News Releases

GGOF Winds Up RSP Clone Funds

Guardian Group of Funds Ltd. (GGOF) announced today that it has terminated its three clone funds – GGOF RSP American Value Fund, GGOF RSP Global Growth Fund and GGOF RSP Global Technology Fund (the “clone funds”) – concluding the process that it announced on July 7th, in response to legislation eliminating the foreign property limit.

This change does not require unitholders to take any action. GGOF previously terminated the forward contracts used by the clone funds and unitholders today effectively exchanged their units on a dollar-for-dollar basis for units of the corresponding underlying funds. This exchange will be considered a disposition at the applicable net asset value (NAV) by each unitholder, which may trigger tax consequences for non-registered unitholders.

“We view elimination of the foreign property limit as a real plus for Canadian investors,” said John Boeckh, GGOF’s Senior Vice-President, Marketing. “Global investments offer Canadian investors additional choice and exposure from what their domestic investments provide. In addition to the potential for performance improvement, the non-correlated or negatively correlated nature of global and domestic investments can be a valuable aid in reducing performance volatility within a portfolio of funds. GGOF mutual funds are an excellent choice for achieving this additional exposure.”

GGOF provides investors with a full product line of 29 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $5.4 billion of mutual fund assets under management at July 31, 2005, 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 $290 billion at April 30, 2005.

Sales commissions, service fees, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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