O’Leary Canadian Equity Income Fund Announces Distribution Amount for
Twelve Months
Commencing January 31, 2011

MONTREAL, Dec. 9 /CNW/ - O'Leary Canadian Equity Income Fund (TSX: OCZ.un) (the "Fund") announces an expected monthly distribution amount for the following twelve months commencing January 31, 2011 of $0.08 per unit ($0.96 per annum). This monthly distribution amount remains the same as the monthly distribution paid by the Fund since its inception.

The Fund invests in an actively‐managed portfolio comprised primarily of in income trust units and, to a lesser extent, dividend‐paying equity securities, corporate bonds, convertible debt securities and preferred shares 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 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 unit ($0.96 per annum representing an annual cash distribution of 8% 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 the current expectations of O'Leary Funds Management LP (the "Manager") 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.

For further information:

O'Leary Funds at [email protected] or at 1‐877‐849‐2004 x226