,427,697
7.70%, 7/21/28(1) USD       2,547     1,914,873
Itau BBA International PLC, 9.03%, 2/19/30 PYG  55,450,500     7,928,312
$   11,270,882
Peru - 1.2%
Auna SA, 10.00%, 12/18/29(1) USD      14,521 $   15,326,233
Camposol SA, 6.00%, 2/3/27(2) USD       7,933     7,826,089
Peru LNG SRL, 5.375%, 3/22/30(2) USD       6,788     6,472,837
Petroleos del Peru SA, 5.625%, 6/19/47(2) USD      16,210    10,941,403
Telefonica del Peru SAA, 7.375%, 4/10/27(2) PEN      25,500     2,555,324
$   43,121,886
Russia - 0.0%
Tinkoff Bank JSC Via TCS Finance Ltd., 6.00% to 12/20/26(2)(4)(6)(8)(10) USD       4,509 $            0
$            0
Saint Lucia - 0.5%
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL U.S., 12.00%, (9.00% cash and 3.00% PIK), 5/25/27 USD      18,873 $   18,975,037
$   18,975,037
Singapore - 0.3%
Puma International Financing SA: 
7.75%, 4/25/29(2) USD       2,311 $    2,391,222
7.75%, 4/25/29(2)(9) USD       6,800     7,036,048
$    9,427,270
3
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Supranational - 0.4%
Asian Development Bank, 14.50%, 6/26/28 UZS  59,548,400 $    4,715,109
European Bank for Reconstruction & Development: 
17.20%, 4/9/26(2) USD       6,300     6,365,627
17.35%, 3/1/27(2) USD       1,854     1,846,989
$   12,927,725
Togo - 0.4%
Ecobank Transnational, Inc.: 
10.125%, 10/15/29(2) USD       6,621 $    6,985,137
10.125%, 10/15/29(1) USD       7,744     8,169,899
$   15,155,036
Tunisia - 0.1%
Tunisian Republic, 3.28%, 8/9/27 JPY     600,000 $    3,751,934
$    3,751,934
Turkey - 1.0%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, 9.50%, 7/10/36(2) USD       7,765 $    7,783,044
Limak Yenilenebilir Enerji AS, 9.625%, 8/12/30(1) USD      10,572    10,558,357
WE Soda Investments Holding PLC, 9.50%, 10/6/28(2) USD       3,885     4,054,456
Zorlu Enerji Elektrik Uretim AS, 11.00%, 4/23/30(2) USD      13,681    13,265,563
$   35,661,420
Ukraine - 0.2%
Kernel Holding SA, 6.75%, 10/27/27(2) USD       9,317 $    8,337,690
$    8,337,690
United Arab Emirates - 0.4%
Ittihad International Ltd., 9.75%, 11/9/28(2) USD      12,628 $   13,295,093
$   13,295,093
United Kingdom - 0.7%
Avianca Midco 2 PLC: 
9.00%, 12/1/28(1) USD      20,290 $   19,402,737
9.625%, 2/14/30(1) USD       4,974     4,630,322
$   24,033,059
Uzbekistan - 2.4%
Ipoteka-Bank ATIB: 
5.50%, 11/19/25(2) USD         576 $      572,450
20.50%, 4/25/27(2) UZS 261,810,000    21,189,881
Jscb Agrobank, 9.25%, 10/2/29(2) USD      22,358     23,882,602
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Uzbekistan (continued)
Uzbek Industrial & Construction Bank ATB: 
19.95%, 4/25/28(2) UZS 169,270,000 $   13,642,138
21.00%, 7/24/27(2) UZS 317,410,000    25,937,893
$   85,224,964
Venezuela - 1.2%
Petroleos de Venezuela SA: 
5.375%, 4/12/27(2)(8) USD      36,454 $    5,108,307
5.50%, 4/12/37(2)(8) USD      14,143     1,987,092
6.00%, 10/28/22(2)(8) USD      23,022     2,647,584
6.00%, 5/16/24(2)(8) USD      43,331     6,088,001
6.00%, 11/15/26(2)(8) USD      19,709     2,788,759
8.50%, 10/20/27 USD         149       147,386
8.50%, 10/20/27 USD      17,323    17,193,077
9.00%, 11/17/21(2)(8) USD      21,496     3,106,172
9.75%, 5/17/35(2)(8) USD      19,370     3,089,440
12.75%, 2/17/22(2)(8) USD      14,879     2,313,607
$   44,469,425
Total Foreign Corporate Bonds
(identified cost $1,097,623,605) 		$1,068,172,049
Loan Participation Notes - 0.2%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Uzbekistan - 0.2%
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26(2)(10)(11) UZS  98,848,575 $    7,799,223
Total Loan Participation Notes
(identified cost $8,362,644) 		$    7,799,223
Senior Floating-Rate Loans - 4.7%(12)
 
 
Borrower/Description 		Principal
Amount
(000's omitted) 		Value
Argentina - 1.1%
Provincia De Neuquen: 
Term Loan, 11.767%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 $       2,423 $    2,447,522
Term Loan, 11.767%, (1 mo. USD Term SOFR + 7.30%), 5/28/27       2,123      2,144,638
4
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Borrower/Description 		Principal
Amount
(000's omitted) 		Value
Argentina (continued)
Provincia De Neuquen: (continued)
Term Loan, 11.767%, (1 mo. USD Term SOFR + 7.30%), 5/28/27 $       2,541 $    2,565,912
Telecom Argentina SA, Term Loan, 9.33%, (3 mo. USD Term SOFR + 5.00%), 2/23/29       5,720     5,827,312
VMOS SA: 
Term Loan, 9.696% - 9.705%, (3 mo. USD Term SOFR + 5.50%), 7/8/30       5,176     5,176,250
Term Loan, 7/8/30(13)      20,074    20,073,750
$   38,235,384
Brazil - 0.2%
Clealco Acucar E Alcool SA, Term Loan, 14.698%, (3 mo. USD Term SOFR + 12.00%), 12/31/25 $       7,335 $    7,335,344
$    7,335,344
Jamaica - 0.6%
Digicel International Finance Ltd.: 
Term Loan, 14.106%, (3 mo. USD Term SOFR + 9.65%), 11.856% cash, 2.25% PIK, 5/25/27 $      16,424 $   16,505,977
Term Loan, 7/30/32(14)       5,100     5,100,000
$   21,605,977
Luxembourg - 0.1%
Zacapa SARL, Term Loan, 8.046%, (3 mo. USD Term SOFR + 3.75%), 3/22/29 $       2,322 $    2,329,285
$    2,329,285
Paraguay - 0.3%
Frigorifico Concepcion SA, Term Loan, 9.795%, (3 mo. USD Term SOFR + 5.50%), 12/8/26 $      12,523 $   12,726,459
$   12,726,459
Puerto Rico - 0.2%
Coral-US Co-Borrower LLC, Term Loan, 7.568%, (3 mo. USD Term SOFR + 3.25%), 2/2/32 $       6,400 $    6,390,988
$    6,390,988
Suriname - 1.5%
Staatsolie Maatschappij Suriname NV, Revolving Loan, 4/25/32(13) $      55,000 $   55,000,000
$   55,000,000
 
 
Borrower/Description 		Principal
Amount
(000's omitted) 		Value
Tanzania - 0.7%
HTA Group Ltd.: 
Term Loan, 8.591%, (3 mo. USD Term SOFR + 4.31%), 9/13/28 $       1,740 $    1,731,300
Term Loan, 8.591%, (3 mo. USD Term SOFR + 4.31%), 9/13/28      10,645    10,591,775
PIH Communication LLC, Term Loan, 7.821%, (3 mo. USD Term SOFR + 3.50%), 12/12/29      12,787    12,787,487
$   25,110,562
Uzbekistan - 0.0%†
Navoi Mining & Metallurgical Co., Term Loan, 9.086%, (3 mo. USD Term SOFR + 4.76%), 4/23/27 $       1,643 $    1,634,390
$    1,634,390
Total Senior Floating-Rate Loans
(identified cost $169,390,053) 		$  170,368,389
Sovereign Government Bonds - 53.2%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Albania - 2.1%
Albania Government International Bonds, 4.75%, 2/14/35(2)(15) EUR      18,048 $   20,768,106
Albanian Government Bonds: 
3.70%, 1/10/28 ALL      57,700       689,725
3.90%, 1/22/30 ALL     224,100     2,699,540
4.05%, 2/7/32 ALL     370,100     4,460,601
4.30%, 7/10/27 ALL     615,000     7,350,595
4.70%, 2/23/27 ALL     141,600     1,692,087
4.95%, 7/22/29 ALL   1,882,900    23,494,907
5.25%, 1/26/29 ALL     883,700    11,103,542
5.25%, 1/23/35 ALL     153,200     1,947,392
5.59%, 2/19/40 ALL     136,100     1,664,765
6.13%, 7/25/34 ALL      60,800       774,688
$   76,645,948
Angola - 0.2%
Angola Government International Bonds: 
9.125%, 11/26/49(2) USD       5,181 $    4,123,885
9.375%, 5/8/48(2) USD       2,359     1,917,253
$    6,041,138
5
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Argentina - 1.1%
Argentina Treasury Bonds BONTE, 29.50%, 5/30/30 ARS   8,372,000 $    6,598,709
Bono Del Tesoro Nacional Capitalizable en Pesos: 
2.05%, 1/15/27 ARS   7,246,403     5,675,572
2.15%, 6/30/26 ARS  12,560,152     9,816,665
2.60%, 2/13/26 ARS     241,547       208,810
2.65%, 1/30/26 ARS   5,325,202     4,627,848
Letra Del Tesoro Nacional Capitalizable En Pesos, 2.35%, 5/29/26 ARS   2,415,467     1,752,298
Provincia de Cordoba: 
9.75%, 7/2/32(1) USD       8,918     9,022,786
9.75%, 7/2/32(2) USD       3,425     3,465,244
$   41,167,932
Armenia - 1.7%
Republic of Armenia Treasury Bonds: 
9.00%, 4/29/26 AMD     376,680 $      986,371
9.00%, 10/29/35 AMD   5,723,420    14,270,365
9.25%, 4/29/28 AMD   2,997,750     7,807,717
9.60%, 10/29/33 AMD  11,874,330    30,603,648
9.75%, 10/29/50 AMD     884,427     2,266,304
9.75%, 10/29/52 AMD     953,900     2,441,309
12.50%, 10/29/37 AMD   1,047,550     3,226,660
$   61,602,374
Bahamas - 0.7%
Bahamas Government International Bonds: 
6.625%, 5/15/33(2) USD       3,993 $    3,637,623
8.25%, 6/24/36(1) USD      11,313    11,510,978
8.95%, 10/15/32(2) USD       9,381    10,000,146
9.00%, 6/16/29(2) USD         303       320,877
$   25,469,624
Benin - 1.1%
Benin Government International Bonds: 
4.875%, 1/19/32(2) EUR       4,000 $    4,266,810
4.95%, 1/22/35(2)(15) EUR      20,620    21,060,090
6.875%, 1/19/52(2) EUR      12,053    11,819,384
7.96%, 2/13/38(2) USD       1,631     1,581,316
8.375%, 1/23/41(2) USD       2,234     2,209,228
$   40,936,828
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Bolivia - 0.0%†
Bolivia Government International Bonds, 4.50%, 3/20/28(2) USD       1,077 $      832,123
$      832,123
Bosnia and Herzegovina - 0.2%
Federation of Bosnia & Herzegovina Eurobond, 5.50%, 7/17/30(2) EUR       5,024 $    5,902,670
Republic of Srpska Treasury Bonds, 1.50%, 9/25/26 BAM          84        48,658
$    5,951,328
Brazil - 0.8%
Brazil Notas do Tesouro Nacional, 6.00%, 8/15/30(16) BRL      39,500 $   30,494,100
$   30,494,100
Cameroon - 0.6%
Republic of Cameroon Government International Bonds: 
5.95%, 7/7/32(2) EUR       7,792 $    7,109,333
9.50%, 7/31/31(2) USD      13,794    12,997,596
$   20,106,929
Dominican Republic - 0.7%
Dominican Republic Bonds: 
8.00%, 1/15/27(2) DOP      50,040 $      788,983
8.00%, 2/12/27(2) DOP     151,550     2,384,906
10.75%, 6/1/36(1) DOP     769,250    13,369,335
12.00%, 8/8/25(1) DOP      48,530       797,131
12.75%, 9/23/29(1) DOP      56,800     1,027,621
13.00%, 6/10/34(2) DOP     421,100     8,132,484
Dominican Republic Central Bank Notes, 8.00%, 3/12/27(2) DOP      17,280       274,339
$   26,774,799
Egypt - 6.4%
Egypt Government Bonds: 
19.98%, 5/20/30 EGP   5,497,418 $  104,568,525
24.458%, 10/1/27 EGP   5,642,300   116,014,054
25.318%, 8/13/27 EGP     527,707    11,017,621
Egypt Government International Bonds, 8.75%, 9/30/51(2) USD       1,352     1,115,016
$  232,715,216
6
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Ethiopia - 1.5%
Ethiopia Government International Bonds: 
6.625%, 12/11/24(2)(8) USD      57,704 $   53,231,940
6.625%, 12/11/25(1)(8) USD         244       224,778
$   53,456,718
Ghana - 0.8%
Ghana Cocoa Bonds: 
13.00%, 8/30/27 GHS       5,680 $      489,612
13.00%, 8/28/28 GHS      11,360       910,979
Ghana Government International Bonds: 
0.00%, 1/3/30(2) USD         529       442,149
1.50%, 1/3/37(2) USD       1,984       941,600
5.00% to 7/3/28, 7/3/29(2)(3) USD         244       232,790
5.00% to 7/3/28, 7/3/35(2)(3) USD       4,065     3,278,830
Republic of Ghana Government Bonds: 
8.35% (5.00% cash and 3.35% PIK), 2/16/27 GHS      60,987     5,232,381
8.50% (5.00% cash and 3.50% PIK), 2/15/28 GHS      52,378     4,242,749
8.65% (5.00% cash and 3.65% PIK), 2/13/29 GHS      19,877     1,532,590
8.80% (5.00% cash and 3.80% PIK), 2/12/30 GHS      35,213     2,607,818
8.95% (5.00% cash and 3.95% PIK), 2/11/31 GHS      22,668     1,619,239
9.25% (5.00% cash and 4.25% PIK), 2/8/33 GHS      38,022     2,586,378
9.55% (5.00% cash and 4.55% PIK), 2/6/35 GHS      22,553     1,489,401
9.70% (5.00% cash and 4.70% PIK), 2/5/36 GHS      26,019     1,703,922
9.85% (5.00% cash and 4.85% PIK), 2/3/37 GHS       8,403       547,588
10.00%, 8/17/27 GHS       7,245       599,288
10.00% (5.00% cash and 5.00% PIK), 2/2/38 GHS      24,976     1,624,237
$   30,081,551
Honduras - 0.7%
Honduras Government International Bonds, 8.625%, 11/27/34(2)(15) USD      24,930 $   26,058,083
$   26,058,083
Indonesia - 0.6%
Indonesia Treasury Bonds, 6.75%, 7/15/35 IDR 332,285,000 $   20,493,836
$   20,493,836
Jordan - 0.1%
Jordan Government International Bonds, 7.375%, 10/10/47(2) USD       2,127 $    1,926,869
$    1,926,869
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Kazakhstan - 0.8%
Kazakhstan Government Bonds: 
5.00%, 4/18/28 KZT   3,802,314 $    5,346,663
5.50%, 9/20/28 KZT      71,033        97,644
5.50%, 4/24/32 KZT   3,697,769     3,950,479
7.22%, 12/10/28 KZT   2,465,180     3,515,905
7.68%, 8/13/29 KZT   3,204,733     4,457,176
8.44%, 5/10/31 KZT   1,355,849     1,799,678
10.55%, 7/28/29 KZT   3,752,504     5,777,154
14.00%, 5/12/31 KZT     156,274       263,953
14.00%, 5/19/32 KZT     106,550       178,665
14.45%, 6/5/33 KZT   1,071,706     1,828,873
14.50%, 3/6/34 KZT     493,036       838,596
$   28,054,786
Lebanon - 0.5%
Lebanon Government International Bonds: 
5.80%, 4/14/20(2)(8) USD      11,199 $    2,090,013
6.00%, 1/27/23(2)(8) USD       3,475       648,522
6.10%, 10/4/22(2)(8) USD      17,766     3,307,985
6.15%, 6/19/20(2)(8) USD         870       162,690
6.20%, 2/26/25(2)(8) USD         840       157,290
6.25%, 5/27/22(2)(8) USD       2,293       428,046
6.25%, 11/4/24(2)(8) USD       1,260       235,856
6.25%, 6/12/25(2)(8) USD         709       133,292
6.375%, 3/9/20(2)(8) USD         598       111,611
6.40%, 5/26/23(2)(8) USD      33,533     6,256,210
6.60%, 11/27/26(2)(8) USD         435        81,421
6.65%, 4/22/24(2)(8) USD       2,855       533,528
6.65%, 11/3/28(2)(8) USD       1,306       244,679
6.85%, 3/23/27(2)(8) USD       1,088       203,592
6.85%, 5/25/29(2)(8) USD      11,398     2,142,824
7.00%, 3/20/28(2)(8) USD       3,614       679,432
7.00%, 4/22/31(2)(8) USD       3,050       574,925
7.00%, 3/23/32(2)(8) USD         467        88,030
7.25%, 3/23/37(2)(8) USD       1,936       364,092
$   18,444,038
Mexico - 5.1%
Mexican Bonos, 7.75%, 11/23/34 MXN   2,390,730 $  114,898,700
Mexico Udibonos, 2.75%, 11/27/31 MXN   1,486,584    69,590,560
$  184,489,260
7
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Mongolia - 0.5%
Mongolia Government International Bonds: 
6.625%, 2/25/30(1) USD       2,000 $    2,000,584
6.625%, 2/25/30(2)(15) USD      16,771    16,775,894
7.875%, 6/5/29(2) USD       1,100     1,160,612
$   19,937,090
Montenegro - 0.9%
Montenegro Government International Bonds, 4.875%, 4/1/32(2)(15) EUR      28,410 $   32,140,330
$   32,140,330
Mozambique - 0.2%
Mozambique International Bonds, 9.00% to 9/15/23, 9/15/31(2)(3) USD       9,516 $    8,331,683
$    8,331,683
Nigeria - 0.1%
Nigeria Government International Bonds: 
7.875%, 2/16/32(2) USD       1,263 $    1,229,320
9.248%, 1/21/49(2) USD         469       450,264
10.375%, 12/9/34(2) USD       1,189     1,280,032
$    2,959,616
Paraguay - 1.4%
Paraguay Government Bonds: 
7.90%, 2/9/31(1) PYG 121,909,000 $   15,666,218
7.90%, 2/9/31(2) PYG 112,621,000    14,472,640
8.50%, 3/4/35(1) PYG 117,086,000    15,124,425
Paraguay Government International Bonds, 8.50%, 3/4/35(2) PYG  44,329,000     5,726,139
$   50,989,422
Peru - 0.3%
Peru Government Bonds: 
5.40%, 8/12/34 PEN      28,964 $    7,626,905
7.30%, 8/12/33(1)(2) PEN       9,655     2,934,179
$   10,561,084
Philippines - 3.1%
Philippines Government Bonds: 
3.625%, 4/22/28 PHP   2,363,780 $   38,366,602
6.25%, 2/28/29 PHP     139,000     2,417,618
6.375%, 7/27/30 PHP     382,000     6,678,527
6.375%, 4/28/35 PHP   3,332,440    58,094,908
6.75%, 9/15/32 PHP      55,000        981,900
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Philippines (continued)
Philippines Government Bonds: (continued)
8.00%, 7/19/31 PHP     328,000 $    6,173,797
$  112,713,352
Poland - 3.4%
Republic of Poland Government Bonds, 2.00%, 8/25/36(16) PLN     514,399 $  123,133,366
$  123,133,366
Romania - 2.3%
Romania Government International Bonds: 
1.75%, 7/13/30(2) EUR       2,362 $    2,367,038
2.00%, 4/14/33(2) EUR       1,891     1,706,034
2.625%, 12/2/40(2) EUR       3,487     2,580,450
2.75%, 4/14/41(2) EUR       1,890     1,413,255
2.875%, 4/13/42(2) EUR       2,007     1,496,584
3.375%, 1/28/50(2) EUR       1,181       858,783
3.875%, 10/29/35(2) EUR       4,372     4,269,586
4.625%, 4/3/49(2) EUR      15,877    14,089,121
5.125%, 6/15/48(2) USD       1,152       907,781
5.625%, 2/22/36(2) EUR       3,544     3,963,780
5.75%, 3/24/35(2) USD       3,494     3,319,097
5.875%, 7/11/32(2) EUR       4,610     5,435,384
6.00%, 5/25/34(2) USD       1,152     1,124,167
6.00%, 9/24/44(2) EUR       9,953    10,813,357
6.25%, 9/10/34(2) EUR       2,364     2,804,311
6.75%, 7/11/39(2) EUR      11,694    13,726,504
7.50%, 2/10/37(2) USD       8,280     8,807,564
7.625%, 1/17/53(2) USD       2,306     2,416,082
$   82,098,878
Serbia - 1.4%
Serbia Treasury Bonds: 
4.50%, 8/20/32 RSD     813,010 $    7,711,557
7.00%, 10/26/31 RSD   3,817,080    41,457,668
$   49,169,225
Seychelles - 0.0%†
Seychelles Government International Bonds, 8.00%, 1/1/26(2) USD          18 $       17,948
$       17,948
8
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
South Africa - 0.9%
Republic of South Africa Government Bonds: 
8.75%, 1/31/44 ZAR     534,345 $   24,632,717
8.75%, 2/28/48 ZAR     203,359     9,274,713
$   33,907,430
Sri Lanka - 3.1%
Sri Lanka Government Bonds: 
9.00%, 6/1/33 LKR     270,000 $      813,554
9.00%, 11/1/33 LKR   1,271,000     3,809,074
9.75%, 7/1/30(9) LKR   1,100,000     3,637,685
10.25%, 9/15/34 LKR   2,519,000     7,942,595
10.35%, 10/15/29 LKR     614,000     2,094,526
11.00%, 10/15/28 LKR   4,037,400    14,095,094
11.00%, 12/15/29 LKR   3,260,000    11,362,523
11.00%, 5/15/30 LKR     309,000     1,075,167
11.00%, 10/15/30 LKR   1,296,000     4,503,919
11.25%, 3/15/31 LKR     423,000     1,466,080
11.50%, 12/15/32 LKR   1,444,000     5,014,412
Sri Lanka Government International Bonds: 
3.10% to 7/15/27, 1/15/30(1)(3) USD      10,684     9,628,549
3.35% to 9/15/27, 3/15/33(1)(3) USD      19,779    16,254,775
3.60% to 11/15/27, 5/15/36(1)(3) USD       9,269     7,817,774
3.60% to 8/15/27, 2/15/38(1)(3) USD      18,545    15,614,625
4.00%, 4/15/28(1) USD       9,655     9,184,347
$  114,314,699
Suriname - 2.1%
Suriname Government International Bonds: 
7.95%, (4.95% cash and 3.00% PIK), 7/15/33(1)(15) USD      30,438 $   30,361,440
7.95%, (4.95% cash and 3.00% PIK), 7/15/33(2)(15) USD      15,132    15,093,998
9.00%, Oil-Linked, 12/31/50(1) USD      17,277    20,127,705
9.00%, Oil-Linked, 12/31/50(2) USD       8,373     9,754,545
$   75,337,688
Tajikistan - 0.0%†
Republic of Tajikistan International Bonds, 7.125%, 9/14/27(2) USD         471 $      466,756
$      466,756
Tunisia - 0.1%
Tunisian Republic: 
3.50%, 2/3/33 JPY     600,000 $    3,193,181
4.20%, 3/17/31 JPY      30,000        175,688
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Tunisia (continued)
Tunisian Republic: (continued)
4.30%, 8/2/30 JPY      40,000 $      234,135
$    3,603,004
Turkey - 2.4%
Turkiye Government Bonds: 
26.20%, 10/5/33 TRY   1,836,553 $   41,489,078
27.70%, 9/27/34 TRY   1,614,040    37,553,951
30.00%, 9/12/29 TRY     283,058     6,400,110
$   85,443,139
Uganda - 0.6%
Republic of Uganda Government Bonds: 
15.00%, 6/18/43 UGX  26,055,500 $    6,263,469
15.80%, 6/23/39 UGX  64,387,800    16,847,421
$   23,110,890
Ukraine - 2.4%
Ukraine Government International Bonds: 
0.00% to 2/1/27, 2/1/35(2)(3) USD      11,553 $    5,391,096
0.00% to 2/1/27, 2/1/36(2)(3) USD      11,046     5,154,592
0.00%, GDP-Linked, 8/1/41(2)(17)(18) USD      88,726    66,063,161
4.50% to 2/1/27, 2/1/29(2)(3) USD       1,866     1,128,172
4.50% to 2/1/27, 2/1/34(2)(3) USD       9,314     4,720,302
4.50% to 2/1/27, 2/1/35(2)(3) USD       2,741     1,405,215
4.50% to 2/1/27, 2/1/36(2)(3) USD       4,321     2,139,458
$   86,001,996
Uzbekistan - 1.3%
National Bank of Uzbekistan, 19.875%, 7/5/27(2) UZS 175,670,000 $   14,249,967
Republic of Uzbekistan Bonds: 
15.50%, 2/25/28(2) UZS 162,000,000    12,872,050
16.25%, 10/12/26(2) UZS 181,050,000    14,590,018
16.625%, 5/29/27(2) UZS  90,000,000     7,261,902
$   48,973,937
Venezuela - 0.8%
Venezuela Government International Bonds: 
6.00%, 12/9/20(2)(8) USD      14,745 $    2,286,950
7.00%, 12/1/18(2)(8) USD       4,595       683,966
7.00%, 3/31/38(2)(8) USD       4,969       994,197
7.65%, 4/21/25(2)(8) USD      10,504     1,944,290
7.75%, 10/13/19(2)(8) USD      15,655     2,457,459
8.25%, 10/13/24(2)(8) USD      24,914      4,673,810
9
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Venezuela (continued)
Venezuela Government International Bonds: 
 (continued)
9.00%, 5/7/23(2)(8) USD       9,199 $    1,691,236
9.25%, 9/15/27(8) USD      18,240     4,037,424
9.25%, 5/7/28(2)(8) USD       7,024     1,405,502
9.375%, 1/13/34(8) USD       2,683       687,787
11.75%, 10/21/26(2)(8) USD       5,305     1,180,826
11.95%, 8/5/31(2)(8) USD      11,554     2,398,548
12.75%, 8/23/22(2)(8) USD      14,901     2,935,125
$   27,377,120
Zambia - 0.2%
Zambia Government International Bonds, 0.50%, 12/31/53(2) USD       9,856 $    7,228,674
$    7,228,674
Total Sovereign Government Bonds
(identified cost $1,850,070,005) 		$1,929,560,807
Sovereign Loans - 2.3%
 
 
Borrower/Description 		Principal
Amount
(000's omitted) 		Value
Bahamas - 0.6%
Commonwealth of the Bahamas, 8.887%, (6 mo. EURIBOR + 6.85%), 11/24/28 EUR      18,445 $   21,817,728
$   21,817,728
Ivory Coast - 0.0%†
Republic of Ivory Coast, Term Loan, 7.781%, (6 mo. EURIBOR + 5.75%), 1/6/28(19) EUR         525 $      608,268
$      608,268
Tanzania - 1.7%
Government of the United Republic of Tanzania: 
Term Loan, 9.682%, (6 mo. USD Term SOFR + 5.45%), 2/27/31(19) USD      40,200 $   39,798,000
Term Loan, 10.862%, (6 mo. USD Term SOFR + 6.30%), 4/28/31(19) USD      22,069    22,221,404
$   62,019,404
Total Sovereign Loans
(identified cost $83,001,764) 		$   84,445,400
Short-Term Investments - 9.6%
Affiliated Fund - 6.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.22%(20) 223,375,954 $  223,375,954
Total Affiliated Fund
(identified cost $223,375,954) 		$  223,375,954
Sovereign Government Securities - 2.6%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Albania - 0.1%
Albanian Treasury Bills, 0.00%, 3/12/26 ALL     149,800 $    1,722,985
$    1,722,985
Egypt - 0.5%
Egypt Treasury Bills: 
0.00%, 8/5/25 EGP     132,875 $    2,740,290
0.00%, 8/5/25 EGP     172,525     3,557,995
0.00%, 8/19/25 EGP      86,275     1,754,539
0.00%, 9/9/25 EGP      10,000       199,994
0.00%, 9/9/25 EGP       7,075       141,496
0.00%, 9/16/25 EGP      43,150       858,295
0.00%, 10/28/25 EGP      33,625       648,230
0.00%, 12/23/25 EGP     480,575     8,915,580
$   18,816,419
Nigeria - 0.8%
Nigeria OMO Bills: 
0.00%, 9/30/25 NGN   5,111,786 $    3,200,484
0.00%, 10/7/25 NGN  12,345,875     7,692,404
0.00%, 10/14/25 NGN  20,557,259    12,744,206
0.00%, 11/18/25 NGN   5,429,623     3,291,186
0.00%, 12/16/25 NGN   5,134,468     3,059,750
0.00%, 2/24/26 NGN     234,269       134,216
0.00%, 2/25/26 NGN     989,018       565,513
$   30,687,759
Uruguay - 1.2%
Uruguay Monetary Regulation Bills: 
0.00%, 9/10/25 UYU     727,000 $   17,973,684
0.00%, 10/1/25 UYU     213,240     5,234,534
0.00%, 10/31/25 UYU      77,512     1,888,998
0.00%, 11/7/25 UYU      71,457      1,743,320
10
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
 
 
Security 		Principal
Amount
(000's omitted) 		Value
Uruguay (continued)
Uruguay Monetary Regulation Bills: (continued)
0.00%, 12/5/25 UYU     296,000 $    7,177,972
0.00%, 12/19/25 UYU     332,488     8,016,181
0.00%, 12/30/25 UYU      32,700       788,731
0.00%, 3/6/26 UYU      71,457     1,699,067
$   44,522,487
Total Sovereign Government Securities
(identified cost $92,552,118) 		$   95,749,650
U.S. Treasury Obligations - 0.8%
 
 
Security 		Principal
Amount
(000's omitted) 		Value
U.S. Treasury Bills: 
0.00%, 8/14/25(21) $      15,000 $   14,976,837
0.00%, 8/21/25(21)      10,000     9,976,161
0.00%, 9/4/25(21)       2,700     2,689,111
Total U.S. Treasury Obligations
(identified cost $27,642,222) 		$   27,642,109
Total Short-Term Investments
(identified cost $343,570,294) 		$  346,767,713
Total Purchased Options - 0.0%†
(identified cost $2,419,738) 		$    1,585,697
Total Investments - 99.9%
(identified cost $3,568,405,552) 		$3,622,333,005
Less Unfunded Loan Commitments - (2.1)% $  (75,073,750)
Net Investments - 97.8%
(identified cost $3,493,331,802) 		$3,547,259,255
Total Written Options - (0.2)%
(premiums received $5,588,193) 		$   (5,513,753)
Other Assets, Less Liabilities - 2.4% $   84,502,190
Net Assets - 100.0% $3,626,247,692
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
† Amount is less than 0.05% or (0.05)%, as applicable.
(1) 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 qualified institutional buyers). At July 31, 2025, the aggregate value of these securities is $558,290,744 or 15.4% of the Fund's net assets.
(2) 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 July 31, 2025, the aggregate value of these securities is $1,191,146,140 or 32.8% of the Fund's net assets.
(3) Step coupon security. Interest rate represents the rate in effect at July 31, 2025.
(4) Security converts to variable rate after the indicated fixed-rate coupon period.
(5) Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion.
(6) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(7) 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 July 31, 2025.
(8) Issuer is in default with respect to interest and/or principal payments and is non-income producing.
(9) When-issued security.
(10) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(11) 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.
(12) 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 Secured Overnight Financing Rate ("SOFR") 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. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.
(13) Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At July 31, 2025, the total value of unfunded loan commitments is $75,073,750. See Note 1F for description.
11
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
(14) This Senior Loan will settle after July 31, 2025, at which time the interest rate will be determined.
(15) Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.
(16) Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.
(17) 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.
(18) Non-income producing security.
(19) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2025.
(20) May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of July 31, 2025.
(21) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.
Purchased Currency Options (OTC) - 0.0%†  
Description Counterparty Notional Amount Exercise
Price 		Expiration
Date 		Value
Put USD vs. Call CNH Barclays Bank PLC USD 61,200,000 CNH  7.00 1/26/26 $  306,245
Put USD vs. Call CNH Deutsche Bank AG USD 69,600,000 CNH  7.00 1/29/26   361,363
Put USD vs. Call CNH Goldman Sachs International USD 50,000,000 CNH  7.00 1/22/26   241,750
Put USD vs. Call CNH Goldman Sachs International USD  2,890,000 CNH  7.00 1/29/26     15,005
Put USD vs. Call CNH Standard Chartered Bank USD 25,040,000 CNH  7.00 1/26/26   125,300
Put USD vs. Call INR JPMorgan Chase Bank, N.A. USD 42,300,000 INR 85.50 1/25/29   261,414
Put USD vs. Call INR JPMorgan Chase Bank, N.A. USD 22,600,000 INR 85.50 1/25/29   139,668
Put USD vs. Call INR JPMorgan Chase Bank, N.A. USD 21,770,000 INR 85.50 1/30/29   134,952
Total $1,585,697
† Amount is less than 0.05% or (0.05)%, as applicable.
Written Currency Options (OTC) - (0.2)% 
Description Counterparty Notional Amount Exercise
Price 		Expiration
Date 		Value
Call USD vs. Put BRL (Digital Option) Goldman Sachs International USD  7,912,000 BRL     7.00 7/12/27 $(2,843,992)
Call USD vs. Put BRL (Digital Option) Goldman Sachs International USD  6,328,000 BRL     7.00 7/14/27 (2,279,675)
Put USD vs. Call KRW Barclays Bank PLC USD 24,000,000 KRW 1,300.00 1/26/26   (139,344)
Put USD vs. Call KRW JPMorgan Chase Bank, N.A. USD 32,700,000 KRW 1,300.00 1/22/26   (183,741)
Put USD vs. Call KRW Standard Chartered Bank USD 11,540,000 KRW 1,300.00 1/26/26    (67,001)
Total $(5,513,753)
Forward Foreign Currency Exchange Contracts (Centrally Cleared) 
Currency Purchased Currency Sold Settlement
Date 		Value/Unrealized
Appreciation
(Depreciation)
CLP     260,000,000 USD         279,865 9/17/25 $   (12,529)
CLP     394,000,000 USD         421,950 9/17/25    (16,834)
CLP   1,851,000,000 USD       1,991,848 9/17/25    (88,623)
CLP   6,484,000,000 USD       6,966,575 9/17/25   (299,634)
12
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased Currency Sold Settlement
Date 		Value/Unrealized
Appreciation
(Depreciation)
CLP   7,521,000,000 USD       8,047,810 9/17/25 $  (314,611)
CLP   7,781,000,000 USD       8,326,110 9/17/25   (325,576)
CLP   8,022,131,031 USD       8,604,021 9/17/25   (355,552)
CLP   8,300,000,000 USD       8,919,935 9/17/25   (385,758)
CLP  13,433,070,000 USD      14,320,359 9/17/25   (508,286)
CLP  14,805,000,000 USD      15,909,433 9/17/25   (686,722)
CLP  24,187,268,969 USD      25,941,985 9/17/25 (1,072,291)
EUR       1,339,656 USD       1,577,107 9/17/25    (43,834)
EUR       2,611,917 USD       3,074,875 9/17/25    (85,463)
EUR       3,359,073 USD       3,954,462 9/17/25   (109,910)
EUR       4,610,865 USD       5,428,132 9/17/25   (150,869)
IDR 226,000,000,000 USD      13,659,716 9/17/25     19,093
IDR 238,000,000,000 USD      14,391,099 9/17/25     14,018
IDR  37,500,000,000 USD       2,265,861 9/17/25      3,853
IDR  41,292,018,698 USD       2,516,272 9/17/25    (17,043)
IDR 157,342,782,000 USD       9,564,911 9/17/25    (41,628)
IDR 224,720,000,000 USD      13,654,150 9/17/25    (52,814)
IDR 184,772,261,000 USD      11,241,240 9/17/25    (57,769)
IDR 247,983,006,000 USD      15,067,627 9/17/25    (58,281)
IDR 237,712,689,000 USD      14,485,843 9/17/25    (98,116)
IDR 332,445,000,000 USD      20,234,023 9/17/25   (112,556)
INR     216,000,000 USD       2,490,244 9/17/25    (27,833)
INR     216,000,000 USD       2,491,111 9/17/25    (28,700)
INR     220,000,000 USD       2,538,821 9/17/25    (30,810)
INR     173,000,000 USD       2,013,590 9/17/25    (41,381)
INR   1,351,175,000 USD      15,582,689 9/17/25   (179,226)
INR   1,614,025,000 USD      18,611,912 9/17/25   (211,945)
INR   1,222,026,022 USD      14,270,018 9/17/25   (338,860)
INR   1,222,423,978 USD      14,283,774 9/17/25   (348,079)
INR   1,222,000,000 USD      14,279,738 9/17/25   (348,876)
INR   1,870,000,000 USD      21,857,234 9/17/25   (539,138)
INR   4,715,000,000 USD      54,392,968 9/17/25   (641,727)
KRW   5,363,000,000 USD       3,890,743 9/17/25    (38,028)
KRW   6,435,000,000 USD       4,662,939 9/17/25    (40,111)
KRW   6,435,000,000 USD       4,662,979 9/17/25    (40,152)
KRW   6,239,120,000 USD       4,526,678 9/17/25    (44,568)
KRW   7,508,000,000 USD       5,444,012 9/17/25    (50,354)
KRW   4,403,890,000 USD       3,219,915 9/17/25    (56,212)
KRW   8,676,000,000 USD       6,325,638 9/17/25    (92,903)
KRW  13,450,200,000 USD       9,780,185 9/17/25   (117,722)
KRW  22,202,000,000 USD      16,095,404 9/17/25   (145,752)
KRW  22,202,000,000 USD      16,097,749 9/17/25   (148,097)
KRW   8,443,000,000 USD       6,283,513 9/17/25   (218,163)
KRW  20,105,150,000 USD      14,905,854 9/17/25   (462,554)
13
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased Currency Sold Settlement
Date 		Value/Unrealized
Appreciation
(Depreciation)
KRW  20,105,150,000 USD      14,918,075 9/17/25 $  (474,775)
KRW  74,375,450,000 USD      54,447,621 9/17/25 (1,017,184)
TWD      91,000,000 USD       3,123,070 9/17/25    (70,224)
TWD     115,500,000 USD       3,959,412 9/17/25    (84,647)
TWD     118,000,000 USD       4,043,712 9/17/25    (85,078)
TWD     118,000,000 USD       4,044,475 9/17/25    (85,841)
TWD     182,000,000 USD       6,250,116 9/17/25   (144,425)
TWD     200,430,000 USD       6,870,747 9/17/25   (146,771)
TWD     218,000,000 USD       7,471,049 9/17/25   (157,639)
TWD     265,000,000 USD       9,082,185 9/17/25   (192,031)
TWD     514,650,000 USD      17,511,058 9/17/25   (245,708)
TWD     451,670,000 USD      15,423,254 9/17/25   (270,742)
TWD     397,000,000 USD      13,621,547 9/17/25   (303,090)
TWD     398,000,000 USD      13,659,139 9/17/25   (307,134)
TWD     625,000,000 USD      21,342,494 9/17/25   (375,150)
USD      37,486,322 CLP  35,627,000,000 9/17/25    854,134
USD      30,747,018 CLP  29,388,000,000 9/17/25    529,859
USD      16,066,036 CLP  15,269,000,000 9/17/25    366,233
USD       7,686,835 CLP   7,347,000,000 9/17/25    132,545
USD       1,508,307 CLP   1,439,000,000 9/17/25     28,706
USD       1,080,618 CLP   1,027,000,000 9/17/25     24,642
USD       1,073,866 CLP   1,029,000,000 9/17/25     15,834
USD         676,570 CLP     643,000,000 9/17/25     15,428
USD         896,846 CLP     858,470,000 9/17/25     14,155
USD         428,920 CLP     411,000,000 9/17/25      6,324
USD     131,944,628 EUR     113,218,289 9/17/25  2,363,156
USD      64,916,337 EUR      55,703,038 9/17/25  1,162,665
USD      59,069,026 EUR      50,685,611 9/17/25  1,057,939
USD      26,154,740 EUR      22,216,848 9/17/25    726,941
USD      36,340,951 EUR      31,183,235 9/17/25    650,874
USD      32,632,253 EUR      28,000,896 9/17/25    584,450
USD      28,951,907 EUR      24,842,886 9/17/25    518,535
USD      24,566,638 EUR      21,080,000 9/17/25    439,994
USD      20,412,582 EUR      17,515,511 9/17/25    365,594
USD      13,740,429 EUR      11,790,308 9/17/25    246,094
USD      12,678,254 EUR      10,878,883 9/17/25    227,070
USD      10,892,176 EUR       9,346,296 9/17/25    195,081
USD      10,397,068 EUR       8,921,456 9/17/25    186,214
USD       8,188,091 EUR       7,025,990 9/17/25    146,650
USD       4,835,693 EUR       4,107,625 9/17/25    134,403
USD       7,213,810 EUR       6,189,985 9/17/25    129,201
USD       4,174,256 EUR       3,581,822 9/17/25     74,762
USD         424,672 EUR         364,400 9/17/25      7,606
USD         423,113 EUR         363,063 9/17/25      7,578
14
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased Currency Sold Settlement
Date 		Value/Unrealized
Appreciation
(Depreciation)
USD         157,509 EUR         135,155 9/17/25 $     2,821
USD      40,648,205 IDR 663,460,000,000 9/17/25    491,822
USD      37,449,160 IDR 611,850,000,000 9/17/25    416,509
USD      25,500,610 IDR 416,322,956,000 9/17/25    302,370
USD       9,175,442 IDR 149,000,000,000 9/17/25    157,112
USD       6,319,057 IDR 102,716,274,530 9/17/25    102,082
USD       5,721,347 IDR  92,949,000,000 9/17/25     95,543
USD       5,673,937 IDR  92,610,000,000 9/17/25     68,652
USD       5,227,642 IDR  85,410,000,000 9/17/25     58,142
USD       3,559,647 IDR  58,114,800,698 9/17/25     42,208
USD      23,072,522 INR   1,976,000,000 9/17/25    546,021
USD         275,839 PEN       1,000,000 9/17/25     (2,153)
USD         827,518 PEN       3,000,000 9/17/25     (6,460)
USD         549,073 PEN       2,000,000 9/17/25     (6,912)
USD         548,953 PEN       2,000,000 9/17/25     (7,032)
USD         548,772 PEN       2,000,000 9/17/25     (7,213)
USD       1,103,357 PEN       4,000,000 9/17/25     (8,613)
USD       1,746,882 PEN       6,330,000 9/17/25    (12,811)
USD       1,097,906 PEN       4,000,000 9/17/25    (14,064)
USD       1,372,684 PEN       5,000,000 9/17/25    (17,279)
USD       1,371,930 PEN       5,000,000 9/17/25    (18,032)
USD       2,699,452 PEN       9,781,734 9/17/25    (19,797)
USD       1,647,220 PEN       6,000,000 9/17/25    (20,735)
USD       1,646,859 PEN       6,000,000 9/17/25    (21,097)
USD       1,920,702 PEN       7,000,000 9/17/25    (25,245)
USD       3,957,115 PEN      14,339,000 9/17/25    (29,021)
USD      15,446,998 PEN      56,000,000 9/17/25   (120,585)
USD      25,800,785 PEN      94,000,000 9/17/25   (330,514)
USD      28,002,745 PEN     102,000,000 9/17/25   (352,494)
USD      27,987,378 PEN     102,000,000 9/17/25   (367,861)
USD      62,141,499 PEN     225,175,936 9/17/25   (455,733)
USD      11,417,189 TWD     329,580,000 9/17/25    360,521
USD       6,326,812 TWD     185,070,000 9/17/25    118,130
TWD     434,100,000 USD      13,931,322 4/28/26  1,116,629
TWD     329,400,000 USD      10,577,016 4/28/26    841,540
TWD     311,499,880 USD       9,988,452 4/28/26    809,601
USD      38,703,866 TWD   1,074,999,880 4/28/26  1,439,305
USD       3,898,911 PHP     218,300,000 5/7/26    172,314
USD       1,553,710 PHP      87,000,000 5/7/26     68,534
USD         991,904 PHP      55,500,000 5/7/26     44,464
USD      14,789,736 PHP     830,000,000 5/12/26    622,392
USD      10,850,231 PHP     610,000,000 5/12/26    438,087
USD       9,976,840 PHP     560,000,000 5/12/26    418,150
USD       9,795,192 PHP     550,000,000 5/12/26    407,192
15
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased Currency Sold Settlement
Date 		Value/Unrealized
Appreciation
(Depreciation)
USD      10,639,241 PHP     600,000,000 5/12/26 $   397,788
USD       8,878,787 PHP     500,000,000 5/12/26    344,242
USD       8,861,792 PHP     500,000,000 5/12/26    327,247
USD       8,193,927 PHP     461,400,000 5/12/26    318,249
USD       5,829,916 PHP     327,000,000 5/12/26    248,324
USD       4,952,956 PHP     278,000,000 5/12/26    207,749
USD       5,321,130 PHP     300,000,000 5/12/26    200,404
USD       5,320,375 PHP     300,000,000 5/12/26    199,649
USD       3,356,678 PHP     187,400,000 5/12/26    157,931
USD       3,505,778 PHP     197,200,000 5/12/26    139,753
USD       2,542,752 PHP     142,000,000 5/12/26    118,942
USD       2,529,841 PHP     142,000,000 5/12/26    106,031
USD       1,532,553 PHP      85,400,000 5/12/26     74,853
$8,340,954
Forward Foreign Currency Exchange Contracts (OTC) 
Currency Purchased Currency Sold Counterparty Settlement
Date 		Unrealized
Appreciation 		Unrealized
(Depreciation)
KZT  1,277,780,032 USD     2,365,339 ICBC Standard Bank plc 8/7/25 $       - $     (4,738)
EUR      2,261,770 USD     2,647,086 HSBC Bank USA, N.A. 8/8/25        -     (65,275)
EUR      4,909,895 USD     5,634,613 Standard Chartered Bank 8/8/25        -     (29,968)
EUR        372,237 USD       431,711 UBS AG 8/8/25        -      (6,803)
EUR        674,241 USD       782,286 UBS AG 8/8/25        -     (12,640)
EUR        471,830 USD       552,437 UBS AG 8/8/25        -     (13,844)
EUR        922,840 USD     1,083,293 UBS AG 8/8/25        -     (29,871)
EUR      2,467,494 USD     2,894,608 UBS AG 8/8/25        -     (77,963)
EUR      7,581,800 USD     8,800,102 UBS AG 8/8/25        -    (145,477)
EUR      8,562,500 USD    10,053,031 UBS AG 8/8/25        -    (278,937)
KZT  2,054,688,404 USD     3,916,303 Bank of America, N.A. 8/8/25        -    (121,530)
KZT  2,425,000,000 USD     4,573,315 JPMorgan Chase Bank, N.A. 8/8/25        -     (94,619)
USD      2,031,040 EUR     1,775,600 HSBC Bank USA, N.A. 8/8/25      4,193         -
USD      2,741,980 EUR     2,364,376 State Street Bank and Trust Company 8/8/25     43,044         -
USD      6,514,712 EUR     5,560,384 UBS AG 8/8/25    167,533         -
USD      5,886,822 EUR     5,029,373 UBS AG 8/8/25    145,793         -
EGP    340,469,141 USD     6,236,841 Goldman Sachs International 8/11/25    741,438         -
EGP    964,264,302 USD    17,670,227 Citibank, N.A. 8/12/25  2,080,687         -
EGP    237,918,558 USD     4,758,371 Goldman Sachs International 8/12/25    114,887         -
EGP     66,843,912 USD     1,335,276 Goldman Sachs International 8/12/25     33,880         -
EGP     66,531,783 USD     1,330,636 Goldman Sachs International 8/12/25     32,127         -
KZT    632,879,458 USD     1,190,093 JPMorgan Chase Bank, N.A. 8/12/25        -     (22,601)
USD      4,024,982 EGP   220,327,521 Standard Chartered Bank 8/12/25        -    (487,961)
16
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased Currency Sold Counterparty Settlement
Date 		Unrealized
Appreciation 		Unrealized
(Depreciation)
USD     10,477,148 EGP   573,100,000 Standard Chartered Bank 8/12/25 $       - $ (1,261,593)
USD      1,388,332 GHS    19,117,327 ICBC Standard Bank plc 8/13/25        -    (425,754)
USD      3,567,239 KZT 1,892,776,761 Citibank, N.A. 8/13/25     76,593         -
KZT  1,626,325,077 USD     3,106,638 JPMorgan Chase Bank, N.A. 8/14/25        -    (108,255)
USD      1,534,000 GHS    19,175,000 Standard Chartered Bank 8/22/25        -    (280,107)
UZS 12,843,930,000 USD       904,502 ICBC Standard Bank plc 8/29/25    100,238         -
UZS 12,843,931,000 USD       904,502 JPMorgan Chase Bank, N.A. 8/29/25    100,238         -
UZS 12,866,543,000 USD       904,502 JPMorgan Chase Bank, N.A. 9/4/25    100,474         -
USD        820,849 GHS     9,029,408 Standard Chartered Bank 9/5/25        -     (29,442)
KZT  3,220,311,815 USD     6,053,218 ICBC Standard Bank plc 9/8/25        -    (158,409)
UZS  5,925,285,000 USD       415,809 Citibank, N.A. 9/8/25     46,628         -
UYU     16,187,000 USD       397,227 Citibank, N.A. 9/9/25      4,160         -
EGP    361,922,851 USD     6,482,587 Goldman Sachs International 9/11/25    800,845         -
USD      2,659,774 KZT 1,442,661,436 Citibank, N.A. 9/12/25     21,752         -
KZT  2,882,131,615 USD     5,461,212 Standard Chartered Bank 9/16/25        -    (196,552)
USD      3,800,963 TRY   164,924,707 Standard Chartered Bank 9/16/25        -    (110,592)
USD     28,474,777 TRY 1,237,780,000 Standard Chartered Bank 9/16/25        -    (881,915)
EGP    600,000,000 USD    12,057,878 Bank of America, N.A. 9/17/25        -     (11,499)
EUR      2,545,030 PLN    11,000,000 Standard Chartered Bank 9/17/25        -     (20,252)
EUR     41,634,862 PLN   180,000,000 Standard Chartered Bank 9/17/25        -    (344,088)
EUR     66,515,894 PLN   286,241,839 UBS AG 9/17/25        -    (196,055)
EUR        363,063 USD       419,986 JPMorgan Chase Bank, N.A. 9/17/25        -      (4,450)
KZT  4,003,857,312 USD     7,252,445 JPMorgan Chase Bank, N.A. 9/17/25     59,297         -
MXN    371,500,000 USD    19,476,162 Barclays Bank PLC 9/17/25    123,628         -
MXN     70,000,000 USD     3,746,091 Barclays Bank PLC 9/17/25        -     (52,994)
MXN    260,000,000 USD    13,604,727 HSBC Bank USA, N.A. 9/17/25    112,488         -
MXN    157,500,000 USD     8,286,439 Standard Chartered Bank 9/17/25     23,028         -
MXN    157,500,000 USD     8,293,348 Standard Chartered Bank 9/17/25     16,119         -
USD      3,601,580 JPY   509,991,699 Deutsche Bank AG 9/17/25    203,074         -
USD      7,427,156 KZT 3,942,334,601 Citibank, N.A. 9/17/25    227,766         -
USD      5,517,556 MXN   106,073,000 Bank of America, N.A. 9/17/25        -     (78,699)
USD     45,227,475 MXN   862,696,000 Barclays Bank PLC 9/17/25        -    (287,089)
USD      4,460,228 MXN    86,322,000 Citibank, N.A. 9/17/25        -     (93,993)
USD     17,011,301 MXN   328,000,000 Goldman Sachs International 9/17/25        -    (293,494)
USD     11,166,289 MXN   213,399,000 HSBC Bank USA, N.A. 9/17/25        -     (92,326)
USD     17,194,466 MXN   320,527,414 JPMorgan Chase Bank, N.A. 9/17/25    283,914         -
USD     53,739,923 MXN 1,016,500,000 Standard Chartered Bank 9/17/25    110,887         -
USD      1,184,965 MXN    23,000,000 Standard Chartered Bank 9/17/25        -     (28,481)
USD     45,718,196 MXN   879,814,668 Standard Chartered Bank 9/17/25        -    (699,525)
USD      4,365,346 MXN    84,544,097 UBS AG 9/17/25        -     (95,075)
USD     32,477,661 MXN   625,000,000 UBS AG 9/17/25        -    (496,415)
USD     11,414,078 ZAR   204,643,000 Barclays Bank PLC 9/17/25    213,991         -
USD      6,298,126 ZAR   112,000,000 Goldman Sachs International 9/17/25    168,379         -
USD      7,307,285 ZAR   131,252,896 Goldman Sachs International 9/17/25    123,829         -
17
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased Currency Sold Counterparty Settlement
Date 		Unrealized
Appreciation 		Unrealized
(Depreciation)
USD     15,624,118 ZAR   278,436,564 Standard Chartered Bank 9/17/25 $   385,318 $        -
UYU     33,000,000 USD       818,047 Citibank, N.A. 9/17/25        -        (485)
UYU    252,000,000 USD     6,245,353 Citibank, N.A. 9/17/25        -      (2,152)
UYU    189,156,000 USD     4,693,697 Citibank, N.A. 9/17/25        -      (7,431)
UYU    187,657,000 USD     4,603,385 Goldman Sachs International 9/17/25     45,744         -
ZAR     66,170,000 USD     3,679,032 Goldman Sachs International 9/17/25        -     (57,555)
KZT  1,356,593,766 USD     2,452,976 Citibank, N.A. 9/22/25     21,147         -
KZT  2,806,783,236 USD     5,195,822 Citibank, N.A. 9/22/25        -     (76,880)
KZT  1,807,520,000 USD     3,375,415 Standard Chartered Bank 9/22/25        -     (78,904)
TRY    138,994,119 USD     3,082,960 Standard Chartered Bank 9/22/25    197,302         -
USD      3,044,754 TRY   138,994,119 Standard Chartered Bank 9/22/25        -    (235,508)
UZS 25,823,149,549 USD     1,910,844 ICBC Standard Bank plc 9/25/25     97,632         -
TRY    599,014,349 USD    13,050,526 Standard Chartered Bank 9/26/25  1,039,790         -
USD      6,481,493 TRY   294,346,401 Standard Chartered Bank 9/26/25        -    (442,271)
USD      6,710,546 TRY   304,667,948 Standard Chartered Bank 9/26/25        -    (456,006)
UYU    127,000,000 USD     3,132,554 Goldman Sachs International 10/3/25      8,180         -
USD      2,614,724 NGN 5,111,786,000 Goldman Sachs International 10/7/25        -    (629,566)
UYU    149,000,000 USD     3,674,929 Bank of America, N.A. 10/7/25      8,207         -
NGN    688,700,000 USD       362,474 JPMorgan Chase Bank, N.A. 10/9/25     74,240         -
USD        425,124 NGN   688,700,000 Goldman Sachs International 10/9/25        -     (11,590)
UYU     19,000,000 USD       464,548 Bank of America, N.A. 10/9/25      5,006         -
USD      2,537,752 NGN 4,925,904,000 JPMorgan Chase Bank, N.A. 10/10/25        -    (584,459)
EGP    153,261,000 USD     3,011,022 Bank of America, N.A. 10/15/25     29,742         -
EGP    199,804,162 USD     3,633,133 Citibank, N.A. 10/15/25    331,067         -
USD      3,785,700 NGN 7,419,971,459 JPMorgan Chase Bank, N.A. 10/15/25        -    (907,070)
EGP    361,379,000 USD     6,332,206 Standard Chartered Bank 10/23/25    808,361         -
MXN    116,761,800 USD     5,476,401 Bank of America, N.A. 10/24/25    659,528         -
MXN    171,859,000 USD     8,314,417 UBS AG 10/24/25    716,915         -
USD      8,315,011 MXN   171,858,800 Standard Chartered Bank 10/24/25        -    (716,311)
USD      5,475,348 MXN   116,761,800 UBS AG 10/24/25        -    (660,581)
EGP    174,342,399 USD     3,124,416 Goldman Sachs International 10/27/25    313,419         -
USD        912,320 GHS    13,082,668 ICBC Standard Bank plc 2/17/26        -    (188,483)
USD        134,792 NGN   234,269,000 Citibank, N.A. 2/26/26        -      (4,090)
NGN    269,584,000 USD       142,261 Citibank, N.A. 2/27/26     17,457         -
USD        726,256 NGN 1,258,602,000 Citibank, N.A. 2/27/26        -     (19,415)
TRY    149,304,621 USD     2,914,934 Standard Chartered Bank 3/23/26    105,961         -
USD      2,815,718 TRY   149,304,621 Standard Chartered Bank 3/23/26        -    (205,177)
UZS 52,908,750,000 USD     3,296,495 Standard Chartered Bank 3/25/26    662,851         -
TRY    695,587,468 USD    13,050,526 Standard Chartered Bank 3/26/26    989,732         -
USD      2,432,521 TRY   130,384,151 Standard Chartered Bank 3/26/26        -    (199,251)
USD     10,440,254 TRY   565,203,317 Standard Chartered Bank 3/26/26        -    (968,233)
UZS 29,613,121,000 USD     1,839,324 Deutsche Bank AG 10/5/26    287,119         -
UZS 16,312,875,642 USD     1,013,222 Deutsche Bank AG 10/7/26    157,610         -
USD      1,265,121 JPY   182,244,054 Standard Chartered Bank 1/7/27        -      (3,247)
18
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased Currency Sold Counterparty Settlement
Date 		Unrealized
Appreciation 		Unrealized
(Depreciation)
USD      1,223,741 JPY   178,339,671 Standard Chartered Bank 1/7/27 $       - $    (17,454)
UZS 16,830,497,000 USD       938,416 Deutsche Bank AG 10/25/27    166,962         -
UZS 19,470,202,000 USD     1,089,059 Deutsche Bank AG 11/8/27    185,089         -
$13,595,289 $(14,111,400)
Forward Volatility Agreements (OTC) 
Reference Entity Counterparty Strike
Volatility Rate 		Expiration
Date(1) 		Notional
Amount
(000s omitted) 		Value/Unrealized
Appreciation
(Depreciation)
USD vs. INR, 6 month term Citibank, N.A. 4.69% 4/15/26 $33,467 $(3,715)
USD vs. INR, 6 month term Deutsche Bank AG 4.80 4/15/26 33,467 (24,264)
USD vs. INR, 6 month term Deutsche Bank AG 4.58 4/22/26 33,470 18,308
USD vs. INR, 6 month term JPMorgan Chase Bank, N.A. 4.60 4/21/26 14,559 5,853
$(3,818)
(1) At the expiration date, the Fund will purchase from the counterparty an option straddle expiring in 6 months with a strike rate to be determined on this date.
Non-Deliverable Bond Forward Contracts* 
Settlement Date Notional Amount
(000's omitted) 		Reference Entity Counterparty Aggregate Cost Unrealized
Appreciation
(Depreciation)
8/7/25 COP  64,730,000 Republic of Colombia,
6.00%, 4/28/28 		BNP Paribas $15,464,410 $  137,571
8/7/25 COP  27,034,000 Republic of Colombia,
6.00%, 4/28/28 		BNP Paribas  6,458,595    69,901
8/7/25 COP   8,000,000 Republic of Colombia,
6.00%, 4/28/28 		BNP Paribas  1,911,251    29,168
8/7/25 COP  41,057,000 Republic of Colombia,
7.75%, 9/18/30 		BNP Paribas  9,808,779     4,738
8/7/25 COP  40,361,000 Republic of Colombia,
7.75%, 9/18/30 		BNP Paribas  9,642,500    30,123
8/7/25 COP  29,227,000 Republic of Colombia,
7.75%, 9/18/30 		BNP Paribas  6,982,517    15,348
8/7/25 COP  17,397,000 Republic of Colombia,
7.75%, 9/18/30 		BNP Paribas  4,156,254    35,644
8/28/25 COP  30,442,000 Republic of Colombia,
6.00%, 4/28/28 		Goldman Sachs International  7,272,788    88,313
8/28/25 COP  27,177,000 Republic of Colombia,
6.00%, 4/28/28 		Goldman Sachs International  6,492,759    78,692
8/29/25 COP  39,707,000 Republic of Colombia,
6.00%, 4/28/28 		Citibank, N.A.  9,486,256    31,798
9/5/25 COP 106,337,000 Republic of Colombia,
6.00%, 4/28/28 		Citibank, N.A. 25,404,588   222,316
19
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Non-Deliverable Bond Forward Contracts* (continued)
Settlement Date Notional Amount
(000's omitted) 		Reference Entity Counterparty Aggregate Cost Unrealized
Appreciation
(Depreciation)
9/5/25 COP  50,956,000 Republic of Colombia,
6.00%, 4/28/28 		Goldman Sachs International $12,173,714 $  119,436
9/18/25 COP 207,072,660 Republic of Colombia,
6.00%, 4/28/28 		Goldman Sachs International 49,470,980   292,967
9/23/25 COP  79,125,000 Republic of Colombia,
6.00%, 4/28/28 		Goldman Sachs International 18,903,467    52,136
10/6/25 COP  84,055,000 Republic of Colombia,
6.00%, 4/28/28 		Barclays Bank PLC 20,081,276   134,545
10/6/25 COP  55,935,000 Republic of Colombia,
6.00%, 4/28/28 		Barclays Bank PLC 13,363,228    56,326
$1,399,022
* 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
(Depreciation)
Interest Rate Futures
Euro-Bobl (523) Short 9/8/25 $ (69,992,285) $   453,403
Euro-Bund (832) Short 9/8/25 (123,147,291)    809,080
Euro-Buxl (42) Short 9/8/25   (5,626,068)    168,671
Japan 10-Year Bond (3) Short 9/12/25   (2,745,955)     11,728
U.S. 2-Year Treasury Note (1,112) Short 9/30/25 (230,166,626)    226,025
U.S. 5-Year Treasury Note (5,322) Short 9/30/25 (575,690,719) (2,667,122)
U.S. 10-Year Treasury Note (1,781) Short 9/19/25 (197,802,313) (1,993,258)
U.S. Long Treasury Bond (171) Short 9/19/25  (19,526,063)   (641,655)
U.S. Ultra 10-Year Treasury Note (250) Short 9/19/25  (28,269,531)   (512,933)
$(4,146,061)
Interest Rate Swaps (Centrally Cleared) 
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  55,795,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.24%
(pays quarterly) 		6/18/28 $   37,287 $   - $   37,287
COP  25,975,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.26%
(pays quarterly) 		6/18/28    13,199    -    13,199
20
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Interest Rate Swaps (Centrally Cleared) (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  34,238,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.28%
(pays quarterly) 		6/18/28 $   14,107 $   - $   14,107
COP  51,951,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.28%
(pays quarterly) 		6/18/28    19,742    -    19,742
COP  46,341,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.29%
(pays quarterly) 		6/18/28    14,641    -    14,641
COP  22,897,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.32%
(pays quarterly) 		6/18/28     2,833    -     2,833
COP  52,943,300 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.33%
(pays quarterly) 		6/18/28     3,158    -     3,158
COP  52,943,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.35%
(pays quarterly) 		6/18/28    (3,625)    -    (3,625)
COP  43,431,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.38%
(pays quarterly) 		6/18/28   (11,321)    -   (11,321)
COP  43,431,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.40%
(pays quarterly) 		6/18/28   (16,886)    -   (16,886)
COP  70,012,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.42%
(pays quarterly) 		6/18/28   (36,192)    -   (36,192)
COP  46,675,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.43%
(pays quarterly) 		6/18/28   (27,118)    -   (27,118)
COP  21,996,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.44%
(pays quarterly) 		6/18/28   (14,189)    -   (14,189)
COP  87,543,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.48%
(pays quarterly) 		6/18/28   (78,907)    -   (78,907)
COP   7,000,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.52%
(pays quarterly) 		6/18/28    (7,879)    -    (7,879)
COP  35,490,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.67%
(pays quarterly) 		9/17/30   (10,401)    -   (10,401)
COP  24,355,957 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.69%
(pays quarterly) 		9/17/30   (11,838)    -   (11,838)
COP  14,266,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.70%
(pays quarterly) 		9/17/30    (7,622)    -    (7,622)
COP  34,794,000 Receives Colombia Overnight Interbank Reference Rate
(pays quarterly) 		8.72%
(pays quarterly) 		9/17/30   (25,304)    -   (25,304)
CZK     142,000 Receives 6-month CZK PRIBOR
(pays semi-annually) 		4.56%
(pays annually) 		12/20/28  (313,749)    -  (313,749)
CZK      60,598 Pays 6-month CZK PRIBOR
(pays semi-annually) 		3.94%
(pays annually) 		9/20/33    41,025    -    41,025
21
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Interest Rate Swaps (Centrally Cleared) (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)
INR   2,628,300 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.66%
(pays semi-annually) 		9/17/30 $  (67,644) $   - $  (67,644)
INR   2,728,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.67%
(pays semi-annually) 		9/17/30   (62,353)    -   (62,353)
INR   4,011,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.67%
(pays semi-annually) 		9/17/30   (85,899)    -   (85,899)
INR   2,728,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.68%
(pays semi-annually) 		9/17/30   (50,562)    -   (50,562)
INR   2,433,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.68%
(pays semi-annually) 		9/17/30   (44,511)    -   (44,511)
INR   3,209,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.68%
(pays semi-annually) 		9/17/30   (50,231)    -   (50,231)
INR   2,126,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.69%
(pays semi-annually) 		9/17/30   (26,134)    -   (26,134)
INR   2,200,000 Pays 1-day INR FBIL MIBOR
(pays semi-annually) 		5.74%
(pays semi-annually) 		9/17/30    22,611    -    22,611
KRW  70,408,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.32%
(pays quarterly) 		6/18/27   (89,267)    -   (89,267)
KRW  91,530,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.33%
(pays quarterly) 		6/18/27  (106,839)  8,303   (98,536)
KRW  99,134,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.34%
(pays quarterly) 		6/18/27  (104,544) 17,587   (86,957)
KRW 148,066,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.34%
(pays quarterly) 		6/18/27  (150,593)   (784)  (151,377)
KRW  80,391,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.33%
(pays quarterly) 		9/17/27   (62,311)    -   (62,311)
KRW 136,361,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.33%
(pays quarterly) 		9/17/27  (100,894)    -  (100,894)
KRW  56,951,000 Pays 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.33%
(pays quarterly) 		9/17/27   (37,724)    -   (37,724)
KRW   6,138,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.63%
(pays quarterly) 		3/19/35       388    -       388
KRW  11,067,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.69%
(pays quarterly) 		3/19/35   (38,522)    -   (38,522)
KRW  22,688,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.69%
(pays quarterly) 		3/19/35   (86,282)    -   (86,282)
KRW   9,047,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.70%
(pays quarterly) 		3/19/35   (40,235)    -   (40,235)
KRW   8,647,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.79%
(pays quarterly) 		3/19/35   (89,718)    -   (89,718)
22
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Interest Rate Swaps (Centrally Cleared) (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)
KRW  11,483,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.79%
(pays quarterly) 		3/19/35 $ (119,514) $   - $ (119,514)
KRW  22,965,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.81%
(pays quarterly) 		3/19/35  (257,514)    -  (257,514)
KRW  17,357,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.65%
(pays quarterly) 		9/17/35      (175)    -      (175)
KRW  29,528,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.65%
(pays quarterly) 		9/17/35    (5,076)    -    (5,076)
KRW  14,576,000 Receives 3-month KRW Certificate of Deposit Rate
(pays quarterly) 		2.65%
(pays quarterly) 		9/19/35      (449)    -      (449)
MXN   1,028,400 Pays Mexico Interbank TIIE 28 Day
(pays monthly) 		8.32%
(pays monthly) 		6/6/35   290,227    -   290,227
MYR      52,200 Pays 3-month MYR KLIBOR
(pays quarterly) 		3.20%
(pays quarterly) 		9/17/30    43,560    -    43,560
MYR      84,000 Pays 3-month MYR KLIBOR
(pays quarterly) 		3.20%
(pays quarterly) 		9/17/30    71,011    -    71,011
PLN      27,835 Receives 6-month PLN WIBOR
(pays semi-annually) 		4.27%
(pays annually) 		6/18/35   183,734    -   183,734
PLN     108,780 Receives 6-month PLN WIBOR
(pays semi-annually) 		4.31%
(pays annually) 		6/18/35   613,797    -   613,797
PLN     144,025 Receives 6-month PLN WIBOR
(pays semi-annually) 		4.34%
(pays annually) 		6/18/35   734,051    -   734,051
ZAR     573,833 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.71%
(pays quarterly) 		6/18/35 1,026,723    - 1,026,723
ZAR     769,997 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.72%
(pays quarterly) 		6/18/35 1,407,519    - 1,407,519
ZAR     764,500 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.47%
(pays quarterly) 		9/17/35   412,437    -   412,437
ZAR     156,574 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.48%
(pays quarterly) 		9/17/35    90,405    -    90,405
ZAR     109,216 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.49%
(pays quarterly) 		9/17/35    67,202    -    67,202
ZAR     371,265 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.65%
(pays quarterly) 		9/17/35   448,039    -   448,039
ZAR     320,735 Pays 3-month ZAR JIBAR
(pays quarterly) 		8.76%
(pays quarterly) 		9/17/35   519,611    -   519,611
Total $3,835,285 $25,106 $3,860,391
23
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Credit Default Swaps - Sell Protection (Centrally Cleared) 
Reference Entity Notional
Amount*
(000's omitted) 		Contract Annual
Fixed Rate** 		Current
Market Annual
Fixed Rate*** 		Termination
Date 		Value Unamortized
Upfront
Receipts
(Payments) 		Unrealized
Appreciation
(Depreciation)
Nigeria $2,437 1.00%
(pays quarterly)(1) 		4.56% 6/20/30 $(342,760) $638,775 $296,015
Total $2,437 $(342,760) $638,775 $296,015
Credit Default Swaps - Buy Protection (Centrally Cleared) 
Reference Entity Notional
Amount
(000's omitted) 		Contract
Annual
Fixed Rate** 		Termination
Date 		Value Unamortized
Upfront
Receipts
(Payments) 		Unrealized
Appreciation
(Depreciation)
Markit CDX Emerging Markets Index (CDX.EM.43.V1) $50 1.00%
(pays quarterly)(1) 		 6/20/30 $    1,094 $    (1,707) $      (613)
Mexico 0 1.00%
(pays quarterly)(1) 		12/20/25       -      4,421      4,421
Petroleo Brasileiro S.A. 62,664 1.00%
(pays quarterly)(1) 		 6/20/30 1,543,241 (2,923,391) (1,380,150)
Turkey 21,574 1.00%
(pays quarterly)(1) 		 6/20/30 1,573,590 (1,776,367)   (202,777)
Total $3,117,925 $(4,697,044) $(1,579,119)
Credit Default Swaps - Sell Protection (OTC) 
Reference Entity Counterparty Notional
Amount*
(000's omitted) 		Contract Annual
Fixed Rate** 		Current
Market
Annual
Fixed Rate*** 		Termination
Date 		Value Unamortized
Upfront
Receipts
(Payments) 		Unrealized
Appreciation
(Depreciation)
Benin Barclays Bank PLC $  1,000 1.00%
(pays quarterly)(1) 		2.34%  6/20/27 $ (22,800) $   52,030 $   29,230
Benin Barclays Bank PLC   1,000 1.00%
(pays quarterly)(1) 		2.34  6/20/27  (22,800)    50,875    28,075
Benin Barclays Bank PLC   1,200 1.00%
(pays quarterly)(1) 		2.60 12/20/27  (41,205)    77,202    35,997
Benin Citibank, N.A.     958 1.00%
(pays quarterly)(1) 		2.76  6/20/28  (43,485)    95,721    52,236
Ivory Coast Deutsche Bank AG  10,219 1.00%
(pays quarterly)(1) 		2.34  6/20/27 (233,491)   500,440   266,949
Ivory Coast Deutsche Bank AG  11,383 1.00%
(pays quarterly)(1) 		2.34  6/20/27 (260,081)   556,767   296,686
Pan American Energy Barclays Bank PLC   7,020 1.00%
(pays quarterly)(1) 		0.68 12/20/25   16,795    53,730    70,525
Petroleos Mexicanos Barclays Bank PLC   5,460 1.00%
(pays quarterly)(1) 		2.44 12/20/26  (98,310)   113,559    15,249
Petroleos Mexicanos Barclays Bank PLC   6,801 1.00%
(pays quarterly)(1) 		2.55  6/20/27 (179,839)   213,637    33,798
Petroleos Mexicanos Deutsche Bank AG  39,709 4.00%
(pays monthly)(1) 		3.54   7/6/26   324,818       -   324,818
24
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Credit Default Swaps - Sell Protection (OTC) (continued)
Reference Entity Counterparty Notional
Amount*
(000's omitted) 		Contract Annual
Fixed Rate** 		Current
Market
Annual
Fixed Rate*** 		Termination
Date 		Value Unamortized
Upfront
Receipts
(Payments) 		Unrealized
Appreciation
(Depreciation)
Petroleos Mexicanos Deutsche Bank AG $ 17,874 4.20%
(pays monthly)(1) 		3.54%   7/6/26 $ 165,683 $      - $  165,683
Petroleos Mexicanos Goldman Sachs International   2,532 1.00%
(pays quarterly)(1) 		2.20  6/20/26  (23,314)    27,618     4,304
Petroleos Mexicanos Goldman Sachs International   5,000 1.00%
(pays quarterly)(1) 		2.20  6/20/26  (46,317)    52,377     6,060
Petroleos Mexicanos Goldman Sachs International   5,548 1.00%
(pays quarterly)(1) 		2.20  6/20/26  (51,085)   188,323   137,238
Petroleos Mexicanos Goldman Sachs International   2,536 1.00%
(pays quarterly) 		2.55  6/20/27  (62,559)    65,517     2,958
Petroleos Mexicanos Goldman Sachs International   2,536 1.00%
(pays quarterly) 		2.55  6/20/27  (67,130)    67,876       746
Total $120,776 $(645,120) $2,115,672 $1,470,552
Credit Default Swaps - Buy Protection (OTC) 
Reference Entity Counterparty Notional
Amount
(000's omitted) 		Contract
Annual
Fixed Rate** 		Termination
Date 		Value Unamortized
Upfront
Receipts
(Payments) 		Unrealized
Appreciation
(Depreciation)
Ivory Coast Barclays Bank PLC $21,602 1.00%
(pays quarterly)(1) 		6/20/27 $493,571 $(705,069) $(211,498)
Total $493,571 $(705,069) $(211,498)
* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $123,213,000.
** The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) on the notional amount of the credit default swap contract.
*** Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market's perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as "Defaulted" indicates a credit event has occurred for the reference entity.
(1) Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.
25
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Total Return Swaps (OTC) 
Counterparty Notional Amount
(000's omitted) 		Fund Receives Fund Pays Termination
Date 		Value/Unrealized
Appreciation
(Depreciation)
Bank of America, N.A. USD 81,145 Return on PEN 263,569,000 Government of Peru, 7.60%, 8/12/39 (pays upon termination) SOFR + 0.70% on Notional Amount (pays upon termination) 10/8/25 $ (55,885)
Bank of America, N.A. USD 56,269 Return on PEN 191,214,000 Government of Peru, 5.40%, 8/12/34 (pays upon termination) SOFR + 0.70% on Notional Amount (pays upon termination) 10/15/25  (60,986)
Bank of America, N.A. USD 17,241 Return on PEN 63,097,000 Government of Peru, 6.90%, 8/12/37 (pays upon termination) SOFR + 0.70% on Notional Amount (pays upon termination) 10/15/25  (74,652)
Barclays Bank PLC USD 18,656 Return on PEN 75,537,000 Government of Peru, 5.35%, 8/12/40 (pays upon termination) SOFR + 0.75% on Notional Amount (pays upon termination) 10/17/25   88,485
$(103,038)
Cross-Currency Swaps (OTC) 
Counterparty Fund Receives Fund Pays Effective Date/
Termination
Date(1) 		Value/Unrealized
Appreciation
(Depreciation)
JPMorgan Chase Bank, N.A. 3-month PLN WIBOR + 0.63% on PLN 269,371,379 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount* 3-month EURIBOR on EUR equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount* 6/11/26/
6/13/29 		$219,863
$219,863
(1) Effective date represents the date on which the Fund and counterparty exchange the currencies and begin interest payment accrual.
* The Fund pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.
Abbreviations:
EURIBOR - Euro Interbank Offered Rate
FBIL - Financial Benchmarks India Ltd.
GDP - Gross Domestic Product
JIBAR - Johannesburg Interbank Average Rate
KLIBOR - Kuala Lumpur Interbank Offered Rate
MIBOR - Mumbai Interbank Offered Rate
OTC - Over-the-counter
PIK - Payment In Kind
PRIBOR - Prague Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
WIBOR - Warsaw Interbank Offered Rate
26
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Portfolio of Investments - continued
Currency Abbreviations:
ALL - Albanian Lek
AMD - Armenian Dram
ARS - Argentine Peso
BAM - Bosnia-Herzegovina Convertible Mark
BRL - Brazilian Real
CLP - Chilean Peso
COP - Colombian Peso
CZK - Czech Koruna
DOP - Dominican Peso
EGP - Egyptian Pound
EUR - Euro
GHS - Ghanaian Cedi
IDR - Indonesian Rupiah
INR - Indian Rupee
JPY - Japanese Yen
KRW - South Korean Won
KZT - Kazakhstani Tenge
LKR - Sri Lankan Rupee
MXN - Mexican Peso
MYR - Malaysian Ringgit
NGN - Nigerian Naira
PEN - Peruvian Sol
PHP - Philippine Peso
PLN - Polish Zloty
PYG - Paraguayan Guarani
RSD - Serbian Dinar
TRY - Turkish Lira
TWD - New Taiwan Dollar
UGX - Ugandan Shilling
USD - United States Dollar
UYU - Uruguayan Peso
UZS - Uzbekistani Som
ZAR - South African Rand
27
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Statement of Assets and Liabilities
July 31, 2025
Assets
Unaffiliated investments, at value (identified cost $3,269,955,848) $3,323,883,301
Affiliated investments, at value (identified cost $223,375,954) 223,375,954
Cash 8,900,140
Deposits for derivatives collateral:
Futures contracts 16,155,436
Centrally cleared derivatives 70,025,639
OTC derivatives 2,770,000
Foreign currency, at value (identified cost $28,224,581) 27,957,623
Interest receivable 84,790,332
Dividends receivable from affiliated investments 379,448
Receivable for investments sold 9,050,133
Receivable for premiums on written options 263,520
Receivable for Fund shares sold 4,086,352
Receivable for variation margin on open centrally cleared derivatives 4,268,359
Receivable for open forward foreign currency exchange contracts 13,595,289
Receivable for open forward volatility agreements 24,161
Receivable for open swap contracts 1,778,900
Upfront payments on open OTC swap contracts 705,069
Receivable for closed swap contracts 274,913
Receivable for open non-deliverable bond forward contracts 1,399,022
Directors' deferred compensation plan 32,051
Total assets $3,793,715,642
Liabilities
Cash collateral due to brokers $2,770,000
Payable for reverse repurchase agreements, including accrued interest of $285,796 95,753,733
Written options outstanding, at value (premiums received $5,588,193) 5,513,753
Payable for investments purchased 21,893,007
Payable for when-issued securities 18,361,333
Payable for closed written options 503,081
Payable for Fund shares redeemed 1,828,874
Payable for variation margin on open futures contracts 273,505
Payable for open forward foreign currency exchange contracts 14,111,400
Payable for open forward volatility agreements 27,979
Payable for open swap contracts 403,021
Payable for closed swap contracts 470,395
Upfront receipts on open OTC swap contracts 2,115,672
Payable to affiliates:
 Investment adviser and administration fee 1,747,264
Distribution and service fees 30,803
Sub-transfer agency fee 2,973
Directors' deferred compensation plan 32,051
Accrued foreign capital gains taxes 9,267
Accrued expenses 1,619,839
Total liabilities $167,467,950
Net Assets $3,626,247,692
Sources of Net Assets
Common shares, $0.001 par value, 1,000,000,000 shares authorized (see Note 7), 442,852,533 shares issued and outstanding $442,853
Additional paid-in capital 3,535,618,677
Distributable earnings 90,186,162
Net Assets $3,626,247,692
28
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Statement of Assets and Liabilities - continued
July 31, 2025
Class A Shares
Net Assets $150,382,931
Shares Outstanding 18,406,131
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares outstanding) 		$8.17
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share) 		$8.44
Class I Shares
Net Assets $2,855,884,497
Shares Outstanding 348,612,283
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding) 		$8.19
Class R6 Shares
Net Assets $619,980,264
Shares Outstanding 75,834,119
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares outstanding) 		$8.18
On sales of $100,000 or more, the offering price of Class A shares is reduced.
29
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Statement of Operations
Year Ended
July 31, 2025
Investment Income
Dividend income from affiliated investments $6,403,313
Interest income (net of foreign taxes withheld of $7,308,651) 300,223,497
Other income 1,939,284
Total investment income $308,566,094
Expenses
Investment adviser and administration fee $17,562,801
Distribution and service fees:
Class A 288,471
Directors' fees and expenses 108,652
Custodian fee 1,849,103
Transfer and dividend disbursing agent fees 2,097,116
Legal and accounting services 333,345
Printing and postage 184,902
Registration fees 320,647
Interest expense and fees 652,605
Miscellaneous 180,752
Total expenses $23,578,394
Deduct:
Waiver and/or reimbursement of expenses by affiliates $208,187
Total expense reductions $208,187
Net expenses $23,370,207
Net investment income $285,195,887
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions (net of foreign capital gains taxes of $238,805) $14,168,142
Written options 224,958
Futures contracts 2,047,053
Swap contracts 22,813,819
Foreign currency transactions 2,594,186
Forward foreign currency exchange contracts (15,195,562)
Non-deliverable bond forward contracts (925,478)
Net realized gain $25,727,118
Change in unrealized appreciation (depreciation):
Investments (including net decrease in accrued foreign capital gains taxes of $71,208) $60,671,899
Written options 74,440
Forward volatility agreements (3,818)
Futures contracts 8,429,037
Swap contracts (8,008,750)
Foreign currency 2,059,892
Forward foreign currency exchange contracts (3,232,554)
Non-deliverable bond forward contracts 1,399,022
Net change in unrealized appreciation (depreciation) $61,389,168
Net realized and unrealized gain $87,116,286
Net increase in net assets from operations $372,312,173
30
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Statements of Changes in Net Assets
Year Ended July 31,
2025 2024
Increase (Decrease) in Net Assets
From operations:
Net investment income $285,195,887 $152,400,943
Net realized gain 25,727,118 15,442,418
Net change in unrealized appreciation (depreciation) 61,389,168 55,399,221
Net increase in net assets from operations $372,312,173 $223,242,582
Distributions to shareholders:
Class A $(9,630,788) $(4,085,878)
Class I (200,031,931) (81,149,266)
Class R6 (37,609,226) (13,031,032)
Total distributions to shareholders $(247,271,945) $(98,266,176)
Tax return of capital to shareholders:
Class A $- $(2,578,602)
Class I - (54,658,176)
Class R6 - (8,771,989)
Total tax return of capital to shareholders $- $(66,008,767)
Transactions in common shares:
Class A $57,208,363 $18,004,939
Class I 826,300,022 679,759,551
Class R6 259,771,240 130,972,242
Net increase in net assets from Fund share transactions $1,143,279,625 $828,736,732
Net increase in net assets $1,268,319,853 $887,704,371
Net Assets
At beginning of year $2,357,927,839 $1,470,223,468
At end of year $3,626,247,692 $2,357,927,839
31
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Financial Highlights
Class A
Year Ended July 31,
2025 2024 2023 2022 2021
Net asset value - Beginning of year $7.80 $7.57 $7.06 $8.85 $8.66
Income (Loss) From Operations
Net investment income(1) $0.77 $0.61 $0.61 $0.54 $0.54
Net realized and unrealized gain (loss) 0.25 0.27 0.56 (1.68) 0.30
Total income (loss) from operations $1.02 $0.88 $1.17 $(1.14) $0.84
Less Distributions
From net investment income $(0.65) $(0.41) $(0.47) $(0.48) $(0.55)
From net realized gain - - - (0.04) (0.01)
Tax return of capital - (0.24) (0.19) (0.13) (0.09)
Total distributions $(0.65) $(0.65) $(0.66) $(0.65) $(0.65)
Net asset value - End of year $8.17 $7.80 $7.57 $7.06 $8.85
Total Return(2) 13.51% 12.42% 17.25% (13.54)% 9.90%
Ratios/Supplemental Data
Net assets, end of year (000's omitted) $150,383 $88,269 $67,670 $49,974 $55,838
Ratios (as a percentage of average daily net assets):(3)
Total expenses 1.07%(4) 1.16%(4) 1.12% 1.10% 1.11%
Net expenses 1.06%(4)(5) 1.15%(4)(5) 1.11%(5) 1.10%(5) 1.11%
Net investment income 9.59% 8.02% 8.29% 6.63% 6.03%
Portfolio Turnover 106% 173% 104% 84% 87%
(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) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(4) Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.02% and 0.09% of average daily net assets for the years ended July 31, 2025 and 2024, respectively.
(5) Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended July 31, 2025, 2024, 2023 and 2022, respectively).
32
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Financial Highlights - continued
Class I
Year Ended July 31,
2025 2024 2023 2022 2021
Net asset value - Beginning of year $7.82 $7.59 $7.08 $8.87 $8.69
Income (Loss) From Operations
Net investment income(1) $0.79 $0.64 $0.63 $0.56 $0.57
Net realized and unrealized gain (loss) 0.26 0.27 0.56 (1.67) 0.29
Total income (loss) from operations $1.05 $0.91 $1.19 $(1.11) $0.86
Less Distributions
From net investment income $(0.68) $(0.43) $(0.48) $(0.50) $(0.57)
From net realized gain - - - (0.04) (0.01)
Tax return of capital - (0.25) (0.20) (0.14) (0.10)
Total distributions $(0.68) $(0.68) $(0.68) $(0.68) $(0.68)
Net asset value - End of year $8.19 $7.82 $7.59 $7.08 $8.87
Total Return(2) 13.78% 12.70% 17.52% (13.27)% 10.05%
Ratios/Supplemental Data
Net assets, end of year (000's omitted) $2,855,884 $1,929,763 $1,201,270 $690,681 $828,507
Ratios (as a percentage of average daily net assets):(3)
Total expenses 0.82%(4) 0.92%(4) 0.87% 0.85% 0.86%
Net expenses 0.81%(4)(5) 0.91%(4)(5) 0.86%(5) 0.85%(5) 0.86%
Net investment income 9.90% 8.31% 8.54% 6.84% 6.27%
Portfolio Turnover 106% 173% 104% 84% 87%
(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) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(4) Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.02% and 0.09% of average daily net assets for the years ended July 31, 2025 and 2024, respectively.
(5) Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended July 31, 2025, 2024, 2023 and 2022, respectively).
33
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Financial Highlights - continued
Class R6
Year Ended July 31,
2025 2024 2023 2022 2021
Net asset value - Beginning of year $7.81 $7.57 $7.06 $8.84 $8.66
Income (Loss) From Operations
Net investment income(1) $0.79 $0.64 $0.64 $0.57 $0.57
Net realized and unrealized gain (loss) 0.26 0.28 0.55 (1.67) 0.29
Total income (loss) from operations $1.05 $0.92 $1.19 $(1.10) $0.86
Less Distributions
From net investment income $(0.68) $(0.43) $(0.48) $(0.50) $(0.57)
From net realized gain - - - (0.04) (0.01)
Tax return of capital - (0.25) (0.20) (0.14) (0.10)
Total distributions $(0.68) $(0.68) $(0.68) $(0.68) $(0.68)
Net asset value - End of year $8.18 $7.81 $7.57 $7.06 $8.84
Total Return(2) 13.85% 12.76% 17.60% (13.28)% 10.23%
Ratios/Supplemental Data
Net assets, end of year (000's omitted) $619,980 $339,896 $201,284 $199,679 $281,359
Ratios (as a percentage of average daily net assets):(3)
Total expenses 0.74%(4) 0.83%(4) 0.79% 0.78% 0.81%
Net expenses 0.73%(4)(5) 0.82%(4)(5) 0.78%(5) 0.78%(5) 0.81%
Net investment income 9.91% 8.40% 8.69% 6.91% 6.34%
Portfolio Turnover 106% 173% 104% 84% 87%
(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) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(4) Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.02% and 0.09% of average daily net assets for the years ended July 31, 2025 and 2024, respectively.
(5) Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended July 31, 2025, 2024, 2023 and 2022, respectively).
34
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Emerging Markets Debt Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Series Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is total return. 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.
Senior Floating-Rate Loans.Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.
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. 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. Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration. Swaps and options on 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.
Other.Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation.In connection with Rule 2a-5 of the 1940 Act, the Directors have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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,
35
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
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.
C Income-Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. 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 July 31, 2025, 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.At
July 31, 2025, the Fund had sufficient cash and/or securities to cover these commitments.
G Use of Estimates-The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications-The Corporation's Articles of Incorporation provide that no Director or officer of the Corporation shall be liable, to the fullest extent permitted by Maryland law and the 1940 Act, to the Corporation or to its shareholders for money damages. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Futures Contracts-Upon entering into a 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 futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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)
36
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
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 with the Fund's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. 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. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter risk that the issuer or counterparty will fail to perform its contractual obligations.
L Written Options-Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. The Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
M Interest Rate Swaps-Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared. 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.
N Cross-Currency Swaps-Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.
O 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
37
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
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. 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.
P 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.
Q 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 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.
R Forward Volatility Agreements-Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined at the trade date. At expiration, the amount settled is determined based on the Black Scholes formula, the then current spot exchange rate, interest rates, and the agreed upon implied volatility, and is recorded as a realized gain or loss. Changes in the value of the forward volatility agreement prior to the expiration date are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.
S When-Issued Securities and Delayed Delivery Transactions-The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
T Reverse Repurchase Agreements-Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.
U Segment Reporting-During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.
38
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
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.
The tax character of distributions declared for the years ended July 31, 2025 and July 31, 2024 was as follows:
Year Ended July 31,
2025 2024
Ordinary income $247,271,945 $98,266,176
Tax return of capital $ - $66,008,767
During the year ended July 31, 2025, distributable earnings was decreased by $12,997,390 and paid-in capital was increased by $12,997,390 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of July 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
Undistributed ordinary income $61,741,897
Net unrealized appreciation 28,444,265
Distributable earnings $90,186,162
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts and reverse repurchase agreements, of the Fund at July 31, 2025, as determined on a federal income tax basis, were as follows:
Aggregate cost $3,425,040,685
Gross unrealized appreciation $238,520,952
Gross unrealized depreciation (211,657,101)
Net unrealized appreciation $26,863,851
39
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (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 year ended July 31, 2025, the investment adviser and administration fee amounted to $17,562,801 or 0.61% of the Fund's average daily net assets. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended July 31, 2025, the investment adviser and administration fee paid was reduced by $208,187 relating to the Fund's investment in the Liquidity Fund.
Pursuant to an investment sub-advisory agreement effective December 31, 2024, EVM has delegated a portion of the investment management of the Fund to Morgan Stanley Investment Management Limited ("MSIM Ltd."), a wholly-owned subsidiary of Morgan Stanley. EVM pays MSIM Ltd. a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended July 31, 2025, EVM earned $7,202 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 $3,335 as its portion of the sales charge on sales of Class A shares for the year ended July 31, 2025. EVD also received distribution and service fees from Class A shares (see Note 4) and contingent deferred sales charges (see Note 5).
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. 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 year ended July 31, 2025 amounted to $288,471 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 0.75% contingent deferred sales charge (CDSC) if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended July 31, 2025, the Fund was informed that EVD received $294 of 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 $3,876,386,617 and $2,563,356,757, respectively, for the year ended July 31, 2025.
40
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
7 Common Shares
The Corporation's Articles of Incorporation permit the Directors to issue one billion full and fractional common shares of the Fund ($0.001 par value per share). The Corporation's authorized shares are subdivided into 300 million shares for each of Class A, Class I and Class R6 and 100 million shares for Class C, which has not commenced operations. Transactions in Fund shares were as follows:
Year Ended
July 31, 2025 		Year Ended
July 31, 2024
Shares Amount Shares Amount
Class A
Sales  12,114,044 $   97,216,017   7,101,487 $   54,314,268
Issued to shareholders electing to receive payments of distributions in Fund shares   1,199,885     9,589,749     875,414     6,660,004
Redemptions  (6,219,882)   (49,597,403)  (5,606,314)   (42,969,333)
Net increase   7,094,047 $   57,208,363   2,370,587 $   18,004,939
Class I
Sales 215,086,364 $1,730,363,723 149,440,459 $1,145,541,919
Issued to shareholders electing to receive payments of distributions in Fund shares  24,169,246   193,626,916  17,380,650   132,791,421
Redemptions (137,263,966) (1,097,690,617) (78,474,795)  (598,573,789)
Net increase 101,991,644 $  826,300,022  88,346,314 $  679,759,551
Class R6
Sales  31,786,272 $  255,435,512  15,097,659 $  116,959,200
Issued to shareholders electing to receive payments of distributions in Fund shares   4,678,670    37,422,366   2,849,173    21,707,691
Redemptions  (4,173,268)   (33,086,638)  (1,001,766)    (7,694,649)
Net increase  32,291,674 $  259,771,240  16,945,066 $  130,972,242
At July 31, 2025, Eaton Vance Strategic Income Fund and donor advised funds (established and maintained by a public charity) managed by EVM owned in the aggregate 14.3% 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 written options, swaptions, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2025 is included in the Portfolio of Investments. At July 31, 2025, 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 swaps 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, currency options, forward volatility agreements and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
Interest Rate Risk: The Fund utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.
41
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At July 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $20,997,071. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $13,211,394 at July 31, 2025.
The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at July 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at July 31, 2025.
42
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2025 was as follows:
Fair Value
Statement of Assets and Liabilities Caption Credit Foreign
Exchange 		Interest
Rate 		Total
Unaffiliated investments, at value $ - $1,585,697 $ - $1,585,697
Distributable earnings* 3,117,925 23,230,934 7,746,214 34,095,073
Receivable for open forward foreign currency exchange contracts  - 13,595,289  - 13,595,289
Receivable for open forward volatility agreements  - 24,161  - 24,161
Receivable/Payable for open swap contracts; Upfront payments/receipts on open OTC swap contracts 1,000,867  - 308,348 1,309,215
Receivable for open non-deliverable bond forward contracts  -  - 1,399,022 1,399,022
Total Asset Derivatives $4,118,792 $38,436,081 $9,453,584 $52,008,457
Derivatives not subject to master netting or similar agreements $3,117,925 $23,230,934 $7,746,214 $34,095,073
Total Asset Derivatives subject to master netting or similar agreements $1,000,867 $15,205,147 $1,707,370 $17,913,384
Written options outstanding, at value $ - $(5,513,753) $ - $(5,513,753)
Distributable earnings* (342,760) (14,889,980) (8,056,990) (23,289,730)
Payable for open forward foreign currency exchange contracts  - (14,111,400)  - (14,111,400)
Payable for open forward volatility agreements  - (27,979)  - (27,979)
Payable/Receivable for open swap contracts; Upfront payments/receipts on open OTC swap contracts (1,152,416)  - (191,523) (1,343,939)
Total Liability Derivatives $(1,495,176) $(34,543,112) $(8,248,513) $(44,286,801)
Derivatives not subject to master netting or similar agreements $(342,760) $(14,889,980) $(8,056,990) $(23,289,730)
Total Liability Derivatives subject to master netting or similar agreements $(1,152,416) $(19,653,132) $(191,523) $(20,997,071)
* 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 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 July 31, 2025.
Counterparty Derivative
Assets Subject to
Master Netting
Agreement 		Derivatives
Available
for Offset 		Non-cash
Collateral
Received(a) 		Cash
Collateral
Received(a) 		Net Amount
of Derivative
Assets(b)
Bank of America, N.A. $702,483 $(403,251) $(293,715) $ - $5,517
Barclays Bank PLC 1,433,586 (844,381)  -  - 589,205
BNP Paribas 322,493  - (113,708)  - 208,785
Citibank, N.A. 3,081,371 (251,646)  - (2,770,000) 59,725
Deutsche Bank AG 1,870,026 (517,836) (758,779)  - 593,411
Goldman Sachs International 3,271,027 (3,271,027)  -  -  -
HSBC Bank USA, N.A. 116,681 (116,681)  -  -  -
ICBC Standard Bank plc 197,870 (197,870)  -  -  -
43
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
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)
JPMorgan Chase Bank, N.A. $1,379,913 $(1,379,913) $ - $ - $ -
Standard Chartered Bank 4,464,649 (4,464,649)  -  -  -
State Street Bank and Trust Company 43,044  -  -  - 43,044
UBS AG 1,030,241 (1,030,241)  -  -  -
$17,913,384 $(12,477,495) $(1,166,202) $(2,770,000) $1,499,687
Counterparty Derivative
Liabilities Subject to
Master Netting
Agreement 		Derivatives
Available
for Offset 		Non-cash
Collateral
Pledged(a) 		Cash
Collateral
Pledged(a) 		Net Amount
of Derivative
Liabilities(c)
Bank of America, N.A. $(403,251) $403,251 $ - $ - $ -
Barclays Bank PLC (844,381) 844,381  -  -  -
Citibank, N.A. (251,646) 251,646  -  -  -
Deutsche Bank AG (517,836) 517,836  -  -  -
Goldman Sachs International (6,366,277) 3,271,027 3,089,617  - (5,633)
HSBC Bank USA, N.A. (157,601) 116,681  -  - (40,920)
ICBC Standard Bank plc (777,384) 197,870 579,514  -  -
JPMorgan Chase Bank, N.A. (1,905,195) 1,379,913 525,282  -  -
Standard Chartered Bank (7,759,839) 4,464,649 3,295,190  -  -
UBS AG (2,013,661) 1,030,241 983,420  -  -
$(20,997,071) $12,477,495 $8,473,023 $ - $(46,553)
(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.
Information with respect to reverse repurchase agreements at July 31, 2025 is included at Note 10.
44
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended July 31, 2025 was as follows:
Statement of Operations Caption Credit Foreign
Exchange 		Interest
Rate 		Total
Net realized gain (loss):
Investment transactions(1) $ - $(852,489) $(829,531) $(1,682,020)
Written options  - 224,958  - 224,958
Futures contracts  -  - 2,047,053 2,047,053
Swap contracts 3,872,745  - 18,941,074 22,813,819
Forward foreign currency exchange contracts  - (15,195,562)  - (15,195,562)
Non-deliverable bond forward contracts  -  - (925,478) (925,478)
Total $3,872,745 $(15,823,093) $19,233,118 $7,282,770
Change in unrealized appreciation (depreciation):
Investments(1) $ - $(571,648) $ - $(571,648)
Written options  - 74,440  - 74,440
Forward volatility agreements  - (3,818)  - (3,818)
Futures contracts  -  - 8,429,037 8,429,037
Swap contracts (2,399,798)  - (5,608,952) (8,008,750)
Forward foreign currency exchange contracts  - (3,232,554)  - (3,232,554)
Non-deliverable bond forward contracts  -  - 1,399,022 1,399,022
Total $(2,399,798) $(3,733,580) $4,219,107 $(1,914,271)
(1) Relates to purchased options and swaptions.
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended July 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts - Long 		Futures
Contracts - Short 		Forward
Foreign Currency
Exchange Contracts* 		Forward
Volatility Agreements 		Non-Deliverable
Bond Forward
Contracts
$45,000 $988,796,000 $2,421,673,000 $70,746,000 $35,088,000
Purchased
Swaptions 		Swap
Contracts
$98,335,000 $2,011,780,000
* 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.
The average principal amount of purchased and written currency options contracts outstanding during the year ended July 31, 2025, which are indicative of the volume of these derivative types, were approximately $106,500,000 and $6,345,000, respectively.
45
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
9 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. 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 generally 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 2024, an arrangement fee of $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 year ended July 31, 2025.
10 Reverse Repurchase Agreements
Reverse repurchase agreements outstanding as of July 31, 2025 were as follows:
Counterparty Trade
Date 		Maturity
Date 		Interest
Rate Paid
(Received) 		Principal
Amount 		Value
Including
Accrued
Interest
Barclays Bank PLC 6/20/25 On Demand(1) 4.65% USD 13,368,750 $13,436,095
Barclays Bank PLC 7/9/25 On Demand(1) 4.65 USD  8,950,000  8,975,433
Barclays Bank PLC 7/9/25 On Demand(1) 4.75 USD  8,961,825  8,987,839
Barclays Bank PLC 7/9/25 On Demand(1) 4.75 EUR  8,562,500  9,799,885
Barclays Bank PLC 7/14/25 On Demand(1) 4.80 USD 15,476,559 15,511,639
Barclays Bank PLC 7/21/25 On Demand(1) 4.90 USD 25,952,500 25,987,824
Citibank, N.A. 6/20/25 On Demand(1) 4.85 USD 12,986,783 13,055,018
Total $95,753,733
(1) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
At July 31, 2025, the type of securities pledged as collateral for all open reverse repurchase agreements was Sovereign Government Bonds.
For the year ended July 31, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $7,282,000 and 4.86%, respectively. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at July 31, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 12) at July 31, 2025.
Reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.
The following table presents the Fund's reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Fund as of July 31, 2025.
Counterparty Reverse
Repurchase
Agreements* 		Assets
Available for
Offset 		Securities
Collateral
Pledged(a) 		Cash
Collateral
Pledged(a) 		Net
Amount(b)
Barclays Bank PLC $(82,698,715) $ - $82,698,715 $ - $ -
Citibank, N.A. (13,055,018)  - 13,055,018  -  -
$(95,753,733) $ - $95,753,733 $ - $ -
* Including accrued interest.
(a) In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization.
(b) Net amount represents the net amount payable to the counterparty in the event of default.
46
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
11 Affiliated Investments
At July 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $223,375,954, which represents 6.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended July 31, 2025 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 		Shares,
end of period
Short-Term Investments 
Liquidity Fund $86,614,587 $2,465,000,443 $(2,328,239,076) $ - $ - $223,375,954 $6,403,313 223,375,954
12 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• Level 1 - quoted prices in active markets for identical investments
• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Description  Level 1 Level 2 Level 3* Total
Convertible Bonds $         - $   13,633,727 $       - $   13,633,727
Foreign Corporate Bonds          - 1,068,172,049         0 1,068,172,049
Loan Participation Notes          -            - 7,799,223     7,799,223
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)          -    95,294,639        -    95,294,639
Sovereign Government Bonds          - 1,929,560,807        - 1,929,560,807
Sovereign Loans          -    84,445,400        -    84,445,400
Short-Term Investments:
Affiliated Fund 223,375,954            -        -   223,375,954
Sovereign Government Securities          -    95,749,650        -    95,749,650
U.S. Treasury Obligations          -    27,642,109        -    27,642,109
Purchased Currency Options          -     1,585,697        -     1,585,697
Total Investments $223,375,954 $3,316,084,078 $7,799,223 $3,547,259,255
Forward Foreign Currency Exchange Contracts $         - $   36,826,223 $       - $   36,826,223
Forward Volatility Agreements          -        24,161        -        24,161
Non-Deliverable Bond Forward Contracts          -     1,399,022        -     1,399,022
Futures Contracts   1,668,907            -        -     1,668,907
Swap Contracts          -    10,504,447        -    10,504,447
Total $225,044,861 $3,364,837,931 $7,799,223 $3,597,682,015
47
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Notes to Financial Statements - continued
Liability Description  Level 1 Level 2 Level 3 Total
Written Currency Options $         - $   (5,513,753) $       - $   (5,513,753)
Forward Foreign Currency Exchange Contracts          -   (29,001,380)        -   (29,001,380)
Forward Volatility Agreements          -       (27,979)        -       (27,979)
Futures Contracts  (5,814,968)            -        -    (5,814,968)
Swap Contracts          -    (3,928,721)        -    (3,928,721)
Total $ (5,814,968) $  (38,471,833) $       - $  (44,286,801)
* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended July 31, 2025 is not presented.
13 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, and by acts of terrorism and war. 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.
48
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Report of Independent Registered Public Accounting Firm
To the Directors of Eaton Vance Series Fund, Inc. and Shareholders of Eaton Vance Emerging Markets Debt Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Opportunities Fund (the "Fund") (one of the funds constituting Eaton Vance Series Fund, Inc.), including the portfolio of investments, as of July 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of July 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 19, 2025
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
49
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the foreign tax credit and 163(j) interest dividends.
Foreign Tax Credit.For the fiscal year ended July 31, 2025, the Fund paid foreign taxes of $7,547,456 and recognized foreign source income of $261,924,035.
163(j) Interest Dividends.For the fiscal year ended July 31, 2025, the Fund designates 78.08% of distributions from net investment income as a 163(j) interest dividend.
50
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Board of Directors' Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");
• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;
• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-Adviser
• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."
51
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Board of Directors' Contract Approval - continued
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;
• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;
• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);
• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;
• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
52
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Board of Directors' Contract Approval - continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Emerging Markets Debt Opportunities Fund (the "Fund") and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser's investment professionals in investing in securities, derivatives and other instruments to establish long and short investment exposures to emerging markets, and investing in derivatives to establish short investment exposure to the euro. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.
Fund Performance
The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with the same or substantially similar investment objective as the Fund and with a significant overlap in holdings based on criteria set by the Board. For any such type of account, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other type of account and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other type of account.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
53
Table of Contents
Eaton Vance
Emerging Markets Debt Opportunities Fund
July 31, 2025
Board of Directors' Contract Approval - continued
Profitability and "Fall-Out" Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
54
Table of Contents
EADOX-NCSR 7.31.25

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Corporation's Board of Directors since the Corporation last provided disclosure in response to this item.

Item 16. 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 control 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 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Principal Financial Officer's Section 302 certification.
(a)(2)(ii) Principal Executive Officer'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/ Kenneth A. Topping

Kenneth A. Topping
Principal Executive Officer
Date: September 24, 2025

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
Principal Financial Officer
Date: September 24, 2025
By:

/s/ Kenneth A. Topping

Kenneth A. Topping
Principal Executive Officer
Date: September 24, 2025
Eaton Vance Series Fund Inc published this content on September 26, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 26, 2025 at 15:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]