# EDGAR Filing Document

**Accession Number:** 0001172312
**File Stem:** 0001193125-26-161333
**Filing Date:** 2026-4
**Character Count:** 112996
**Document Hash:** 3ff078c6088a1b4258fa1e939a350792
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161333.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161333

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUARDIAN SEPARATE ACCOUNT Q OF THE GUARD INS & ANN CO INC
- **CENTRAL INDEX KEY:** 0001172312

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21084
- **FILM NUMBER:** 26871231

**BUSINESS ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-598-8714

**MAIL ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCOUNT Q OF THE GUARD INS & ANN CO INC (Series ID: S000008818)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000024017 | Guardian Investor Income Access |  |

**FINANCIAL STATEMENTS OF** 

**THE GUARDIAN SEPARATE ACCOUNT Q** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP**<br>**Investment Grade**<br>**Bond Portfolio**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP**<br>**Government Money**<br>**Market Portfolio**<br>**Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 39579690 | 57884992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 39579690 | 57884992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 240275 | 124473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 39819965 | 58009480 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 240275 | 124473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 240275 | 124473 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $39579690 | $57885007 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 39579690 | 57885007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $39579690 | $57885007 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 3607994 | 57884992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 3607994 | 57884992 |
|  **Cost** | $43020564 | $57884990 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 2318910 | 5474617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $14.385615 | $9.979785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $17.078059 | $10.528875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $39451749 | $57494595 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 7492 | 37080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $17.078059 | $10.528875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $17.078059 | $10.528875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $127941 | $390412 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

(1) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-2**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP**<br>**Balanced**<br>**Portfolio**<br>**Sub-Account** | **Templeton Growth**<br>**VIP Fund**<br>**Sub-Account** | **AB VPS Sustainable**<br>**Global Thematic**<br>**Portfolio**<br>**Sub-Account** | **Davis Financial**<br>**Portfolio**<br>**Sub-Account** | **Davis Real Estate**<br>**Portfolio**<br>**Sub-Account** | **Guardian All Cap**<br>**Core VIP Fund**<br>**Sub-Account (1)** | **Guardian Balanced**<br>**Allocation VIP**<br>**Fund**<br>**Sub-Account** |
| $— | $— | $— | $248519 | $241428 | $11120223 | $2237457 |
|  | 2053326 |  |  |  |  |  |
|  |  | 382200 |  |  |  |  |
| 1459896 |  |  |  |  |  |  |
| 1459896 | 2053326 | 382200 | 248519 | 241428 | 11120223 | 2237457 |
| 51 | 139 | 13 | 8 | 9 | 14242 | 286 |
|  |  |  |  |  | 1 |  |
| 1459947 | 2053465 | 382213 | 248527 | 241437 | 11134466 | 2237743 |
| 51 | 139 | 13 | 8 | 9 | 14242 | 286 |
| 51 | 139 | 13 | 8 | 9 | 14242 | 286 |
| $1459896 | $2053326 | $382200 | $248519 | $241428 | $11120224 | $2237457 |
| $— | $— | $— | $248519 | $241428 | $11120224 | $2237457 |
|  | 2053326 |  |  |  |  |  |
|  |  | 382200 |  |  |  |  |
| 1459896 |  |  |  |  |  |  |
| $1459896 | $2053326 | $382200 | $248519 | $241428 | $11120224 | $2237457 |
|  |  |  | 13993 | 19070 | 793169 | 156138 |
|  | 145111 |  |  |  |  |  |
|  |  | 12631 |  |  |  |  |
| 57363 |  |  |  |  |  |  |
| 57363 | 145111 | 12631 | 13993 | 19070 | 793169 | 156138 |
| $1220685 | $1644656 | $437328 | $220623 | $246672 | $8129069 | $1594552 |
| 27874 | 75820 | 5408 | 5459 | 11232 | 831103 | 162728 |
| $47.178688 | $21.037483 | $30.397592 | $43.325668 | $19.670039 | $13.049616 | $13.456596 |
| $53.062366 | $29.857175 | $36.245854 | $45.633856 | $21.821781 | $13.327268 | $13.707230 |
| $1455703 | $2049557 | $191057 | $248519 | $241428 | $11066352 | $2220923 |
| 79 | 126 | 5274 |  |  | 4042 | 1206 |
| $53.062366 | $29.857175 | $36.245854 | $— | $— | $13.327268 | $13.707230 |
| $53.062366 | $29.857175 | $36.245854 | $— | $— | $13.327268 | $13.707230 |
| $4193 | $3769 | $191143 | $— | $— | $53872 | $16534 |

---

**B-3**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian Core**<br>**Fixed Income VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Core Plus**<br>**Fixed Income VIP**<br>**Fund**<br>**Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $63595846 | $267519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 63595846 | 267519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 231213 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 63827062 | 267530 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 231213 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 231213 | 11 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $63595849 | $267519 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $63595849 | $267519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $63595849 | $267519 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 5797251 | 23242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 5797251 | 23242 |
|  **Cost** | $58224122 | $245797 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 6031990 | 25062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $10.301215 | $10.190998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $10.493163 | $10.595938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $63266616 | $263896 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 31376 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $10.493163 | $10.595938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $10.493163 | $10.595938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $329233 | $3623 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

(2) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(3) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-4**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian**<br>**Diversified**<br>**Research**<br>**VIP Fund**<br>**Sub-Account** | **Guardian Equity**<br>**Income VIP Fund**<br>**Sub-Account (2)** | **Guardian Growth**<br>**& Income VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Large**<br>**Cap Fundamental**<br>**Growth VIP Fund<br>Sub-Account** | **Guardian Large**<br>**Cap Disciplined**<br>**Growth VIP Fund<br>Sub-Account** | **Guardian Mid Cap**<br>**Relative Value VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Small**<br>**Cap Value**<br>**Diversified VIP**<br>**Fund**<br>**Sub-Account (3)** |
| $9972840 | $55105195 | $1809219 | $5862173 | $67483739 | $1575961 | $216997 |
| 9972840 | 55105195 | 1809219 | 5862173 | 67483739 | 1575961 | 216997 |
| 1215 | 333698 | 418 | 203 | 217569 | 67 | 8 |
| 9974055 | 55438893 | 1809637 | 5862376 | 67701308 | 1576028 | 217005 |
| 1215 | 333698 | 418 | 203 | 217569 | 67 | 8 |
| 1215 | 333698 | 418 | 203 | 217569 | 67 | 8 |
| $9972840 | $55105195 | $1809219 | $5862173 | $67483739 | $1575961 | $216997 |
| $9972840 | $55105195 | $1809219 | $5862173 | $67483739 | $1575961 | $216997 |
| $9972840 | $55105195 | $1809219 | $5862173 | $67483739 | $1575961 | $216997 |
| 267655 | 3958707 | 73011 | 153259 | 1606373 | 69764 | 15228 |
| 267655 | 3958707 | 73011 | 153259 | 1606373 | 69764 | 15228 |
| $4206050 | $44785660 | $1026555 | $2582208 | $30793498 | $1070946 | $186064 |
| 371068 | 4103517 | 99057 | 219184 | 2298749 | 89951 | 19660 |
| $25.752691 | $13.071547 | $17.290433 | $25.765791 | $28.039854 | $17.082562 | $10.941916 |
| $26.775697 | $13.315033 | $17.977381 | $26.789287 | $29.153636 | $17.761277 | $11.063812 |
| $9882559 | $54622680 | $1777137 | $5858779 | $66914709 | $1575471 | $216997 |
| 3372 | 36238 | 1785 | 127 | 19518 | 28 |  |
| $26.775697 | $13.315033 | $17.977381 | $26.789287 | $29.153636 | $17.761277 | $— |
| $26.775697 | $13.315033 | $17.977381 | $26.789287 | $29.153636 | $17.761277 | $— |
| $90281 | $482515 | $32082 | $3394 | $569030 | $490 | $— |

---

**B-5**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian Short**<br>**Duration Bond VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Strategic**<br>**Large Cap Core**<br>**VIP Fund**<br>**Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $243768 | $928253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 243768 | 928253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 47 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 243815 | 928560 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 47 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 47 | 307 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $243768 | $928253 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $243768 | $928253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $243768 | $928253 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 21726 | 62215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 21726 | 62215 |
|  **Cost** | $221458 | $625687 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 22579 | 64397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $10.535998 | $13.887419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $10.732314 | $14.182823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $241303 | $908311 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 230 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $10.732314 | $14.182823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $10.732314 | $14.182823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $2465 | $19942 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

(4) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-6**

------

---

| | | | |
|:---|:---|:---|:---|
| **Guardian Select**<br>**Mid Cap Core VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Small-<br>Mid Cap Core VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Total**<br>**Return Bond VIP**<br>**Fund**<br>**Sub-Account** | **Guardian U.S.**<br>**Government/Credit**<br>**VIP Fund**<br>**Sub-Account (4)** |
| $34763149 | $19632498 | $169792 | $387431 |
| 34763149 | 19632498 | 169792 | 387431 |
| 43016 | 23078 | 6 | 15 |
| 34806165 | 19655576 | 169798 | 387446 |
| 43016 | 23078 | 6 | 15 |
| 43016 | 23078 | 6 | 15 |
| $34763149 | $19632498 | $169792 | $387431 |
| $34763149 | $19632498 | $169792 | $387431 |
| $34763149 | $19632498 | $169792 | $387431 |
| 2785509 | 1882310 | 16533 | 36413 |
| 2785509 | 1882310 | 16533 | 36413 |
| $27236823 | $18152767 | $159157 | $369484 |
| 2922367 | 1975299 | 16561 | 38306 |
| $11.616184 | $9.707897 | $9.993651 | $9.569013 |
| $11.863303 | $9.914512 | $10.179860 | $9.871657 |
| $34659518 | $19568311 | $167927 | $377445 |
| 8735 | 6474 | 183 | 1012 |
| $11.863303 | $9.914512 | $10.179860 | $9.871657 |
| $11.863303 | $9.914512 | $10.179860 | $9.871657 |
| $103631 | $64187 | $1865 | $9986 |

---

**B-7**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1391187 | $780127 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (83033) | (43395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (419855) | (224052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (502888) | (267447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 888299 | 512680 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (1884522) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 3296968 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 1412446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $2300745 | $512680 |

---

(1) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-8**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Templeton**<br>**Growth VIP Fund<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis Financial<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account (1)** | **Guardian All Cap<br>Core VIP Fund<br>Sub-Account (1)** |
| $22777 | $17415 | $— | $3653 | $6870 | $1242 | $— |
| (3220) | (3945) | (770) | (347) | (594) | (797) | (22382) |
| (17202) | (23745) | (4027) | (1763) | (3195) | (4371) | (114488) |
| (20422) | (27690) | (4797) | (2110) | (3789) | (5168) | (136870) |
| 2355 | (10275) | (4797) | 1543 | 3081 | (3926) | (136870) |
| 62219 | (17558) | 239 | 5403 | (149) | (928734) | 693465 |
| 92918 | 149506 | 50557 | 21415 | 9909 | 738104 |  |
| 51760 | 273352 | (28297) | 12016 | (31752) | 145827 | 741532 |
| 206897 | 405300 | 22499 | 38834 | (21992) | (44803) | 1434997 |
| $209252 | $395025 | $17702 | $40377 | $(18911) | $(48729) | 1298127 |

---

**B-9**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Fixed Income VIP<br>Fund<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (4833) | (132783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (26816) | (674291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (31649) | (807074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (31649) | (807074) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 205559 | 886357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 94591 | 3386974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 300150 | 4273331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $268501 | $3466257 |

---

(2) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-10**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Plus Fixed<br>Income VIP Fund<br>Sub-Account** | **Guardian<br>Diversified<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian Equity<br>Income VIP Fund<br>Sub-Account (2)** | **Guardian Growth<br>& Income VIP<br>Fund<br>Sub-Account** | **Guardian Large<br>Cap Fundamental<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP Fund<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| (522) | (19703) | (97593) | (3887) | (12059) | (142465) | (3181) |
| (2830) | (105335) | (493668) | (19963) | (62193) | (728355) | (18762) |
| (3352) | (125038) | (591261) | (23850) | (74252) | (870820) | (21943) |
| (3352) | (125038) | (591261) | (23850) | (74252) | (870820) | (21943) |
| 1910 | 1405008 | 2797679 | 271706 | 1102932 | 15156511 | 98653 |
| 15883 | 259047 | 5019443 | (87574) | (224398) | (3575227) | (14323) |
| 17793 | 1664055 | 7817122 | 184132 | 878534 | 11581284 | 84330 |
| $14441 | $1539017 | $7225861 | $160282 | $804282 | $10710464 | $62387 |

---

**B-11**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian Small<br>Cap Value<br>Diversified VIP<br>Fund<br>Sub-Account (3)** | **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (448) | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2339) | (2937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (2787) | (3467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2787) | (3467) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 7333 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 4186 | 9182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 11519 | 13842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $8732 | $10375 |

---

(3) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

(4) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

(5) Liquidated as of August 29, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-12**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Small-<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (4)** | **Victory 500 Index<br>VIP Series<br>Sub-Account (5)** | **Victory High<br>Yield VIP Series<br>Sub-Account (5)** |
| $— | $— | $— | $— | $— | $200923 | $646422 |
| (1877) | (72687) | (40536) | (376) | (795) | (23095) | (9766) |
| (10529) | (367556) | (207203) | (2066) | (4095) | (119834) | (49267) |
| (12406) | (440243) | (247739) | (2442) | (4890) | (142929) | (59033) |
| (12406) | (440243) | (247739) | (2442) | (4890) | 57994 | 587389 |
| 40413 | 1354190 | 36670 | 1653 | 1783 | (844442) | (1296416) |
|  |  |  |  |  | 3391102 |  |
| 64795 | 2289977 | 292059 | 10748 | 24059 | (934542) | 1104722 |
| 105208 | 3644167 | 328729 | 12401 | 25842 | 1612118 | (191694) |
| $92802 | $3203924 | $80990 | $9959 | $20952 | $1670112 | $395695 |

---

**B-13**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Victory RS<br>International VIP<br>Series<br>Sub-Account (5)** | **Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account (2)** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $637520 | $410634 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (38264) | (17514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (194492) | (88726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (232756) | (106240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 404764 | 304394 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 4521650 | (2018852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 1557817 | 4393012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (1070901) | (3447857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 5008566 | (1073697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $5413330 | $(769303) |

---

(2) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(5) Liquidated as of August 29, 2025.

(6) Liquidated as of June 27, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-14**

------

---

| | |
|:---|:---|
| **Victory RS Small<br>Cap Growth<br>Equity VIP Series<br>Sub-Account (5)** | **Victory Sophus<br>Emerging Markets<br>VIP Series<br>Sub-Account (6)** |
| $22705 | $27845 |
| (5850) | (1967) |
| (29932) | (11311) |
| (35782) | (13278) |
| (13077) | 14567 |
| (75265) | (147058) |
| (106965) | 373619 |
| (182230) | 226561 |
| $(195307) | $241128 |

---

**B-15**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP**<br>**Investment Grade**<br>**Bond Portfolio**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP**<br>**Government**<br>**Money Market**<br>**Portfolio**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $888299 | $512680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (1884522) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 3296968 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2300745 | 512680 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 103185 | 17116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 1145475 | 60226959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (7193216) | (5618068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (44) | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (841614) | (226166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 7171 | 225388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (6779043) | 54626378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (4478298) | 55139058 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 44057988 | 2745949 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $39579690 | $57885007 |

---

(1) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-16**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP**<br>**Balanced Portfolio**<br>**Sub-Account** | **Templeton**<br>**Growth VIP Fund<br>Sub-Account** | **AB VPS**<br>**Sustainable**<br>**Global Thematic**<br>**Portfolio**<br>**Sub-Account** | **Davis Financial**<br>**Portfolio**<br>**Sub-Account** | **Davis Real Estate**<br>**Portfolio**<br>**Sub-Account** | **Gabelli Capital**<br>**Asset Fund**<br>**Sub-Account (1)** | **Guardian All Cap**<br>**Core VIP Fund**<br>**Sub-Account (1)** |
| $2355 | $(10275) | $(4797) | $1543 | $3081 | $(3926) | $(136870) |
| 62219 | (17558) | 239 | 5403 | (149) | (928734) | 693465 |
| 92918 | 149506 | 50557 | 21415 | 9909 | 738104 |  |
| 51760 | 273352 | (28297) | 12016 | (31752) | 145827 | 741532 |
| 209252 | 395025 | 17702 | 40377 | (18911) | (48729) | 1298127 |
| 487 | 4068 | 360 |  | 1398 | 24432 | 9705 |
| 43264 | (101040) | 1302 | 121400 | (67544) | 17774 | (144811) |
|  |  |  |  |  | (1126932) | 1126932 |
| (581560) | (109517) | (19668) | (5745) | (132011) | (109066) | (2130416) |
|  |  | 2 | 1 | (1) |  | (58) |
|  | (1119) |  |  |  |  | (158270) |
| (226) | (590) | (16472) |  |  | (26197) | 20305 |
| (538035) | (208198) | (34476) | 115656 | (198158) | (1219989) | (1276613) |
| (328783) | 186827 | (16774) | 156033 | (217069) | (1268718) | 21514 |
| 1788679 | 1866499 | 398974 | 92486 | 458497 | 1268718 | 11098710 |
| $1459896 | $2053326 | $382200 | $248519 | $241428 | $— | $11120224 |

---

**B-17**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian**<br>**Balanced**<br>**Allocation VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Core**<br>**Fixed Income VIP**<br>**Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(31649) | $(807074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 205559 | 886357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 94591 | 3386974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 268501 | 3466257 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 4460 | 126269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 83638 | 2383695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (631053) | (11686649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (1) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (123986) | (1444494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (2172) | 71293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (669114) | (10549839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (400613) | (7083582) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2638070 | 70679431 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2237457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63595849 |

---

(2) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-18**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core**<br>**Plus Fixed Income**<br>**VIP Fund**<br>**Sub-Account** | **Guardian**<br>**Diversified**<br>**Research VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Equity**<br>**Income VIP Fund**<br>**Sub-Account (2)** | **Guardian Growth**<br>**& Income VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Large**<br>**Cap Fundamental**<br>**Growth VIP Fund**<br>**Sub-Account** | **Guardian Large**<br>**Cap Disciplined**<br>**Growth VIP Fund<br>Sub-Account** | **Guardian Mid**<br>**Cap Relative**<br>**Value VIP Fund**<br>**Sub-Account** |
| $(3352) | $(125038) | $(591261) | $(23850) | $(74252) | $(870820) | $(21943) |
| 1910 | 1405008 | 2797679 | 271706 | 1102932 | 15156511 | 98653 |
| 15883 | 259047 | 5019443 | (87574) | (224398) | (3575227) | (14323) |
| 14441 | 1539017 | 7225861 | 160282 | 804282 | 10710464 | 62387 |
| 200 | 1522 | 95576 | 589 | 1014 | 131804 |  |
| 4744 | (50221) | 709557 | 151761 | (77206) | (4456932) | 52955 |
|  |  | 26035037 |  |  |  |  |
| (15887) | (1932720) | (9725032) | (537173) | (1285980) | (12782632) | (179048) |
|  | (24) | 56 | 2 | (7) | 941 |  |
|  | (17414) | (1172025) | (724) | (61543) | (1649750) |  |
| (218) | (8319) | 296357 | (4320) | (279) | 135198 | (72) |
| (11161) | (2007176) | 16239526 | (389865) | (1424001) | (18621371) | (126165) |
| 3280 | (468159) | 23465387 | (229583) | (619719) | (7910907) | (63778) |
| 264239 | 10440999 | 31639808 | 2038802 | 6481892 | 75394646 | 1639739 |
| $267519 | $9972840 | $55105195 | $1809219 | $5862173 | $67483739 | $1575961 |

---

**B-19**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian Small<br>Cap Value**<br>**Diversified VIP**<br>**Fund**<br>**Sub-Account (3)** | **Guardian Short**<br>**Duration Bond**<br>**VIP Fund**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2787) | $(3467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 7333 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 4186 | 9182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 8732 | 10375 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 25105 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (73389) | (37291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (4418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | (9776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (48284) | (50413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (39552) | (40038) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 256549 | 283806 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216997 | $243768 |

---

(3) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

(4) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

(5) Liquidated as of August 29, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-20**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian**<br>**Strategic Large**<br>**Cap Core VIP**<br>**Fund**<br>**Sub-Account** | **Guardian Select**<br>**Mid Cap Core**<br>**VIP Fund**<br>**Sub-Account** | **Guardian Small-<br>Mid Cap Core**<br>**VIP Fund**<br>**Sub-Account** | **Guardian Total**<br>**Return Bond VIP**<br>**Fund**<br>**Sub-Account** | **Guardian U.S.**<br>**Government/**<br>**Credit VIP Fund<br>Sub-Account (4)** | **Victory 500 Index**<br>**VIP Series**<br>**Sub-Account (5)** | **Victory High**<br>**Yield VIP Series**<br>**Sub-Account (5)** |
| $(12406) | $(440243) | $(247739) | $(2442) | $(4890) | $57994 | $587389 |
| 40413 | 1354190 | 36670 | 1653 | 1783 | (844442) | (1296416) |
|  |  |  |  |  | 3391102 |  |
| 64795 | 2289977 | 292059 | 10748 | 24059 | (934542) | 1104722 |
| 92802 | 3203924 | 80990 | 9959 | 20952 | 1670112 | 395695 |
| 125 | 33233 | 20284 |  | 609 | 21430 | 3694 |
| 11234 | 292732 | 1817089 | 2049 | 7457 | (17772121) | (7257022) |
| (101744) | (7149043) | (3572620) | (54345) | (48695) | (2589586) | (920594) |
| 1 | 1490 | 1362 | (2) | 1 | (5) | (5) |
| (18680) | (565333) | (367261) | (322) | (2421) | (106291) | (26182) |
| (2907) | 18955 | 15311 | (193) | (1038) | (67266) | (1141) |
| (111971) | (7367966) | (2085835) | (52813) | (44087) | (20513839) | (8201250) |
| (19169) | (4164042) | (2004845) | (42854) | (23135) | (18843727) | (7805555) |
| 947422 | 38927191 | 21637343 | 212646 | 410566 | 18843727 | 7805555 |
| $928253 | $34763149 | $19632498 | $169792 | $387431 | $— | $— |

---

**B-21**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Victory RS<br>International VIP<br>Series<br>Sub-Account (5)** | **Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account (2)** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404764 | $304394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 4521650 | (2018852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 1557817 | 4393012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (1070901) | (3447857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5413330 | (769303) |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 41386 | 43281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (30899040) | 51387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  | (26035037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (3472891) | (1495525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (359616) | (202164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (120923) | (156917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (34811100) | (27794975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (29397770) | (28564278) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 29397770 | 28564278 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $— | $— |

---

(2) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(5) Liquidated as of August 29, 2025.

(6) Liquidated as of June 27, 2025.

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-22**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Victory RS Small<br>Cap Growth<br>Equity VIP Series<br>Sub-Account (5)** | **Victory Sophus<br>Emerging Markets VIP<br>Series<br>Sub-Account (6)** |
| $(13077) | $14567 |
| (75265) | (147058) |
| (106965) | 373619 |
| (195307) | 241128 |
| 158 | 789 |
| (4065151) | (2133752) |
| (613280) | (122202) |
| (12) |  |
| (20031) |  |
| (8677) | (8532) |
| (4706993) | (2263697) |
| (4902300) | (2022569) |
| 4902300 | 2022569 |
| $— | $— |

---

**B-23**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Investment<br>Grade Bond<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $909341 | $61103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (1881907) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 1203008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 230442 | 61103 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 23423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 4672039 | 1643866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (10564623) | (569616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 19943 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (899509) | (43030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (7188) | (37112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (6755915) | 994537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (6525473) | 1055640 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 50583461 | 1690309 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $44057988 | $2745949 |

---

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-24**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Templeton<br>Growth VIP<br>Fund<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis Financial<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account** | **Guardian All<br>Cap Core VIP<br>Fund<br>Sub-Account** |
| $6785 | $(9200) | $(6441) | $(18) | $2911 | $(9397) | $(151709) |
| 106812 | (8471) | 10053 | 2881 | 3605 | (102236) | 605994 |
| 73430 | 5958 | 1290 | 7351 | 10197 | 132320 |  |
| 96262 | 79739 | 14129 | 10767 | (973) | 110192 | 1705830 |
| 283289 | 68026 | 19031 | 20981 | 15740 | 130879 | 2160115 |
| 960 | 20098 | 360 |  | 1308 | 19129 | 3307 |
| 4695 | 107852 | (9842) | (13) | 13797 | (5632) | (1043231) |
| (649530) | (104873) | (17937) | (24813) | (39053) | (322931) | (2838898) |
|  | 97 | 177 | 7 | 3 | 78 | (248) |
| (7577) | (27966) |  |  |  | (25313) | (140238) |
| 1568 | (3522) | (11415) |  |  | (3586) | 6072 |
| (649884) | (8314) | (38657) | (24819) | (23945) | (338255) | (4013236) |
| (366595) | 59712 | (19626) | (3838) | (8205) | (207376) | (1853121) |
| 2155274 | 1806787 | 418600 | 96324 | 466702 | 1476094 | 12951831 |
| $1788679 | $1866499 | $398974 | $92486 | $458497 | $1268718 | $11098710 |

---

**B-25**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(37670) | $(913958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 111760 | 504369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 249350 | 696247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 323440 | 286658 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 23883 | 43656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 32785 | 8472336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (608171) | (15281579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 72 | 33803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (35865) | (1285218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (4520) | (16103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (591816) | (8033105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (268376) | (7746447) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2906446 | 78425878 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2638070 | $70679431 |

---

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-26**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Plus Fixed<br>Income VIP<br>Fund<br>Sub-Account** | **Guardian<br>Diversified<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian<br>Equity Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Growth &<br>Income VIP<br>Fund<br>Sub-Account** | **Guardian**<br>**Large Cap<br>Fundamental<br>Growth VIP<br>Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth VIP<br>Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP<br>Fund<br>Sub-Account** |
| $(3671) | $(140414) | $(432240) | $(27620) | $(84329) | $(1012325) | $(22611) |
| 3620 | 1513785 | 1539073 | 187904 | 930016 | 18521749 | 69825 |
| 2743 | 989131 | 1984814 | 45976 | 816610 | 2759952 | 105997 |
| 2692 | 2362502 | 3091647 | 206260 | 1662297 | 20269376 | 153211 |
|  | 18551 | 20538 | 960 | 175 | 44865 |  |
| 8447 | (788959) | (7276) | (60741) | (480022) | (11032877) | 67355 |
| (47003) | (1771057) | (7930107) | (292725) | (720836) | (15103815) | (62085) |
|  | 339 | (323) | 67 | 158 | 35007 | 18 |
| (7253) | (205947) | (492761) | (32292) | (102369) | (1219913) | (24895) |
| 723 | 10938 | (19747) | (4795) | (4038) | 3895 | (389) |
| (45086) | (2736135) | (8429676) | (389526) | (1306932) | (27272838) | (19996) |
| (42394) | (373633) | (5338029) | (183266) | 355365 | (7003462) | 133215 |
| 306633 | 10814632 | 36977837 | 2222068 | 6126527 | 82398108 | 1506524 |
| $264239 | $10440999 | $31639808 | $2038802 | $6481892 | $75394646 | $1639739 |

---

**B-27**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Small Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3106) | $(5758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 993 | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 16829 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 14716 | 13766 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 5302 | (7687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (14520) | (373955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (9203) | (383003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 5513 | (369237) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 251036 | 653043 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $256549 | $283806 |

---

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-28**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Small-<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government<br>Securities VIP<br>Fund<br>Sub-Account** | **Victory 500<br>Index VIP Series<br>Sub-Account** | **Victory High<br>Yield VIP Series<br>Sub-Account** |
| $(12846) | $(522169) | $(290274) | $(2670) | $(5749) | $(13449) | $624023 |
| 21482 | 947338 | 40134 | (607) | (5301) | (219287) | (143145) |
|  |  |  |  |  | 1568652 |  |
| 143947 | 4203571 | 1476334 | 3588 | 10954 | 3101701 | 114167 |
| 152583 | 4628740 | 1226194 | 311 | (96) | 4437617 | 595045 |
| 175 | 12793 | 6061 |  |  | 18152 | 1318 |
| (34497) | (2071282) | (271940) | (604) | (15165) | (1382719) | 503828 |
| (69891) | (8925567) | (4530321) | (1983) | (162272) | (5772606) | (2066161) |
| 56 | 26974 | 20653 | (5) | 9 | (390) | (138) |
| (139) | (542142) | (347147) |  | (143) | (100146) | (76519) |
| (4592) | (5189) | 1463 | (775) | 3456 | 14859 | (1067) |
| (108888) | (11504413) | (5121231) | (3367) | (174115) | (7222850) | (1638739) |
| 43695 | (6875673) | (3895037) | (3056) | (174211) | (2785233) | (1043694) |
| 903727 | 45802864 | 25532380 | 215702 | 584777 | 21628960 | 8849249 |
| $947422 | $38927191 | $21637343 | $212646 | $410566 | $18843727 | $7805555 |

---

**B-29**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Victory RS<br>International<br>VIP Series<br>Sub-Account** | **Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $496060 | $(3804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 1724098 | 738770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 1046407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (610999) | 4094066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1609159 | 5875439 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 20220 | 10693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 828488 | (2473336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (7538536) | (6298992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (96) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (367524) | (533738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (11685) | (23254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (7069133) | (9319296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (5459974) | (3443857) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 34857744 | 32008135 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $29397770 | $28564278 |

---

*The accompanying notes are an integral part of these financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;**B-30**

------

---

| | |
|:---|:---|
| **Victory RS Small<br>Cap Growth<br>Equity VIP<br>Series<br>Sub-Account** | **Victory Sophus<br>Emerging<br>Markets VIP<br>Series<br>Sub-Account** |
| $(66247) | $30701 |
| (1718412) | (76195) |
| 2341731 | 116997 |
| 557072 | 71503 |
| 2339 | 1194 |
| (78962) | 203371 |
| (1585749) | (198747) |
| 144 | 24 |
| (11575) | (2164) |
| (1855) | 246 |
| (1675658) | 3924 |
| (1118586) | 75427 |
| 6020886 | 1947142 |
| $4902300 | $2022569 |

---

**B-31**

------

**THE GUARDIAN SEPARATE ACCOUNT Q** 

**NOTES TO FINANCIAL STATEMENTS (December 31, 2025)** 

**1. ORGANIZATION:** 

The Guardian Separate Account Q (the "Account") is a separate investment account established by The Guardian Insurance & Annuity Company, Inc. (the "Sponsor Company") and is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Sponsor Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Delaware and the SEC. The contract owners of the Sponsor Company direct their deposits into various investment options (the "Sub-Accounts") within the Account. The Sponsor Company is wholly owned by subsidiary of Guardian Life Insurance Company of America.

The Account is comprised of the following Sub-Accounts:

Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio, Fidelity<sup>®</sup> VIP Government Money Market Portfolio, Fidelity<sup>®</sup> VIP Balanced Portfolio, Templeton Growth VIP Fund, AB VPS Sustainable Global Thematic Portfolio, Davis Financial Portfolio, Davis Real Estate Portfolio, Gabelli Capital Asset Fund\*\*\*, Guardian All Cap Core VIP Fund\*\*\*, Guardian Balanced Allocation VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Core Plus Fixed Income VIP Fund, Guardian Diversified Research VIP Fund, Guardian Equity Income VIP Fund\*\*, Guardian Growth & Income VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Small Cap Value Diversified VIP Fund (Formerly Guardian Small Cap Core VIP Fund), Guardian Short Duration Bond VIP Fund, Guardian Strategic Large Cap Core VIP Fund, Guardian Select Mid Cap Core VIP Fund, Guardian Small-Mid Cap Core VIP Fund, Guardian Total Return Bond VIP Fund, Guardian U.S. Government/Credit VIP Fund (Formerly Guardian U.S. Government Securities VIP Fund), Victory 500 Index VIP Series\*, Victory High Yield VIP Series\*, Victory RS International VIP Series\*, Victory RS Large Cap Alpha VIP Series\*\*, Victory RS Small Cap Growth Equity VIP Series\*, Victory Sophus Emerging Markets VIP Series\*.

\* During 2025, this Sub-Account was liquidated.

\*\* Effective April 25, 2025, the Victory RS Large Cap Alpha VIP Series was substituted with the Guardian Equity Income VIP Fund.

\*\*\* Effective April 25, 2025, the Gabelli Capital Asset Fund was substituted with the Guardian All Cap Core VIP Fund.

The Sub-Accounts are invested in mutual funds (the "Funds") of the same name. Each Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.

If a Fund is subject to a merger initiated by the Fund Manager, the Sub-Account invested in the surviving Fund acquires, at fair value, the net assets of the Sub-Account associated with the merging Fund as of the effective date disclosed.

If the Sponsor Company initiates a fund substitution, the Sub-Account associated with the replaced Fund transfers, at fair value, its net assets to the Sub-Account invested in the successor Fund as of the effective date disclosed.

All such activity is presented as net interfund transfers due to corporate actions in the Statements of Changes in Net Assets.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Sponsor Company's other assets and liabilities and are not chargeable with liabilities arising out of any other business the Sponsor Company may conduct.

&nbsp;&nbsp;&nbsp;&nbsp;**B-32**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**2. SIGNIFICANT ACCOUNTING POLICIES:** 

The Account qualifies as an investment company and follows the accounting and reporting guidance as defined in Accounting Standards Codification 946, "Financial Services — Investment Companies." The following is a summary of significant accounting policies of the Account, which are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Security Transactions — Security transactions are recorded on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sales of securities are computed using the
average cost method. Dividend income is either accrued daily or as of the ex-dividend date based upon the Fund. Net realized gain distributions are accrued as of the ex-dividend date. Net realized gain distributions represent those dividends from the Funds which are characterized as capital gains under tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Unit Transactions — Unit transactions are executed based on the unit values calculated at the close of the business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Federal Income Taxes — The operations of the Account form a part of, and are taxed with, the total operations of the Sponsor Company, which is taxed as an insurance company under the Internal Revenue
Code ("IRC"). Under the current provisions of the IRC, the Sponsor Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to the contract owners. Based on this, no
charge is being made currently to the Account for federal income taxes. The Sponsor Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes
that would be attributable to the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as
of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates. The most significant estimates contained within the financial statements are the fair value
measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Mortality Risk — The mortality risk associated with net assets allocated to contracts in the annuity period is determined using certain mortality tables. The mortality risk is fully borne by the Sponsor
Company and may result in additional amounts being transferred into the Account by the Sponsor Company to cover greater longevity of contract owners than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to
the Sponsor Company. These amounts are included in net annuity transactions on the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Fair Value Measurements — The Sub-Accounts' investments are carried at fair value in the Account's financial statements. The investments in shares of
the Funds are valued at the December 31, 2025 closing net asset value as determined by the appropriate Fund Manager. For financial instruments that are carried at fair value, a hierarchy is used to place the instruments into three broad levels
(Levels 1, 2 and 3) by prioritizing the inputs in the valuation techniques used to measure fair value.

*Level 1*: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Account has the ability to access at the measurement date. Level 1 investments include mutual funds.

*Level 2*: Observable inputs, other than unadjusted quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 2 investments include those that are model priced by vendors using observable inputs.

*Level 3*: Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

As of December 31, 2025, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The

**B-33**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Accounting for Uncertain Tax Positions — Management evaluates whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for
uncertain tax positions are required at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or its results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows.

The Management Committee of The Sponsor Company evaluates third-party funds and determines the selection of funds to offer within the product offering. All funds are sourced from third party asset managers which employ a governance structure to oversee fund strategy and performance, all of which is an element contemplated in the Separate Account Management Committee's determination of fund offerings. Accordingly, the Management Committee, acts as the Account's chief operating decision maker ("CODM") assessing performance and making decisions about the product offering allocation. The CODM has determined that the fund has a single operating segment based on the fact that the CODM monitors the operating results of the fund as a whole and that the fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the fund's Portfolio of Investments, Statements of Changes in Net Assets and Financial Highlights.

**3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:** 

Each Sub-Account is charged certain fees, according to contract terms, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Mortality and Expense Risk Charges — The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a current maximum annual fee of
1.00% of the Sub-Account's average daily net assets. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Tax Expense Charges — If applicable, the Sponsor Company will make deductions up to a maximum rate of 3.50% of the contract's average daily net assets to meet premium tax requirements. An
additional tax charge based on a percentage of the Sub-Account's average daily net assets may be assessed on partial withdrawals or surrenders. These charges are a redemption of units from applicable
contract owners' accounts and are reflected in surrenders for benefit payments and fees on the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Administrative Charges — The Sponsor Company provides administrative services to the Account and receives a current maximum annual fee of 0.20% of the Sub-Account's average daily net assets for these services. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Annual Maintenance Fees — An annual maintenance fee up to a current maximum of $35 may be charged. These charges are deducted through a redemption of units from applicable contract owners' accounts
and are reflected in surrenders for benefit payments and fees in the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Rider Charges — The Sponsor Company will make certain deductions (as a percentage of average daily Sub-Account value) for various rider charges:

Earnings Benefit Rider (EBR) charges current maximum of 0.25%

Contract Anniversary Enhanced Death Benefit Rider (CAEDBR) charges current maximum of 0.25%

Asset Access (GMWB I) charges current maximum of 0.50%

Guarantee Minimum Income Benefit (GMIB) charges current maximum of 0.50%

Lifetime Asset Access (GMWB II) charges current maximum of 0.60%

Liftime Focus (GMWB III) charges current maximum of 0.85%

Spousal Asset Access (GMWB II) charges current maximum of 0.75%

7 Year Enhanced Death Benefit Rider (7yrEDB) charges current maximum of 0.20%

Guarantee Lifetime Withdrawal Benefit Step Up Death Benefit charges current maximum of 0.50%

&nbsp;&nbsp;&nbsp;&nbsp;**B-34**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

Guarantee Minimum Death Benefit (GMDB) charges current maximum of 0.30%

Proportionate 7 Year Enhanced Death Benefit Rider (EDBR) charges current maximum of 0.20%

Proportionate Enhanced Death Benefit Rider (EDBR) charges current maximum of 0.50%

Target 200 Joint charges current maximum of 1.25%

Target 200 Single charges current maximum of 0.95%

Target 300 Joint charges current maximum of 1.60%

Target 300 Single charges current maximum of 1.20%

Target Future Single charges current maximum of 0.50%

Target Now Joint charges current maximum of 0.85%

Target Now Single charges current maximum of 0.40%

These charges can be assessed as a reduction in unit values or a redemption of units from applicable contract owners' accounts as specified in the product prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Transactions with Related Parties — The Sponsor and its affiliates may receive fees from funds for services provided.

Park Avenue Institutional Advisers LLC ("PAIA"), a wholly owned subsidiary of Guardian Investor Services, LLC, which is a wholly owned subsidiary of The Guardian Life Insurance Company of America, serves as the sub-advisor to Victory High Yield VIP Series. Under an investment sub-advisory agreement between Victory Capital Management Inc. ("Victory Capital"), an unaffiliated third-party investment adviser and PAIA (sub-adviser) for the Victory High Yield VIP Series, Victory Capital pays a monthly fee to the sub-adviser for investment advisory services in an amount equal to 28% of all fees due from such Fund to the Adviser. The sub-advisory fee payable to PAIA also covers the administrative and accounting services provided by PAIA.

Effective October 3, 2024, Victory Capital Management, Inc. (\*VCM\*) has terminated the sub-advisory agreement with PAIA and effective October 4, 2024, the Fund is now managed by VCM's Victory Income Investors investment franchise.

PAIA provides day to day investment management services to the following new proprietary third-party sub-advised Guardian Variable Product Trust Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Core Plus Fixed Income VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Diversified Research VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Growth & Income VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Large Cap Disciplined Growth VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Large Cap Fundamental Growth VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Mid Cap Relative Value VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian All Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Select Mid Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Small-Mid Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Strategic Large Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian U.S. Government Securities VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Total Return Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Small Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Core Fixed Income VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Short Duration Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Balanced Allocation VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Equity Income VIP Fund

**B-35**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

GIAC has administrative service fee agreements with Victory Capital Management Inc, Gabelli Capital Asset Fund, Fred Alger Management, Inc., AllianceBernstein, L.P., Davis Selected Advisers, LP, Fidelity Management & Research Company, Franklin Advisory Services, LLC, , and Templeton Global Advisors Limited, which compensate GIAC for administrative services provided. These fees range from 0.05% to 0.50% of the average daily net assets. These fees are borne and paid to GIAC by investment advisers, and therefore, are not recorded in the financial statements of the Fund.

The amount retained by GIAC in the Account is composed of amounts accruing to GIAC from the operations of the Account and retained therein. Amounts retained by GIAC in the Account may be transferred by GIAC to its general account. These amounts are reflected in the "Liabilities" in the Statements of Assets and Liabilities. The income earned on the amounts retained by GIAC in the Account is reflected in "Mortality and expense risk charges" in the Statements of Operations.

**4. PURCHASES AND SALES OF INVESTMENTS:** 

The cost of purchases and proceeds from sales of investments for the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | $3869262 | $9760005 |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | $61572576 | $6433531 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | $159853 | $602615 |
|  Templeton Growth VIP Fund | $170937 | $239903 |
|  AB VPS Sustainable Global Thematic Portfolio | $54592 | $43307 |
|  Davis Financial Portfolio | $156569 | $17954 |
|  Davis Real Estate Portfolio | $36813 | $221979 |
|  Gabelli Capital Asset Fund+ | $762606 | $1248416 |
|  Guardian All Cap Core VIP Fund+ | $1525203 | $2938687 |
|  Guardian Balanced Allocation VIP Fund | $94480 | $795240 |
|  Guardian Core Fixed Income VIP Fund | $3897243 | $15254160 |
|  Guardian Core Plus Fixed Income VIP Fund | $5278 | $19792 |
|  Guardian Diversified Research VIP Fund | $332629 | $2464843 |
|  Guardian Equity Income VIP Fund+ | $27555047 | $11906782 |
|  Guardian Growth & Income VIP Fund | $161847 | $575561 |
|  Guardian Large Cap Fundamental Growth VIP Fund | $232044 | $1730294 |
|  Guardian Large Cap Disciplined Growth VIP Fund | $3208049 | $22700240 |
|  Guardian Mid Cap Relative Value VIP Fund | $64545 | $212652 |
|  Guardian Small Cap Value Diversified VIP Fund+ | $25074 | $76145 |
|  Guardian Short Duration Bond VIP Fund | $2348 | $56228 |
|  Guardian Strategic Large Cap Core VIP Fund | $11247 | $135623 |
|  Guardian Select Mid Cap Core VIP Fund | $1268098 | $9076305 |
|  Guardian Small-Mid Cap Core VIP Fund | $1824003 | $4157575 |
|  Guardian Total Return Bond VIP Fund | $3347 | $58602 |
|  Guardian U.S. Government/Credit VIP Fund+ | $11741 | $60719 |
|  Victory 500 Index VIP Series+ | $4049940 | $21114680 |
|  Victory High Yield VIP Series+ | $821456 | $8435315 |
|  Victory RS International VIP Series+ | $2901281 | $35749800 |
|  Victory RS Large Cap Alpha VIP Series+ | $4810085 | $27907653 |
|  Victory RS Small Cap Growth Equity VIP Series+ | $607523 | $5327593 |
|  Victory Sophus Emerging Markets VIP Series+ | $31449 | $2280577 |

---

+ See Note 1 for additional information related to this Sub-Account.

&nbsp;&nbsp;&nbsp;&nbsp;**B-36**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**5. CHANGES IN UNITS OUTSTANDING:** 

The changes in units outstanding for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net Increase/**<br>**(Decrease)** |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 150014 | 559054 | (409040) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 5844297 | 604725 | 5239572 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 870 | 11726 | (10856) |
|  Templeton Growth VIP Fund | 173 | 7949 | (7776) |
|  AB VPS Sustainable Global Thematic Portfolio | 140 | 1123 | (983) |
|  Davis Financial Portfolio | 3242 | 381 | 2861 |
|  Davis Real Estate Portfolio | 880 | 9440 | (8560) |
|  Gabelli Capital Asset Fund+ | 488 | 28526 | (28038) |
|  Guardian All Cap Core VIP Fund+ | 136151 | 225036 | (88885) |
|  Guardian Balanced Allocation VIP Fund | 7577 | 58929 | (51352) |
|  Guardian Core Fixed Income VIP Fund | 398551 | 1432263 | (1033712) |
|  Guardian Core Plus Fixed Income VIP Fund | 506 | 1628 | (1122) |
|  Guardian Diversified Research VIP Fund | 13609 | 95892 | (82283) |
|  Guardian Equity Income VIP Fund+ | 2362103 | 917159 | 1444944 |
|  Guardian Growth & Income VIP Fund | 9310 | 32065 | (22755) |
|  Guardian Large Cap Fundamental Growth VIP Fund | 10048 | 66890 | (56842) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 145885 | 820589 | (674704) |
|  Guardian Mid Cap Relative Value VIP Fund | 3849 | 11332 | (7483) |
|  Guardian Small Cap Value Diversified VIP Fund+ | 2320 | 7117 | (4797) |
|  Guardian Short Duration Bond VIP Fund | 212 | 5000 | (4788) |
|  Guardian Strategic Large Cap Core VIP Fund | 838 | 9062 | (8224) |
|  Guardian Select Mid Cap Core VIP Fund | 124063 | 771346 | (647283) |
|  Guardian Small-Mid Cap Core VIP Fund | 198987 | 408333 | (209346) |
|  Guardian Total Return Bond VIP Fund | 342 | 5704 | (5362) |
|  Guardian U.S. Government/Credit VIP Fund+ | 1237 | 5833 | (4596) |
|  Victory 500 Index VIP Series+ | 6985 | 277828 | (270843) |
|  Victory High Yield VIP Series+ | 5630 | 263397 | (257767) |
|  Victory RS International VIP Series+ | 19492 | 888859 | (869367) |
|  Victory RS Large Cap Alpha VIP Series+ | 146 | 502746 | (502600) |
|  Victory RS Small Cap Growth Equity VIP Series+ | 10983 | 92251 | (81268) |
|  Victory Sophus Emerging Markets VIP Series+ | 102 | 54565 | (54463) |

---

+ See Note 1 for additional information related to this Sub-Account.

The changes in units outstanding for the period ended December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units<br>Redeemed** | **Net Increase/<br>(Decrease)** |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 432817 | 850697 | (417880) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 171917 | 66210 | 105707 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 143 | 14622 | (14479) |
|  Templeton Growth VIP Fund | 5495 | 5665 | (170) |
|  AB VPS Sustainable Global Thematic Portfolio | 89 | 526 | (437) |
|  Davis Financial Portfolio |  | 859 | (859) |
|  Davis Real Estate Portfolio | 1446 | 2555 | (1109) |
|  Gabelli Capital Asset Fund | 461 | 7755 | (7294) |
|  Guardian All Cap Core VIP Fund | 5021 | 360581 | (355560) |
|  Guardian Balanced Allocation VIP Fund | 5447 | 56259 | (50812) |
|  Guardian Core Fixed Income VIP Fund | 1088174 | 1895092 | (806918) |
|  Guardian Core Plus Fixed Income VIP Fund | 903 | 5549 | (4646) |
|  Guardian Diversified Research VIP Fund | 4230 | 136245 | (132015) |
|  Guardian Equity Income VIP Fund | 81807 | 817926 | (736119) |

---

**B-37**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units<br>Redeemed** | **Net Increase/<br>(Decrease)** |
|  Guardian Growth & Income VIP Fund | 593 | 24245 | (23652) |
|  Guardian Large Cap Fundamental Growth VIP Fund | 5321 | 64392 | (59071) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 83221 | 1258911 | (1175690) |
|  Guardian Mid Cap Relative Value VIP Fund | 6794 | 7840 | (1046) |
|  Guardian Small Cap Core VIP Fund | 522 | 1490 | (968) |
|  Guardian Short Duration Bond VIP Fund | 212 | 38078 | (37866) |
|  Guardian Strategic Large Cap Core VIP Fund | 15 | 8875 | (8860) |
|  Guardian Select Mid Cap Core VIP Fund | 16033 | 1115333 | (1099300) |
|  Guardian Small-Mid Cap Core VIP Fund | 21094 | 547020 | (525926) |
|  Guardian Total Return Bond VIP Fund | 1256 | 1590 | (334) |
|  Guardian U.S. Government Securities VIP Fund | 1968 | 21134 | (19166) |
|  Victory 500 Index VIP Series | 3504 | 117112 | (113608) |
|  Victory High Yield VIP Series | 24653 | 79762 | (55109) |
|  Victory RS International VIP Series | 44931 | 250964 | (206033) |
|  Victory RS Large Cap Alpha VIP Series | 5268 | 179962 | (174694) |
|  Victory RS Small Cap Growth Equity VIP Series | 5440 | 34286 | (28846) |
|  Victory Sophus Emerging Markets VIP Series | 5278 | 5043 | 235 |

---

**6. FINANCIAL HIGHLIGHTS:** 

The following is a summary of units, unit fair values, net assets, expense ratios, investment income ratios, and total return ratios as of or for each of the periods presented for the aggregate of all share classes within each Sub- Account that had outstanding units during the period ended December 31, 2025. The ranges presented are calculated using the results of only the contracts with the highest and lowest expense ratios that had assets during the period reported. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios that had assets during the period reported. Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. In the case of fund mergers, the expense, investment income, and total return ratios are calculated using only the results of the surviving fund and exclude the results of the fund merged into the surviving fund. For the fund merged into the surviving fund the results are through the date of the fund merger. Corporate actions are identified for only the current year, prior years' corporate actions are disclosed in the respective year's report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units#** | **Unit**<br> **Fair Value**<br> **Lowest to Highest#** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio |
| 2025 | 2326402 | $15.184205 to $17.078059 | $39579690 | 1.20% to 1.70% | 3.37% to 3.40% | 5.12% to 5.65% |
| 2024 | 2735442 | $14.444572 to $16.165059 | $44057988 | 1.20% to 1.70% | 3.17% to 3.47% | -0.22% to 0.28% |
| 2023 | 3146255 | $14.302456 to $16.120005 | $50532982 | 1.20% to 1.75% | 2.44% to 2.44% | 4.15% to 4.73% |
| 2022 | 3423050 | $13.732674 to $15.391837 | $52495909 | 1.20% to 1.75% | 2.04% to 2.04% | -14.73% to -14.25% |
| 2021 | 3845677 | $16.104701 to $17.950128 | $68792665 | 1.20% to 1.75% | 1.79% to 1.79% | -2.63% to -2.08% |
| Fidelity<sup>®</sup> VIP Government Money Market Portfolio | Fidelity<sup>®</sup> VIP Government Money Market Portfolio | Fidelity<sup>®</sup> VIP Government Money Market Portfolio |  |  |  |  |
| 2025 | 5511697 | $9.979785 to $10.528875 | $57885007 | 1.20% to 1.70% | 3.59% to 3.70% | 2.11% to 2.63% |
| 2024 | 272125 | $9.773196 to $10.259439 | $2745949 | 1.20% to 1.70% | 4.74% to 4.76% | 3.06% to 3.58% |
| 2023 | 150908 | $9.436492 to $9.904904 | $1482057 | 1.20% to 1.75% | 4.51% to 4.51% | 2.80% to 3.38% |
| 2022 | 193773 | $9.219307 to $9.581455 | $1845958 | 1.20% to 1.70% | 1.06% to 1.06% | -0.46% to 0.04% |
| 2021 | 202884 | $9.262019 to $9.577796 | $1933951 | 1.20% to 1.70% | 0.01% to 0.01% | -1.69% to -1.20% |
| Fidelity<sup>®</sup> VIP Balanced Portfolio | Fidelity<sup>®</sup> VIP Balanced Portfolio | Fidelity<sup>®</sup> VIP Balanced Portfolio |  |  |  |  |
| 2025 | 27953 | $47.178688 to $53.062366 | $1459896 | 1.20% to 1.70% | 1.50% to 1.61% | 13.01% to 13.58% |
| 2024 | 38809 | $41.746094 to $46.717953 | $1788679 | 1.20% to 1.70% | 1.65% to 1.65% | 13.67% to 14.24% |
| 2023 | 53204 | $36.726171 to $40.894429 | $2153112 | 1.20% to 1.70% | 1.35% to 1.35% | 19.18% to 19.78% |
| 2022 | 67207 | $30.814570 to $34.140630 | $2268703 | 1.20% to 1.70% | 0.99% to 0.99% | -19.57% to -19.17% |
| 2021 | 86442 | $38.313158 to $42.236481 | $3620080 | 1.20% to 1.70% | 0.74% to 0.74% | 16.00% to 16.58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-38**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units#** | **Unit**<br> **Fair Value**<br> **Lowest to Highest#** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Templeton Growth VIP Fund | Templeton Growth VIP Fund | Templeton Growth VIP Fund |  |  |  |  |
| 2025 | 75946 | $26.546212 to $29.857175 | $2053326 | 1.20% to 1.70% | 0.87% to 0.88% | 21.73% to 22.34% |
| 2024 | 83722 | $21.806761 to $24.404231 | $1866499 | 1.20% to 1.70% | 0.94% to 0.95% | 3.62% to 4.14% |
| 2023 | 83744 | $21.045799 to $23.434680 | $1799668 | 1.20% to 1.70% | 3.41% to 3.41% | 18.96% to 19.56% |
| 2022 | 93619 | $17.690993 to $19.600740 | $1698806 | 1.20% to 1.70% | 0.16% to 0.16% | -13.00% to -12.56% |
| 2021 | 92022 | $20.334604 to $22.417169 | $1909476 | 1.20% to 1.70% | 1.11% to 1.11% | 3.10% to 3.62% |
| AB VPS Sustainable Global Thematic Portfolio | AB VPS Sustainable Global Thematic Portfolio | AB VPS Sustainable Global Thematic Portfolio |  |  |  |  |
| 2025 | 10682 | $32.226469 to $36.245854 | $382200 | 1.20% to 1.70% | —% to —% | 4.23% to 4.76% |
| 2024 | 11665 | $30.917785 to $34.600338 | $398974 | 1.20% to 1.70% | —% to —% | 4.16% to 4.69% |
| 2023 | 6363 | $29.682223 to $33.051283 | $205978 | 1.20% to 1.70% | 0.03% to 0.03% | 13.75% to 14.32% |
| 2022 | 6879 | $26.095133 to $28.911997 | $194391 | 1.20% to 1.70% | —% to —% | -28.40% to -28.04% |
| 2021 | 7637 | $36.445984 to $40.178331 | $300633 | 1.20% to 1.70% | —% to —% | 20.50% to 21.10% |
| Davis Financial Portfolio | Davis Financial Portfolio | Davis Financial Portfolio |  |  |  |  |
| 2025 | 5459 | $43.325668 to $45.633856 | $248519 | 1.20% to 1.45% | 1.68% to 2.14% | 27.26% to 27.58% |
| 2024 | 2598 | $34.045328 to $35.769523 | $92486 | 1.20% to 1.45% | 1.80% to 1.80% | 27.62% to 27.94% |
| 2023 | 3457 | $26.676733 to $27.957546 | $96324 | 1.20% to 1.45% | 1.78% to 1.78% | 13.63% to 13.91% |
| 2022 | 9542 | $23.269754 to $24.543135 | $232911 | 1.20% to 1.50% | 3.28% to 3.28% | -9.90% to -9.62% |
| 2021 | 4709 | $25.825495 to $27.156970 | $126520 | 1.20% to 1.50% | 1.42% to 1.42% | 28.59% to 28.98% |
| Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio |
| 2025 | 11232 | $19.670039 to $21.821781 | $241428 | 1.20% to 1.70% | 2.51% to 2.53% | -7.31% to -6.84% |
| 2024 | 19792 | $21.220658 to $23.424474 | $458497 | 1.20% to 1.70% | 2.02% to 2.03% | 3.14% to 3.66% |
| 2023 | 20901 | $20.575109 to $22.598160 | $465888 | 1.20% to 1.70% | 2.53% to 2.53% | 8.78% to 9.33% |
| 2022 | 17121 | $18.913955 to $20.669943 | $347340 | 1.20% to 1.70% | 1.53% to 1.53% | -28.04% to -27.68% |
| 2021 | 25361 | $27.180068 to $28.581316 | $717630 | 1.20% to 1.50% | 1.18% to 1.18% | 39.86% to 40.28% |
| Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ |
| 2025 |  | $41.680343 to $46.544805 | $— | 1.20% to 1.70% | 0.10% to 0.10% | -4.31% to -4.13% |
| 2024 | 28038 | $43.557111 to $48.551863 | $1268718 | 1.20% to 1.70% | 0.53% to 0.67% | 9.41% to 9.97% |
| 2023 | 34772 | $39.809124 to $44.151926 | $1445971 | 1.20% to 1.70% | 0.45% to 0.45% | 9.96% to 10.52% |
| 2022 | 44921 | $35.802155 to $39.950898 | $1702136 | 1.20% to 1.75% | 0.42% to 0.42% | -14.44% to -13.97% |
| 2021 | 50733 | $41.846850 to $46.436518 | $2244934 | 1.20% to 1.75% | 0.45% to 0.45% | 18.38% to 19.04% |
| Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ |
| 2025 | 835145 | $13.049616 to $13.327268 | $11120224 | 1.20% to 1.70% | —% to —% | 10.35% to 10.91% |
| 2024 | 924030 | $11.825404 to $12.016741 | $11098710 | 1.20% to 1.70% | —% to —% | 18.06% to 18.65% |
| 2023 | 1277422 | $10.004009 to $10.127548 | $12933234 | 1.20% to 1.75% | —% to —% | 20.79% to 21.46% |
| 2022 | 1531236 | $8.282480 to $8.338195 | $12765765 | 1.20% to 1.75% | —% to —% | -18.99% to -18.53% |
| 2021 | 1676217 | $10.223414 to $10.234967 | $17155563 | 1.20% to 1.75% | —% to —% | 2.23% to 2.35% |
| Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund |
| 2025 | 163934 | $13.456596 to $13.707230 | $2237457 | 1.20% to 1.70% | —% to —% | 11.01% to 11.57% |
| 2024 | 215286 | $12.121448 to $12.285594 | $2638070 | 1.20% to 1.70% | —% to —% | 11.88% to 12.44% |
| 2023 | 264723 | $10.834140 to $10.925883 | $2885906 | 1.20% to 1.70% | —% to —% | 15.87% to 16.45% |
| 2022 | 321785 | $9.334054 to $9.382202 | $3016090 | 1.20% to 1.95% | —% to —% | -6.66% to -6.18% |
| Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund |
| 2025 | 6063366 | $10.282180 to $10.493163 | $63595849 | 1.20% to 1.75% | —% to —% | 4.75% to 5.33% |
| 2024 | 7097078 | $9.815653 to $9.962038 | $70679431 | 1.20% to 1.75% | —% to —% | -0.28% to 0.26% |
| 2023 | 7879409 | $9.843334 to $9.936170 | $78274174 | 1.20% to 1.75% | —% to —% | 3.67% to 4.25% |
| 2022 | 8485597 | $9.494672 to $9.530985 | $80869081 | 1.20% to 1.75% | —% to —% | -5.05% to -4.69% |
| Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund | Guardian Core Plus Fixed Income VIP Fund |
| 2025 | 25404 | $10.190998 to $10.595938 | $267519 | 1.20% to 1.70% | —% to —% | 5.26% to 5.79% |
| 2024 | 26526 | $9.681832 to $10.016270 | $264239 | 1.20% to 1.70% | —% to —% | 0.64% to 1.15% |
| 2023 | 30809 | $9.619797 to $9.902269 | $303581 | 1.20% to 1.70% | —% to —% | 3.95% to 4.47% |
| 2022 | 50710 | $9.254077 to $9.478255 | $479351 | 1.20% to 1.70% | —% to —% | -15.70% to -15.28% |
| 2021 | 54456 | $10.977518 to $11.187274 | $608511 | 1.20% to 1.70% | —% to —% | -1.69% to -1.20% |
| Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund | Guardian Diversified Research VIP Fund |
| 2025 | 374440 | $25.752691 to $26.775697 | $9972840 | 1.20% to 1.70% | —% to —% | 16.07% to 16.65% |
| 2024 | 456723 | $22.188034 to $22.954318 | $10440999 | 1.20% to 1.70% | —% to —% | 23.75% to 24.38% |
| 2023 | 585024 | $17.929206 to $18.455563 | $10750155 | 1.20% to 1.70% | —% to —% | 26.78% to 27.42% |
| 2022 | 731453 | $13.973654 to $14.484384 | $10557896 | 1.20% to 1.95% | —% to —% | -19.33% to -18.72% |
| 2021 | 853017 | $17.321219 to $17.819895 | $15163897 | 1.20% to 1.95% | —% to —% | 21.64% to 22.56% |
| Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ |
| 2025 | 4139755 | $13.071547 to $13.315033 | $55105195 | 1.20% to 1.70% | —% to —% | 12.82% to 13.38% |
| 2024 | 2694811 | $11.586508 to $11.743433 | $31639808 | 1.20% to 1.70% | —% to —% | 8.21% to 8.75% |
| 2023 | 3418757 | $10.697623 to $10.798497 | $36911096 | 1.20 % to 1.75% | —% to —% | 5.53 % to 6.12% |
| 2022 | 3665377 | $10.136908 to $10.175661 | $37294787 | 1.20 % to 1.75% | —% to —% | 1.37 % to 1.76% |

---

**B-39**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units#** | **Unit**<br> **Fair Value**<br> **Lowest to Highest#** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Guardian Growth & Income VIP Fund | Guardian Growth & Income VIP Fund | Guardian Growth & Income VIP Fund |  |  |  |  |
| 2025 | 100842 | $17.290433 to $17.977381 | $1809219 | 1.20 % to 1.70% | —% to —% | 8.27 % to 8.81% |
| 2024 | 123597 | $15.969469 to $16.521071 | $2038802 | 1.20 % to 1.70% | —% to —% | 9.12 % to 9.67% |
| 2023 | 145213 | $14.634882 to $15.064593 | $2184056 | 1.20 % to 1.70% | —% to —% | 9.67 % to 10.22% |
| 2022 | 172137 | $13.308396 to $13.667567 | $2349596 | 1.20 % to 1.75% | —% to —% | -6.87% to -6.35% |
| 2021 | 198512 | $14.290529 to $14.594648 | $2894761 | 1.20 % to 1.75% | —% to —% | 25.99 % to 26.69% |
| Guardian Large Cap Fundamental Growth VIP Fund | Guardian Large Cap Fundamental Growth VIP Fund | Guardian Large Cap Fundamental Growth VIP Fund |  |  |  |  |
| 2025 | 219311 | $25.765791 to $26.789287 | $5862173 | 1.20 % to 1.70% | —% to —% | 13.37 % to 13.93% |
| 2024 | 276153 | $22.727950 to $23.512855 | $6481892 | 1.20 % to 1.70% | —% to —% | 27.87 % to 28.52% |
| 2023 | 335086 | $17.715851 to $18.295559 | $6120563 | 1.20 % to 1.75% | —% to —% | 42.03 % to 42.83% |
| 2022 | 390279 | $12.472879 to $12.809528 | $4992232 | 1.20 % to 1.75% | —% to —% | -33.92% to -33.56% |
| 2021 | 395091 | $18.876840 to $19.278512 | $7607261 | 1.20 % to 1.75% | —% to —% | 19.48 % to 20.15% |
| Guardian Large Cap Disciplined Growth VIP Fund | Guardian Large Cap Disciplined Growth VIP Fund | Guardian Large Cap Disciplined Growth VIP Fund |  |  |  |  |
| 2025 | 2318267 | $28.039854 to $29.153636 | $67483739 | 1.20 % to 1.70% | —% to —% | 15.01 % to 15.59% |
| 2024 | 2992971 | $24.380402 to $25.222335 | $75394646 | 1.20 % to 1.70% | —% to —% | 26.62 % to 27.26% |
| 2023 | 4153772 | $19.192277 to $19.820209 | $82223496 | 1.20 % to 1.75% | —% to —% | 39.41 % to 40.18% |
| 2022 | 5491816 | $13.767119 to $14.138634 | $77576034 | 1.20 % to 1.75% | —% to —% | -32.71% to -32.33% |
| 2021 | 5381158 | $20.458492 to $20.893724 | $112340827 | 1.20 % to 1.75% | —% to —% | 18.29 % to 18.95% |
| Guardian Mid Cap Relative Value VIP Fund | Guardian Mid Cap Relative Value VIP Fund | Guardian Mid Cap Relative Value VIP Fund |  |  |  |  |
| 2025 | 89979 | $17.082562 to $17.761277 | $1575961 | 1.20 % to 1.70% | —% to —% | 3.82 % to 4.35% |
| 2024 | 97462 | $16.453351 to $17.021647 | $1639739 | 1.20 % to 1.70% | —% to —% | 9.75 % to 10.30% |
| 2023 | 98476 | $14.992232 to $15.432422 | $1505644 | 1.20 % to 1.70% | —% to —% | 7.27 % to 7.80% |
| 2022 | 115999 | $13.976628 to $14.315168 | $1648959 | 1.20 % to 1.70% | —% to —% | -6.43% to -5.96% |
| 2021 | 93702 | $14.937725 to $15.223113 | $1415662 | 1.20 % to 1.70% | —% to —% | 26.66 % to 27.30% |
| Guardian Small Cap Value Diversified VIP Fund+ | Guardian Small Cap Value Diversified VIP Fund+ | Guardian Small Cap Value Diversified VIP Fund+ |  |  |  |  |
| 2025 | 19660 | $10.941916 to $11.063812 | $216997 | 1.20 % to 1.50% | —% to —% | 5.07 % to 5.38% |
| 2024 | 24457 | $10.414090 to $10.498521 | $256549 | 1.20 % to 1.50% | —% to —% | 5.96 % to 6.28% |
| 2023 | 25425 | $9.828608 to $9.878504 | $251036 | 1.20 % to 1.50% | —% to —% | 15.20 % to 15.55% |
| 2022 | 27138 | $8.531624 to $8.549212 | $231962 | 1.20 % to 1.50% | —% to —% | -14.68% to -14.51% |
| Guardian Short Duration Bond VIP Fund | Guardian Short Duration Bond VIP Fund | Guardian Short Duration Bond VIP Fund |  |  |  |  |
| 2025 | 22809 | $10.535998 to $10.732314 | $243768 | 1.20 % to 1.70% | —% to —% | 3.57 % to 4.09% |
| 2024 | 27597 | $10.172771 to $10.310579 | $283806 | 1.20 % to 1.70% | —% to —% | 2.94 % to 3.46% |
| 2023 | 64342 | $9.881859 to $9.965569 | $640481 | 1.20 % to 1.70% | —% to —% | 2.33 % to 2.85% |
| 2022 | 73617 | $9.656501 to $9.689674 | $712932 | 1.20 % to 1.70% | —% to —% | -3.43% to -3.10% |
| Guardian Strategic Large Cap Core VIP Fund | Guardian Strategic Large Cap Core VIP Fund | Guardian Strategic Large Cap Core VIP Fund |  |  |  |  |
| 2025 | 65803 | $13.887419 to $14.182823 | $928253 | 1.20 % to 1.70% | —% to —% | 9.87 % to 10.42% |
| 2024 | 74027 | $12.639733 to $12.844175 | $947422 | 1.20 % to 1.70% | —% to —% | 17.70 % to 18.29% |
| 2023 | 81267 | $10.738829 to $10.857912 | $880236 | 1.20 % to 1.70% | —% to —% | 18.12 % to 18.71% |
| 2022 | 102105 | $9.091491 to $9.146425 | $932839 | 1.20 % to 1.70% | —% to —% | -11.60% to -11.16% |
| 2021 | 117352 | $10.284388 to $10.294829 | $1207899 | 1.20 % to 1.70% | —% to —% | 2.84 % to 2.95% |
| Guardian Select Mid Cap Core VIP Fund | Guardian Select Mid Cap Core VIP Fund | Guardian Select Mid Cap Core VIP Fund |  |  |  |  |
| 2025 | 2931102 | $11.591702 to $11.863303 | $34763149 | 1.20 % to 1.75% | —% to —% | 8.43 % to 9.02% |
| 2024 | 3578385 | $10.690984 to $10.881412 | $38927191 | 1.20 % to 1.75% | —% to —% | 10.48 % to 11.08% |
| 2023 | 4670672 | $9.676935 to $9.796432 | $45747373 | 1.20 % to 1.75% | —% to —% | 14.27 % to 14.91% |
| 2022 | 5227869 | $8.468501 to $8.525468 | $44565518 | 1.20 % to 1.75% | —% to —% | -15.69% to -15.22% |
| 2021 | 6092182 | $10.044051 to $10.055398 | $61258086 | 1.20 % to 1.75% | —% to —% | 0.44 % to 0.55% |
| Guardian Small-Mid Cap Core VIP Fund | Guardian Small-Mid Cap Core VIP Fund | Guardian Small-Mid Cap Core VIP Fund |  |  |  |  |
| 2025 | 1981773 | $9.707897 to $9.914512 | $19632498 | 1.20 % to 1.70% | —% to —% | -0.16% to 0.34% |
| 2024 | 2191119 | $9.723436 to $9.880780 | $21637343 | 1.20 % to 1.70% | —% to —% | 4.51 % to 5.04% |
| 2023 | 2712200 | $9.292161 to $9.406890 | $25504817 | 1.20 % to 1.75% | —% to —% | 13.94 % to 14.58% |
| 2022 | 3075642 | $8.155211 to $8.210059 | $25247177 | 1.20 % to 1.75% | —% to —% | -18.89% to -18.43% |
| 2021 | 3400631 | $10.054017 to $10.065379 | $34227546 | 1.20 % to 1.75% | —% to —% | 0.54 % to 0.65% |
| Guardian Total Return Bond VIP Fund | Guardian Total Return Bond VIP Fund | Guardian Total Return Bond VIP Fund |  |  |  |  |
| 2025 | 16744 | $9.993651 to $10.179860 | $169792 | 1.20 % to 1.70% | —% to —% | 5.06 % to 5.59% |
| 2024 | 22106 | $9.512266 to $9.641138 | $212646 | 1.20 % to 1.70% | —% to —% | 0.07 % to 0.58% |
| 2023 | 22237 | $9.505190 to $9.585721 | $212864 | 1.20 % to 1.70% | —% to —% | 3.34 % to 3.86% |
| 2022 | 32685 | $9.197565 to $9.229175 | $301514 | 1.20 % to 1.70% | —% to —% | -8.02% to -7.71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-40**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Units#** | **Unit**<br> **Fair Value**<br> **Lowest to Highest#** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Guardian U.S. Government/Credit VIP Fund+ | Guardian U.S. Government/Credit VIP Fund+ | Guardian U.S. Government/Credit VIP Fund+ | Guardian U.S. Government/Credit VIP Fund+ |  |  |  |  |
| 2025 |  | 39318 | $9.569013 to $9.871657 | $387431 | 1.20 % to 1.70% | —% to —% | 4.92 % to 5.44% |
| 2024 |  | 43914 | $9.120696 to $9.362176 | $410566 | 1.20 % to 1.70% | —% to —% | 0.01 % to 0.51% |
| 2023 |  | 61961 | $9.119839 to $9.314435 | $576680 | 1.20 % to 1.70% | —% to —% | 2.27 % to 2.79% |
| 2022 |  | 80354 | $8.917023 to $9.061810 | $727247 | 1.20 % to 1.70% | —% to —% | -9.83% to -9.38% |
| 2021 |  | 92754 | $9.888935 to $9.999300 | $926322 | 1.20 % to 1.70% | —% to —% | -4.12% to -3.64% |
| Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $54.198283 to $78.668455 | $— | 1.20 % to 1.75% | —% to 1.18% | 9.34 % to 9.82% |
| 2024 |  | 270843 | $49.570368 to $71.633812 | $18843727 | 1.20 % to 1.75% | 1.20 % to 1.32% | -3.71% to 23.46% |
| 2023 |  | 383595 | $51.480938 to $58.022435 | $21586923 | 1.20 % to 1.75% | 1.29 % to 1.29% | 24.72 % to 25.42% |
| 2022 |  | 458970 | $41.275818 to $46.262303 | $20614840 | 1.20 % to 1.75% | 1.22 % to 1.22% | -20.76% to -20.32% |
| 2021 |  | 514497 | $52.092759 to $58.061443 | $28953352 | 1.20 % to 1.75% | 1.18 % to 1.18% | 25.21 % to 25.90% |
| Victory High Yield VIP Series+ | Victory High Yield VIP Series+ | Victory High Yield VIP Series+ | Victory High Yield VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $28.495953 to $32.018279 | $— | 1.20 % to 1.70% | 6.57 % to 8.80% | 4.95 % to 5.37% |
| 2024 |  | 257767 | $27.151381 to $30.385189 | $7805555 | 1.20 % to 1.70% | 8.55 % to 10.09% | 6.58 % to 7.12% |
| 2023 |  | 312840 | $25.167893 to $28.366113 | $8847127 | 1.20 % to 1.75% | 7.63 % to 7.63% | 9.47 % to 10.08% |
| 2022 |  | 349221 | $22.991196 to $25.768898 | $8973622 | 1.20 % to 1.75% | 6.72 % to 6.72% | -15.06% to -14.59% |
| 2021 |  | 402008 | $27.068703 to $30.170420 | $12095164 | 1.20 % to 1.75% | 5.70 % to 5.70% | 4.00 % to 4.58% |
| Victory RS International VIP Series+ | Victory RS International VIP Series+ | Victory RS International VIP Series+ | Victory RS International VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $36.458948 to $40.965558 | $— | 1.20 % to 1.70% | 1.79 % to 2.22% | 19.50 % to 19.98% |
| 2024 |  | 869367 | $30.510740 to $34.144718 | $29397770 | 1.20 % to 1.70% | 2.80 % to 2.81% | 3.71 % to 4.23% |
| 2023 |  | 1072452 | $29.064278 to $32.757681 | $34807263 | 1.20 % to 1.75% | 2.65 % to 2.65% | 17.93 % to 18.58% |
| 2022 |  | 1280236 | $24.646314 to $27.624060 | $35043356 | 1.20 % to 1.75% | 2.67 % to 2.67% | -17.28% to -16.82% |
| 2021 |  | 1370163 | $29.796320 to $33.210656 | $45063141 | 1.20 % to 1.75% | 1.80 % to 1.80% | 12.37 % to 13.00% |
| Victory RS Large Cap Alpha VIP Series+ | Victory RS Large Cap Alpha VIP Series+ | Victory RS Large Cap Alpha VIP Series+ | Victory RS Large Cap Alpha VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $49.441319 to $55.430419 | $— | 1.20 % to 1.70% | 1.48 % to 1.53% | -3.20% to -3.02% |
| 2024 |  | 502600 | $51.074576 to $57.157142 | $28564278 | 1.20 % to 1.70% | 1.15 % to 1.20% | 19.48 % to 20.08% |
| 2023 |  | 674471 | $42.232882 to $47.599323 | $31933196 | 1.20 % to 1.75% | 1.23 % to 1.23% | 11.70 % to 12.33% |
| 2022 |  | 777309 | $37.808168 to $42.375717 | $32768686 | 1.20 % to 1.75% | 1.30 % to 1.30% | -6.01% to -5.48% |
| 2021 |  | 985686 | $40.223771 to $44.832638 | $43958436 | 1.20 % to 1.75% | 1.07 % to 1.07% | 21.33 % to 22.01% |
| Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $51.680161 to $58.068329 | $— | 1.20 % to 1.70% | 0.52 % to 0.53% | -5.23% to -4.85% |
| 2024 |  | 81268 | $54.534320 to $61.029397 | $4902300 | 1.20 % to 1.70% | —% to —% | 9.92 % to 10.48% |
| 2023 |  | 109964 | $49.611110 to $55.241804 | $6010056 | 1.20 % to 1.70% | —% to —% | 18.37 % to 18.96% |
| 2022 |  | 118293 | $41.912812 to $46.436814 | $5435204 | 1.20 % to 1.70% | —% to —% | -37.44% to -37.12% |
| 2021 |  | 108551 | $66.993623 to $73.853617 | $7927449 | 1.20 % to 1.70% | —% to —% | -11.95% to -11.50% |
| Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $41.114844 to $46.197039 | $— | 1.20 % to 1.70% | 1.39 % to 1.45% | 11.91 % to 12.36% |
| 2024 |  | 54463 | $36.738707 to $41.114476 | $2022569 | 1.20 % to 1.70% | 2.85 % to 3.12% | 3.45 % to 3.97% |
| 2023 |  | 54043 | $35.513143 to $39.543950 | $1939417 | 1.20 % to 1.70% | 3.02 % to 3.02% | 9.15 % to 9.70% |
| 2022 |  | 61875 | $32.534601 to $36.046458 | $2040425 | 1.20 % to 1.70% | 0.81 % to 0.81% | -23.78% to -23.39% |
| 2021 |  | 63746 | $42.683352 to $47.054336 | $2746635 | 1.20 % to 1.70% | 0.82 % to 0.82% | -6.03% to -5.56% |

---

\* Represents the annualized contract expenses of the Sub-Account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the Funds and charges made directly to contract owner accounts through the redemption of units. Where the expense ratio is the same for each unit value, it is presented in both the lowest and highest columns.

\*\* These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the Fund, net of management fees assessed by the Fund's manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the Fund in which the Sub-Account invests. Where the investment income ratio is the same for each unit value, it is presented in both the lowest and highest columns.

\*\*\* Represents the total return for the period indicated and reflects a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation in the notes on the Statements of Operations indicate the effective date of that investment option in the Account. The total return is calculated for the period indicated.

**B-41**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

# Rounded units/unit fair values. Where only one unit value exists, it is presented in both the lowest and highest columns.

---

| | |
|:---|:---|
| ¨ | Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. |

---

+ See Note 1 for additional information related to this Sub-Account.

**7. SUBSEQUENT EVENTS:** 

Management has evaluated events subsequent to December 31, 2025 and through April 17, 2026, the date the financial statements were available to be issued, noting there are no other subsequent events requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**B-42**

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

The Guardian Insurance & Annuity Company, Inc.

and the Contract Owners of The Guardian Separate Account Q

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts of The Guardian Separate Account Q indicated in the table below (other than the sub-accounts Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of The Guardian Separate Account Q (other than the sub-accounts Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Victory RS Large Cap Alpha VIP Series<sup>(2)</sup>

Victory 500 Index VIP Series<sup>(4)</sup>

Victory High Yield VIP Series<sup>(4)</sup>

Victory RS Small Cap Growth Equity VIP Series<sup>(4)</sup>

Victory RS International VIP Series<sup>(4)</sup>

Victory Sophus Emerging Markets VIP Series<sup>(3)</sup>

Gabelli Capital Asset Fund<sup>(2)</sup>

AB VPS Sustainable Global Thematic Portfolio<sup>(1)</sup>

Davis Financial Portfolio<sup>(1)</sup>

Davis Real Estate Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Balanced Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Government Money Market Portfolio<sup>(1)</sup>

Templeton Growth VIP Fund<sup>(1)</sup>

Guardian Core Plus Fixed Income VIP Fund<sup>(1)</sup>

Guardian Diversified Research VIP Fund<sup>(1)</sup>

Guardian Large Cap Disciplined Growth VIP Fund<sup>(1)</sup>

Guardian Large Cap Fundamental Growth VIP Fund<sup>(1)</sup>

Guardian Mid Cap Relative Value VIP Fund<sup>(1)</sup>

Guardian All Cap Core VIP Fund<sup>(1)</sup>

Guardian Select Mid Cap Core VIP Fund<sup>(1)</sup>

Guardian Small-Mid Cap Core VIP Fund<sup>(1)</sup>

Guardian Strategic Large Cap Core VIP Fund<sup>(1)</sup>

Guardian Total Return Bond VIP Fund<sup>(1)</sup>

Guardian Core Fixed Income VIP Fund<sup>(1)</sup>

Guardian Short Duration Bond VIP Fund<sup>(1)</sup>

Guardian Balanced Allocation VIP Fund<sup>(1)</sup>

Guardian Small Cap Value Diversified VIP Fund<sup>(1)</sup>

Guardian U.S. Government/Credit VIP Fund<sup>(1)</sup>

Guardian Equity Income VIP Fund<sup>(1)</sup>

Guardian Growth & Income VIP Fund<sup>(1)</sup>

<sup>(1)</sup> Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024.

<sup>(2)</sup> Statement of operations for the period January 1, 2025, through April 25, 2025 (date of substitution) and statement of changes in net assets for the period January 1, 2025, through April 25, 2025 (date of substitution) and the year ended December 31, 2024.

<sup>(3)</sup> Statement of operations for the period January 1, 2025, through June 27, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through June 27, 2025 (date of liquidation) and the year ended December 31, 2024.

<sup>(4)</sup> Statement of operations for the period January 1, 2025, through August 29, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through August 29, 2025 (date of liquidation) and the year ended December 31, 2024.

***Basis for Opinions***

These financial statements are the responsibility of The Guardian Insurance & Annuity Company, Inc.'s management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of The Guardian Separate Account Q based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, www.pwc.com/us

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Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of The Guardian Separate Account Q in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more of the sub-accounts of The Guardian Separate Account Q since 2002.

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