Guardian Group of Funds Ltd. intends to merge several funds. The GGOF Centurion Global Communications Fund will merge into GGOF Alexandria Global Technology Fund. The GGOF Centurion American Large Cap Fund will merge into GGOF Centurion American Value Fund Ltd.. And the GGOF Guardian RSP Foreign Income Fund will merge into GGOF Guardian RSP International Income Fund.

The mergers are subject to unit-holder approval and GGOF expects to mail materials for the special meetings to the unit-holders shortly. GGOF will also be making application to securities regulators for merger approval.

GGOF also announced that Jones Heward Investment Counsel Inc. will manage GGOF Guardian Canadian Money Market Fund and GGOF Guardian RSP U.S. Money Market Fund, as of August 7, 2002. GGOF and Jones Heward are part of Bank of Montreal’s Private Client Group.