News Releases

Guardian Group of Funds Ltd. (GGOF) today announced that it will close its popular GGOF Monthly Dividend Fund Ltd. to new investors at the close of business on October 31, 2006. GGOF is capping the Fund because of concerns over the impact of BCE Inc.'s proposal to retire its and Bell Canada's preferred shares as part of its proposed income trust conversion.

GGOF Monthly Dividend Fund Ltd.'s goals are to provide tax-advantaged monthly income and to preserve capital. The Fund was carefully structured to achieve these two goals by investing at least 50 per cent of its assets in high quality exchangeable/retractable fixed and floating rate preferred shares. BCE's recently announced intention to convert to Bell Canada Income Fund in January, 2007 also included provisions to make cash offers for all of its and Bell Canada's preferred shares, totalling approximately $2.9 billion in assets. GGOF is closing the Fund to new investors because it is concerned that the retirement of such a large amount of preferred product from an already thin marketplace could compromise the Fund's future investment flexibility.

“GGOF Monthly Dividend Fund Ltd., one of Canada's first monthly-pay income funds, has distributed tax-advantaged monthly income since November 1985,” said Gavin Graham, GGOF's Chief Investment Officer. “BCE's decision to repurchase all of its and Bell Canada's preferred shares could have an impact on the Fund's future investment flexibility. The Fund currently has 6.9 per cent of its assets (or 13.9 per cent of the Fund's preferred share component) in BCE and Bell Canada preferred share issues.”

GGOF provides investors with a full product line of 33 mutual funds, diversified by asset class, geographic region and capitalization. GGOF, with $6.0 billion of mutual fund assets under management at September 30, 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. BMO's 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 $280.1 billion as at July 31, 2006.

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