Eaton Vance Credit Opportunities Fund Report of Earnings

BOSTON, Jan. 5  /PRNewswire-FirstCall/ -- Eaton Vance Credit Opportunities Fund (NYSE:EOE) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the six months ended October 31, 2009.  The Fund's fiscal year ends on April 30, 2010.

For the three months ended October 31, 2009, the Fund had net investment income of $1,374,320 ($0.189 per common share). From this amount, the Fund paid dividends on preferred shares of $30,449 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $1,343,871 or $0.185 per common share. For the six months ended October 31, 2009, the Fund had net investment income of $3,069,775 ($0.422 per common share).  From this amount, the Fund paid dividends on preferred shares of $87,183 (equal to $0.012 for each common share), resulting in net investment income after the preferred dividends of $2,982,592 or $0.410 per common share. In comparison, for the three months ended October 31, 2008, the Fund had net investment income of $3,290,493 ($0.453 per common share). From this amount, the Fund paid dividends on preferred shares of $328,407 (equal to $0.045 for each common share), resulting in net investment income after the preferred dividends of $2,962,086 or $0.408 per common share. For the six months ended October 31, 2008, the Fund had net investment income of $6,680,434 ($0.921 per common share).  From this amount, the Fund paid dividends on preferred shares of $607,230 (equal to $0.084 for each common share), resulting in net investment income after the preferred dividends of $6,073,204, or $0.837 per common share.

Net realized and unrealized gains for the three months ended October 31, 2009 were $11,608,289 ($1.594 per common share). The Fund's net realized and unrealized gains for the six months ended October 31, 2009 were $25,356,140 ($3.484 per common share).  In comparison, net realized and unrealized losses for the three months ended October 31, 2008 were $43,018,250 ($5.926 per common share). The Fund's net realized and unrealized losses for the six months ended October 31, 2008 were $45,274,577 ($6.237 per common share).

On October 31, 2009, net assets of the Fund applicable to common shares were $70,363,187. The net asset value per common share on October 31, 2009 was $9.67 based on 7,274,487 common shares outstanding. In comparison, on October 31, 2008, net assets of the Fund applicable to common shares were $62,891,928. The net asset value per common share on October 31, 2008 was $8.67 based on 7,257,139 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), 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 $154.9 billion in assets as of October 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 http://www.eatonvance.com/.

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

                                       Three Months Ended   Six Months Ended
                                          October 31,        October 31,
                                          -----------        -----------
                                          2009      2008     2009      2008
                                          ----      ----     ----      ----
  Gross investment income               $1,563    $4,239   $3,495    $8,529
  Operating expenses                     ($189)    ($949)   ($425)  ($1,849)
                                         -----     -----    -----   -------
    Net investment income               $1,374    $3,290   $3,070    $6,680
  Net realized and unrealized gains
   (losses) on investments             $11,608  ($43,018) $25,356  ($45,274)
  Preferred dividends paid from net
   investment income                      ($30)    ($328)    ($87)    ($607)
                                          ----     -----     ----     -----
    Net increase (decrease) in net
     assets from operations            $12,952  ($40,056) $28,339  ($39,201)
                                       =======  ========  =======  ========

  Earnings per Common Share Outstanding
  -------------------------------------
  Gross investment income               $0.215    $0.584   $0.480    $1.176
  Operating expenses                   ($0.026)  ($0.131) ($0.058)  ($0.255)
                                       -------   -------  -------   -------
    Net investment income               $0.189    $0.453   $0.422    $0.921
  Net realized and unrealized gains
   (losses) on investments              $1.594   ($5.926)  $3.484   ($6.237)
  Preferred dividends paid from net
   investment income                   ($0.004)  ($0.045) ($0.012)  ($0.084)
                                       -------   -------  -------   -------
    Net increase (decrease) in net
     assets from operations             $1.779   ($5.518)  $3.894   ($5.400)
                                        ======   =======   ======   =======

  Net investment income                 $0.189    $0.453   $0.422    $0.921
  Preferred dividends paid from net
   investment income                   ($0.004)  ($0.045) ($0.012)  ($0.084)
                                       -------   -------  -------   -------
  Net investment income after
   preferred dividends                  $0.185    $0.408   $0.410    $0.837
                                        ======    ======   ======    ======

  Net Asset Value at October 31
  (Common Shares)
  -----------------------------
    Net assets (000)                                      $70,363   $62,892
    Shares outstanding (000)                                7,274     7,257
    Net asset value per share
     outstanding                                            $9.67     $8.67

  Market Value Summary (Common Shares)
  ------------------------------------
    Market price on NYSE at October 31                      $8.55     $8.00
    High market price (six months
     ended October 31)                                      $8.83    $14.70
    Low market price (six months
     ended October 31)                                      $5.55     $6.93


DATASOURCE: Eaton Vance Management



CONTACT:  Investors, Eaton Vance Management, [phone]



Web Site:  http://www.eatonvance.com/ 

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