Acuity All Cap & Income Trust, Acuity Diversified Total Return Trust, Acuity Multi-Cap Total Return Trust, and Acuity Growth & Income Trust announce completion of mergers



    TORONTO, Dec. 31 /CNW/ - (TSX: AAI.UN; ADF.UN; ART.UN; AIG.UN) Acuity
Funds Ltd. is pleased to announce the merger of Acuity All Cap & Income Trust
("All Cap"), Acuity Diversified Total Return Trust ("Diversified"), and Acuity
Multi-Cap Total Return Trust ("Multi-Cap") into Acuity Growth & Income Trust
(the "Continuing Fund") effective as of the close of business on December 28,
2007 (the "Merger"). The Merger was approved by unitholders of All Cap,
Diversified and Growth at special meetings held on December 13, 2007 and by
Multi-Cap unitholders at a special meeting on December 24, 2007. The
Continuing Fund will retain the name "Acuity Growth & Income Trust" and will
continue to trade under the symbol "AIG.UN".
    The exchange ratio for the units was based on the net asset value ("NAV")
per unit of each of All Cap, Diversified and Multi-Cap relative to the
Continuing Fund determined as at the close of trading on December 28, 2007.
The net asset values per unit and exchange ratios are as follows:

    
                Trust                    Trading    NAV per unit    Exchange
                                          Symbol        as at         Ratio
                                                     December 28,
                                                         2007
    -------------------------------------------------------------------------
    Acuity Growth & Income Trust           AIG.UN     $11.444576           -
    Acuity All Cap & Income Trust          AAI.UN     $10.313444    0.901164
    Acuity Diversified Total Return Trust  ADF.UN      $7.895405    0.689882
    Acuity Multi-Cap Total Return Trust    ART.UN      $7.862263    0.686986
    

    %SEDAR: 00020507E




For further information:

For further information: George Henry, Chief Financial Officer, Phone:
(416) 366-9933

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ACUITY ALL CAP & INCOME TRUST

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ACUITY FUNDS LTD.

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