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GGOF Announces Fund Mergers, Name Changes

Guardian Group of Funds Ltd. (GGOF) today announced the following proposed mutual fund mergers, to be effective on or about June 23, 2006:

  • GGOF American Growth Fund to be merged into GGOF American Value Fund Ltd., with the continuing fund to be renamed GGOF American Equity Fund Ltd.;

  • GGOF Global Growth Fund to be merged into GGOF Global Value Fund, with the continuing fund to be renamed GGOF Global Equity Fund;
  • GGOF Global Health Sciences Fund to be merged into GGOF Global Technology Fund; and
  • GGOF RSP International Balanced Fund to be merged into GGOF Global Diversified Fund.

It is expected that each of the above mergers, other than GGOF RSP International Balanced, will be structured on a taxable basis. GGOF RSP International Balanced will occur on a tax-deferred basis. The mergers are subject to unitholder and regulatory approval, where applicable. The portfolio advisers for the continuing funds will not change. Special meetings of unitholders for the relevant funds will be held on June 21, 2006.

GGOF also announced today that it is proposing that GGOF RSP U.S. Money Market Fund and GGOF RSP Global Bond Fund amend their investment objectives by removing references to RSP eligibility. As a result of these revised investment objectives, GGOF RSP U.S. Money Market Fund will be renamed GGOF U.S. Money Market Fund and GGOF RSP Global Bond Fund will be renamed GGOF Global Bond Fund. GGOF is also proposing that GGOF Canadian High Yield Bond Fund amend its investment objectives by removing references to Canadian issuers. As a result of the revised investment objectives, GGOF Canadian High Yield Bond Fund will be renamed GGOF High Yield Bond Fund. These proposed changes are subject to approval by the unitholders of each relevant fund at special meetings of unitholders to be held on June 21, 2006.

GGOF provides investors with a full product line of 31 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $6.0 billion of mutual fund assets under management at March 31, 2006, 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 had total assets under management and administration and term investments of $271.1 billion at January 31, 2006.

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