O'Leary Hard Asset Income Fund Announces Exchange Ratios

MONTREAL, Oct 6 /CNW/ - O'Leary Funds Management LP (the "Manager"), the trustee and manager of O'Leary Hard Asset Income Fund (the "Fund") is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus for the Fund dated September 28, 2010. The closing of the initial public offering of Units is scheduled to occur on October 20, 2010.

The Fund was created to invest in Canada and globally primarily in publicly-traded dividend-paying equity securities of issuers owning or controlling significant tangible assets in industry sectors including real estate, pipelines, power utilities, transportation and telecommunications at the time of investment (the "Hard Asset Sectors") and having market capitalizations of at least $1 billion (the "Hard Asset Issuers"), as well as corporate bonds, including non-investment grade bonds, convertible debt securities and preferred shares.

The Fund's investment objectives are (i) to maximize total return for holders of Units of the Fund ("Unitholders"), consisting of interest and dividend income and capital appreciation; and (ii) to provide Unitholders with monthly distributions initially targeted to be $0.065 per Unit ($0.78 per annum representing an annual cash distribution of 6.5% based on the $12.00 per Unit issue price).

The Manager has retained Stanton Asset Management Inc. (the "Portfolio Advisor") to provide investment advisory services to the Fund. The Portfolio Advisor is a Canadian investment firm focused on global investment opportunities, and is also the manager of a variety of specialized funds.

On or about October 31, 2012, the Fund will become an open-end mutual fund, the Units of the Fund will be delisted and the Units will become redeemable at their net asset value per Unit on a daily basis.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradable securities of each class or series of securities described in the table below.

The number of Units issuable in exchange for the securities of an exchange eligible issuer (the "Exchange Ratio") deposited by a prospective purchaser pursuant to the Exchange Option was determined for dividend-paying equities, income trusts and exchange traded funds by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange during the five consecutive trading days ending on October 6, 2010 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $12.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that are deposited under the Exchange Option and which have a record date before the Closing will be received by the prospective purchaser who deposited such securities and not by the Fund. The Exchange Ratios will be rounded down to four decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its volume weighted average trading price during the Pricing Period and the Exchange Ratios.

Dividend-Paying Equities and Income Trusts:

Name	Symbol	CUSIP	Volume Weighted Average Trading Price	Exchange Ratio
AECON GROUP INC	ARE CT	00762V109	12.0607	1.0050
AG GROWTH INTERNATIONAL INC	AFN CT	1181106	40.7888	3.3990
AGNICO-EAGLE MINES LTD	AEM CT	8474108	73.3164	6.1097
AGRIUM INC	AGU CT	8916108	76.8606	6.4050
ALAMOS GOLD INC	AGI CT	11527108	17.3321	1.4414
ALGONQUIN POWER & UTILITIES	AQN CT	15857105	4.6684	0.3890
ALLIANCE GRAIN TRADERS INC	AGT CT	01859A107	29.3449	2.4454
ALLIED PROPERTIES REAL ESTAT	AP-U CT	19456102	22.2736	1.8561
ALTAGAS LTD	ALA CT	21361100	21.5678	1.7973
ARC ENERGY TRUST-UNITS	AET-U CT	1986108	20.8512	1.7376
ARMTEC INFRASTRUCTURE INCOME	ARF-U CT	41900101	19.1338	1.5944
ARTIS REAL ESTATE INVESTMENT	AX-U CT	04315L105	13.5136	1.1261
ATCO LTD -CLASS I	ACO/X CT	46789400	53.4336	4.4528
AVENIR DIVERSIFIED INCOME TR	AVF-U CT	05356Q200	5.6183	0.4681
BANK OF MONTREAL	BMO CT	63671101	59.4534	4.9544
BANK OF NOVA SCOTIA	BNS CT	64149107	54.6548	4.5545
BARRICK GOLD CORP	ABX CT	67901108	47.8769	3.9897
BAYTEX ENERGY TRUST-UNITS	BTE-U CT	73176109	37.7444	3.1453
BCE INC	BCE CT	05534B760	33.3424	2.7785
BELL ALIANT REGIONAL COMMUNI	BA-U CT	07786J103	26.0327	2.1693
BIRD CONSTRUCTION INCOME FUN	BDT-U CT	90762105	38.0034	3.1669
BLACK DIAMOND GROUP LTD	BDI CT	09202D207	17.9919	1.4993
BOARDWALK REAL ESTATE INVEST	BEI-U CT	96631106	45.8722	3.8226
BOMBARDIER INC 'B'	BBD/B CT	97751200	5.0435	0.4202
BONAVISTA ENERGY TRUST	BNP-U CT	98536105	24.1742	2.0145
BONTERRA ENERGY CORP	BNE CT	98546104	42.9429	3.5602
BORALEX POWER INCOME-UNIT	BPT-U CT	09951T106	5.051	0.4209
BROOKFIELD ASSET MANAGE-CL A	BAM/A CT	112585104	29.1368	2.4280
BROOKFIELD RENEWABLE POWER	BRC-U CT	112834130	21.1319	1.7609
CAE INC	CAE CT	124765108	10.662	0.8885
CALFRAC WELL SERVICES LTD	CFW CT	129584108	25.5039	2.1253
CALLOWAY REAL ESTATE INVESTM	CWT-U CT	131253205	24.1097	2.0091
CAMECO CORP	CCO CT	13321L108	28.5598	2.3799
CAN APARTMENT PROP REAL ESTA	CAR-U CT	134921105	17.2279	1.4356
CAN IMPERIAL BK OF COMMERCE	CM CT	136069101	75.1681	6.2640
CAN REAL ESTATE INVEST TRUST	REF-U CT	13650J104	31.2703	2.6058
CANADIAN ENERGY SERVICES & T	CEU CT	13566W108	17.9957	1.4996
CANADIAN NATL RAILWAY CO	CNR CT	136375102	65.6606	5.4717
CANADIAN NATURAL RESOURCES	CNQ CT	136385101	36.708	3.0590
CANADIAN OIL SANDS TRUST	COS-U CT	13642L100	26.0983	2.1748
CANADIAN PACIFIC RAILWAY LTD	CP CT	13645T100	62.7672	5.2306
CANADIAN UTILITIES LTD-A	CU CT	136717832	49.5063	4.1255
CANAM GROUP INC-A	CAM CT	13710C107	7.7536	0.6461
CANEXUS INCOME FUND	CUS-U CT	13751R104	6.4419	0.5368
CANWEL BUILDING MATERIALS	CWX CT	13874X103	4.8859	0.4071
CAPITAL POWER CORP	CPX CT	14042M102	23.9482	1.9956
CAPITAL POWER INCOME LP	CPA-U CT	14042N100	18.5577	1.5464
CATHEDRAL ENERGY SERVICES LT	CET CT	14916J102	7.2368	0.6030
CCL INDUSTRIES INC - CL B	CCL/B CT	124900309	29.3148	2.4429
CENOVUS ENERGY INC	CVE CT	15135U109	29.9275	2.4939
CENTERRA GOLD INC	CG CT	152006102	16.932	1.4110
CHARTWELL SENIORS HOUSING RE	CSH-U CT	16140U100	8.8621	0.7385
CHEMTRADE LOGISTICS INCOM FD	CHE-U CT	16387P103	11.6009	0.9667
CML HEALTHCARE INCOME FUND	CLC-U CT	12582P105	11.6078	0.9673
COGECO CABLE INC	CCA CT	19238V105	36.6427	3.0535
COGECO INC	CGO CT	19238T100	31.8184	2.6515
COLABOR GROUP INC	GCL CT	192667103	12.2788	1.0232
COMINAR REAL ESTATE INV-TR U	CUF-U CT	199910100	21.7205	1.8100
COMPUTER MODELLING GROUP LTD	CMG CT	205249105	17.9431	1.4952
CONSUMERS' WATERHEATER INCOM	CWI-U CT	210724100	4.9815	0.4151
CONTRANS GROUP INC - CL A	CSS CT	21233T101	8.7547	0.7295
CRESCENT POINT ENERGY CORP	CPG CT	22576C101	38.2699	3.1891
CROMBIE REAL ESTATE INVESTME	CRR-U CT	227107109	12.7164	1.0597
DAVIS + HENDERSON INCOME FND	DHF-U CT	239058100	19.162	1.5968
DAYLIGHT ENERGY LTD	DAY CT	239590201	10.0014	0.8334
DUNDEE REAL ESTATE INVESTMEN	D-U CT	265270207	28.0591	2.3382
ELDORADO GOLD CORP	ELD CT	284902103	18.9903	1.5825
EMERA INC	EMA CT	290876101	29.5947	2.4662
ENBRIDGE INC	ENB CT	29250N105	54.1318	4.5109
ENBRIDGE INCOME FUND	ENF-U CT	29251D106	15.9845	1.3320
ENCANA CORP	ECA CT	292505104	30.5404	2.5450
ENERPLUS RESOURCES FUND	ERF-U CT	29274D604	26.6286	2.2040
ENSIGN ENERGY SERVICES INC	ESI CT	293570107	12.759	1.0632
EXCHANGE INCOME CORP	EIF CT	301283107	16.8457	1.4038
EXTENDICARE REAL ESTATE INVE	EXE-U CT	302251103	10.0817	0.8401
FINNING INTERNATIONAL INC	FTT CT	318071404	23.8291	1.9857
FIRST CAPITAL REALTY INC	FCR CT	31943B100	15.491	1.2909
FIRST QUANTUM MINERALS LTD	FM CT	335934105	80.446	6.7038
FORT CHICAGO ENERGY-CLASS A	FCE-U CT	346921109	11.9145	0.9928
FORTIS INC	FTS CT	349553107	31.7289	2.6440
FRANCO-NEVADA CORP	FNV CT	351858105	32.7157	2.7242
FREEHOLD ROYALTY TRUST UTS	FRU-U CT	355904103	18.2037	1.5169
VALENER INC (fmr GAZ METRO LP)	VNR CT	919212H108	17.5063	1.4588
GENIVAR INCOME FUND	GNV-U CT	372301101	27.8504	2.3208
GOLDCORP INC	G CT	380956409	44.8288	3.7344
GREAT-WEST LIFECO INC	GWO CT	39138C106	25.1349	2.0945
H&R REAL ESTATE INV-REIT UTS	HR-U CT	404428203	19.674	1.6334
HOMBURG CANADA REAL ESTATE I	HCR-U CT	436870109	11.2405	0.9367
HUSKY ENERGY INC	HSE CT	448055103	25.2694	2.1057
IAMGOLD CORP	IMG CT	450913108	18.0797	1.5066
IESI-BFC LTD	BIN CT	44951D108	23.2501	1.9375
IGM FINANCIAL INC	IGM CT	449586106	42.0902	3.5075
IMPERIAL OIL LTD	IMO CT	453038408	39.0199	3.2516
INDUSTRIAL ALLIANCE INSURANC	IAG CT	455871103	31.2708	2.6059
INMET MINING CORPORATION	IMN CT	457983104	57.965	4.8304
INNERGEX RENEWABLE ENERGY	INE CT	45790B104	9.5515	0.7959
INNVEST REAL ESTATE INVESTME	INN-U CT	45771T108	7.053	0.5877
INTER PIPELINE FUND LP-A	IPL-U CT	45833P102	13.4707	1.1225
JAZZ AIR INCOME FUND	JAZ-U CT	47214X100	4.6388	0.3865
KEYERA FACILITIES INCOME FD	KEY-U CT	493272108	31.3023	2.6085
KILLAM PROPERTIES INC	KMP CT	494104870	10.0662	0.8388
KINROSS GOLD CORP	K CT	496902404	19.5948	1.6329
LABRADOR IRON ORE ROYALTY CO	LIF-U CT	505440115	53.9942	4.4995
MACQUARIE POWER & INFRASTRUC	MPT-U CT	556084101	7.2321	0.6026
MAGNA INTERNATIONAL INC	MG CT	559222401	84.6952	7.0579
MAJOR DRILLING GROUP INTL	MDI CT	560909103	30.5228	2.5252
MANITOBA TELECOM SVCS INC	MBT CT	563486109	28.7332	2.3944
MANULIFE FINANCIAL CORP	MFC CT	56501R106	12.8779	1.0731
MEDICAL FACILITIES CORP-IPS	DR-U CT	58457V206	9.3036	0.7753
METHANEX CORP	MX CT	59151K108	25.4451	2.1204
MORGUARD REAL ESTATE-TR UTS	MRT-U CT	617914106	13.7725	1.1477
MORNEAU SOBECO INCOME FUND	MSI-U CT	61767T101	9.1401	0.7616
NAL OIL & GAS TRUST-UTS	NAE-U CT	628949109	11.8314	0.9859
NATIONAL BANK OF CANADA	NA CT	633067103	64.7259	5.3938
NEW FLYER INDUSTRIES INC-IDS	NFI-U CT	64438R306	11.6986	0.9748
NEWALTA CORP	NAL CT	65020P103	9.0974	0.7581
NEXEN INC	NXY CT	65334H102	20.9089	1.7424
NIKO RESOURCES LTD	NKO CT	653905109	102.862	8.5718
NORTH WEST COMPANY FUND	NWF-U CT	662906106	19.5053	1.6254
NORTHERN PROPERTY REAL ESTAT	NPR-U CT	665624102	26.0107	2.1675
NORTHLAND POWER INCOME TR UT	NPI-U CT	666910104	15.5898	1.2991
NORTHWEST HEALTHCARE PROPERT	NWH-U CT	667495105	11.6037	0.9669
NUVISTA ENERGY LTD	NVA CT	67072Q104	10.3823	0.8651
PARKLAND INCOME FUND-UNIT	PKI-U CT	70137Q101	11.4643	0.9553
PENGROWTH ENERGY TRUST	PGF-U CT	706902509	11.3573	0.9464
PENN WEST ENERGY TRUST	PWT-U CT	707885109	20.6805	1.7233
PERPETUAL ENERGY INC	PMT CT	714270105	4.7123	0.3926
PETROBAKKEN ENERGY LTD-A	PBN CT	71645A109	23.0114	1.9176
PEYTO ENERGY TRUST	PEY-U CT	717045108	15.5454	1.2954
PHOENIX TECHNOLOGY INCOME FU	PHX-U CT	71915R105	10.0634	0.8386
POTASH CORP OF SASKATCHEWAN	POT CT	73755L107	145.345	12.1037
POWER CORP OF CANADA	POW CT	739239101	26.9646	2.2470
POWER FINANCIAL CORP	PWF CT	73927C100	29.0777	2.4231
PRIMARIS RETAIL REAL ESTATE	PMZ-U CT	74157U109	19.3781	1.6148
PROGRESS ENERGY RESOURCES CO	PRQ CT	74326Y107	11.4952	0.9579
PROVIDENT ENERGY TRUST-UTS	PVE-U CT	74386K104	7.2763	0.6063
RIOCAN REAL ESTATE INVST TR	REI-U CT	766910103	22.6156	1.8846
RITCHIE BROS AUCTIONEERS	RBA CT	767744105	21.4279	1.7856
ROGERS COMMUNICATIONS INC-B	RCI/B CT	775109200	38.6375	3.2197
ROYAL BANK OF CANADA	RY CT	780087102	54.0221	4.5018
RUSSEL METALS INC	RUS CT	781903604	21.0144	1.7512
SHAW COMMUNICATIONS INC-B	SJR/B CT	82028K200	22.5621	1.8740
SHERRITT INTERNATIONAL CORP	S CT	823901103	7.9894	0.6657
SNC-LAVALIN GROUP INC	SNC CT	78460T105	52.0149	4.3345
SUN LIFE FINANCIAL INC	SLF CT	866796105	26.7294	2.2274
SUNCOR ENERGY INC	SU CT	867224107	33.9014	2.8251
SUPERIOR PLUS CORP	SPB CT	86828P103	11.9424	0.9952
TALISMAN ENERGY INC	TLM CT	8.74E+107	17.9323	1.4943
TECK RESOURCES LTD-CLS B	TCK/B CT	878742204	43.1838	3.5986
TELUS CORP	T CT	87971M103	46.0156	3.8346
TELUS CLASS A	T/A CT	891160509	43.9418	3.6618
TORONTO-DOMINION BANK	TD CT	891160509	74.3483	6.1956
TOTAL ENERGY SERVICES INC	TOT CT	89154B102	9.3074	0.7756
TRANSALTA CORP	TA CT	89346D107	21.9136	1.8261
TRANSCANADA CORP	TRP CT	89353D107	38.3487	3.1957
TRANSFORCE INC	TFI CT	89366H103	10.5476	0.8789
TRANSGLOBE APARTMENT REAL ES	TGA-U CT	89367A107	10.2647	0.8553
TRICAN WELL SERVICE LTD	TCW CT	895945103	16.7591	1.3965
TRILOGY ENERGY CORP	TET CT	89620H105	11.4507	0.9542
TRINIDAD DRILLING LTD	TDG CT	896356102	5.2731	0.4394
VERMILION ENERGY INC	VET CT	923725105	38.3654	3.1971
VICWEST INCOME FUND	VIC-U CT	92647T102	14.5947	1.2162
WAJAX INCOME FUND	WJX-U CT	930787106	27.9655	2.3304
WESTSHORE TERMINALS INC FD	WTE-U CT	960911105	20.4558	1.7046
WHITEROCK REAL ESTATE INVEST	WRK-U CT	965531700	17.4172	1.4514
YAMANA GOLD INC	YRI CT	98462Y100	11.8408	0.9867
ZARGON ENERGY TRUST	ZAR-U CT	989132105	18.8806	1.5733

Exchange Traded Funds:

Name	Symbol	CUSIP	Volume Weighted Average Trading Price	Exchange Ratio
CLAYMORE GLB REAL EST ETF-CM	CGR CT	18384J114	17.2745	1.4395
CLAYMORE GLBL INFRASTRUC ETF	CIF CT	18383B112	17.0003	1.4166
CLAYMORE GLOBAL AGRICULTURE	COW CT	18383A106	19.8843	1.6570
ISHARES CDN S&P/TSX INCOME	XTR CT	46431F108	11.9318	0.9943
ISHARES S&P/TSX 60 INDEX FUN	XIU CT	46428D108	17.9618	1.4968
ISHARES S&P/TSX CAPPED COMPO	XIC CT	46430J101	19.5634	1.6302
ISHARES S&P/TSX CAPPED ENERG	XEG CT	46428C100	17.9331	1.4944
ISHARES S&P/TSX CAPPED REIT	XRE CT	46431D103	13.7905	1.1492
ISHARES S&P/TSX GLOBAL GOLD	XGD CT	46428M108	25.1609	2.0967

The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes National Bank Financial Inc., Scotia Capital Inc., Macquarie Private Wealth Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., Dundee Securities Corporation, Mackie Research Capital Corporation, Desjardins Securities Corporation, Manulife Securities Incorporated and MGI Securities Inc. (collectively, the "Agents").

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

This offering is only made by a prospectus dated September 28, 2010. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.

All capital terms noted herein but not defined are as per the prospectus dated September 28, 2010.

For further information:

for media inquiries or additional information: please contact O'Leary Funds at [email protected] or at 1-877-849-2004 x226.