O'Leary Canadian Equity Income Fund: Announces Exchange Ratios

TORONTO, Dec. 9 /CNW/ - O'Leary Funds Management LP (the "Manager"), the trustee and manager of O'Leary Canadian Equity 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 November 25, 2009. The closing of the initial public offering of Units is expected to occur on December 18, 2009.

The Fund has been created to invest in an actively managed portfolio comprised primarily of publicly-traded securities of issuers domiciled in Canada providing investors with both income and potential for capital appreciation. The Fund's investment objectives are:

    
    (i)  to maximize total return for holders of Trust Units ("Unitholders"),
         consisting of distributions, interest and dividend income and
         capital appreciation; and

    (ii) to provide Unitholders with monthly distributions initially targeted
         to be $0.08 per Trust Unit ($0.96 per annum representing an annual
         cash distribution of 8% 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. The Portfolio Advisor, together with O'Leary, will implement the investment strategy of the Fund.

On or before December 1, 2011, the Fund will become an open-end mutual fund, the Trust Units of the Fund will be delisted and the Trust Units will become redeemable at their net asset value per Trust 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 income trusts, preferred shares and dividend-paying equity securities by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange (the "TSX") during the five consecutive trading days ending on December 9, 2009 (the "Pricing Period"), as adjusted to reflect distributions declared by an 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 were 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 CUSIP number, its ticker symbol, its volume weighted average trading price during the Pricing Period and the Exchange Ratios.

    
    Income Trusts and Dividend-Paying Equities

    -------------------------------------------------------------------------
                                                           Volume
                                                          Weighted
                                                           Average  Adjusted
                                                           Trading  Exchange
              Name              CUSIP         Symbol        Price    Ratio
    -------------------------------------------------------------------------
    A&W REVENUE ROYALTIES
     IN-UTS                   000255109   AW-U CN Equity    15.2424   1.2613
    -------------------------------------------------------------------------
    ACADIAN TIMBER INCOME
     FUND                     004273108   ADN-U CN Equity    6.2802   0.5233
    -------------------------------------------------------------------------
    AG GROWTH INTERNATIONAL
     INC                      001181106   AFN CN Equity     32.8689   2.7390
    -------------------------------------------------------------------------
    AGRIUM INC                008916108   AGU CN Equity     64.5445   5.3787
    -------------------------------------------------------------------------
    ALARIS ROYALTY CORP       01163Q202   AD CN Equity       7.9703   0.6641
    -------------------------------------------------------------------------
    ALGONQUIN POWER &
     UTILITIES                 01587105   AQN CN Equity      3.6446   0.3037
    -------------------------------------------------------------------------
    ALLIED PROPERTIES
     REAL ESTAT               019456102   AP-U CN Equity    17.8428   1.4869
    -------------------------------------------------------------------------
    ALTAGAS INCOME TRUST      021360102   ALA-U CN Equity   17.7430   1.4785
    -------------------------------------------------------------------------
    ALTUS GROUP INCOME FUND   02215E106   AIF-U CN Equity   12.2973   1.0247
    -------------------------------------------------------------------------
    ARC ENERGY TRUST-UNITS    001986108   AET-U CN Equity   19.4225   1.6185
    -------------------------------------------------------------------------
    ARMTEC INFRASTRUCTURE
     INCOME                   041900101   ARF-U CN Equity   23.6681   1.9723
    -------------------------------------------------------------------------
    ARTIS REAL ESTATE
     INVESTMENT               04315L105   AX-U CN Equity    10.0127   0.8343
    -------------------------------------------------------------------------
    ATLANTIC POWER CORP       04878Q400   ATP CN Equity     10.6224   0.8852
    -------------------------------------------------------------------------
    AVENIR DIVERSIFIED
     INCOME TR                05356Q200   AVF-U CN Equity    4.8222   0.4018
    -------------------------------------------------------------------------
    BADGER INCOME FUND        05651Q103   BAD-U CN Equity   13.2721   1.1060
    -------------------------------------------------------------------------
    BANK OF MONTREAL          063671101   BMO CN Equity     54.0779   4.5064
    -------------------------------------------------------------------------
    BANK OF NOVA SCOTIA       064149107   BNS CN Equity     48.0076   4.0006
    -------------------------------------------------------------------------
    BARRICK GOLD CORP         067901108   ABX CN Equity     45.1355   3.7612
    -------------------------------------------------------------------------
    BAYTEX ENERGY
     TRUST-UNITS              073176109   BTE-U CN Equity   27.8981   2.3248
    -------------------------------------------------------------------------
    BCE INC                   05534B760   BCE CN Equity     28.2053   2.3166
    -------------------------------------------------------------------------
    BELL ALIANT REGIONAL
     COMMUNI                  07786J103   BA-U CN Equity    26.9652   2.2471
    -------------------------------------------------------------------------
    BIRD CONSTRUCTION
     INCOME FUN               090762105   BDT-U CN Equity   33.2085   2.7673
    -------------------------------------------------------------------------
    BLACK DIAMOND
     INCOME FUND              091938100   BDI-U CN Equity   15.1710   1.2642
    -------------------------------------------------------------------------
    BOARDWALK REAL ESTATE
     INVEST                   096631106   BEI-U CN Equity   37.3692   3.1141
    -------------------------------------------------------------------------
    BOMBARDIER INC 'B'        097751200   BBD/B CN Equity    4.6208   0.3850
    -------------------------------------------------------------------------
    BONAVISTA ENERGY TRUST    098536105   BNP-U CN Equity   20.2162   1.6846
    -------------------------------------------------------------------------
    BONTERRA OIL & GAS LTD    09852Y105   BNE CN Equity     30.1291   2.4974
    -------------------------------------------------------------------------
    BORALEX POWER
     INCOME-UNIT              09951T106   BPT-U CN Equity    4.1218   0.3434
    -------------------------------------------------------------------------
    BOSTON PIZZA
     ROYALTIES-UNITS          101084101   BPF-U CN Equity   11.3650   0.9470
    -------------------------------------------------------------------------
    BOYD GROUP INCOME FUND    103309100   BYD-U CN Equity    5.0291   0.4190
    -------------------------------------------------------------------------
    BPO PROPERTIES LTD        05565B101   BPP CN Equity     17.1463   1.4288
    -------------------------------------------------------------------------
    BROOKFIELD ASSET
     MANAGE-CL A              112585104   BAM/A CN Equity   22.5815   1.8817
    -------------------------------------------------------------------------
    BROOKFIELD PROPERTIES
     CORP                     112900105   BPO CN Equity     12.2554   1.0212
    -------------------------------------------------------------------------
    BROOKFIELD REAL ESTATE
     SERVI                    112831102   BRE-U CN Equity   11.4667   0.9555
    -------------------------------------------------------------------------
    BROOKFIELD RENEWABLE
     POWER                    112834130   BRC-U CN Equity   18.8394   1.5699
    -------------------------------------------------------------------------
    CALLOWAY REAL ESTATE
     INVESTM                  131253205   CWT-U CN Equity   19.0448   1.5870
    -------------------------------------------------------------------------
    CAMECO CORP               13321L108   CCO CN Equity     32.0353   2.6696
    -------------------------------------------------------------------------
    CAN APARTMENT PROP
     REAL ESTA                134921105   CAR-U CN Equity   13.0251   1.0854
    -------------------------------------------------------------------------
    CAN IMPERIAL BK OF
     COMMERCE                 136069101   CM CN Equity      70.0345   5.8362
    -------------------------------------------------------------------------
    CAN REAL ESTATE
     INVEST TRUST             13650J104   REF-U CN Equity   26.1163   2.1763
    -------------------------------------------------------------------------
    CANADIAN ENERGY
     SERVICES LP              13566V100   CEU-U CN Equity   11.0022   0.9168
    -------------------------------------------------------------------------
    CANADIAN HELICOPTERS
     INCOME                   136002102   CHL-U CN Equity    9.3667   0.7805
    -------------------------------------------------------------------------
    CANADIAN NATL RAILWAY
     CO                       136375102   CNR CN Equity     57.5450   4.7954
    -------------------------------------------------------------------------
    CANADIAN NATURAL
     RESOURCES                136385101   CNQ CN Equity     68.6670   5.7135
    -------------------------------------------------------------------------
    CANADIAN OIL SANDS TRUST  13642L100   COS-U CN Equity   29.3136   2.4428
    -------------------------------------------------------------------------
    CANADIAN UTILITIES LTD A  136717832   CU CN Equity      41.6840   3.4736
    -------------------------------------------------------------------------
    CANEXUS INCOME FUND       13751R104   CUS-U CN Equity    5.2599   0.4383
    -------------------------------------------------------------------------
    CANFOR PULP INCOME FUND   137582102   CFX-U CN Equity    7.7608   0.6467
    -------------------------------------------------------------------------
    CANWEL BUILDING
     MATERIALS                13874Q108   CWX-U CN Equity    3.9754   0.3312
    -------------------------------------------------------------------------
    CAPITAL POWER INCOME LP   14042N100   CPA-U CN Equity   14.4546   1.2045
    -------------------------------------------------------------------------
    CATHEDRAL ENERGY SRVCS
     INCOM                    14917H105   CET-U CN Equity    4.0033   0.3336
    -------------------------------------------------------------------------
    CERVUS EQUIPMENT CORP     15712L100   CVL CN Equity     12.5166   1.0430
    -------------------------------------------------------------------------
    CHARTWELL SENIORS
     HOUSING RE               16140U100   CSH-U CN Equity    6.2770   0.5230
    -------------------------------------------------------------------------
    CHEMTRADE LOGISTICS
     INCOM FD                 16387P103   CHE-U CN Equity   10.3081   0.8590
    -------------------------------------------------------------------------
    CINEPLEX GALAXY
     INCOME FUND              172453102   CGX-U CN Equity   17.6528   1.4710
    -------------------------------------------------------------------------
    CML HEALTHCARE INCOME
     FUND                     12582P105   CLC-U CN Equity   13.6604   1.1383
    -------------------------------------------------------------------------
    COLABOR GROUP INC         192667103   GCL CN Equity     10.8144   0.9012
    -------------------------------------------------------------------------
    COMINAR REAL ESTATE
     INV-TR U                 199910100   CUF-U CN Equity   18.5786   1.5482
    -------------------------------------------------------------------------
    CONSUMERS' WATERHEATER
     INCOM                    210724100   CWI-U CN Equity    3.7638   0.3136
    -------------------------------------------------------------------------
    CONTRANS GROUP INC -
     CL A                     212337109   CSS CN Equity      7.1588   0.5965
    -------------------------------------------------------------------------
    CRESCENT POINT ENERGY
     CORP                     22576C101   CPG CN Equity     38.8033   3.2336
    -------------------------------------------------------------------------
    CROMBIE REAL ESTATE
     INVESTME                 227107109   CRR-U CN Equity    9.9742   0.8311
    -------------------------------------------------------------------------
    DATA GROUP INCOME FUND    23768U107   DGI-U CN Equity    5.5099   0.4591
    -------------------------------------------------------------------------
    DAVIS + HENDERSON
     INCOME FND               239058100   DHF-U CN Equity   16.1110   1.3425
    -------------------------------------------------------------------------
    DAYLIGHT RESOURCES TRUST  239600109   DAY-U CN Equity    9.1089   0.7590
    -------------------------------------------------------------------------
    DIRECTCASH INCOME FUND    25457R105   DCI-U CN Equity   14.9387   1.2448
    -------------------------------------------------------------------------
    DUNDEE REAL ESTATE
     INVESTMEN                265270207   D-U CN Equity     19.2088   1.6007
    -------------------------------------------------------------------------
    EMERA INC                 290876101   EMA CN Equity     24.1425   2.0118
    -------------------------------------------------------------------------
    ENBRIDGE INC              29250N105   ENB CN Equity     46.4217   3.8684
    -------------------------------------------------------------------------
    ENBRIDGE INCOME FUND      29251D106   ENF-U CN Equity   12.4099   1.0341
    -------------------------------------------------------------------------
    ENCANA CORP               292505104   ECA CN Equity     29.3265   2.4438
    -------------------------------------------------------------------------
    ENERFLEX SYSTEMS
     INCOME FUND              29268J104   EFX-U CN Equity   13.9688   1.1640
    -------------------------------------------------------------------------
    ENERPLUS RESOURCES FUND   29274D604   ERF-U CN Equity   23.8831   1.9902
    -------------------------------------------------------------------------
    EXTENDICARE REAL ESTATE
     INVE                     302251103   EXE-U CN Equity    7.4959   0.6246
    -------------------------------------------------------------------------
    FIRM CAP MTGE INV
     FND-UTS                  318324100   FC-U CN Equity    10.3244   0.8603
    -------------------------------------------------------------------------
    FIRST CAPITAL REALTY
     INC                      31943B100   FCR CN Equity     20.6097   1.7174
    -------------------------------------------------------------------------
    FIRST NATIONAL
     FINANCIAL INC            321135105   FN-U CN Equity    19.2421   1.6035
    -------------------------------------------------------------------------
    FOREMOST INCOME FUND      345492102   FMO-U CN Equity    6.0911   0.4992
    -------------------------------------------------------------------------
    FORT CHICAGO
     ENERGY-CLASS A           346921109   FCE-U CN Equity    9.9621   0.8301
    -------------------------------------------------------------------------
    FP NEWSPAPERS INCOME
     FUND-UT                  302585104   FP-U CN Equity     4.9636   0.4136
    -------------------------------------------------------------------------
    FREEHOLD ROYALTY
     TRUST UTS                355904103   FRU-U CN Equity   15.0413   1.2534
    -------------------------------------------------------------------------
    FUTUREMED HEALTHCARE
     INCOME                   36116H107   FMD-U CN Equity    9.1295   0.7607
    -------------------------------------------------------------------------
    GAMEHOST INCOME FUND      36466U104   GH-U CN Equity     7.5231   0.6269
    -------------------------------------------------------------------------
    GAZ METRO LP              36827K100   GZM-U CN Equity   16.2331   1.3269
    -------------------------------------------------------------------------
    GENERAL DONLEE INCOME
     FUND                     369540109   GDI-U CN Equity    6.4255   0.5354
    -------------------------------------------------------------------------
    GENIVAR INCOME FUND       372301101   GNV-U CN Equity   26.3918   2.1993
    -------------------------------------------------------------------------
    GOLDCORP INC              380956409   G CN Equity       44.4957   3.7067
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO INC     39138C106   GWO CN Equity     23.8143   1.9845
    -------------------------------------------------------------------------
    GROUPE AEROPLAN INC       399453109   AER CN Equity      9.7442   0.8120
    -------------------------------------------------------------------------
    H&R REAL ESTATE
     INV-REIT UTS             404428203   HR-U CN Equity    13.3607   1.1083
    -------------------------------------------------------------------------
    HUSKY ENERGY INC          448055103   HSE CN Equity     27.2281   2.2690
    -------------------------------------------------------------------------
    IAMGOLD CORP              450913108   IMG CN Equity     18.7492   1.5624
    -------------------------------------------------------------------------
    IBI INCOME FUND           449213107   IBG-U CN Equity   17.2261   1.4355
    -------------------------------------------------------------------------
    IESI-BFC LTD              44951D108   BIN CN Equity     15.6961   1.2975
    -------------------------------------------------------------------------
    IGM FINANCIAL INC         449586106   IGM CN Equity     43.7402   3.6450
    -------------------------------------------------------------------------
    IMPERIAL OIL LTD          453038408   IMO CN Equity     39.2410   3.2700
    -------------------------------------------------------------------------
    INNERGEX POWER INCOME
     FUND                     45771K107   IEF-U CN Equity    9.8476   0.8206
    -------------------------------------------------------------------------
    INNVEST REAL ESTATE
     INVESTME                 45771T108   INN-U CN Equity    4.7388   0.3949
    -------------------------------------------------------------------------
    INTACT FINANCIAL CORP     45823T106   IFC CN Equity     36.6436   3.0269
    -------------------------------------------------------------------------
    INTER PIPELINE FUND
     LP-A                     45833P102   IPL-U CN Equity   10.5681   0.8806
    -------------------------------------------------------------------------
    JAZZ AIR INCOME FUND      47214X100   JAZ-U CN Equity    4.2705   0.3558
    -------------------------------------------------------------------------
    JUST ENERGY INCOME FUND   48213T108   JE-U CN Equity    13.1992   1.0913
    -------------------------------------------------------------------------
    K-BRO LINEN INCOME FUND   482427101   KBL-U CN Equity   13.0880   1.0906
    -------------------------------------------------------------------------
    KEG ROYALTIES INCOME
     FUND-UT                  487522104   KEG-U CN Equity    9.6573   0.8047
    -------------------------------------------------------------------------
    KEYERA FACILITIES
     INCOME FD                493272108   KEY-U CN Equity   23.1068   1.9255
    -------------------------------------------------------------------------
    KILLAM PROPERTIES INC     494104870   KMP CN Equity      8.1662   0.6805
    -------------------------------------------------------------------------
    KINROSS GOLD CORP         496902404   K CN Equity       21.3278   1.7773
    -------------------------------------------------------------------------
    LABRADOR IRON ORE
     ROYALTY TR               504904103   LIF-U CN Equity   40.9870   3.4155
    -------------------------------------------------------------------------
    LE CHATEAU INC            521129106   CTU/A CN Equity   13.3900   1.1158
    -------------------------------------------------------------------------
    LIQUOR STORES INCOME
     FUND                     536345200   LIQ-U CN Equity   14.8878   1.2406
    -------------------------------------------------------------------------
    LOBLAW COMPANIES LTD      539481101   L CN Equity       32.8320   2.7185
    -------------------------------------------------------------------------
    MACQUARIE POWER &
     INFRASTRUC               556084101   MPT-U CN Equity    5.8644   0.4887
    -------------------------------------------------------------------------
    MAGNA INTERNATIONAL
     INC-CL A                 559222401   MG/A CN Equity    51.4754   4.2896
    -------------------------------------------------------------------------
    MANITOBA TELECOM SVCS
     INC                      563486109   MBT CN Equity     33.6131   2.7469
    -------------------------------------------------------------------------
    MANULIFE FINANCIAL CORP   56501R106   MFC CN Equity     17.8956   1.4913
    -------------------------------------------------------------------------
    MARSULEX INC              572904100   MLX CN Equity     10.6364   0.8863
    -------------------------------------------------------------------------
    MEDICAL FACILITIES
     CORP-IPS                 58457V206   DR-U CN Equity     8.3284   0.6940
    -------------------------------------------------------------------------
    MORGUARD REAL ESTATE-TR
     UTS                      617914106   MRT-U CN Equity   11.8481   0.9810
    -------------------------------------------------------------------------
    MORNEAU SOBECO INCOME
     FUND                     61767T101   MSI-U CN Equity    9.5639   0.7969
    -------------------------------------------------------------------------
    MULLEN GROUP LTD          625284104   MTL CN Equity     15.1262   1.2605
    -------------------------------------------------------------------------
    NAL OIL & GAS TRUST-UTS   628949109   NAE-U CN Equity   12.4044   1.0337
    -------------------------------------------------------------------------
    NATIONAL BANK OF CANADA   633067103   NA CN Equity      60.3143   5.0261
    -------------------------------------------------------------------------
    NEW FLYER INDUSTRIES
     INC-IDS                  64438R306   NFI-U CN Equity    9.8503   0.8208
    -------------------------------------------------------------------------
    NORTH WEST COMPANY FUND   662906106   NWF-U CN Equity   17.9763   1.4980
    -------------------------------------------------------------------------
    NORTHERN PROPERTY
     REAL ESTAT               665624102   NPR-U CN Equity   21.3211   1.7767
    -------------------------------------------------------------------------
    NORTHLAND POWER INCOME
     TR UT                    666910104   NPI-U CN Equity   11.0297   0.9191
    -------------------------------------------------------------------------
    PARAMOUNT ENERGY TRUST    699219101   PMT-U CN Equity    4.7176   0.3931
    -------------------------------------------------------------------------
    PARKLAND INCOME FUND      70137Q101   PKI-U CN Equity   12.3675   1.0306
    -------------------------------------------------------------------------
    PEMBINA PIPELINE
     INC-TR UTS               706329109   PIF-U CN Equity   16.7200   1.3933
    -------------------------------------------------------------------------
    PENGROWTH ENERGY TRUST    706902509   PGF-U CN Equity    9.7786   0.8148
    -------------------------------------------------------------------------
    PENN WEST ENERGY TRUST    707885109   PWT-U CN Equity   18.0413   1.5034
    -------------------------------------------------------------------------
    PEYTO ENERGY TRUST        717045108   PEY-U CN Equity   12.0066   1.0005
    -------------------------------------------------------------------------
    PHOENIX TECHNOLOGY
     INCOME FU                71915R105   PHX-U CN Equity    7.5879   0.6323
    -------------------------------------------------------------------------
    PIZZA PIZZA ROYALTY
     INCOME F                 725852107   PZA-U CN Equity    6.2849   0.5237
    -------------------------------------------------------------------------
    POTASH CORP OF
     SASKATCHEWAN             73755L107   POT CN Equity    127.6019  10.6334
    -------------------------------------------------------------------------
    POWER CORP OF CANADA      739239101   POW CN Equity     26.0981   2.1748
    -------------------------------------------------------------------------
    POWER FINANCIAL CORP      73927C100   PWF CN Equity     27.5369   2.2947
    -------------------------------------------------------------------------
    PREMIUM BRANDS HOLDINGS
     CORP                     74061A108   PBH CN Equity     12.1797   1.0149
    -------------------------------------------------------------------------
    PRIMARIS RETAIL REAL
     ESTATE                   74157U109   PMZ-U CN Equity   16.0120   1.3343
    -------------------------------------------------------------------------
    PROVIDENT ENERGY
     TRUST-UTS                74386K104   PVE-U CN Equity    6.8454   0.5704
    -------------------------------------------------------------------------
    RESEARCH IN MOTION        760975102   RIM CN Equity     64.4659   5.3721
    -------------------------------------------------------------------------
    RETROCOM MID-MARKET REIT  761298108   RMM-U CN Equity    2.9829   0.2485
    -------------------------------------------------------------------------
    RIOCAN REAL ESTATE
     INVST TR                 766910103   REI-U CN Equity   18.4677   1.5389
    -------------------------------------------------------------------------
    ROGERS COMMUNICATIONS -
     CL B                     775109200   RCI/B CN Equity   33.4766   2.7897
    -------------------------------------------------------------------------
    ROGERS SUGAR INC FD-TR
     UTS                      774910103   RSI-U CN Equity    4.4572   0.3714
    -------------------------------------------------------------------------
    ROYAL BANK OF CANADA      780087102   RY CN Equity      55.9673   4.6639
    -------------------------------------------------------------------------
    SCOTT'S REAL ESTATE
     INVESTME                 810205203   SRQ-U CN Equity    7.2604   0.6050
    -------------------------------------------------------------------------
    SECOND CUP INCOME FUND    813137106   SCU-U CN Equity    6.0554   0.5046
    -------------------------------------------------------------------------
    SHAW COMMUNICATIONS
     INC-B                    82028K200   SJR/B CN Equity   21.4479   1.7814
    -------------------------------------------------------------------------
    SHOPPERS DRUG MART CORP   82509W103   SC CN Equity      43.1669   3.5972
    -------------------------------------------------------------------------
    SIR ROYALTY INCOME FUND   829636109   SRV-U CN Equity    6.5961   0.5400
    -------------------------------------------------------------------------
    SNC-LAVALIN GROUP INC     78460T105   SNC CN Equity     48.6936   4.0578
    -------------------------------------------------------------------------
    SPECTRA ENERGY CANADA
     EXCHAN                   84755Q202   SPT/A CN Equity   18.3277   1.5273
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL INC    866796105   SLF CN Equity     28.5387   2.3782
    -------------------------------------------------------------------------
    SUNCOR ENERGY INC         867224107   SU CN Equity      37.1242   3.0936
    -------------------------------------------------------------------------
    SUPERIOR PLUS CORP        86828P103   SPB CN Equity     13.6716   1.1393
    -------------------------------------------------------------------------
    SUPREMEX INCOME FUND      868637109   SXP-U CN Equity    2.6969   0.2247
    -------------------------------------------------------------------------
    TALISMAN ENERGY INC       87425E103   TLM CN Equity     18.0993   1.4989
    -------------------------------------------------------------------------
    TELUS CORP                87971M103   T CN Equity       34.8446   2.8641
    -------------------------------------------------------------------------
    TEMPLE REAL ESTATE
     INVESTMEN                880018106   TR-U CN Equity     2.9686   0.2390
    -------------------------------------------------------------------------
    TIM HORTONS INC           88706M103   THI US Equity     28.7664   2.3972
    -------------------------------------------------------------------------
    TORONTO-DOMINION BANK     891160509   TD CN Equity      65.8676   5.4889
    -------------------------------------------------------------------------
    TORSTAR CORP - CL B       891474207   TS/B CN Equity     6.6861   0.5494
    -------------------------------------------------------------------------
    TRANSALTA CORP            89346D107   TA CN Equity      21.8261   1.8188
    -------------------------------------------------------------------------
    TRANSCANADA CORP          89353D107   TRP CN Equity     34.4271   2.8689
    -------------------------------------------------------------------------
    TRILOGY ENERGY TRUST      89619Y101   TET-U CN Equity    7.2766   0.6063
    -------------------------------------------------------------------------
    TRIMAC INCOME FUND        89620N102   TMA-U CN Equity    4.1734   0.3477
    -------------------------------------------------------------------------
    TRINIDAD DRILLING LTD     896356102   TDG CN Equity      6.4586   0.5382
    -------------------------------------------------------------------------
    VERMILION ENERGY TRUST    923728109   VET-U CN Equity   30.6317   2.5526
    -------------------------------------------------------------------------
    VICWEST INCOME FUND       92647T102   VIC-U CN Equity   16.0011   1.3334
    -------------------------------------------------------------------------
    WAJAX INCOME FUND         930787106   WJX-U CN Equity   20.5491   1.7124
    -------------------------------------------------------------------------
    WESTON (GEORGE) LTD       961148509   WN CN Equity      62.7563   5.1996
    -------------------------------------------------------------------------
    WESTSHORE TERMINALS
     INC FD                   960911105   WTE-U CN Equity   13.6533   1.1377
    -------------------------------------------------------------------------
    WHITEROCK REAL ESTATE
     INVEST                   965531700   WRK-U CN Equity   14.1406   1.1783
    -------------------------------------------------------------------------
    YAMANA GOLD INC           98462Y100   YRI CN Equity     13.4998   1.1249
    -------------------------------------------------------------------------
    YELLOW PAGES INCOME FUND  985569102   YLO-U CN Equity    5.1541   0.4295
    -------------------------------------------------------------------------
    ZARGON ENERGY TRUST       989132105   ZAR-U CN Equity   18.4530   1.5377
    -------------------------------------------------------------------------


    Preferred Shares

    -------------------------------------------------------------------------
                                                            Volume
                                                           Weighted
                                                            Average  Adjusted
                        Security                            Trading  Exchange
          Issuer       Description     CUSIP      Symbol     Price    Ratio
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 6 1/2    063671150   BMO.PR.N   28.0186   2.3348
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 6 1/2    063671762   BMO.PR.O   28.1353   2.3446
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 5.95     063671838   BMO.PR.V   26.2983   2.1915
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 5.8      063671796   BMO.PR.L   25.1280   2.0940
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 5 1/4    063671143   BMO.PR.K   23.6005   1.9667
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 5.3      063671853   BMO.PR.H   23.7942   1.9828
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 4 1/2    063671812   BMO.PR.J   20.3485   1.6957
    -------------------------------------------------------------------------
    BANK OF MONTREAL    BMO 5.4      063671747   BMO.PR.P   27.0510   2.2542
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 6 1/4    064149651   BNS.PR.X   27.9916   2.3326
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 6 1/4    064149677   BNS.PR.T   27.9212   2.3267
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 5 1/4    064149768   BNS.PR.N   23.6863   1.9738
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 5.6      064149750   BNS.PR.O   24.9505   2.0792
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 5 1/4    064149818   BNS.PR.J   23.7297   1.9774
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 4.8      064149792   BNS.PR.K   21.8875   1.8239
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 4 1/2    064149784   BNS.PR.L   20.5344   1.7112
    -------------------------------------------------------------------------
    BANK OF NOVA
     SCOTIA             BNS 4 1/2    064149776   BNS.PR.M   20.3909   1.6992
    -------------------------------------------------------------------------
    BOMBARDIER INC      BBD 5.476    097751606   BBD.PR.D   17.6465   1.4705
    -------------------------------------------------------------------------
    BOMBARDIER INC      BBD 6 1/4    097751705   BBD.PR.C   21.8228   1.8185
    -------------------------------------------------------------------------
    BROOKFIELD ASSET
     MGMNT              BAM 7        112585120   BAM.PR.P   27.3208   2.2402
    -------------------------------------------------------------------------
    BROOKFIELD ASSET
     MGMNT              BAM 4 3/4    112585823   BAM.PR.N   17.7061   1.4507
    -------------------------------------------------------------------------
    BROOKFIELD ASSET
     MGMT               BAM 4 3/4    112585831   BAM.PR.M   17.8441   1.4622
    -------------------------------------------------------------------------
    BROOKFIELD ASSETS
     MGMNT              BAM 5.63     112585609   BAM.PR.G   18.2325   1.5193
    -------------------------------------------------------------------------
    BROOKFIELD ASSETS
     MGMNT              BAM 5 3/4    112585708   BAM.PR.H   26.0161   2.1380
    -------------------------------------------------------------------------
    BROOKFIELD ASSETS
     MGMNT              BAM 5.4      112585880   BAM.PR.J   26.8535   2.2096
    -------------------------------------------------------------------------
    BROOKFIELD ASSETS
     MGMNT              BAM 5 1/2    112585807   BAM.PR.I   26.3287   2.1654
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 5 3/4  112900808   BPO.PR.H   23.2523   1.9077
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 6      112900600   BPO.PR.F   25.1383   2.0636
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 5 1/4  112900709   BPO.PR.U   21.4906   1.7635
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 5.2    112900865   BPO.PR.K   22.4735   1.8457
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 5      112900873   BPO.PR.J   23.3860   1.9227
    -------------------------------------------------------------------------
    BROOKFIELD
     PROPERTIES         BPOCN 5.2    112900881   BPO.PR.I   25.3828   2.0881
    -------------------------------------------------------------------------
    CAN IMPERIAL BANK   CM 4.8       136069556   CM.PR.H    20.7552   1.7296
    -------------------------------------------------------------------------
    CAN IMPERIAL BANK   CM 5.4       136069564   CM.PR.G    23.2318   1.9359
    -------------------------------------------------------------------------
    CAN IMPERIAL BANK   CM 5.3       136069648   CM.PR.A    26.2452   2.1871
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 6 1/2     136069481   CM.PR.L    28.0781   2.3398
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 6 1/2     136069465   CM.PR.M    27.9864   2.3322
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 5 3/4     136069614   CM.PR.D    24.9559   2.0796
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 5.6       136069598   CM.PR.E    23.9114   1.9926
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 4.7       136069549   CM.PR.I    20.3450   1.6954
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 5 1/2     136069721   CM.PR.P    23.5240   1.9603
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 4 1/2     136069531   CM.PR.J    19.5968   1.6330
    -------------------------------------------------------------------------
    CANADIAN IMPERIAL
     BANK               CM 5.35      136069499   CM.PR.K    26.8318   2.2359
    -------------------------------------------------------------------------
    CANADIAN UTILITIES  CUCN 5.8     136717865   CU.PR.A    25.2458   2.1038
    -------------------------------------------------------------------------
    CANADIAN UTILITIES
     LTD                CUCN 6       136717717   CU.PR.B    25.4128   2.1177
    -------------------------------------------------------------------------
    EMERA INC           EMACN 5.9    669816803   NSI.PR.D   28.5459   2.3788
    -------------------------------------------------------------------------
    ENBRIDGE INC        ENB 5 1/2    29250N204   ENB.PR.A   25.1516   2.0959
    -------------------------------------------------------------------------
    FORTIS INC          FTSCN 4.9    349553867   FTS.PR.F   21.4491   1.7874
    -------------------------------------------------------------------------
    FORTIS INC          FTSCN 5 1/4  349553834   FTS.PR.G   26.2977   2.1914
    -------------------------------------------------------------------------
    FORTIS INC          FTSCN 5.45   349553404   FTS.PR.C   26.4673   2.2056
    -------------------------------------------------------------------------
    GEORGE WESTON LTD   WN 5.8       961148889   WN.PR.A    23.9538   1.9961
    -------------------------------------------------------------------------
    GEORGE WESTON LTD   WN 5.2       961148863   WN.PR.C    21.2310   1.7421
    -------------------------------------------------------------------------
    GEORGE WESTON LTD   WN 5.2       961148855   WN.PR.D    21.2389   1.7428
    -------------------------------------------------------------------------
    GEORGE WESTON LTD   WN 4 3/4     961148848   WN.PR.E    19.8410   1.6286
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO
     INC                GWOCN 5.9    39138C809   GWO.PR.F   24.4920   2.0410
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO
     INC                GWOCN 4.85   39138C874   GWO.PR.H   20.1917   1.6826
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO
     INC                GWOCN 5.2    39138C882   GWO.PR.G   21.5961   1.7996
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO
     INC                GWOCN 4 1/2  39138C866   GWO.PR.I   19.0001   1.5833
    -------------------------------------------------------------------------
    GREAT-WEST LIFECO
     INC                GWOCN 6      39138C858   GWO.PR.J   27.0901   2.2575
    -------------------------------------------------------------------------
    HSBC BANK OF
     CANADA             HSB 6.6      40427H806   HSB.PR.E   28.0747   2.3051
    -------------------------------------------------------------------------
    INDUSTRIAL
     ALLIANCE           IAGCN 6.2    455870402   IAG.PR.C   26.9067   2.2422
    -------------------------------------------------------------------------
    INDUSTRIAL
     ALLIANCE           IAGCN 4.6    455871301   IAG.PR.A   19.3537   1.6128
    -------------------------------------------------------------------------
    LOBLAW COMPANIES
     LTD                LCN 5.95     539481606   L.PR.A     26.9966   2.2497
    -------------------------------------------------------------------------
    MANULIFE FINANCIAL  MFCCN 4.65   56501R403   MFC.PR.B   19.5643   1.6303
    -------------------------------------------------------------------------
    MANULIFE FINANCIAL
     CORP               MFCCN 6.6    56501R809   MFC.PR.D   27.8961   2.3246
    -------------------------------------------------------------------------
    MANULIFE FINANCIAL
     CORP               MFCCN 4 1/2  56501R502   MFC.PR.C   19.0462   1.5871
    -------------------------------------------------------------------------
    MANULIFE FINANCIAL
     CORP               MFCCN 5.6    56501R874   MFC.PR.E   26.8573   2.2381
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 6.6     633067350   NA.PR.P    27.9238   2.3269
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 6.6     633067368   NA.PR.O    27.9897   2.3324
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 6       633067418   NA.PR.M    25.3289   2.1107
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 5.85    633067715   NA.PR.K    25.0440   2.0870
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 4.85    633067517   NA.PR.L    21.2762   1.7730
    -------------------------------------------------------------------------
    NATIONAL BANK OF
     CANADA             NACN 5 3/8   633067392   NA.PR.N    26.5887   2.2157
    -------------------------------------------------------------------------
    NEXEN INC           NXYCN 7.35   65334H508   NXYpB      23.4653   1.9554
    -------------------------------------------------------------------------
    POWER CORPORATION
     CANADA             POW 5.8      739239879   POW.PR.C   24.3019   2.0251
    -------------------------------------------------------------------------
    POWER CORPORATION
     CANADA             POW 5.6      739239887   POW.PR.A   23.6917   1.9743
    -------------------------------------------------------------------------
    POWER CORPORATION
     CANADA             POW 5.35     739239804   POW.PR.B   22.4992   1.8749
    -------------------------------------------------------------------------
    POWER CORPORATION
     CANADA             POW 5        739239861   POW.PR.D   21.3373   1.7781
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 6        73927C845   PWF.PR.I   25.0838   2.0903
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 5.9      73927C878   PWF.PR.G   25.1835   2.0986
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 5 3/4    73927C860   PWF.PR.H   24.4226   2.0352
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 5.1      73927C829   PWF.PR.L   21.4984   1.7915
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 4.95     73927C837   PWF.PR.K   21.0000   1.7500
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 5 1/2    73927C803   PWF.PR.E   23.6259   1.9688
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 5 1/4    73927C886   PWF.PR.F   22.3388   1.8615
    -------------------------------------------------------------------------
    POWER FINANCIAL
     CORP               PWF 6        73927C811   PWF.PR.M   27.2516   2.2709
    -------------------------------------------------------------------------
    ROYAL BANK OF
     CANADA             RY 4.45      780085445   RY.PR.A    20.0066   1.6672
    -------------------------------------------------------------------------
    ROYAL BANK OF
     CANADA             RY 4.9       780085502   RY.PR.W    22.2835   1.8569
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6 1/4     780086708   RY.PR.R    27.7725   2.3143
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6 1/4     780086302   RY.PR.N    27.7009   2.3084
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6 1/4     780086856   RY.PR.X    27.8309   2.3192
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6 1/4     780086872   RY.PR.T    27.8198   2.3183
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6 1/4     780086500   RY.PR.P    27.7614   2.3134
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 6.1       780086815   RY.PR.Y    27.8197   2.3183
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 5.65      78010A630   RY.PR.H    24.9236   2.0769
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4 1/2     780102760   RY.PR.E    20.2595   1.6882
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4.6       780102604   RY.PR.C    20.6897   1.7241
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4 1/2     780102554   RY.PR.G    20.1821   1.6818
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4.7       780085247   RY.PR.B    21.1609   1.7634
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4 1/2     780102844   RY.PR.D    20.3253   1.6937
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 4.45      780102653   RY.PR.F    20.0929   1.6744
    -------------------------------------------------------------------------
    ROYAL BK CANADA     RY 5.6       78010A333   RY.PR.L    26.8519   2.2376
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 4 1/2  866796600   SLF.PR.E   18.7115   1.5592
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 4 3/4  866796204   SLF.PR.A   20.0706   1.6725
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 4.8    866796303   SLF.PR.B   20.0899   1.6741
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 4.45   866796501   SLF.PR.D   18.7471   1.5622
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 4.45   866796402   SLF.PR.C   18.7878   1.5656
    -------------------------------------------------------------------------
    SUN LIFE FINANCIAL
     INC                SLFCN 6      866796709   SLF.PR.F   27.3493   2.2791
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 6 1/4     891145831   TD.PR.E    27.7848   2.3154
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 6 1/4     891145799   TD.PR.G    27.8296   2.3191
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 6 1/4     891145740   TD.PR.K    27.9162   2.3263
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 6 1/4     891145773   TD.PR.I    27.8704   2.3225
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 5.6       891145401   TD.PR.R    24.9314   2.0776
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 5 1/4     891145203   TD.PR.P    23.5982   1.9665
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 5.6       891145302   TD.PR.Q    24.9222   2.0768
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 4.85      891160681   TD.PR.O    21.9524   1.8293
    -------------------------------------------------------------------------
    TORONTO-DOMINION
     BANK               TD 5.6       891145864   TD.PR.C    27.1175   2.2597
    -------------------------------------------------------------------------
    TRANS-CANADA
     PIPELINES          TRP 5.6      893526699   TCA.PR.Y   49.5121   4.1260
    -------------------------------------------------------------------------
    TRANS-CANADA
     PIPELINES          TRP 5.6      893526715   TCA.PR.X   49.6327   4.1360
    -------------------------------------------------------------------------
    YPG HOLDINGS INC    YLOUCN 5     984246306   YPG.PR.B   18.4809   1.5140
    -------------------------------------------------------------------------
    

The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., Blackmont Capital Inc., Canaccord Financial Ltd., GMP Securities L.P., HSBC Securities (Canada) Inc., Wellington West Capital Markets Inc., Dundee Securities Corporation, MGI Securities Inc., Raymond James Ltd., Desjardins Securities Corporation, Manulife Securities Incorporated and Research Capital Corporation (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 O'Leary Funds Management LP'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 O'Leary Funds Management LP 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. O'Leary Funds Management LP 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.

A final prospectus dated November 25, 2009 containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. Copies of the final prospectus may be obtained from any of the Agents or on-line at www.sedar.com.

All capital terms noted herein but not defined are as per the final prospectus dated November 25, 2009.

For further information: For further information: For media inquiries or additional information: please contact Alexander Price at O'Leary Funds at aprice@olearyfunds.com or at (877) 849-2004 x226, or for additional information: please contact your IDA registered financial advisor

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