Acuity Focused Total Return Trust has completed its $700 million initial public offering. Units of the trust began trading today on the Toronto Stock Exchange under the symbol AFU.UN.

The closed-end investment trust is managed Acuity Investment Management Inc. Acuity was formed in 1990 and has assets under management of approximately $5.3 billion.

Acuity says trust will invest in an actively managed diversified portfolio of securities consisting primarily of units of business and industrial income funds and energy trusts. To a lesser extent the trust will also invest common shares of companies that Acuity believes may convert into a business and industrial income fund or energy trust at some point in the future, and securities of issuers that have publicly announced their intention to convert into a business and industrial income fund or energy trust.

The offering was made through a syndicate of agents, led by CIBC World Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., First Associates Investments Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., Raymond James Ltd., Wellington West Capital Inc. and Richardson Partners Financial Ltd.

The trust has also granted the agents an over-allotment option to acquire up to 10,500,000 units which is exercisable at any time during the next 30 days.