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Credit Opportunities Fund

NAV ¹	02/05/2010 Quote 10.64 0.02
Market ²	02/05/2010 Quote 9.75 0.26
¹ Net Asset Value: without sales charge. ² Market Price.

Literature
Fact Sheet
Online prospectus currently unavailable
Annual Report
Semiannual Report
Fund Holdings (1st or 3rd fiscal quarters)
Fund Holdings as of 12/31/2009

Investment Objective and Policies

The Fund’s investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The Fund will pursue its objectives by investing opportunistically in various credit-related investments including, but not limited to, publicly and privately issued debt securities, bank loans and up to 10% in registered investment companies. The Adviser believes that risk-adjusted performance may be enhanced by taking an opportunistic approach to investing, shifting allocations among different categories of investments at different points in the credit cycle.

General Data

Symbol	EOE
CUSIP	278271101
Fund Inception Date	5/31/2006
Performance Inception Date	5/31/2006
Portfolio Turnover Rate	21% for the fiscal year ending 4/30/2009

Performance

AVERAGE ANNUAL TOTAL RETURNS

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund’s performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Performance results reflect the effects of leverage resulting from the Fund’s issuance of Auction Preferred Shares.

For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

For the periods ended January 31, 2010


Returns at NAV¹	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+112.04%	-7.05%			-4.09%


Returns at Market²	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+97.27%	-10.20%			-5.77%

For the periods ended December 31, 2009


Returns at NAV¹	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+100.03%	-7.93%			-5.49%


Returns at Market²	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+99.38%	-11.64%			-7.71%

Calendar Year Performance (Before Taxes)
	YTD 01/31/2010	2009	2008	2007	05/31/2006 to 12/31/2009
NAV ¹	+5.08%	+100.03%	-61.60%	+1.56%	-5.49%
Market ²	+7.20%	+99.38%	-62.38%	-8.05%	-7.71%

¹ Net Asset Value   ² Market Price.
³ Includes all historical filings made with the Securities and Exchange Commission ("SEC") on behalf of a fund. Information found on the SEC
   web site is historical and may not represent current information about a fund. For search purposes, please note that closed-end funds are
   registered with the SEC pursuant to Form N-2 and not Form N-1A.

Performance inception date May 31, 2006.

Distribution History

Pay Date	Distribution
1/29/2010	$0.063
12/31/2009	$0.063
11/30/2009	$0.062
10/30/2009	$0.06
9/30/2009	$0.058
8/31/2009	$0.054
7/31/2009	$0.066
6/30/2009	$0.068
5/29/2009	$0.068
4/30/2009	$0.07
3/31/2009	$0.07
2/27/2009	$0.07
1/30/2009	$0.07

The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change.

Press Releases
2/1/2010	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
1/5/2010	Eaton Vance Credit Opportunities Fund - Report of Earnings
1/4/2010	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
12/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
11/2/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
10/7/2009	Eaton Vance Credit Opportunities Fund Report of Earnings
10/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
9/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
8/3/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
7/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
6/29/2009	Eaton Vance Credit Opportunities Fund Report of Earnings
6/19/2009	Recommendation to Merge Eaton Vance Credit Opportunities Fund Into Eaton Vance Limited Duration Income Fund
6/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
5/8/2009	Eaton Vance Credit Opportunities Fund Announces Partial Redemption of Auction Preferred Shares
5/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
4/1/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
3/18/2009	Eaton Vance Credit Opportunities Fund Report of Earnings
3/2/2009	Eaton Vance Credit Opportunities Fund Declares Monthly Distribution
2/27/2009	Eaton Vance Credit Opportunities Fund Annual Meeting of Shareholders

Portfolio Management
Scott H. Page (since 5/26/2006)	Untitled Document Vice President, Eaton Vance Management Joined Eaton Vance in 1989 and has been Portfolio Manager since 1996 Previously, an investment officer of the Dartmouth College endowment and an Assistant Vice President in the Leveraged Finance Department of Citicorp. Was also affiliated with Chase Manhattan Bank B.A. from Williams College; M.B.A. from Amos Tuck School at Dartmouth College
Payson F. Swaffield (since 5/26/2006)	Untitled Document Vice President, Eaton Vance Management Joined Eaton Vance in 1990 and has been Portfolio Manager since 1996 Previously, a principal in the corporate finance area of Conning & Company and a commercial lending representative at Northern Trust Bank. Also served as an analyst in the corporate financial consulting group of Duff & Phelps, Inc. and State Street Bank’s corporate finance group B.A. from Middlebury College; M.B.A. from the University of Chicago
Michael Weilheimer (since 5/26/2006)	Untitled Document Vice President, Eaton Vance Management Joined Eaton Vance in 1990 and has been Portfolio Manager since January, 1996 Previously, served as Vice President of Amroc Investments, L.P. and as an analyst at Cowen & Company B.S. from the State University of New York at Albany; M.B.A. from the University of Chicago
Andrew Sveen (since 4/23/2007)	Untitled Document Vice President, Eaton Vance Management Joined Eaton Vance in 1999 Lead trader and key contributor in the bank loan group to both institutional and retail mutual funds. M.B.A from the William Simon School of Business Finance. B.A. from Dartmouth College. CFA

Before investing in any Eaton Vance fund, prospective investors should consider carefully the fund's investment objective(s), risks, and charges and expenses. For open-end mutual funds, the fund's current prospectus contains this and other information about the Fund. To obtain a fund prospectus and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The information on this Web site is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

Publication details: 2010-02-05 11:33

Important Disclosure

Market price performance is shown before applicable commissions that a shareholder may encounter when purchasing or selling shares of the fund. All performance information is for common shares of the fund. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV. There is no assurance that the fund will achieve its investment objective. The fund is subject to investment risks, including possible loss of principal invested. This data is provided for information only and is not intended for trading purposes.