O'Leary Funds files Floating Rate Income Fund Preliminary Prospectus

MONTREAL, May 31, 2011 /CNW/ - O'Leary Funds Management LP (the "Manager") is pleased to announce that a preliminary prospectus for the Floating Rate 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 Fund was created to provide holders of units ("Unitholders") of the Fund with exposure to a diversified portfolio comprised of senior secured floating rate loans, floating rate notes and other debt obligations of investment and non-investment grade global issuers.

The Fund's investment objectives are (i) to provide Unitholders with monthly tax-advantaged distributions consisting initially primarily of returns of capital; and (ii) to preserve capital.

The Fund is an investment trust governed by the laws of the Province of Ontario which proposes to issue transferable class A units (the "Class A Units") and class U units (the "Class U Units" and collectively with the Class A Units, the "Units") of the Fund at a price of $12.00 per Class A Unit and U.S. $12.00 per Class U Unit. The Class U Units are designed for investors wishing to make their investment in U.S. dollars. The initial monthly distributions are targeted to be $0.0525 per Class A Unit (U.S. $0.0525 in the case of the Class U Units) ($0.63 per annum (U.S. $0.63 in the case of the Class U Units) representing an annual cash distribution of 5.25% based on the $12.00 per Class A Unit issue price (U.S. $12.00 in the case of the Class U Units)).

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 syndicate of agents is co-led by CIBC and RBC Capital Markets, and includes BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital 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.

A preliminary prospectus dated May 30, 2011 containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the Agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

All capital terms noted herein but not defined are as per the preliminary prospectus dated May 30, 2011.

SOURCE Floating Rate Income Fund

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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Floating Rate Income Fund

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