O'Leary Hard Asset Income Fund files final prospectus for a maximum of $250
million of Units

MONTREAL, Sept. 29 /CNW/ - O'Leary Funds Management LP (the "Manager") is pleased to announce that a final prospectus for the initial public offering of the O'Leary Hard Asset Income Fund (the "Fund") has been filed with, and a receipt therefor has been issued by, the securities regulatory authorities in each of the provinces of Canada. The offering is scheduled to close 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 is an investment trust governed by the laws of the Province of Ontario which proposes to issue transferable units (the "Units") of the Fund (the "Offering") at a price of $12.00 per Unit. 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.

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