News Releases

GGOF Guardian Group of Funds (GGOF) today announced that it will close its popular GGOF Monthly Dividend Fund Ltd., to new investors on March 12, 2004. GGOF is capping the Fund before it reaches a size at which full investment flexibility would be compromised.

"The Fund has been growing rapidly through significant net sales and has now reached approximately $440 million. Should sales continue at this pace, our portfolio advisor's ability to maintain the desired portfolio may be challenged. The capping is also the result of an increasing shortage of high quality exchangeable, retractable preferred shares," said Gavin Graham, Vice-President, Director of Investments, GGOF.

Although the Fund is being closed to new investors, existing shareholders will be allowed to continue investing.

GGOF provides investors with a full product line of 29 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $3.9 billion of mutual fund assets under management, offers its funds exclusively through financial intermediaries.

GGOF is a member of BMO Financial Group and part of the organization's Private Client Group. BMO's Private Client Group provides integrated wealth management services in Canada and the United States and has total assets under management and administration and term investments of $278 billion at January 30, 2004.

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