O'Leary Funds Management LP Announces Timing of Special Meeting for
Unitholders and Warrantholders of O'Leary Global Equity Income Fund

TORONTO , Oct. 5 /CNW/ - O'Leary Funds Management LP ("O'Leary"), the manager and trustee of O'Leary Global Equity Income Fund (TSX: OGE.un/OGE.wt) (the "Fund") is pleased to announce it has called a special meeting of the unitholders and warrantholders of the Fund to propose a reorganization of the Fund into an open-ended mutual fund. O'Leary will be mailing an information circular highlighting the proposed changes to the Fund by November 6, 2009 to all unitholders and warrantholders of record on October 23, 2009 (the "Record Date") for a special meeting scheduled on November 27, 2009 . The proposed changes are subject to regulatory, unitholder and warrantholder approval.

The reorganization of the Fund into an open-ended mutual fund is being proposed to provide investors with enhanced liquidity and pricing by providing them with the continuous right to redeem their units on a daily basis. If the reorganization is approved, units and warrants of the Fund will no longer be listed and posted for trading on the Toronto Stock Exchange and subscriptions for additional investments in the Fund and redemptions will be made via FundSERV. The Fund will maintain its objective to pay unitholders monthly distributions of $0.06 per unit.

"We believe the proposed reorganization into an open-ended mutual fund scheduled for early 2010 will be highly attractive to investors. In addition to representing a good tax planning opportunity, we intend to create additional value for investors by asking unitholders and warrantholders to approve the reorganization into an open-ended mutual fund that will invest primarily in income-generating common shares and preferred shares of public global issuers with a market capitalization of $1 billion or more. The mutual fund will not be limited to how much it can invest or keep invested in a country or sector. This will vary according to market conditions," said Connor O'Brien, Chief Executive Officer of O'Leary Funds Management Inc.

The proposed changes are responsive to investment advisors and retail investors who have expressed their desire for O'Leary to create an open-ended mutual fund available on a continuous basis to all investors. Accordingly, as part of the reorganization, unitholders and warrantholders of the Fund will be asked to approve the creation of new series of units that will be offered to new investors (subject to qualifying the units for distribution by simplified prospectus). Warrantholders will also be asked to approve a change of the expiry date from December 31, 2010 to December 18, 2009 and a change of the exercise price of the Warrants from $12.00 to a price expected to reflect a modest discount to the net asset value as of the Record Date.

For further information: Investor Relations for O'Leary Funds at [phone] x226 or visit olearyfunds.com