Acuity Funds Ltd. today announced further specifics of the proposed merger, announced October 31, of Acuity All Cap & Income Trust, Acuity Diversified Total Return Trust, and Acuity Multi-Cap Total Return Trust with Acuity Growth & Income Trust.

The purpose of the merger is to provide unitholders of all funds with the opportunity to hold units of Acuity Growth & Income Trust that offers a larger market capitalization, increased trading liquidity and lower operating costs on a per unit basis.

Completion of the merger is expected to take place on or about December 28, and is subject to unitholder approval, and all regulatory requirements and customary closing conditions being satisfied.

The merger will be effected at an exchange ratio calculated as the net asset value per unit of each fund divided by the net asset value per unit of Acuity Growth & Income Trust, each determined as at the close of trading on the Toronto Stock Exchange on the December 28.

Following the successful completion of the Merger, Acuity Growth & Income Trust intends to increase its monthly indicative distribution amount to 8¢ per unit. The first monthly distribution of 8¢ per unit will be payable on Jan. 15, 2008 to unitholders of record of Acuity Growth & Income Trust on Dec. 31, 2007. The new indicative distribution amount is equal to 96¢ per unit per annum, and will be Acuity Growth & Income Trust’s indicative distribution amount for the following 12 months upon the successful completion of the merger.

Unitholders of the terminating funds who do not wish to participate in the merger and become unitholders of Acuity Growth & Income Trust will have the opportunity to redeem their units of the respective terminating Funds before the merger occurs.

In order to provide unitholders of all of the terminating funds with an equal opportunity to choose not to participate in the merger, a redemption date for each of the terminating funds has been set at December 20, with a redemption payment date of December 27.

To allow unitholders of the terminating funds to participate in the redemption, Acuity Funds Ltd. has set the redemption notice period from December 1, to 5:00 p.m. ET on December 12. Unitholders should use the same notice procedure as set out for annual redemptions in the respective terminating fund’s declaration of trust. Surrendered units will be redeemed at a price calculated with reference to the net asset value per unit in accordance with the respective terminating fund’s declaration of trust.

Acuity Growth & Income Trust trades under the symbol AIG.UN on the Toronto Stock Exchange.