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Simplified Prospectus Dated April 30, 2021

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Simplified Prospectus Dated April 30, 2021 GUARDIAN CAPITAL FUNDS SIMPLIFIED PROSPECTUS DATED APRIL 30, 2021 Guardian Canadian Bond Fund1, 3, 4 Guardian Canadian Equity Fund4 Guardian Canadian Equity Income Fund4, 5 Guardian Canadian Equity Select Fund4 Guardian Canadian Focused Equity Fund1, 3, 4 Guardian Canadian Growth Equity Fund4 Guardian Canadian Short-Term Investment Fund4, 5 Guardian Directed Equity Path Portfolio (formerly, Guardian SteadyPace Equity Fund)1, 3, 4 Guardian Directed Premium Yield Portfolio (formerly, Guardian SteadyFlow Equity Fund)1, 3, 4 Guardian Emerging Markets Equity Fund1, 3, 4 Guardian Fixed Income Select Fund4 Guardian Fundamental Global Equity Fund4, 5, 6 Guardian High Yield Bond Fund4, 5 Guardian i3 Global Dividend Growth Fund (formerly, Guardian Global Dividend Growth Fund)4, 5, 6 Guardian i3 Global Quality Growth Fund (formerly, Guardian Global Equity Fund)1, 3, 4 Guardian i3 International Quality Growth Fund (formerly, Guardian International Equity Fund)1, 3, 4 Guardian International Equity Select Fund4 Guardian Investment Grade Corporate Bond Fund1, 3, 4 Guardian Managed Balanced Portfolio (formerly, Guardian Balanced Fund)4, 5 Guardian Managed Growth Portfolio4, 5 Guardian Managed Income & Growth Portfolio2, 3, 4 Guardian Managed Income Portfolio2, 3, 4 Guardian Risk Managed Conservative Portfolio3, 4, 5 Guardian Short Duration Bond Fund1, 3, 4 Guardian U.S. Equity All Cap Growth Fund4 Guardian U.S. Equity Fund1, 3, 4 Guardian U.S. Equity Select Fund4 No securities regulatory authority has expressed an opinion about these units. It is an offence to claim otherwise. The Funds and the securities of the Funds offered under this Simplified Prospectus are not registered with the United States Securities and Exchange Commission and they are sold in the United States only in reliance on exemptions from registration. 1 Offering Series A units 2 Offering Series C units 3 Offering Series F units 4 Offering Series I units 5 Offering Series W units 6 Offering Series WF units Table of Contents Introduction ............................................................. 1 Tax information reporting .................................. 22 What is a mutual fund and what are the What are your legal rights? .................................. 23 risks of investing in a mutual fund? ....................... 3 Specific information about each of the What is a mutual fund? ........................................ 3 mutual funds described in this document ............ 24 What do you own? ............................................... 3 Guardian Canadian Bond Fund .......................... 28 Structure of the Funds .......................................... 3 Guardian Canadian Equity Fund ........................ 30 Series of units....................................................... 3 Guardian Canadian Equity Income Fund ........... 32 What are the general risks of investing in Guardian Canadian Equity Select Fund ............. 34 a mutual fund? ..................................................... 3 Guardian Canadian Focused Equity Fund .......... 36 What are the specific risks of investing in Guardian Canadian Growth Equity Fund ........... 38 a mutual fund? ..................................................... 4 Guardian Canadian Short-Term Organization and management of the Investment Fund ................................................. 40 Guardian Capital Funds ......................................... 9 Guardian Directed Equity Path Portfolio Purchases, switches and redemptions .................. 11 (formerly, Guardian SteadyPace Equity Series of units..................................................... 11 Fund) .................................................................. 42 How to purchase Units ....................................... 12 Guardian Directed Premium Yield Portfolio (formerly, Guardian How to redeem your Units ................................. 13 SteadyFlow Equity Fund) ................................... 44 How to switch your Units .................................. 15 Guardian Emerging Markets Equity Optional Services ............................................... 15 Fund ................................................................... 46 Fees and expenses .................................................. 16 Guardian Fixed Income Select Fund .................. 48 Fees and expenses payable by the Funds ........... 16 Guardian Fundamental Global Equity Fees and expenses payable directly by Fund ................................................................... 50 you ..................................................................... 17 Guardian High Yield Bond Fund ....................... 52 Impact of sales charges ...................................... 18 Guardian i3 Global Dividend Growth Dealer compensation ............................................. 18 Fund (formerly, Guardian Global Dividend Growth Fund) ..................................... 54 Sales commission ............................................... 18 Guardian i3 Global Quality Growth Fund Trailing commission .......................................... 18 (formerly, Guardian Global Equity Sales incentives .................................................. 20 Fund) .................................................................. 56 3 Equity interest .................................................... 20 Guardian i International Quality Growth Fund (formerly, Guardian International Sales Practices of the Principal Equity Fund) ...................................................... 58 Distributors ........................................................ 20 Guardian International Equity Select Dealer compensation from management Fund ................................................................... 60 fees ........................................................................... 20 Guardian Investment Grade Corporate Income tax considerations for investors .............. 20 Bond Fund .......................................................... 62 How mutual funds earn taxable income ............. 20 Guardian Managed Balanced Portfolio How your investment is taxed ............................ 21 (formerly, Guardian Balanced Fund) ................ 64 Non-registered accounts ..................................... 21 Guardian Managed Growth Portfolio ................. 66 Buying Units before a distribution date ............. 21 Guardian Managed Income & Growth Portfolio ............................................................. 68 Registered plans ................................................. 22 Guardian Managed Income Portfolio ................. 71 Guardian Risk Managed Conservative Portfolio ............................................................. 73 Guardian Short Duration Bond Fund ................. 75 Guardian U.S. Equity All Cap Growth Fund ................................................................... 77 Guardian U.S. Equity Fund ................................ 79 Guardian U.S. Equity Select Fund ..................... 81 Introduction This document contains selected important information to help you make an informed investment decision and understand your rights as an investor. Throughout this document: we, us, Guardian or the Manager means Guardian Capital LP, the trustee, investment fund manager and portfolio manager of the Funds. you means each person who invests in the Funds. investment advisor means the registered representative who advises you on your investments. dealer means the company where your investment advisor works. custodian means RBC Investor Services Trust. Fund means a mutual fund listed on the front cover of this Simplified Prospectus. Guardian Fund means a mutual fund managed by Guardian, which includes the Funds. HST means harmonized sales tax. intermediary means a third party that you or your dealer may use to administer your accounts. IRC means the independent review committee established by the Manager under National Instrument 81-107 Independent Review Committee for Investment Funds. MER means management expense ratio and includes, for a series, any management fee, administration fee and other operating expenses paid by the Fund, but excludes brokerage commissions on portfolio transactions and certain other costs, including certain taxes. NAV means the net asset value of a Fund. Series NAV in respect of any particular series of Units of a Fund means the portion of the NAV attributed to such series. Series NAV per Unit in respect of any particular series of Units of a Fund means the portion of the NAV attributed to each Unit of such series. Simplified Prospectus means this simplified prospectus of the Funds. Tax Act means Income Tax Act (Canada) and the regulations issued thereunder, as amended from time to time. underlying fund means any mutual fund in which a Fund invests. Unit means a mutual fund unit of a Fund. Unitholder means a holder of Units. Guardian Capital Funds Simplified Prospectus 1 How to use this Simplified Prospectus This Simplified Prospectus is divided into two parts. The first part, on pages 1 to 23, provides basic information about mutual funds and general information about all of the Funds. The second part, on pages 24 to 82, provides specific information about each Fund. For more information You can find more information about each Fund in: The Funds’ Annual Information Form; The most recently filed fund facts (Fund Facts); The latest annual financial statements for each Fund; Any interim financial report filed after those annual financial statements; The
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