O'Leary Canadian Income Opportunities Fund Announces Distribution Amount for
Twelve Months Commencing June 30, 2010

MONTREAL, May 21 /CNW/ - O'Leary Canadian Income Opportunities Fund (TSX: OCY.un/OCY.wt) (the "Fund") announces an expected monthly distribution amount for the following twelve months commencing June 30, 2010 of $0.09 per Trust Unit ($1.08 per annum). This monthly distribution amount remains the same as the regular monthly distribution paid by the Fund since its inception.

The Fund was created to invest in an actively managed portfolio comprised primarily of publicly-traded securities of mid and large-cap issuers domiciled in Canada providing investors with both income and potential for capital appreciation. The Fund invests primarily in corporate bonds, convertible debt securities, preferred shares, as well as income trust units and dividend-paying equity securities of such issuers.

The Fund permits investors to capitalize on current market opportunities and the knowledge and capabilities of Stanton Asset Management Inc. ("Stanton") and Savtrev, Inc. ("O'Leary") who will work together to identify securities providing income and the 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 $0.09 per Trust Unit ($1.08 per annum representing an annual cash distribution of 9% based on the $12.00 per Unit issue price).

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 (the Manager) 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.

SOURCE O'LEARY CANADIAN INCOME OPPORTUNITIES FUND

For further information: For further information: for media inquiries or additional information: please contact O'Leary Funds at info@olearyfunds.com or at 1-877-849-2004 x226

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O'LEARY CANADIAN INCOME OPPORTUNITIES FUND

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