Merger of Acuity All Cap & Income Trust, Acuity Diversified Total Return Trust, Acuity Multi-Cap Total Return Trust and Acuity Growth & Income Trust


    TORONTO, Oct. 31 /CNW/ - Acuity Funds Ltd. is announcing its intention to
merge Acuity All Cap & Income Trust (TSX: AAI.UN), Acuity Diversified Total
Return Trust (TSX: ADF.UN), Acuity Multi-Cap Total Return Trust (TSX: ART.UN)
and Acuity Growth & Income Trust (TSX: AIG.UN) (collectively, the "Trusts").
It is intended that the Acuity Growth & Income Trust will be the continuing
trust. Subject to obtaining all necessary regulatory approvals and satisfying
all customary closing conditions, it is anticipated that the merger will occur
by the end of December 2007. The merger is intended to combine the four Trusts
in order to provide unitholders with the opportunity to hold units of a
continuing trust that offers a larger market capitalization, increased trading
liquidity and lower operating costs on a per unit basis. Additional
information regarding the merger will be provided to unitholders in the near

    Certain statements in this press release may be viewed as forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, intentions, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "expects", "is expected",
"anticipates", "plans", "estimates" or "intends" (or negative or grammatical
variations thereof), or stating that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved) are not
statements of historical fact and may be forward-looking statements.
Statements which may constitute forward-looking statements relate to: the
proposed timing of the merger and expected completion thereof; the expected
benefits of the merger; and the Trusts that are proposed to be merged.
Forward-looking statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in
the forward-looking statements including as a result of changes in the general
economic and political environment, changes in applicable legislation, and the
performance of each Trust. There are no assurances the Trusts can fulfill such
forward-looking statements and the Trusts do not undertake any obligation to
update such statements. Such forward-looking statements are only predictions;
actual events or results may differ materially as a result of risks facing one
or more of the Trusts, some of which are beyond the control of the Trusts.

    The planned merger is subject to any required regulatory or exchange

    Acuity Investment Management Inc. ("Acuity") provides investment advisory
and portfolio management services to the Trusts. Acuity was formed in 1990 and
currently has assets under management of approximately $9.3 billion.

For further information:

For further information: George Henry, Chief Financial Officer at Acuity
Funds Ltd., 40 King Street West, Scotia Plaza, 56th Floor, Toronto, Ontario,
M5H 3Y2, Telephone: (416) 366-9933, Facsimile: (416) 366-2568, Toll Free:

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