Guardian Group of Funds Ltd. announced today that it will terminate its three clone funds as a result of royal assent being given to legislation eliminating foreign property rules.

The three funds are: GGOF RSP American Value Fund; GGOF RSP Global Growth Fund; and GGOF RSP Global Technology Fund.

GGOF says it will not include the three funds in its imminent prospectus renewal and will not accept purchases for any of the funds after July 7.

GGOF has set August 12, as the termination date for the three funds and will wind the funds up at that point. GGOF has already initiated steps to terminate the forward contracts used to ensure RSP eligibility. Once the contracts are terminated, the clone funds will hold only units of the underlying funds, thereby eliminating the layer of additional costs.