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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001351301-09-000003.txt : 20090427
<SEC-HEADER>0001351301-09-000003.hdr.sgml : 20090427
<ACCEPTANCE-DATETIME>20090427155433
ACCESSION NUMBER:		0001351301-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090427
DATE AS OF CHANGE:		20090427
EFFECTIVENESS DATE:		20090427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOUNT YALE GUARDIAN FUND
		CENTRAL INDEX KEY:			0001351301
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-85594
		FILM NUMBER:		09772668

	BUSINESS ADDRESS:	
		STREET 1:		8000 NORMAN CENTER DR
		STREET 2:		SUITE 630
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55437
		BUSINESS PHONE:		952-897-5390

	MAIL ADDRESS:	
		STREET 1:		8000 NORMAN CENTER DR
		STREET 2:		SUITE 630
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55437
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001351301</cik>
        <entityName>MOUNT YALE GUARDIAN FUND</entityName>
        <issuerAddress>
            <street1>8000 NORMAN CENTER DR</street1>
            <street2>SUITE 630</street2>
            <city>MINNEAPOLIS</city>
            <stateOrCountry>MN</stateOrCountry>
            <zipCode>55437</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>952-897-5390</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Greg</firstName>
                <middleName>D.</middleName>
                <lastName>Anderson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 Seventeenth Street</street1>
                <street2>Suite 630</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Banking and Financial Services</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-012369</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>2000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>RBC Dain Rausher</recipientName>
                <recipientCRDNumber>31194</recipientCRDNumber>
                <associatedBDName>RBC Dain Rausher</associatedBDName>
                <associatedBDCRDNumber>31194</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>60 South Sixth St.</street1>
                    <street2></street2>
                    <city>Minneapolis</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <zipCode>55402</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Ameritas Investment Corp.</recipientName>
                <recipientCRDNumber>14869</recipientCRDNumber>
                <associatedBDName>Ameritas Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>14869</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>P.O. Box 5507</street1>
                    <street2></street2>
                    <city>Lincoln</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <zipCode>68505</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Linsco/Private Ledger Corp.</recipientName>
                <recipientCRDNumber>6413</recipientCRDNumber>
                <associatedBDName>Linsco/Private Ledger Corp.</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9785 Towne Centre Drive</street1>
                    <street2></street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92121-1968</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>NFP Securities Inc.</recipientName>
                <recipientCRDNumber>42046</recipientCRDNumber>
                <associatedBDName>NFP Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>42046</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1250 Capital of Texas Highway</street1>
                    <street2>Building 2, Suite 125</street2>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>78746</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>AIG Financial Advisors</recipientName>
                <recipientCRDNumber>133763</recipientCRDNumber>
                <associatedBDName>AIG Financial Advisors</associatedBDName>
                <associatedBDCRDNumber>133763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5029 East Sunrise Dr.</street1>
                    <street2>Suite 101</street2>
                    <city>Phoenix</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <zipCode>85044-5211</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>FSC Securities Corp.</recipientName>
                <recipientCRDNumber>7461</recipientCRDNumber>
                <associatedBDName>FSC Securities Corp.</associatedBDName>
                <associatedBDCRDNumber>7461</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>P.O. Box 101092</street1>
                    <street2></street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30392-1092</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Lincoln Financial Advisors Corp.</recipientName>
                <recipientCRDNumber>3978</recipientCRDNumber>
                <associatedBDName>Lincoln Financial Advisors Corp.</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1300 S. Clinton Street</street1>
                    <street2>Suite 150</street2>
                    <city>Ft., Wayne</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <zipCode>46802</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>250000000</totalOfferingAmount>
            <totalAmountSold>84667745</totalAmountSold>
            <totalRemaining>165332255</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>166</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>MOUNT YALE GUARDIAN FUND</issuerName>
                <signatureName>Michael J. Sabre</signatureName>
                <nameOfSigner>Michael J. Sabre</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2009-04-27</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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