EOE Eaton Vance Credit Opportunities Fund

BOSTON, May 8 /PRNewswire-FirstCall/ -- Eaton Vance Credit Opportunities Fund (NYSE:EOE) today announced the voluntarily redemption (the "Redemption") of a portion of its outstanding Auction Preferred Shares - Series A (CUSIP 278271200) (the "APS"). The Fund is a closed-end management investment company sponsored and managed by Eaton Vance Management. 763 shares of the Fund's APS will be redeemed at a redemption price equal to the liquidation preference of $25,000 per share (aggregate liquidation preference of $19,075,000), plus the amount of accumulated but unpaid dividends as of the redemption date, if any. Subject to satisfying the notice and other requirements that apply to APS redemptions, the redemption is expected to occur on May 22, 2009, which is a dividend payment date. For the APS to be redeemed, Depository Trust Company, holder of record of the APS, will determine the allocation of redemptions among participant broker-dealer accounts. Each participant broker-dealer will determine the allocation of redemptions among beneficial holders for which it serves as nominee. Allocation procedures used by different broker-dealers will vary. 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 $119.3 billion in assets as of March 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/. This news release contains statements that are not historical facts, referred to as "forward looking statements." The Fund's actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of fund shares, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission. DATASOURCE: Eaton Vance Management CONTACT: Investors, Jonathan Isaac of Eaton Vance Management, +1-617-672-8818 Web Site: http://www.eatonvance.com/

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