Eaton Vance Credit Opportunities Fund Report of Earnings

BOSTON, June 26 /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 year ended
April 30, 2009. The Fund's fiscal year ended on April 30, 2009.

For the three months ended April 30, 2009, the Fund had net investment income
of $1,824,518 ($0.251 per common share). From this amount, the Fund paid
dividends on preferred shares of $116,996 (equal to $0.016 for each common
share), resulting in net investment income after the preferred dividends of
$1,707,522 or $0.235 per common share. For the year ended April 30, 2009, the
Fund had net investment income of $11,111,335 ($1.530 per common share). From
this amount, the Fund paid dividends on preferred shares of $873,750 (equal to
$0.120 for each common share), resulting in net investment income after the
preferred dividends of $10,237,585 or $1.410 per common share. In comparison,
for the three months ended April 30, 2008, the Fund had net investment income
of $4,250,292 ($0.586 per common share). From this amount, the Fund paid
dividends on preferred shares of $905,134 (equal to $0.125 for each common
share), resulting in net investment income after the preferred dividends of
$3,345,158 or $0.461 per common share. For the year ended April 30, 2008, the
Fund had net investment income of $18,401,520 ($2.548 per common share). From
this amount, the Fund paid dividends on preferred shares of $4,288,579 (equal
to $0.594 for each common share), resulting in net investment income after the
preferred dividends of $14,112,941 or $1.954 per common share.

Net realized and unrealized gains for the three months ended April 30, 2009
were $3,769,762 ($0.515 per common share) and net realized and unrealized
losses for the year ended April 30, 2009 were $64,146,932 ($8.840 per common
share). In comparison, net realized and unrealized losses for the three
months ended April 30, 2008 were $9,717,247 ($1.334 per common share). The
Fund's net realized and unrealized losses for the year ended April 30, 2008
were $32,147,563 ($4.444 per common share).

On April 30, 2009, net assets of the Fund applicable to common shares were
$44,745,113. The net asset value per common share on April 30, 2009 was $6.15
based on 7,274,487 common shares outstanding. In comparison, on April 30,
2008, net assets of the Fund applicable to common shares were $108,189,298.
The net asset value per common share on April 30, 2008 was $14.91 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 $127.2 billion in assets as of April 30, 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 Year Ended
April 30, April 30,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Gross investment income $2,223 $4,652 $13,885 $20,353
Operating expenses ($398) ($402) ($2,774) (1,951)
----- ----- ------- ------
Net investment income $1,825 $4,250 $11,111 18,402
Net realized and unrealized gains
(losses) on investments $3,770 ($9,717) ($64,147) (32,148)
Preferred dividends paid from net
investment income ($117) ($905) ($874) (4,289)
----- ----- ----- ------
Net increase (decrease) in net
assets from operations $5,478 ($6,372) ($53,910) $(18,035)
====== ======= ======== ========

Earnings per Share Outstanding
------------------------------
Gross investment income $0.306 $0.641 $1.912 $2.818
Operating expenses ($0.055) ($0.055) ($0.382) (0.270)
------- ------- ------- ------
Net investment income $0.251 $0.586 $1.530 2.548
Net realized and unrealized gains
(losses) on investments $0.515 ($1.334) ($8.840) (4.444)
Preferred dividends paid from net
investment income ($0.016) ($0.125) ($0.120) (0.594)
------- ------- ------- ------
Net increase (decrease) in net
assets from operations $0.750 ($0.873) ($7.430) $(2.490)
====== ======= ======= =======

Net investment income $0.251 $0.586 $1.530 $2.548
Preferred dividends paid from net
investment income ($0.016) ($0.125) ($0.120) (0.594)
------- ------- ------- ------
Net investment income after
Preferred dividends $0.235 $0.461 $1.410 $1.954
====== ====== ====== ======

Net Asset Value at April 30
---------------------------
Net assets (000) $44,745 $108,189
Shares outstanding (000) 7,274 7,257
Net asset value per share outstanding $6.15 $14.91

Market Value Summary
---------------------
Market price on NYSE at April 30 $5.36 $14.25
High market price (period ended April 30) $14.70 $21.14
Low market price (period ended April 30) $4.35 $13.61

SOURCE Eaton Vance Management

Eaton Vance Management Investors, +1-800-262-1122