O'Leary Funds files O'Leary Canadian Diversified Income Fund Preliminary Prospectus

MONTREAL, Nov. 11, 2011 /CNW/ - O'Leary Funds Management LP (the "Manager") is pleased to announce that a preliminary prospectus for the O'Leary Canadian Diversified 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 has been created to invest in investment grade and high yield corporate bonds and dividend-paying equity securities primarily of large and mid-cap Canadian issuers, and to a lesser extent of dividend-paying equity securities of large-cap U.S. issuers.

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 at a price of $12.00 per Unit.

The Fund's investment objectives are: (i) to provide holders of Units with monthly distributions; and (ii) to preserve capital.

Prospective purchasers may purchase Units either by: (a) cash payment; or (b) an exchange of freely tradeable securities of any exchange eligible issuer. This exchange option provides investors the opportunity to consolidate their existing convertible bonds, dividend paying equity securities and preferred shares into Units of the Fund. Prospective purchasers under the exchange option are required to deposit securities of exchange eligible issuers with Computershare Investor Services Inc. through CDS Clearing and Depository Services Inc. prior to 5:00 p.m. (Toronto time) on November 28, 2011.

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 National Bank Financial Inc., BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Canaccord Genuity Corp., GMP Securities L.P., Desjardins Securities Inc., 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 November 9, 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 November 9, 2011.

SOURCE O'Leary Funds Management LP

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 Funds Management LP

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