O'Leary Canadian Equity Income Fund announces normal course issuer bid February 15, 2011

TORONTO, Feb. 15 /CNW/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary Canadian Equity Income Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX: OCZ.un) on the Toronto Stock Exchange ("TSX"). The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per trust unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 1,191,072 trust units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of TSX over a maximum period of 12 months commencing on February 22, 2011 and ending on the earlier of February 21, 2012 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 11,936,721 trust units issued and outstanding as at February 9, 2011. The Fund will not purchase in any given 30 day period, in the aggregate more than 238,734 trust units, being 2% of the issued and outstanding trust units as at February 9, 2011. Pursuant to the Fund's previous normal course issuer bid scheduled to end on February 21, 2011, 81,700 trust units were purchased at an average weighted price of $10.952407 per trust unit.

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For media inquires or additional information: please contact Investor Relations at info@olearyfunds.com or at 877-849-2004 x226

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O'Leary Canadian Equity Income Fund

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