News Releases

GGOF Announces Changes to Funds

Guardian Group of Funds Ltd. (GGOF) announced a proposed restructuring of the classes offered by GGOF Global Growth Fund and GGOF RSP Global Growth Fund. The unitholders of each fund will be asked to vote on the conversion of Classic units to Mutual Fund units at a Special Meeting of Unitholders to be held on December 22, 2004 and it is expected that the conversion will occur before the end of 2004. The conversion will not result in an increase in fees or reduce the rights of existing Classic unitholders. It is expected that with the reduced number of classes, the operating costs of the funds should fall, to the benefit of all unitholders.

In addition, GGOF announced that GGOF RSP International Income Fund will be re-named GGOF RSP Global Bond Fund. The Fund’s new name better reflects the Fund’s portfolio and the change in distribution frequency from quarterly to annually. The investment objective and strategies will remain the same for this fund. These changes will take effect on or about December 29, 2004.

GGOF provides investors with a full product line of 30 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $4.1 billion of mutual fund assets under management at September 30, 2004, offers its funds exclusively through financial intermediaries.

GGOF is a member of BMO Financial Group and part of the organization’s Private Client Group. The 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 $283 billion at July 31, 2004.