Eaton Vance Credit Opportunities Fund Report of Earnings

• Press Release
• Source: Eaton Vance Management
• On 11:05 am EDT, Wednesday October 7, 2009

BOSTON, Oct. 7 /PRNewswire-FirstCall/ -- Eaton Vance Credit Opportunities Fund (NYSE: EOE - News; the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months ended July 31, 2009. The Fund's fiscal year ends on April 30, 2010.

For the three months ended July 31, 2009, the Fund had net investment income of $1,695,455 ($0.233 per common share). From this amount, the Fund paid dividends on preferred shares of $56,734 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $1,638,721 or $0.225 per common share. In comparison, for the three months ended July 31, 2008, the Fund had net investment income of $3,389,941 ($0.467 per common share). From this amount, the Fund paid dividends on preferred shares of $278,823 (equal to $0.038 for each common share), resulting in net investment income after the preferred dividends of $3,111,118 or $0.429 per common share.

Net realized and unrealized gains for the three months ended July 31, 2009 were $13,747,851 ($1.890 per common share). In comparison, net realized and unrealized losses for the three months ended July 31, 2008 were $2,256,327 ($0.311 per common share).

On July 31, 2009, net assets of the Fund applicable to common shares were $58,662,238. The net asset value per common share on July 31, 2009 was $8.06 based on 7,274,487 common shares outstanding. In comparison, on July 31, 2008, net assets of the Fund applicable to common shares were $106,003,747. The net asset value per common share on July 31, 2008 was $14.61 based on 7,257,139 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV - News), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $147.7 billion in assets as of August 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

                    EATON VANCE CREDIT OPPORTUNITIES FUND
                      SUMMARY OF RESULTS OF OPERATIONS
                  (in thousands, except per share amounts)

                                         Three Months Ended Three Months Ended
                                                  July 31,      July 31,
                                                    2009           2008

    Gross investment income                        $1,932         $4,290
    Operating expenses                              ($237)         ($900)
      Net investment income                        $1,695         $3,390
    Net realized and unrealized gains (losses)
      on investments                              $13,748        ($2,256)
    Preferred dividends paid from net investment
     income                                          ($57)         ($279)
      Net increase (decrease) in net assets
       from operations                            $15,386           $855

    Earnings per Common Share Outstanding
    Gross investment income                        $0.266         $0.591
    Operating expenses                            ($0.033)       ($0.124)
      Net investment income                        $0.233         $0.467
    Net realized and unrealized gains (losses)
     on investments                                $1.890        ($0.311)
    Preferred dividends paid from net
     investment income                            ($0.008)       ($0.038)
      Net increase (decrease) in net assets
       from operations                             $2.115         $0.118

    Net investment income                          $0.233         $0.467
    Preferred dividends paid from net
     investment income                            ($0.008)       ($0.038)
    Net investment income after preferred
     dividends                                     $0.225         $0.429

    Net Asset Value at July 31 (Common Shares)
      Net assets (000)                            $58,662       $106,004
      Shares outstanding (000)                      7,274          7,257
      Net asset value per share outstanding         $8.06         $14.61

    Market Value Summary (Common Shares)
      Market price on NYSE at July 31               $7.46         $13.08
      High market price (three months ended
       July 31)                                     $7.46         $14.70
      Low market price (three months ended
       July 31) $5.55 $12.99

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