Acuity Multi-Cap Total Return Trust Completes IPO

On October 19, 2005, Acuity Multi-Cap Total Return Trust (the Trust), an investment trust, completed its initial public offering of 11,500,000 Trust units at $10 per Trust unit for gross proceeds of $115 million. On November 8, 2005, the agents for the offering exercised the over-allotment option in respect of 470,000 Trust units for additional gross proceeds to the Trust of $4,700,000.

The Trust's investment objectives are: (i) to provide holders of Units (Unitholders) with monthly distri-butions; (ii) to enhance the long-term total return within the portfolio of the Trust; and (iii) to return to Unitholders upon the termination of the Trust at least the original issue price ($10 per Unit) of the Units. The Trust will invest in an actively managed diversified portfolio of securities consisting primarily of units of large-cap, mid-cap and small-cap income funds and to a lesser extent equity securities of issuers that Acuity believes may convert into income funds in the future and equity securities of issuers that have publicly announced their intention to convert into an income fund.

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

The Trust and Acuity Funds Ltd., the manager of the Trust, were represented by Borden Ladner Gervais LLP with a team that included Lynn McGrade, Michael DeCosimo and Sarah Gardiner (securities/corporate) and Stephen Fyfe (tax). Blake, Cassels & Graydon LLP acted for the agents with a team that included Jeff Glass, Anoop Dogra, Michael Bunn and Alex Matheson (securities/corporate) and Leslie Morgan (tax).