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In or/dirvote.c, lines 1074-1085 we have that

  if (rs->has_guardfraction) {
    guardfraction_bandwidth_t guardfraction_bw;

    tor_assert(is_guard);

    guard_get_guardfraction_bandwidth(&guardfraction_bw,
                                      rs->bandwidth_kb,
                                      rs->guardfraction_percentage);

    default_bandwidth = guardfraction_bw.guard_bw;
    guardfraction_bandwidth = guardfraction_bw.non_guard_bw;
  }

However, then in line 1093, we have

  *T += default_bandwidth;

T here is the total bandwidth, for use in load balancing. I believe that it should hold that T = G+M+E+D, and it used to (in 0.2.5, before guardfractions were added). However, T now is missing the fraction of the guard bandwidth that is considered "non-guard" due to the use of guardfractions.