GGOF Announces Changes to Two Mutual Funds

    GGOF reopens the popular GGOF Monthly Dividend Fund Ltd.; changes
    distribution frequency of GGOF Dividend Growth Fund

    TORONTO, June 30 /CNW/ - Guardian Group of Funds Ltd. (GGOF) today
announced that it will reopen its popular GGOF Monthly Dividend Fund Ltd. to
new investors after the close of business on July 4, 2008. GGOF is also
changing the distribution frequency of GGOF Dividend Growth Fund from
quarterly to annually.
    GGOF Monthly Dividend Fund Ltd.'s goals are to provide tax advantaged
monthly income and preserve capital. The Fund has been carefully structured to
achieve these goals by investing at least 50 per cent of its assets in high
quality exchangeable/retractable fixed and floating rate preferred shares. In
addition, the portfolio adviser will be permitted to invest up to 10 per cent
of the Fund's assets in high quality perpetual preferred shares.
    GGOF is also changing the distribution frequency for GGOF Dividend Growth
Fund. The Fund has historically distributed modest income on a quarterly
basis, which is administratively costly, but will now distribute both income
and capital gains on an annual basis. Changing to an annual distribution
frequency allows GGOF to better manage cash flows within the Fund, which is
ultimately in the best interests of unitholders.

    About GGOF

    GGOF provides investors with a full product line of 35 mutual funds,
diversified by asset class, geographic region and capitalization. GGOF, with
$5.7 billion of mutual fund assets under management at May 31, 2008, 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 $286 billion as at April
30, 2008.

For further information:

For further information: Media Contacts: Deborah Rowe, Toronto,, (416) 867-3996; Lucie Gosselin, Montréal,, (514) 877-1101; Laurie Grant, Vancouver,, (604) 665-7596; Internet:

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